Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Public Finance topic
No spam. Unsubscribe anytime.
Commission adopts ordinance allowing up to $18 million in junior‑lien water bonds
Summary
The City Commission voted to adopt an ordinance authorizing issuance of up to $18 million in junior‑lien revenue bonds to fund water supply system improvements; the 45‑day notice was published May 4 and the referendum period expires June 18 with no petition filed to date.
The Grand Rapids City Commission voted to adopt an ordinance authorizing one or more series of junior‑lien revenue bonds for water supply system improvements, in an amount not to exceed $18,000,000.
Commissioner Youssassy (introducing the item) told the commission the body published a 45‑day notice of intent on May 4; the referendum period will expire on June 18 and, as of the meeting, no petition for referendum had been filed. "The notice of intent was published in the GR press on Sunday, May 4, and the 45 day referendum period will expire on June 18 of this month," the commissioner said.
After a motion for immediate consideration and a separate motion to adopt the ordinance, the commission recorded a roll‑call vote in which the members present voted in favor and the motion carried. The mayor asked whether there was discussion before the vote; the record shows no extended discussion on the merits during the roll call and the motion was adopted with unanimous yes votes recorded.
The ordinance authorizes use of bond proceeds to pay all or a portion of the cost of water supply system improvements and related public infrastructure. Staff noted the procedural publication and the referendum window as part of the public‑finance process.
Next steps: the city will proceed with bond issuance steps and monitor the referendum period (ends June 18). If a valid petition is filed before that date, the issuance process would be subject to the referendum outcome.
