Title
Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Water Supply System Revenue Bonds an Amount Not to Exceed $49,500,000 (Ordinance 2019-02)
Body
Agenda of: July 24, 2019
Item No.: 2019-288
Amount: $49,500,000
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Sue F. McCormick
Chief Executive Officer
Great Lakes Water Authority
DATE: July 24, 2019
RE: Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Water Supply System Revenue Bonds an Amount Not to Exceed $49,500,000 (Ordinance 2019-02)
MOTION
Upon recommendation of Nicolette Bateson, Chief Financial Officer/Treasurer, The Board of Directors (Board) of the Great Lakes Water Authority (GLWA), approves the resolution for the Approval of Series Ordinance Authorizing Issuance and Sale of Water Supply System Revenue Bonds an Amount Not to Exceed $49,500,000 and authorizes the CEO to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
On May 8, 2019, the Great Lakes Water Authority ("GLWA") Board of Directors approved the "Resolution of the Great Lakes Water Authority Authorizing Publication of Notice of Intent to Issue Water Supply System Revenue Bonds in a principal amount not to exceed $160,000,000" (the "Notice of Intent"). This will be the first two series of water bonds from that Notice of Intent and the combined total will be in an amount not to exceed $49,500,000.
The approval of the attached Series Ordinance by the GLWA Board of Directors is the next formal step required in the bond issuance process. The Series Ordinance authorizes the issuance of the Bonds by GLWA, sets forth the guidelines for the Drinking Water Revolving Fund (DWRF) Bonds, designates the Bonds as 2019 SRF-2 and 2019 SRF-3 Junior Lien Bonds, and authorizes the Chief Executive Officer or the Chief Financial Officer to execute the final terms of the Bonds, paying iss...
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