In order to start the process of issuing Capital Improvement Bonds for Fiscal Year 2022 projects, a resolution must be approved that will authorize a “Notice of Intent” to be published.  The “Notice of Intent” serves as a 45-day referendum notice in accordance with Public Act 34.  This Public Act states that if ten percent of the registered electors of the City file a referendum petition within 45 days of publication of the notice, then the bonds cannot be issued without voter approval.  The Resolution also authorizes that the City may reimburse itself for expenditures made prior to the actual issuance of the bonds.  This language is needed in order to comply with Federal tax laws for tax-exempt bonds.

Projects proposed to be financed with this bond issue are attached. These are projects that have been included in the budget process. A final amount tally will be presented before the bonds are issued.