To: Martin L. Cousineau, Finance Committee Chairperson
From: Jeff Wright, Drain Commissioner, Genesee County Water & Waste Services
title
RE: Approval of a Bond Ordinance
recommendation
BOARD ACTION REQUESTED:
Pass Bond Ordinance
BACKGROUND:
Public Acts 342 permits counties to pledge full faith and credit backing for county improvements.
DISCUSSION:
Genesee County Drain Commissioner's Office - Division of Water & Waste Services has identified $6.4 million of capital improvements required for our facilities over the next five (5) years. At this time, we are requesting authorization to sell revenue bonds with LTGOB for District #3. The current rates are sufficient to cover the annual payment of the bond. The communities in the District #3 service area are Fenton Township, the City of Linden, the City of Fenton, and Livingston County.
IMPACT ON HUMAN RESOURCES:
None.
IMPACT ON BUDGET:
General Funds - None.
IMPACT ON FACILITIES:
None
IMPACT ON TECHNOLOGY:
None
CONFORMITY TO COUNTY PRIORITIES:
Conformance with GCDC-WWS Master Plan.
.resolution
ORDINANCE NO. _____
AN ORDINANCE TO PROVIDE FOR THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF ADDITIONS AND IMPROVEMENTS TO SEWAGE DISPOSAL SYSTEM NO. 3 OF THE COUNTY OF GENESEE, MICHIGAN; TO PROVIDE FOR THE ISSUANCE AND SALE OF REVENUE BONDS OF EQUAL STANDING WITH REVENUE BONDS OF THE SYSTEM NOW OUTSTANDING TO PAY THE COST THEREOF; TO PRESCRIBE THE FORM OF THE REVENUE BONDS; TO PROVIDE FOR THE RETIREMENT AND SECURITY OF THE REVENUE BONDS HEREIN AUTHORIZED; AND TO PROVIDE FOR OTHER MATTERS RELATIVE TO THE SYSTEM AND THE REVENUE BONDS.
WHEREAS, the County of Genesee, State of Michigan (the "County"), has previously issued the Outstanding Bonds (as hereinafter defined) to defray the cost of certain improvements and extensions to the Genesee County Sewage Disposal System No. 3 (the "System"); and
WHEREAS, the County has determined that it is necessary to acquire and construct certain improveme...
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