Title
Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Water Supply System Revenue Bonds in an Aggregate Amount Not to Exceed $71,000,000 (Ordinance 2023-02) (CIP 122004 96 Inch Water Main Relocation)
Body
Agenda of: May 24, 2023
Item No.: 2023-057
Amount: Not to Exceed $71,000,000
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Suzanne R. Coffey, P.E.
Chief Executive Officer
Great Lakes Water Authority
DATE: May 24, 2023
RE: Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Water Supply System Revenue Bonds in an Aggregate Amount Not to Exceed $71,000,000 (Ordinance 2023-02) (CIP 122004 96 Inch Water Main Relocation)
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 for Approval of Series Ordinance Authorizing Issuance and Sale of Water Supply System Revenue Bonds in an Aggregate Amount Not to Exceed $71,000,000 (Ordinance 2023-02) (CIP 122004 96 Inch Water Main Relocation) 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 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 Drinking Water State Revolving Fund (DWSRF) Bonds is within authorized GLWA limits. On April 13, 2022, the Great Lakes Water Authority ("GLWA") Board of Directors approved Resolution 2022-120, "Resolution of the Great Lakes Water Authority Authorizing Publication of Notice of Intent to Issue Water Supply System Revenue Bonds in a principal amount not to exceed $400,000,000" (the "Notice of Intent"). This is the third series of water bonds from that Notice of Intent in the amo...
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