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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