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File #: 2020-067    Version: 1 Name:
Type: Resolution Status: Passed
File created: 2/19/2020 In control: Board of Directors
On agenda: 2/26/2020 Final action: 2/26/2020
Title: Resolution Authorizing Publication of Notice of Intent to Issue Sewage Disposal System Revenue Bonds
Sponsors: Nicolette Bateson
Indexes: Finance
Attachments: 1. 7A3 Resolution Regarding Publication of Notice of Intent to Issue Bonds (Sewer) 2020
Title
Resolution Authorizing Publication of Notice of Intent to Issue Sewage Disposal System Revenue Bonds
Body

Agenda of: February 26, 2020
Item No.: 2020-067
Amount: Not to Exceed $75,000,000

TO: The Honorable
Board of Directors
Great Lakes Water Authority

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

DATE: February 26, 2020


RE: Resolution Authorizing Publication of Notice of Intent to Issue Sewage Disposal System Revenue Bonds




MOTION

Upon recommendation of Sue McCormick, Chief Executive Officer, The Board of Directors (Board) of the Great Lakes Water Authority (GLWA), approve the Resolution Authorizing Publication of Notice of Intent to Issue Sewage Disposal System Revenue Bonds in an Amount Not to Exceed $75,000,000 as presented, and authorizes the CEO to take such other action as may be necessary to accomplish the intent of this vote.


BACKGROUND
The publication of the Notice of Intent to Issue Sewage Disposal System Revenue Bonds is required pursuant to Section 33 of Public Act 94 of 1933 to begin the 45-day referendum period. "If within 45 days after the publication of the notice a petition, signed by not less than 10% or 15,000 of the registered electors, whichever is less, residing within the limits of the borrower, is filed with the clerk, or other recording officer, of the borrower, requesting a referendum upon the question of the issuance of the bonds, then the bonds shall not be issued until approved by the vote of a majority of the electors of the borrower qualified to vote and voting on the bonds at a general or special election." If the 45-day referendum period expires without a petition requesting a referendum, then the Authority may authorize and issue such bonds.
Included is a copy of the resolution authorizing the publication of Notice of Intent to issue sewage disposal system revenue bonds. As can be seen from the draft resolution, the not to exceed amount is $75...

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