To: Martin L. Cousineau, Finance Committee Chairperson
From: Jeff Wright, Drain Commissioner, Genesee County Water & Waste Services
title
RE: Bond Ordinance
recommendation
BOARD ACTION REQUESTED:
Pass Bond Ordinance
BACKGROUND:
Refinance $80 million bonds currently sold
DISCUSSION:
Genesee County Drain Commissioner's Office - Division of Water & Waste Services currently as $80 million in 2015 and 2015 water revenue bonds. At this time, we are requesting authorization to refinance revenue bonds with LTGOB for the current bonds. Based on the current market, the project savings will be $30 million over the remaining 20 years.
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. 2025-____
AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE OF WATER SUPPLY SYSTEM REVENUE REFUNDING BONDS FOR THE PURPOSE OF REFUNDING CERTAIN OUTSTANDING REVENUE BONDS OF THE WATER SUPPLY SYSTEM OF THE COUNTY OF GENESEE, MICHIGAN; TO PRESCRIBE THE FORM OF THE REVENUE REFUNDING BONDS; TO PROVIDE FOR THE RETIREMENT AND SECURITY OF THE REVENUE REFUNDING BONDS HEREIN AUTHORIZED; AND TO PROVIDE FOR OTHER MATTERS RELATIVE TO THE SYSTEM AND THE REVENUE REFUNDING 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 Water Supply System; and
WHEREAS, the County has been advised that it may be able to achieve interest cost savings by refunding all or portions of the callable maturities of the outstanding Series 2015 Bonds and the Series 2016B Bonds (each as hereinafter defined) (the portions of the Series 2015 Bonds and the Series 2016B Bonds to be refunded, as hereinafter provided, is referred to as the "Refunded Bonds"); and
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