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Board authorizes notes under Michigan Finance Authority and resolves bond issuance up to $5.5 million
Summary
The board authorized issuing notes through the Michigan Finance Authority and passed a separate resolution to issue bonds not to exceed $5.5 million; the bond resolution passed on a roll-call of present members.
At the June 16 meeting the NICE board voted to authorize issuing notes under the Michigan Finance Authority and separately approved a bond issuance resolution authorizing bonds not to exceed $5.5 million. The motion to resolve issuing notes under the Michigan Finance Authority was approved as presented; the subsequent bond resolution passed on a recorded roll‑call showing unanimous ayes from members present.
The minutes do not include the intended projects or line items to be financed with the bonds; board members approved the authorization and directed the business office to proceed with the required steps under Michigan Finance Authority procedures (SEG 002). The board’s action establishes authority to pursue financing but does not itself detail bond use or repayment sources in the minutes.
