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Commission approves publication of notice to begin bond process for Mount Clemens Ice Arena improvements
Summary
Commission authorized publishing a notice of intent to issue capital-improvement bonds to finance new compressors, a roof and parking-lot work at the Mount Clemens Ice Arena and approved Northland Securities as financial adviser and Miller Canfield as bond counsel. A 45-day waiting period begins before further bond action.
City staff asked the commission to approve a resolution of intent to issue capital-improvement bonds for the Mount Clemens Ice Arena and to approve a financial-advisor contract.
The proposed financing would fund new compressors, a new roof and parking-lot resurfacing. Staff explained that tonight’s vote authorizes publishing a notice of intent (the official 45-day start of the bonding process) but does not obligate the city to issue bonds; the authorizing bond resolution is scheduled for Nov. 16, 2020 if the city proceeds.
City Manager Johnson and staff recommended naming Northland Securities as the financial adviser and Miller Canfield (with attorney Jeffrey Aronoff) as bond counsel. Commissioners approved the resolution to publish the notice and authorized the mayor and city clerk to execute the financial-advisor agreement; a follow-up work session was proposed before the Oct. 19 meeting to review project and financing details.
The commission’s action authorizes staff to begin the public-notice process; any actual bond issuance will require subsequent approvals and standard budgetary and public-notice steps.
