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Bond counsel, municipal advisor brief Alpena council on bond process, timeline and costs
Summary
Bond counsel Dickinson Wright and municipal advisor MFCI outlined the legal and financial steps for a proposed municipal bond issue, including a 45-day referendum period, notice requirements and an estimated financing size of about $3 million plus issuance costs.
Bond counsel and the city's municipal advisor briefed the Alpena City Council on June 2 about the legal and financial steps for a planned municipal bond offering, the timeline for sale and expected costs.
Roger Swatz, bond counsel with Dickinson Wright, described the legal prerequisites, saying the council will first adopt a notice-of-intent resolution that sets a maximum dollar amount for the bonds and a narrative description of what the bonds will finance. "That resolution sets a maximum dollar amount for the bonds. It doesn't obligate the city to borrow that amount," Swatz said, explaining the council will allow a 45-day referendum period after the required…
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