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File #: 2019-205    Version: 1 Name:
Type: Resolution Status: Passed
File created: 5/20/2019 In control: Board of Directors Workshop Meeting
On agenda: 11/13/2019 Final action: 11/13/2019
Title: Proposed Amendment to GLWA Contract CS-195 with The Foster Group for Feasibility Consultant Services related to proposed water and sewer revenue bond transactions, at a not-to-exceed amount of $200,000
Sponsors: Nicolette Bateson
Indexes: Finance
Title
Proposed Amendment to GLWA Contract CS-195 with The Foster Group for Feasibility Consultant Services related to proposed water and sewer revenue bond transactions, at a not-to-exceed amount of $200,000
Body
Agenda of: November 13, 2019
Item No.: 2019-205
Amount: $200,000
TO: The Honorable
Board of Directors
Great Lakes Water Authority

FROM: Sue F. McCormick
Chief Executive Officer
Great Lakes Water Authority

DATE: November 13, 2019


RE: Proposed Amendment to GLWA Contract CS-195 with The Foster Group for Feasibility Consultant Services related to proposed water and sewer revenue bond transactions, at a not-to-exceed amount of $200,000


MOTION

Upon recommendation of Nicolette Bateson, Chief Financial Officer/Treasurer, the Great Lakes Water Authority Board of Directors (Board) authorizes the Chief Executive Officer (CEO) to amend Contract No. CS-195 with The Foster Group for Feasibility Consultant Services related to the proposed water and sewer revenue bond transactions, at a not-to-exceed amount of $200,000.00, and on or before the December 6, 2019 meeting of the Board's Audit Committee, staff shall present that Committee with a proposed timeline for the issuance and conduct of a competitive solicitation for future feasibility consultant service; and also authorizes the CEO to take such other action as may be necessary to accomplish the intent of this vote.


BACKGROUND
The Great Lakes Water Authority has been monitoring declining interest rates with the support of PFM Financial Advisors (PFM). They have provided an update to the refunding analysis that was reviewed by the Audit Committee at its meeting on July 19, 2019. Since that presentation, interest rates on municipal debt have dropped to historic lows. Although GLWA does not have any currently callable water or sewer bonds, PFM prepared a refunding analysis assuming a taxable, advanced refunding approach and a tax-exempt, forward delivery approach and p...

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