News

Sep
28
posted on September 28, 2017

NOTICE TO TAXPAYERS AND ELECTORS
OF THE CITY OF MORENCI
OF INTENT TO ISSUE BONDS
AND THE RIGHT OF REFERENDUM RELATING THERETO

PLEASE TAKE NOTICE that the City of Morenci, County of Lenawee, State of Michigan (the “City”), intends to issue and sell its general obligation limit- ed tax bonds pursuant to Act 34, Public Acts of Michigan, 2001, as amended, in an aggregate principal amount of not to exceed Two Million Three Hun- dred Thousand Dollars ($2,300,000), in one or more series, for the purpose of paying all or part of the cost to acquire, construct, furnish and equip cer- tain public improvements in the City, including: a) Emergency Medical Ser- vices building improvements and renovations; b) road, water system and sanitary sewer system upgrades; c) bridge improvements; and d) waterline relocation improvements, together with all related appurtenances and at- tachments.

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 in- cluding property taxes levied within applicable constitutional, statutory and charter tax rate limitations.

BOND DETAILS

SAID BONDS will be payable in annual installments not to exceed fifteen (15) in number and will bear interest at the rate or rates to be determined at a public or private sale but in no event to exceed the maximum rate permitted by law on the balance of the bonds from time to time remaining unpaid.

RIGHT OF REFERENDUM

THE BONDS WILL BE ISSUED WITHOUT A VOTE OF THE ELECTORS UN- LESS 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 AF- TER 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 RESIDING WITHIN THE BOUNDARIES 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.

– Michael S. Sessions City Administrator / Clerk, City of Morenci