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File #: 2021-022    Version: 1 Name:
Type: Resolution Status: Passed
File created: 1/14/2021 In control: Board of Directors
On agenda: 1/27/2021 Final action: 1/27/2021
Title: Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Sewage Disposal System Revenue Bonds in an Amount Not to Exceed $15,000,000 (Ordinance 2021-01)
Sponsors: Nicolette Bateson
Indexes: Finance
Attachments: 1. 7A1 Approval of Series Ordinance- Sewage Disposal System 1.15.2021, 2. 7A3 SRF Series Ordinance 2021 SRF-1- 5673-01, 3. 7A4 Resolution Approving 2021-1 SRF Series Ordinance- 5673-01
Title
Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Sewage Disposal System Revenue Bonds in an Amount Not to Exceed $15,000,000 (Ordinance 2021-01)
Body

Agenda of: January 27, 2021
Item No.: 2021-022
Amount: Not to Exceed $15,000,000

TO: The Honorable
Board of Directors
Great Lakes Water Authority

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

DATE: January 27, 2021


RE: Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Sewage Disposal System Revenue Bonds in an Amount Not to Exceed $15,000,000 (Ordinance 2021-01)




MOTION

Upon recommendation of Sue McCormick, Chief Executive Officer, the Board of Directors (Board) of the Great Lakes Water Authority (GLWA), approve the resolution Approval of Series Ordinance Authorizing Issuance and Sale of Sewage Disposal System Revenue Bonds in an Amount Not to Exceed $15,000,000 as presented, and authorizes the CEO to take such other action as may be necessary to accomplish the intent of this vote.

BACKGROUND
On February 26, 2020, the Great Lakes Water Authority ("GLWA") Board of Directors approved Resolution 2020-067, "Resolution of the Great Lakes Water Authority Authorizing Publication of Notice of Intent to Issue Sewage Disposal System Revenue Bonds in a principal amount not to exceed $75,000,000" (the "Notice of Intent"). This is the second series of sewer bonds from that Notice of Intent in the amount not to exceed $15,000,000.
The approval of the Series Ordinance presented today is the next formal step required by the GLWA Board of Directors in the bond issuance process. The Series Ordinance authorizes the issuance of the Bonds by GLWA, sets forth the guidelines for the Clean Water Revolving Fund (CWRF) Bonds, designates the Bonds as 2021 SRF-1 Junior Lien Bonds, and authorizes the Chief Executive Officer or the Chief Financial Officer to execute the final terms of the Bonds,...

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