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Hartland authorizes up to $5 million in LTGO bonds for water-system upgrades
Summary
The board authorized issuance of limited-tax general-obligation bonds not to exceed $5 million to finance a first phase of water-system improvements and approved delegation of authority to finalize the sale.
The Hartland Township board voted to authorize limited-tax general-obligation (LTGO) bonds of up to $5 million to finance capital improvements to the township water system. Eric McLaughlin of Dickinson Wright presented the bond resolution, told the board the 45-day referendum period has expired and explained that the resolution pledges the township’s limited-tax full faith and credit while the intent is to repay from water-system net revenues. "The bond resolution that's before you authorizes an issue of bonds up to $5,000,000 for the purpose of financing capital improvements to the water system," McLaughlin said.
Board members asked about term length; McLaughlin said advisers prepared multiple scenarios and the resolution authorizes up to 21 years so the township can obtain a 20-year amortization. The resolution delegates authority to the authorized township officer to complete sale documents at the time of sale. The board approved the resolution by roll-call vote.
