NOTICE TO TAXPAYERS AND ELECTORS
OF THE CITY OF SANDUSKY
AND TO USERS OF THE CITY’S WATER
OF INTENT TO ISSUE BONDS AND THE
RIGHT OF REFERENDUM RELATING THERETO
PLEASE TAKE NOTICE that the City Council of the City of Sandusky, County of Sanilac, State of Michigan (the “City”) intends to issue and sell its general obligation capital improvement bonds pursuant to Act 34, Public Acts of Michigan, 2001, as amended, in a principal amount not to exceed Three Hundred Thousand Dollars ($300,000), for the purpose of paying all or part of the cost to acquire, construct, furnish and equip improvements to the City’s water supply system, including replacement of watermains and lead service lines, together with all related appurtenances and attachments thereto.
SOURCE OF PAYMENT OF BONDS
THE PRINCIPAL OF AND INTEREST ON SAID BONDS SHALL BE PAYABLE from the general funds of the City lawfully available for such purposes including property taxes levied within applicable constitutional, statutory and charter tax rate limitations. It is the City’s intent to use revenues received by the City from the operations of the City’s water supply system to pay debt service on the bonds.
SAID BONDS will be payable in not to exceed thirty (30) years from date of issuance and will bear interest at the rate or rates to be determined at public or private sale but in no event to exceed such rates as may be permitted by law on the unpaid balance from time to time remaining outstanding on said bonds.
ADDITIONAL SECURITY FOR BONDS
SOLD TO MICHIGAN FINANCE AUTHORITY
BECAUSE THE BONDS WILL BE SOLD TO THE MICHIGAN FINANCE AUTHORITY, THE CITY MAY PLEDGE FOR THE PAYMENT OF THE BONDS MONEY RECEIVED OR TO BE RECEIVED BY THE CITY DERIVED FROM IMPOSITION OF TAXES BY THE STATE AND RETURNED OR TO BE RETURNED TO THE CITY AS PROVIDED BY LAW, except for money the use of which is prohibited for such purposes by the State Constitution. The City may enter into an agreement providing for the payment of taxes, which taxes are collected by the State and returned to the City as provided by law, to the authority or a trustee, and such funds may be pledged for the payment of the bonds.
RIGHT OF REFERENDUM
THE BONDS WILL BE ISSUED WITHOUT A VOTE OF THE ELECTORS UNLESS A PETITION REQUESTING SUCH A VOTE SIGNED BY NOT LESS THAN 10% OF THE REGISTERED ELECTORS RESIDING WITHIN THE BOUNDARIES OF THE CITY IS FILED WITH THE CITY CLERK WITHIN FORTY-FIVE (45) DAYS AFTER PUBLICATION OF THIS NOTICE. IF SUCH PETITION IS FILED, THE BONDS MAY NOT BE ISSUED WITHOUT AN APPROVING VOTE OF A MAJORITY OF THE QUALIFIED ELECTORS OF THE CITY VOTING THEREON.
THIS NOTICE is given pursuant to the requirements of Section 517, Act 34, Public Acts of Michigan, 2001, as amended.
City Clerk, City of Sandusky
THIS NOTICE PUBLISHED IN THE TRIBUNE RECORDER LEADER ON FEBRUARY 8TH 2023