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File #: 2024-070    Version: 1 Name:
Type: Resolution Status: Passed
File created: 2/21/2024 In control: Board of Directors
On agenda: 2/28/2024 Final action: 2/28/2024
Title: Proposed Appointment of 2024 Bond Transaction Syndicate and Advisors and Related Fees
Sponsors: Nicolette Bateson
Indexes: Finance
Attachments: 1. 7A1 Proposed 2024 Bond Transaction Syndicate and Advisors, 2. 7A3 Underwriting Syndicate Memo for GLWA_2-6-2024vF2

Title
Proposed Appointment of 2024 Bond Transaction Syndicate and Advisors and Related Fees


Body
Agenda of: February 28, 2024
Item No.: 2024-070
Amount: N/A

TO: The Honorable
Board of Directors
Great Lakes Water Authority

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

DATE: February 28, 2024


RE: Proposed Appointment of 2024 Bond Transaction Syndicate
and Advisors and Related Fees


MOTION

Upon recommendation of Nicolette Bateson, Chief Financial Officer/Treasurer, the Board of Directors (Board) of the Great Lakes Water Authority (GLWA):
1) Appoints the Series 2024 Underwriting Syndicate Structure with the following roles, fee splits, and firms:
- Bookrunning Senior Manager (55%) - Siebert Williams Shank & Co. LLC
- Co-Senior Manager (30%) - Goldman Sachs & Co. LLC
- Co-Managers (15%) - J.P. Morgan, Loop Capital Markets, Morgan Stanley, Ramirez & Co., Inc., and Wells Fargo Securities;
2) Authorizes the fee for the underwriting syndicate at $2.50/bond plus actual expenses;
3) Authorizes the work of The Foster Group to proceed within the current contract that ends June 30, 2024 recognizing that a contract extension to complete the transaction may be required which would be brought to the Board of Directors in March 2024;
4) Authorize a bond financing cost allowance up to $110,000 to reimburse the Detroit Water & Sewerage Department for a feasibility consultant related to DWSD financial performance, accounts receivable activity, and related bond disclosure forecast matters; and,
5) Authorizes the Chief Executive Officer to take such other action as may be necessary to accomplish the intent of this vote.


BACKGROUND
The Great Lakes Water Authority (GLWA) has approximately $390million of senior lien and $45 million of second lien bonds for the water system and $395 million of senior lien and $45 million of second lien bonds for the sewage disposal system tha...

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