To: Martin L. Cousineau, Finance Committee Chairperson
From: Jeff Wright, Genesee County Water & Waste Services
title
RE: Bond Ordinance
recommendation
BOARD ACTION REQUESTED:
Resolution authorizing the issuance of Genesee County Sewage Disposal System Bonds (Interceptor and Treatment Facilities) Series 2024 Bonds
BACKGROUND:
Backing for County Agency's Revenue Bonds
DISCUSSION:
Genesee County Division of Water & Waste Services has requested $50 million in the Notice of Intent for expansion and improvements of the sanitary sewer systems over the next 5 years. GCDC-WWS has identified the first series of bonds for $15 million projects to include expansion of the sewer system through the Kearsley Creek Interceptor construction project, as well as major improvements to the County Agency's pump station system. Primary payment of bonds will be sewer rates from the system.
IMPACT ON HUMAN RESOURCES:
None
IMPACT ON BUDGET:
General Fund - None
IMPACT ON FACILITIES:
None
IMPACT ON TECHNOLOGY:
None
CONFORMITY TO COUNTY PRIORITIES:
Conforms to GCDC-WWS Master Plans
resolution
ORDINANCE NO. _____
AN ORDINANCE TO PROVIDE FOR THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF ADDITIONS AND IMPROVEMENTS TO THE SEWAGE DISPOSAL SYSTEM (INTERCEPTORS AND TREATMENT FACILITIES) 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 (Interceptors and Treatment Facilities) (the "System"); and
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