Title
Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Sewer Disposal System Revenue Bonds in an Aggregate Amount Not to Exceed $331,980,000 (Ordinance 2024-01)
Body
Agenda of: March 21, 2024
Item No.: 2024-021
Amount: Not to Exceed $331,980,000
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 21, 2024
RE: Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Sewer Disposal System Revenue Bonds in an Aggregate Amount Not to Exceed $331,980,000 (Ordinance 2024-01)
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 Aggregate Amount Not to Exceed $331,980,000 (Ordinance 2024-01), 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 related to this resolution: projects being funded and financing.
Project Considerations
Project Plan Approvals - On May 25, 2022, the GLWA Board of Directors conducted a public hearing related to projects for Fiscal Year (FY) 2023 Clean Water State Revolving Fund (CWSRF) consideration: Freud Pump Station and Water Resource Recovery Facility (WRRF) Aeration Improvements 1 and 2. Subsequent to that public hearing, the Board adopted the project plans.
Freud Pump Station (Series 2024-SRF-1)
* Project Plan cost estimate was $94.82 million when presented at the May 2022 public hearing
* Current estimated project cost is approximately $147 million
* GLWA was awarded FY 2024 CWSRF maximum funding amount of $86.8 million as notified on EGLE's final CWSRF Intended...
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