Saline: Notice of Bond Issuance for Wastewater Treatment

EXHIBIT B

NOTICE OF INTENT TO ISSUE BONDS TO THE ELECTORS OF THE CITY OF SALINE

PLEASE TAKE NOTICE that the City Council of the City of Saline (the “City”) intends to issue bonds in one or more series, in an amount of not to exceed $15,500,000 (the “Bonds”).

The Bonds shall be issued to pay the cost to design, purchase, acquire, and construct improvements to the City’s Wastewater Treatment Plant and Sanitary Sewer System, including, but not limited to the following improvements (the “Project”):

• Installation of screw press for biosolids handling.

• Improvements and repairs to the Pollution Control Facility Administrative Building.

• Construction of a maintenance building.

• Demolition, including demolition of sludge storage tank in parking lot.

• Incorporation of remote pump stations.

• Lining and repair of sanitary sewer mains and manholes consistent with infiltration and inflow removal.

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. The Bonds shall be issued pursuant to Act 94, Public Acts of Michigan, 1933, as amended (“Act 94”).

SOURCE OF PAYMENT

The principal of and interest on the Bonds shall be payable from the net revenues derived from the operation of the City’s Wastewater Treatment Plant and Sanitary Sewer System. In addition, the Bonds may be secured by the full faith and credit of the City as limited by applicable constitutional, statutory and charter limitations on the taxing power of the City.

RIGHT OF REFERENDUM

The Bonds will be issued without a vote of the electors approving such bonds, unless, within 45 days from the date of publication of this Notice of Intent, a petition, signed by not less than 10% of the registered electors residing within the limits of the City shall have been filed with the City Clerk, or other recording officer of the City, requesting a referendum upon the question of the issuance of the Bonds. If such a petition is filed, the bonds shall not be issued until approved by the vote of a majority of the electors of the City 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.

Terri Royal, City Clerk