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Bond counsel: Hartland cleared Act 34 referendum period and may proceed with bond authorization
Summary
Dickinson Wright counsel said the township's Act 34 notice/referral period has expired, allowing the township to complete authorization steps and prepare for sale and closing of proposed water system bonds.
Eric McGlothlin of Dickinson Wright told the Board the township has completed the public notice phase under Michigan’s Act 34 and can move forward with the authorization phase for municipal bonds. He outlined three stages: authorization (approve bond authorizing resolution and set sale parameters), sale/due diligence (prepare the preliminary official statement, hold due diligence and rating meetings, publish notice of sale), and closing (execute documents and receive funds).
McGlothlin said the township will prepare a preliminary official statement describing the township and the bonds, hold due diligence calls and rating agency meetings, publish a notice of sale, accept bids, and then close. He said counsel and staff will return with the closing documents and signatures when required. The discussion was paired with the consultant presentation that modeled two bond issues totaling $10.5 million to fund water capital improvements.
No formal bond authorization vote was recorded at the Feb. 24 meeting; McGlothlin described the required steps and timing for trustees to consider in subsequent meetings.
