VILLAGE OF BARODA – NOTICE TO TAXPAYERS – USERS OF VILLAGE WATER

NOTICE TO TAXPAYERS AND ELECTORS OF THE
VILLAGE OF BARODA AND THE USERS OF THE
VILLAGE’S WATER SYSTEM OF INTENT TO ISSUE BONDS

AND THE RIGHT OF REFERENDUM RELATING THERETO

PLEASE TAKE NOTICE that the Village of Baroda, County of Berrien, State of Michigan (the “Village”), intends to issue and sell revenue bonds pursuant to Act 94, Public Acts of Michigan, 1933, as amended, in an amount not to exceed Six Hundred Thousand Dollars ($600,000) for the purpose of paying part of the cost to acquire and construct improvements to the Village’s water system, consisting generally of construction of a water main, together with interests in land and all related sites, appurtenances and attachments thereto.

SOURCE OF PAYMENT OF REVENUE BONDS

THE PRINCIPAL OF AND INTEREST ON SAID REVENUE BONDS SHALL BE PAYABLE solely from the revenues received by the Village from the operations of said water system.  Said revenues will consist of rates and charges that may from time to time be revised to provide sufficient revenues to provide for the expenses of operating and maintaining the system, to pay the principal of and interest on said bonds, payment of outstanding bonds, and to pay other obligations of the system.

BOND DETAILS

SAID BONDS will be payable in annual installments not to exceed forty (40) 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.

RIGHT OF REFERENDUM

THE REVENUE BONDS WILL BE ISSUED WITHOUT A VOTE OF THE ELECTORS OF THE VILLAGE UNLESS A VALID 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 A VALID PETITION IS FILED, THE BONDS MAY NOT BE ISSUED WITHOUT AN APPROVING VOTE OF A MAJORITY OF THE QUALIFIED ELECTORS RESIDING WITHIN THE BOUNDARIES OF THE VILLAGE VOTING THEREON.

THIS NOTICE is given pursuant to the requirements of Section 33, Act 94, Public Acts of Michigan, 1933, as amended.

Tina Martin
Village Clerk/Treasurer
Village of Baroda