Title
Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Sewer Disposal System Revenue Bonds in an Amount Not to Exceed $105,000,000 (Ordinance 2023-01)
Body
Agenda of: April 26, 2023
Item No.: 2023-065
Amount: Not to Exceed $105,000,000
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Suzanne R. Coffey, P.E.
Chief Executive Officer
Great Lakes Water Authority
DATE: March 22, 2023
RE: Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Sewer Disposal System Revenue Bonds in an Amount Not to Exceed $105,000,000 (Ordinance 2023-01)
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 $105,000,000 as presented, and authorizes the Chief Executive Officer to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
There are two considerations in the background related to this resolution: financing 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 July 29, 2022 the Great Lakes Water Authority ("GLWA") Board of Directors approved Resolution 2022-312, "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 $650,000,000 (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 $105,000,000.
The proposed action authorizes the bonds to be issued. The approval of the series ordinance presented today is the nex...
Click here for full text