VILLAGE OF BARODA – NOTICE OF INTENT TO ISSUE BONDS

NOTICE TO TAXPAYERS AND ELECTORS
OF THE VILLAGE OF BARODA
OF INTENT TO ISSUE BONDS
AND THE RIGHT OF REFERENDUM RELATING THERETO
PLEASE TAKE NOTICE that the Village Council of the Village of Baroda, County of Berrien, State of Michigan, (the “Village”) intends to issue and sell general obligation capital improvement bonds, pursuant to Act 34, Public Acts of Michigan, 2001, as amended, in an amount not to exceed Nine Hundred Eighty-Three Thousand Dollars ($983,000), for the purpose of paying part of the costs of constructing a road in the Village, together with all necessary interests in land, appurtenances and attachments thereto.
BOND DETAILS
SAID 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 a private sale to the U.S. Government but in no event to exceed the maximum permitted by law on the balance of the bonds from time to time remaining unpaid.
SOURCE OF PAYMENT OF BONDS
THE PRINCIPAL OF AND INTEREST ON SAID BONDS SHALL BE PAYABLE from the general funds of the Village lawfully available for such purposes including property taxes levied within applicable constitutional and statutory tax rate limitations.
RIGHT OF REFERENDUM
THE BONDS WILL BE ISSUED WITHOUT A VOTE OF THE ELECTORS UNLESS A PETITION REQUESTING SUCH A VOTE SIGNED BY NOT LESS THAN 10% OF THE REGISTERED ELECTORS RESIDING WITHIN THE BOUNDARIES OF THE VILLAGE IS FILED WITH THE VILLAGE CLERK WITHIN FORTY-FIVE (45) DAYS AFTER PUBLICATION OF THIS NOTICE. IF SUCH PETITION IS FILED, THE BONDS MAY NOT BE ISSUED WITHOUT AN APPROVING VOTE OF A MAJORITY OF THE QUALIFIED ELECTORS OF THE VILLAGE VOTING THEREON.
THIS NOTICE is given pursuant to the requirements of Section 517, Act 34, Public Acts of Michigan, 2001, as amended.
Tina Martin
Village Clerk/Treasurer
Village of Baroda