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Waterford Board authorizes Series 2026 bonds to fund remaining community center work
Summary
The Charter Township of Waterford Board on June 8 adopted a resolution authorizing issuance of General Obligation Unlimited Tax Bonds, Series 2026, with a par limit of $26,195,000 to finance remaining phases of a voter-approved community center project; the resolution delegates sale and final-term authority to township officers and sets disclosure and administrative requirements.
The Charter Township of Waterford Board on June 8 adopted a resolution authorizing issuance of General Obligation Unlimited Tax Bonds, Series 2026, to finance remaining phases of a community center project voters approved on Nov. 5, 2024. The resolution sets a maximum Series 2026 par amount of $26,195,000 and delegates authority to township officials to finalize sale terms.
Budget and scope details in the resolution state the overall program approved by voters may total up to $36,410,000 for acquisition, renovation, construction, furnishing and equipping of a community center and related site work, including acquisition of approximately 51 acres. The resolution estimates the initial-year millage to be about 0.8492 mills and an average annual millage of about 0.7587 mills per $1,000 of taxable value, and it confirms the bonds are payable from ad valorem taxes authorized by the ballot proposal.
Derek Diederich, Budget Director, and Barbara Miller, Assistant Budget Director and Interim Accounting Manager, presented the resolution and answered trustees’ questions about bond structure and administrative mechanics. The resolution authorizes an "Authorized Officer" (Supervisor, Deputy Supervisor, Clerk, Treasurer, and Budget Director, individually or together) to set final terms within specified limits: par not to exceed $26,195,000, true interest cost no greater than 6.00%, maturities no longer than 21 years, and coupon rates between 1.00% and 6.00%.
The document outlines standard issuance provisions: optional book-entry-only registration, appointment of a paying agent, establishment of construction and debt service funds, continuing-disclosure obligations under SEC Rule 15c2-12, and engagement of bond counsel (Dickinson Wright PLLC) and municipal advisor (Baker Tilly Municipal Advisors, LLC). It also authorizes the Authorized Officer to take customary actions at sale (award, purchase insurance, apply for ratings, and adjust final details) subject to the resolution’s limits.
Trustee Jeff Gilbert moved to adopt the resolution; Trustee Gary Wall seconded. A roll-call vote was recorded and the motion carried unanimously with all trustees present.
Next steps: the Authorized Officer will set the sale date and final bond terms within the delegated parameters, publish the official notice of sale, and proceed with disclosure and closing processes required by the resolution.
