| | | | | | | | City of Marquette, MI
300 West Baraga Avenue
Marquette, MI 49855
|
| | | | | | | | Agenda Date: 5/8/2023
Consent Agenda - Roll Call Vote
Ordinance #722 - Solids Handling Project Revenue Bonds |
| | | | | | | | | BACKGROUND: | The City of Marquette has planned capital improvements for the Marquette Area Wastewater Facility. The City Commission twice approved a “notice of intent” to issue revenue bonds for the wastewater solids handling project. Now that a bid has been approved, an ordinance needs to be adopted in order to issue the necessary bonds.
Due to the required timelines for the Clean Water State Revolving Loan Fund (CWSRF), this ordinance must be approved tonight.
Pursuant to the Revenue Bond Act and in accordance with City Charter Sec. 3-1(a)(4), this Ordinance does not require a public hearing and can be adopted upon a single read, as its immediate approval is necessary for the preservation of the public health of the residents of the City of Marquette. |
|
| | | | | | | | | FISCAL EFFECT: | | The total project costs including design, services during construction, legal and bonding are $14,064,000 with $6,826,000 borrowed through the Clean Water State Revolving Loan Fund to fund the project. The remaining costs are funded with a $5,857,500 grant and reserve funds. |
|
| | | | | | | | | RECOMMENDATION: | |
Adopt Ordinance #722, in accordance with the provisions of City Charter Sec. 3-1(a)(4). |
|
| | | | | | | | | ALTERNATIVES: | | As determined by the Commission. |
|
|