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Allegan council approves notice of intent to issue revenue bonds for water, sewer and street improvements
Summary
The council adopted a notice of intent to issue revenue bonds for water and sewer system improvements, including work in Rossman Park and a wastewater sludge‑thickener project; bond counsel and the city’s financial adviser outlined a multi‑stage sale, a roughly 20‑year structure and an estimated blended yield near 4%.
The Allegan City Council on Oct. 13 adopted a notice of intent to issue revenue bonds to finance water, sewer and related street improvements.
Bond counsel Roger Swatz of Dickinson Wright told the council the notice of intent starts the public process, sets not‑to‑exceed amounts and begins a 45‑day public notice window during which residents could petition for an election. Swatz said the bonds would be revenue bonds paid only from the systems’ revenues and would not encumber the city’s general fund or count against its general debt limits.
Financial adviser Steven Burke of MFCI told the council…
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