To: Martin L. Cousineau, Finance Committee Chairperson
From: John F. O'Brien Deputy Drain Commissioner
title
RE: Kearsley Creek Interceptor Project
recommendation
BOARD ACTION REQUESTED:
To approve Financing Contract and approve Issuance of Bonds.
BACKGROUND:
Local municipality are joining together to finance and construct the Kearsley Creek Interceptor. County Agency is supporting the project.
DISCUSSION:
Find enclosed a resolution approving the KCI financing Contract and Authorization of Issuance of Genesee County Sewage Disposal Bonds. The Kearsley Creek Interceptor project is a multiple-entity project to provide sanitary sewer service to the southeast portion of Genesee County and future service to northeast Oakland County. The contracting parties are Grand Blanc Township at 55.32%, Davison Township at 36.83% Atlas Township at 5.73%, and Village of Goodrich at 2.12%. Each community has executed the financing contract and pledged Limited tax General Obligations (LTGO) pledge to secure their debt obligations to the County. The local community bond is up to 36,400,000 million dollars with a 30-year payback period. The Financing Contract and Bond Resolution were prepared by County Agency Board Counsel Miller Canfield and reviewed by our financial advisor's PFM. We are requesting this Bond Resolution and financing contract to be presented to the finance committee on June 5, 2024. Should you have any questions or need further comment do not hesitate to contact this office.
IMPACT ON HUMAN RESOURCES:
NONE
IMPACT ON BUDGET:
NONE
IMPACT ON FACILITIES:
NONE
IMPACT ON TECHNOLOGY:
NONE
CONFORMITY TO COUNTY PRIORITIES:
County Agency is supporting a regional plan to provide sanitary sewer to south east portion of the County.
resolution
TO THE HONORABLE CHAIRPERSON AND MEMBERS OF THE GENESEE COUNTY BOARD OF COMMISSIONERS, GENESEE COUNTY, MICHIGAN
LADIES AND GENTLEMEN:
RES-2024-_____
TO THE HONORABLE CHAIRPERSON AND MEMBERS OF THE GENES...
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