NOTICE OF INTENT TO ISSUE WATER SYSTEM REVENUE BONDS TO THE ELECTORS OF THE VILLAGE OF SHEPHERD
PLEASE TAKE NOTICE that the Village Council of the Village of Shepherd (the “Village”) intends to issue bonds, in one or more series, in an amount of not to exceed $5,600,000 (the “Bonds”).
The Bonds shall be issued to pay the cost to design, purchase, acwater quire and construct improvements to the Village’s System, including without limitation, improving water mains, replacing exwawater isting water mains and installing new water mains, and other ter main work, water meter upgrades, improvements to the tower, improvements to the water treatment plant, including withscap out limitation, a new building, new pressure filtration t tanks, DA, back up emergency generator, and a new water w ell, ll, r eplacement of service lines, including without limitation, the replacement of lead, galvanized and other w ater service lines throughout the Village Lakecso, to manpdlyewneitrhgyth’selmeaicdhaignadncdoepppaerrtmruelnets,otfheenrveirsotonrmateinotn,
g , Great g of streets, sidewalks, rights-of-way and easements affected by the improvements and related facilities, as well as all work and equipsuch q p ment necessary or incidental to these impr p o vements, , and other Water System improvements the Village shall determine to make, and to pay the costs of issuing the Bonds and capitalized interest, if any.
The Bonds of this issue shall mature within the maximum terms permitted by law with interest on the unpaid balance at a rate not to exceed the maximum rate permitted by law w payaobflteheovbeornndost. more than forty (40) years from the date of issuance
The Bonds shall be issued pursuant to Act 94, Public Acts of Michi from gan, 1933, as amended.
Gina Gross, Clerk
SOURCE OF PAYMENT
The principal of and interest on the Bonds shall be payable the net revenues derived from the operation of the Water System. In addition, the Bonds may be secured by the full faith and credit of the Village as limited by applicable constitutional and statutothe ry limitations on the taxing power of the Village. In addition, Bonds may be secured by a pledge of the state revenue sharing payments that the Village is eligible to receive from the State of Michigan.
RIGHT OF REFERENDUM
The Bonds will be issued without a vote of the electors approving such Bonds, ,of unless, Intent, within a petition 45 days requesting from the a date referendum, of publication d li signed ti of this Notice by not less than 10% or 15,000 of the registered electors residing within the limits of the Village, whichever is lesser, shall have been filed with the Clerk of the Village or other recording officer of the Village requesting a referendum upon the question of the issuance of the Bonds. If such a petition is filed, the Bonds shall not be issued until approved by the vote of a majority of the electors re a siding within the Village qualified to vote and voting thereon at general or special election.
This Notice is published pursuant to the requirements of Section 33 of Act 94.