NOTICE TO ELECTORS AND TAXPAYERS OF
CHARTER TOWNSHIP OF INDEPENDENCE
OF INTENT TO ISSUE BONDS AND THE
RIGHT OF REFERENDUM RELATING THERETO
PLEASE TAKE NOTICE that the Charter Township of Independence, County of Oakland, State of Michigan (the “Township”), intends to issue and sell its general obligation limited tax bonds pursuant to Act 34, Public Acts of Michigan, 2001, as amended, in an amount not-to-exceed Five Million One Hundred Eighty-Five Thousand Dollars ($5,185,000), for the purpose of paying all or part of the cost to acquire and construct a public water main, together with all necessary interests in land and all related sites, structures, equipment, appurtenances and attachments thereto (the “Project”), in order to provide safe drinking water to an area discovered to have PFAS contamination in the groundwater where existing wells are located.
BOND DETAILS
The Project qualifies for the State of Michigan Drinking Water State Revolving Fund financing program administered by the Michigan Finance Authority and the Michigan Department of Environment, Great Lakes, and Energy, and the Township has been advised that it is eligible to receive a loan of up to $5,185,000 with 100% of the principal borrowed qualifying for principal forgiveness. The bonds will be payable in annual installments not to exceed thirty (30) in number and will bear interest at the rate or rates to be determined at the time of sale to the Michigan Finance Authority, but in no event to exceed such rates as may be permitted by law.
SOURCE OF PAYMENT OF BONDS
The principal of and interest on the bonds shall be payable from the general funds of the Township lawfully available for such purposes including property taxes levied within applicable constitutional, statutory and charter tax rate limitations.
RIGHT OF REFERENDUM
THE BONDS WILL BE ISSUED WITHOUT A VOTE OF THE ELECTORS OF THE TOWNSHIP UNLESS A VALID PETITION REQUESTING SUCH A VOTE SIGNED BY NOT LESS THAN 10% OF THE REGISTERED ELECTORS RESIDING WITHIN THE BOUNDARIES OF THE TOWNSHIP IS FILED WITH THE TOWNSHIP CLERK WITHIN FORTY-FIVE (45) DAYS AFTER PUBLICATION OF THIS NOTICE. IF A VALID 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 TOWNSHIP VOTING THEREON.
THIS NOTICE is given pursuant to the requirements of Section 517, Act 34, Public Acts of Michigan, 2001, as amended.
Cari J. Neubeck, Township Clerk
Charter Township of Independence
Published: June 7, 2023 – Clarkston News