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Saline: Notice of Intent to Issue Bonds
NOTICE TO ELECTORS OF THE CITY OF SALINE OF INTENT TO ISSUE BONDS SECURED BY THE TAXING POWER OF
THE CITY
AND OF RIGHT OF REFERENDUM THEREON
PLEASE TAKE NOTICE that the City Council of the City of Saline, County of Washtenaw, intends to authorize the issuance and sale of general obligation capital improvement bonds pursuant to Act 34, Public Acts of Michigan, 2001, as amended, in one or more series, in a total principal amount of not to exceed Six Million Five Hundred Thousand Dollars ($6,500,000), for the purpose of paying all or part of the costs of acquiring, constructing, furnishing and equipping certain public improvements in the City, including: a) street improvements, including related utilities; b) stormwater system rehabilitation and improvements; c) water system improvements, including watermain replacement, lining improvements and well improvements; d) wastewater system improvements, including pump station improvements and sewer main rehabilitation and improvements; e) sidewalk improvements; and f) City Hall improvements; together with all related equipment, site improvements, appurtenances and attachments.
BOND DETAILS
The bonds will mature in annual installments not to exceed twenty-five (25) in number, with interest rates to be determined at a public or negotiated sale but in no event to exceed the maximum permitted by law on the unpaid balance from time to time remaining outstanding on said bonds.
SOURCE OF PAYMENT OF BONDS
THE PRINCIPAL OF AND
INTEREST ON SAID BONDS shall be payable from the general funds of the City lawfully available for such purposes including property taxes levied within applicable constitutional, statutory and charter tax rate limitations.
RIGHT OF REFERENDUM
THE BONDS WILL BE ISSUED WITHOUT A VOTE OF THE ELECTORS UNLESS A PETITION REQUESTING SUCH A VOTE SIGNED BY NOT LESS THAN 10% OF THE REGISTERED ELECTORS OF THE CITY IS FILED WITH THE CITY CLERK WITHIN FORTY-FIVE (45) DAYS AFTER PUBLICATION OF THIS NOTICE. IF SUCH PETITION IS FILED, THE BONDS MAY NOT BE ISSUED WITHOUT AN APPROVING VOTE OF A MAJORITY OF THE QUALIFIED ELECTORS OF THE CITY VOTING THEREON.
THIS NOTICE is given pursuant to the requirements of Section 517, Act 34, Public Acts of Michigan, 2001, as amended.
Terri Royal
Clerk, City of Saline
