NOTICE OF INTENT TO ISSUE MUNICIPAL SECURITIES
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 municipal securities in one or more series, in an amount not to exceed $2,100,000 (the “Municipal Securities”).
The Municipal Securities shall be issued to pay the cost to design, purchase, acquire, and construct certain capital improvements, including, but not limited to, improvements to the City’s recreation center, including, but not limited to, the replacement of the roof, possible replacement of HVAC equipment, added insulation, and replacement of wall panels; as well as all work, equipment, and furnishings necessary or incidental to these improvements and to pay the costs of issuing municipal securities and capitalized interest, if any.
The Municipal Securities 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 Municipal Securities shall be issued pursuant to Act 34, Public Acts of Michigan, 2001, as amended (“Act 34”).
SOURCE OF PAYMENT
The principal of and interest on the Municipal Securities will be limited tax full faith and credit general obligations of the City, payable from available funds of the City. Pursuant to this pledge of its limited tax full faith and credit, the City will be obligated to levy such ad valorem taxes upon all taxable property in the City as shall be necessary to make the payments of principal and interest on the Municipal Securities, which taxes, however, will be limited by applicable charter, constitutional, and statutory limitations on the taxing power of the City.
RIGHT OF REFERENDUM
The Municipal Securities will be issued without a vote of the electors approving such Municipal Securities, 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 Clerk of the City, or other recording officer of the City, requesting a referendum upon the question of the issuance of the Municipal Securities. If such a petition is filed, the Municipal Securities 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.