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Owosso OKs up to $20 million in CWRF bonds for wastewater plant upgrades
Summary
Council adopted Ordinance No. 852 to authorize up to $20,000,000 in Clean Water Revolving Fund (CWRF) revenue bonds for WWTP tower replacements, sewer collection analysis, flow metering and related upgrades; council noted potential $2.6 million state forgiveness and a possible $3.3 million earmark.
The Owosso City Council on July 6 adopted Ordinance No. 852 authorizing issuance of Series 2026 Wastewater Treatment System Junior Lien Revenue Bonds not to exceed $20,000,000 to fund wastewater treatment plant upgrades, including replacement of nitrification and roughing towers, SCADA and related process improvements.
City Manager Nathan R. Henne told council staff plans include issuing up to $20 million with an estimated $2.6 million forgiven by the state for this series; Henne also noted the city may receive a potential earmark of $3,300,000. The ordinance, adopted under Act 94, sets a maximum interest rate of 3.00% per annum, a maximum 40‑year maturity, and confirms that the bonds are payable solely from net wastewater system revenues. The sale is planned as a negotiated private sale to the Michigan Finance Authority.
Councilmember Rachel M. Osmer moved adoption; the measure passed on roll call with all members present voting AYE. The ordinance directs the Authorized Officer to pursue required closing documents and any needed approvals from state treasury and bond counsel.
