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Request for Authorization to refund all or part of the outstanding City issued General Obligation Limited Tax Capital Improvement Bonds, Series 2002
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Whereas, pursuant to the provisions of Section 517 of Act 34, Public Acts of Michigan, 2001 (“Act 34”), the City of Rochester Hills (the “City”) issued its General Obligation Limited Tax Capital Improvement Bonds, Series 2002 (the “2002 Bonds”) in the aggregate principal amount of $4,600,000 for the purpose of paying part of the cost of constructing local road improvements in the following subdivisions in the City: Great Lakes #1 West, Lochmoor Hills, Larchwood, Independence Court, Whispering Willow, Avon Manor, Stratford Knolls #1, 2, 3, 4, 5, 6 and 8, and Spring Hills #3 and 4; and
Whereas, the 2002 Bonds remain outstanding in the aggregate principal amount of $2,550,000, mature in various principal amounts on August 1 in the years 2012 through 2017 and bear interest at rates per annum which vary from 4.00% to 4.50%; and
Whereas, Part VI of Act 34 authorizes the City to refund all or any part of its outstanding securities; and
Whereas, the Finance Director has recommended that this resolution be adopted in order to effect the refunding of all or part of the outstanding 2002 Bonds and this Council has determined that it is in the best interest of the City that such refunding be undertaken.
Now, Therefore, Be It Resolved:
1. AUTHORIZATION OF BONDS -- PURPOSE. Bonds of the City, aggregating the principal sum of not to exceed Two Million Four Hundred Fifty Thousand Dollars ($2,450,000) (the “Refunding Bonds”) shall be issued and sold pursuant to the provisions of Act 34, and other applicable statutory provisions, for the purpose of refunding all or part of the 2002 Bonds (the “2002 Bonds To Be Refunded”), as determined by the Finance Director at the time of sale, and paying the costs of issuing the Refunding Bonds. The Finance Director is authorized to determine the principal amount of the Refunding ...
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