Notice - Intent to Issue Bonds

NOTICE TO ELECTORS OF THE CHARTER TOWNSHIP OF WASHINGTON

OF INTENT TO ISSUE BONDS SECURED BY THE TAXING POWER OF

 THE TOWNSHIP AND OF RIGHT OF REFERENDUM THEREON

PLEASE TAKE NOTICE that the Township Board of the Charter Township of Washington, County of Macomb, 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 Twenty Million Dollars ($20,000,000), for the purpose of paying all or part of the cost of certain public improvements in the Township, including: a) acquiring and constructing sanitary sewer improvements, including sanitary sewer extensions and improvements; b) acquiring and constructing water supply system improvements, including water main extensions and improvements; c) acquiring and constructing road and street improvements; d) acquiring, constructing, furnishing and equipping a new fire station; e) acquiring, constructing, furnishing and equipping Township Hall building improvements; including all related equipment, site improvements, appurtenances and attachments.

BOND DETAILS

The bonds will mature in annual installments not to exceed thirty (30) 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 Township 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 TOWNSHIP IS FILED WITH THE TOWNSHIP 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 TOWNSHIP VOTING THEREON.

THIS NOTICE is given pursuant to the requirements of Section 517, Act 34, Public Acts of Michigan, 2001, as amended.

 Kathy Bosheers , Clerk, Charter Township of Washington

 

Published Macomb Daily : March 31, 2019