STATE OF MICHIGAN
COUNTY OF OAKLAND
THE CHARTER TOWNSHIP OF INDEPENDENCE
NOTICE OF INTENT TO ISSUE BONDS
NOTICE IS HEREBY GIVEN that the Charter Township of Independence, Oakland County, Michigan, intends to issue capital improvement bonds (limited tax general obligation) in one or more series in the aggregate principal amount of not to exceed $4,500,000 for the purpose of defraying all or part of the costs of financing roadway improvements to Sashabaw Road from approximately the I-75 interchange through the Clarkston Road intersection within the Township, including without limitation, widening existing portions of Sashabaw Road, installing curbs, gutters, storm drainage system improvements, and any and all other related appurtenances and site improvements within or immediately adjacent to the road right of way.
The bonds will bear interest from their date at a rate or rates to be determined upon the sale thereof but in no event to exceed such rates as may be permitted by law.
The bonds will be issued under and pursuant to the provisions of Act No. 34, Public Acts of Michigan, 2001, as amended, and the full faith and credit of the Charter Township of Independence will be pledged to pay the principal of and interest on the bonds as the same shall become due. The Charter Township of Independence will be obligated, as a first budget obligation, to advance moneys from its general funds or to levy ad valorem taxes on all taxable property within its corporate boundaries to pay the principal of and interest on the bonds as the same shall become due; provided, however, that the amount of taxes necessary to pay the principal and interest on the bonds, together with the taxes levied for the same year, shall not exceed the limit authorized by law. In addition, sources of payment of the principal of and interest on the bonds may include, without limitation, tax increment and other revenues provided by the Charter Township of Independence’s Sashabaw Road Corridor Improvement Authority, and other lawfully available funds of the Charter Township of Independence.
RIGHT TO PETITION FOR REFERENDUM
This notice is given, by order of the Township Board of the Charter Township of Independence, to and for the benefit of the electors of the Charter Township of Independence in order to inform them of their right to petition for a referendum upon the question of the issuance of the aforesaid bonds. The bonds will be issued, without submitting such a question to a vote of the electors, unless within 45 days after the date of publication of this notice a petition requesting a referendum upon such question, signed by not less than 10% or 15,000 of the registered electors residing within the Charter Township of Independence, whichever is the lesser, shall have been filed with the undersigned Township Clerk. In the event that such a petition is filed, the bonds will not be issued unless and until the issuance thereof shall have been approved by the vote of a majority of the electors of the Charter Township of Independence qualified to vote and voting thereon at a general or special election.
Further information relative to the issuance of said bonds and the subject matter of this notice may be secured at the office of the Charter Township of Independence, 6483 Waldon Center Drive, Clarkston, Michigan 48346.
This notice is given pursuant to the provisions of Act 34, Public Acts of Michigan, 2001, as amended.
Barbara A. Pallotta, CMC, Clerk Charter Township of Independence PUBLISHED: April 11, 2018