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Grosse Ile trustees authorize first bond series to buy toll bridge, fund engineering work
Summary
Trustees approved a resolution authorizing up to $21.645 million in bonds to finance the $13.5 million purchase of the Grosse Ile toll bridge and initial engineering, agreeing to sell the first series in January and close in February; board recorded a roll‑call vote and one recusal.
Grosse Ile Township trustees on Dec. 9 voted to authorize the first series of bonds to finance purchase of the township’s toll bridge and to fund initial engineering work. The resolution, prepared by bond counsel Miller Canfield, authorizes bonds in the amount of $21,645,000 to cover the $13,500,000 purchase price, an engineer’s estimate of $8,000,000 for design work, and issuance costs.
The board also agreed to engage Budzinski and Company (financial advisor) to take the bonds to market and assist with rating and sale. Steven Hayduck of Budzinski described the firm’s role in structuring issues to achieve competitive rates and in preparing offering documents for investors.
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