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Commission approves ordinance authorizing up to $42 million in sewer bonds for wastewater improvements
Summary
The commission introduced and enacted, with immediate effect, an ordinance authorizing issuance of up to $42 million in bonds to finance sanitary sewer system improvements; the action is a final local step ahead of state loan closing under the SRF/Eagle program.
Traverse City’s City Commission on June 2 introduced and enacted an ordinance authorizing issuance of up to $42 million in revenue bonds to finance sanitary sewer system improvements and related costs. The commission adopted the ordinance with language to give it immediate effect pursuant to the Michigan Revenue Bond Act.
Background and authority: The city applied to the state’s…
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