Title
Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Water Supply System Revenue Refunding Bonds in a Principal Amount Not to Exceed $500,000,000 (Ordinance 2024-02)
Body
Agenda of: April 24, 2024
Item No.: 2024-118
Amount: Not to Exceed $500,000,000
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Suzanne R. Coffey, P.E.
Chief Executive Officer
Great Lakes Water Authority
DATE: April 24, 2024
RE: Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Water Supply System Revenue Refunding Bonds in a Principal Amount Not to Exceed $500,000,000 (Ordinance 2024-02)
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 the Series Ordinance Authorizing Issuance and Sale of Water Supply System Revenue Refunding Bonds in a Principal Amount Not to Exceed $500,000,000 (Ordinance 2024-02) as presented, and authorizes the CEO to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
The Great Lakes Water Authority ("GLWA") may proceed with the issuance of refunding of various outstanding water supply system bonds for the purpose of achieving annual debt service savings. In order to do so, the GLWA Board must approve the attached resolution approving the Series Ordinance.
The Series Ordinance sets forth the guidelines for the Refunding Bonds and authorizes the Chief Executive Officer or the Chief Financial Officer to execute the final terms of the Bonds, paying issuance costs and signing of the Bond Purchase Agreement, within the parameters set forth in the Series Ordinance.
JUSTIFICATION
The authorized amount for the Refunding Bonds is presented for an aggregate principal amount of not to exceed $500,000,000.
Key Provisions:
* Not to Exceed Par Amount: $500 million (f...
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