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Lincoln Park approves notices of intent for $23 million in state revolving-fund projects
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Summary
The council approved publishing notices of intent for revenue bonds tied to Clean Water and Drinking Water State Revolving Fund projects — up to $17 million for sanitary-sewer improvements and up to $6 million for drinking-water projects — and authorized bond-counsel retention and required publication steps.
The Lincoln Park City Council on March 9 approved notices of intent to issue revenue bonds to finance water- and sewer-system improvements, authorizing actions necessary to pursue Clean Water State Revolving Fund (CWSRF) and Drinking Water SRF (DWSRF) assistance.
Council reviewed a resolution stating the city expects to issue revenue bonds under the Revenue Bond Act (Act 94) for projects including sewer-basin and sewer-line improvements and asset-management upgrades. The text authorizes publication of a notice of intent and confirms a maximum principal amount not to exceed $17,000,000 for the sanitary sewer project and $6,000,000 for the drinking-water project. The council also confirmed retention of Miller Canfield Paddock and Stone PLC as bond counsel and authorized staff to apply for any required credit assessment and to take actions necessary to prepare bonds for sale.
City staff warned the interest rate was not yet set and that additional steps remain before formal issuance; a member of the public pressed the council for a clear estimate of the total interest residents could pay once rates are known. Council members recorded unanimous approval on the motions to proceed with publication and related steps.
The resolution includes procedural findings required by federal tax rules and a notice requirement under Act 94; staff said publication in the local newspaper and a 45-day period for referendum petitions will be observed before any sale.
