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Notice of Intent - Refunding Bonds

NOTICE TO ELECTORS OF THE
CITY OF TAWAS CITY, COUNTY OF IOSCO
STATE OF MICHIGAN OF INTENT TO ISSUE REFUNDING BONDS
SECURED BY THE TAXING POWER OF THE CITY AND
THE RIGHT OF REFERENDUM RELATING THERETO

PLEASE TAKE NOTICE that the City of Tawas City, County of Iosco, State of Michigan (the “City”), intends to issue and sell refunding bonds pursuant to Act 34, Public Acts of Michigan, 2001, as amended, in an amount not to exceed One Million Two Hundred Thousand Dollars ($1,200,000) for the purpose of currently refunding all or a portion of the City of Tawas City Building Authority's outstanding Building Authority Revenue Bonds, Series 2008, dated July 28, 2008, which are callable on or after September 1, 2017, and are due and payable September 1, 2018, through September 1, 2027, inclusive, and paying the costs of issuing the bonds.

SOURCE OF PAYMENT OF BONDS

THE PRINCIPAL AND INTEREST OF THE BONDS shall be payable from the general funds of the City lawfully available for such purposes including property taxes levied within applicable constitutional, statutory, and charter tax rate limitations.

BOND DETAILS

Said bonds will mature in annual installments not to exceed ten (10) in number, with interest rates to be determined at a public or private sale, but in no event to exceed such rates as may be permitted by law on the unpaid balance from time to time remaining outstanding on said bonds.

RIGHT OF REFERENDUM

THE BONDS WILL BE ISSUED WITHOUT A VOTE OF THE ELECTORS UNLESS A VALID PETITION REQUESTING SUCH A VOTE SIGNED BY NOT LESS THAN 10% OF THE REGISTERED ELECTORS OF THE CITY IS FILED WITH THE CITY 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 OF THE CITY VOTING THEREON.

THIS NOTICE is given pursuant to the requirements of Section 5(g) of Act 279, Public Acts of Michigan, 1909, as amended, as amended.

Michelle Westcott
City Clerk
City of Tawas City

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