NOTICE OF INTENT TO ISSUE water SYSTEM REVENUE BONDS TO THE ELECTORS RESIDING WITHIN THE EAST LANSING-MERIDIAN WATER AND SEWER AUTHORITY

NOTICE OF INTENT
TO ISSUE water SYSTEM REVENUE BONDS
TO THE ELECTORS RESIDING WITHIN THE
EAST LANSING-MERIDIAN WATER AND SEWER AUTHORITY

PLEASE TAKE NOTICE that the Board of Trustees of the East Lansing-Meridian Water and Sewer Authority (the “Authority”) intends to issue bonds in an amount of not to exceed $16,800,000 (the “Bonds”).  The Bonds may be issued in one or more series.

The bonds shall be issued for the purpose of defraying the cost to design, purchase, acquire, install and construct improvements to the Authority’s water system, including but not limited to improvements to the Authority’s water plant and facilities including but not limited to a new water storage reservoir, the replacement of water mains and installation of new water mains and the acquisition of wells; as well as all work, and equipment necessary and incidental to these improvements and such other water treatment plant improvements and improvements to other water system facilities the Authority shall determine to make and to pay the costs of issuing the bonds and capitalized interest, if any.

The bonds of this issue shall mature within the maximum terms permitted by law with interest on the unpaid balance at a rate not to exceed the maximum rate permitted by law payable over not more than forty (40) years from the date of issuance of the Bonds.  The bonds shall be issued pursuant to Act 94, Public Acts of Michigan, 1933, as amended.

SOURCE OF PAYMENT

The principal of and interest on the bonds shall be payable from the net revenues derived from the operation of the Water System.

RIGHT OF REFERENDUM

The bonds will be issued, without submitting such a question to a vote of the electors, unless within 45 days after the date of publication of this notice a petition requesting a referendum upon such question, signed by not less than 10% or 15,000 of the registered electors residing within the boundaries of the Authority, whichever is the lesser, shall have been filed with the undersigned Secretary.  In the event that such a petition is filed, the bonds will not be issued unless and until the issuance thereof shall have been approved by the vote of a majority of the electors within the Authority qualified to vote and voting thereon at a general or special election.

This Notice is published pursuant to the requirements of Section 33 of Act 94 of the Public Acts of Michigan of 1933, as amended.

Charles Peterson, Board Secretary

CP#22-299