Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Community Center Bonds topic
No spam. Unsubscribe anytime.
Waterford trustees approve parameters resolution to sell bonds for community center project
Summary
The board authorized a parameters resolution to issue a series of general obligation unlimited tax bonds (first series up to about $10.25 million) toward a community center project with a total not-to-exceed amount cited in the presentation; the resolution delegates sale authority and sets a 6% interest-rate cap for conforming bids.
At the June 9 meeting, the Waterford Township Board of Trustees approved a parameters resolution to sell general obligation unlimited tax bonds to finance the Waterford Township Community Center project.
Staff and outside counsel described a two-series bond plan; the first series proposed later this summer would be for about $10.25 million and the presentation listed a total project budget "not to exceed" $36,410,000. Eric McLaughlin of Dickinson Wright and staff explained the parameters resolution delegates authority to the supervisor, clerk and treasurer to sell bonds within stated limits and to reject bids that do not conform to the board's parameters.
When a trustee asked what would happen if bids came in above the board's stated 6% cap, counsel said the resolution establishes parameters and that nonconforming bids (above 6%) would be rejected at the time of sale. "If the bids come in with coupons or interest rates for a particular maturity that are above 6% ... that would be a nonconforming bid and that would be rejected at the time of the sale," counsel said.
The board moved to accept the resolution and approved it by roll call. Trustees were briefed on next steps including bond rating and market timing and staff said more detailed financing documents would follow as the sale is planned.
