Title
Authorization to retain Robert L. Schwartz as Bond Counsel for the GLWA Board of Directors for the possibility of a FY 2020 or FY 2021 Bond Transaction
Body
Agenda of: January 22, 2020
Item No.: 2020 -023
Amount:
TO: The Honorable
Board of Directors
Great Lakes Water Authority
Legal Committee
FROM: Sue F. McCormick
Chief Executive Officer
Great Lakes Water Authority
DATE: January 17, 2020
RE: Authorization to retain Robert L. Schwartz as Bond Counsel for the GLWA Board of Directors for the possibility of a FY 2020 or FY 2021 Bond Transactions
MOTION
Upon recommendation of William M. Wolfson, Chief Administrative and Compliance Officer, and Randal M. Brown, General Counsel, the Legal Committee for Board of Directors (Board) of the Great Lakes Water Authority (GLWA), recommends the GLWA General Counsel to retain Robert L. Schwartz, Esq. as Bond Counsel for GLWA’s Board for the possibility of a FY 2020 or FY 2021 Bond Transaction; and authorizes the CEO and General Counsel to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
If GLWA decides to offer and sell bonds in FY 2020 or FY 2021, GLWA’s Board will have certain disclosure responsibilities and liabilities under federal securities laws. Similar to the 2016 and 2018 Bond transactions, GLWA’s General Counsel believes that it is prudent that the GLWA Board is advised by bond counsel on its responsibilities and liabilities under these laws.
JUSTIFICATION
Given the Board’s legal obligations and responsibilities for any potential offer and sale of securities, it is prudent that the Board has the ability to consult with bond counsel to address any questions or concerns that the Board may have.
BUDGET IMPACT
The Board’s bond counsel will be compensated out of any potential bond proceeds and/or out of the General Counsel’s budget allocation for legal services.
COMMITTEE REVIEW
This matter was presented to the Legal Committee at its January 22, 2020 Meeting.
SHARED SERVICES IMPACT
This item does not impact the shared services agreement between GLWA and DWSD.