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Council approves bond counsel engagement, notice of intent to seek up to $5M for police and fire buildings
Summary
St. Clair Shores approved Miller Canfield’s engagement and a notice of intent to pursue bonds not to exceed $5 million to cover a roughly $4 million shortfall on new police and fire buildings. Council approved the request 5–2; final bond amounts, terms and debt service will return to council for approval.
St. Clair Shores City Council approved a letter of engagement with Miller Canfield and a resolution of intent to pursue bonds up to $5 million to help finance new police and fire facilities. The motion passed on a 5–2 vote.
City Manager Lent told the council the city is approximately $4 million short on the two construction projects and that the notice of intent is needed to begin the bonding process. “This is a price not to exceed $5,000,000,” Lent said, adding that the final bond amount, term and interest rates will be returned to council for final approval. He said the city will engage a municipal finance advisor to work with bond counsel; Miller Canfield’s fees are paid from bond…
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