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Bond counsel outlines steps to issue $10.5M in bonds under Michigan's Act 34
Summary
Bond counsel told trustees the notice of intent has been published and the referendum period expired; the board still needs a bond‑authorizing resolution to set sale parameters before sale and closing phases.
Eric McLaughlin, the township's bond counsel, walked the board through the three general phases of a municipal bond issuance under Michigan's Act 34. He said the board previously approved and published a notice of intent; the referendum period has since expired, which gives the township authority under state law to proceed with bond authorization and eventual sale. McLaughlin described the next formal step as approving a bond‑authorizing resolution that sets the parameters for the sale, followed by the sale/due‑diligence phase and a closing phase.
McLaughlin told trustees, “you now have now obtained the authority under state law to proceed with the bond issue,” and said his office and consultant staff will prepare a preliminary official statement, hold due diligence meetings and rating‑agency calls, publish a notice of sale for bidders, and return to the board for closing documents and signatures. No bond‑authorizing resolution was adopted at this meeting; counsel indicated that would come in a subsequent meeting once the board is prepared to set sale parameters.
