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Owosso council publishes intent to issue revenue bonds for wastewater and water projects
Summary
Council adopted notices of intent to issue revenue bonds — up to $20 million for wastewater improvements and up to $12 million for water system upgrades — and authorized publication of the required referendum-right notices.
The Owosso City Council adopted resolutions declaring official intent to issue revenue bonds to finance planned wastewater and water system improvements.
For the wastewater system (CWSRF Project No. 6034-01), the council declared intent to issue revenue bonds in an amount not to exceed $20,000,000 to pay costs for removal and replacement of nitrification and roughing towers at the wastewater treatment plant (WWTP), flow metering, smoke testing of sewers, and related improvements. The resolution instructs the clerk to publish the statutorily required notice and explains citizens’ right to petition for a referendum within 45 days of publication.
For the water system (DWSRF Project No. 7920-01), the council declared intent to issue revenue bonds in an amount not to exceed $12,000,000 for watermain replacements, lead service line replacements to comply with EGLE rules, booster station rehabilitation, water treatment plant chemistry improvements and well rehabilitation. Both actions were adopted after staff presentations explaining project scope and financing mechanisms; roll-call votes were recorded with council members voting in the affirmative.
The notices explain that bonds will mature in not more than 40 years, will be payable from system revenues, and each notice explains the right to petition for a referendum by qualified electors as provided by Act 94 of the Public Acts of Michigan.
