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File #: 2022-313    Version: 1 Name:
Type: Resolution Status: Passed
File created: 7/18/2022 In control: Board of Directors
On agenda: 7/29/2022 Final action: 7/29/2022
Title: Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Sewer Disposal System Revenue Bonds in an Amount Not to Exceed $21,000,000 (Ordinance 2022-05)
Sponsors: Nicolette Bateson
Indexes: Finance
Attachments: 1. 7G1 AC Memo - Approval of Series Ordinance - Sewer Disposal System Loan 5741-01, 2. 7G3 4856-7566-9284 v2 Series Ordinance (2022-SRF-3 GLWA Sewer) 5741-01, 3. 7G4 4873-3622-0452 v2 Resolution Approving 2022-3 SRF Series Ordinance (Sewer) 5741-01
Title
Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Sewer Disposal System Revenue Bonds in an Amount Not to Exceed $21,000,000 (Ordinance 2022-05)
Body

Agenda of: July 29, 2022
Item No.: 2022-313
Amount: Not to Exceed $21,000,000

TO: The Honorable
Board of Directors
Great Lakes Water Authority

FROM: Suzanne R. Coffey, P.E.
Chief Executive Officer
Great Lakes Water Authority

DATE: July 25, 2022


RE: Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Sewer Disposal System Revenue Bonds in an Amount Not to Exceed $21,000,000 (Ordinance 2022-05)




MOTION

Upon recommendation of Nicolette N. Bateson, Chief Financial Officer & Treasurer, the Board of Directors (Board) of the Great Lakes Water Authority (GLWA), approves the resolution related to the Approval of Series Ordinance Authorizing Issuance and Sale of Sewer Disposal System Revenue Bonds in an Amount Not to Exceed $21,000,000 as presented, and authorizes the CEO to take such other action as may be necessary to accomplish the intent of this vote.

BACKGROUND
There are two elements to the background related to this resolution: financing considerations and the project being funded.
Financing Considerations
The amount being financed with revenue bonds via the Clean Water State Revolving Fund (CWSRF) Bonds is within authorized GLWA limits. 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 Sewerage Disposal System Revenue Bonds" in a principal amount not to exceed $75,000,000 (the "Notice of Intent"). This is the first series of sewer bonds from that Notice of Intent and is in the amount not to exceed $21,000,000.
The proposed action authorizes the bonds to be issued. The approval of the Series Ordinance presented today is the next formal step r...

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