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Goodrich Village


Notice of intent to issue bonds for improvements to the Dutch Road Bridge



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June 13, 2012 - Notice of intent to issue bonds by the village of

Goodrich, Michigan

Notice is hereby given, that the Village of Goodrich, Michigan, intends to issue limited tax general obligation bonds in one or more series in the principal amount of not to exceed $400,000 for the purpose of defraying all or part of the cost of improvements to the Dutch Road Bridge over Kearsley Creek and Erie Street in the Village of Goodrich.

The bonds will bear interest from their date at a rate or rates not exceeding 8% per annum.

The bonds will be issued under and pursuant to the provisions of Act No. 34, Public Acts of Michigan, 2001, as amended. It is anticipated that a portion of the principal of and interest on the bonds will be paid from moneys to be derived from State of Michigan collected taxes returned to the Village of Goodrich for highway purposes pursuant to law. In addition, the full faith and credit of the Village of Goodrich will be pledged to pay the principal of and interest on the bonds as the same shall become due. The Village of Goodrich 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 to the extent that other moneys are not available for such purpose; provided, however, that the amount of taxes necessary to pay the principal of and interest on the bonds, together with the taxes levied for the same year, shall not exceed the limit authorized by law.

RIGHT TO PETITION FOR REFERENDUM

This notice is given by order of the Village Council of the Village of Goodrich, to and for the benefit of the electors of the Village of Goodrich 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 Village of Goodrich, whichever is the lesser, shall have been filed with the undersigned Village 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 Village of Goodrich qualified to vote and voting thereon at a general or special election.

FURTHER INFORMATION

Further information relative to the issuance of said bonds, the purpose of the bonds and the subject matter of this notice may be secured at the office of the Village Clerk of the Village of Goodrich, 7338 South State Road, Goodrich, Michigan 48438.

This notice is given pursuant to the provisions of Act 34, Public Acts of Michigan, 2001, as amended.

Jakki Sidge,

Clerk Village of Goodrich

Publish in The Citizen 06/16/12.

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