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Owosso council adopts ordinance to issue up to $12 million in DWRF bonds for water system upgrades
Summary
The City of Owosso adopted Ordinance No. 851 on July 6 authorizing issuance of up to $12,000,000 in Drinking Water Revolving Fund (DWRF) revenue bonds to pay for water treatment, well and distribution system improvements; council vote was unanimous among members present.
The City of Owosso on July 6 adopted Ordinance No. 851 authorizing the issuance of Series 2026 Water Supply System Junior Lien Revenue Bonds of not to exceed $12,000,000 to fund improvements to the city’s water supply system.
The ordinance, adopted under Act 94, allows the city to borrow to pay for design and construction work including water mains, service line replacements to comply with Michigan’s Lead and Copper Rules, and improvements to the water treatment plant. The bonds will be junior‑lien revenue bonds payable solely from net system revenues; the ordinance sets a maximum interest cap of 2.50% per annum and a maximum maturity of 40 years. The sale will be negotiated with the Michigan Finance Authority, and the ordinance confirms the statutory lien on net revenues alongside prior series of water revenue bonds.
Councilmember Emily S. Olson moved adoption; the motion was supported and carried by recorded roll call (AYES: Olson, Osmer, Ludington, Mayor Pro‑Tem Haber and Mayor Teich; NAYS: None; ABSENT: Fear, Owens). The ordinance becomes effective immediately upon adoption and publication under the statute. The resolution text and bond form were included in the meeting materials. The council also authorized the Authorized Officer to execute related closing documents and take steps needed to issue the bonds.
