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Muskegon City staff outline intent to issue up to $15 million in sewer revenue bonds
Summary
City bond counsel and financial advisors briefed the commission on a notice-of-intent resolution to issue up to $15 million in sewer revenue bonds, explaining the state revolving fund (SRF) 2% subsidized rate, possible principal forgiveness, and a 45‑day petition window to trigger a referendum.
The Muskegon City Commission heard a presentation on an intent-to-bond resolution that would authorize the city to issue revenue bonds for sewer system projects in an amount not to exceed $15,000,000. Bond counsel Pat McGow told commissioners that the notice of intent is the first procedural step; it does not obligate the city to borrow the full amount but preserves borrowing capacity for several years of projects.
Pat McGow explained revenue bonds are repaid from utility user charges rather than general-tax levies and said the city uses the state revolving fund (SRF) program to obtain low, subsidized financing. "What you have before you tonight is a notice of…
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