Orion Twp. – NOTICE TO TAXPAYERS AND ELECTORS OF INTENT TO ISSUE BONDS AND THE RIGHT OF REFERENDUM RELATING THERETO

NOTICE TO TAXPAYERS AND ELECTORS

OF THE CHARTER TOWNSHIP OF ORION

OF INTENT TO ISSUE BONDS

AND THE RIGHT OF REFERENDUM RELATING THERETO

PLEASE TAKE NOTICE that the Charter Township of Orion, County of Oakland, State of Michigan (the “Township”), intends to issue and sell its general obligation limited tax bonds pursuant to Act 34, Public Acts of Michigan, 2001, as amended, in an aggregate principal amount of not to exceed Fifteen Million Dollars ($15,000,000), in one or more series, for the purpose of paying all or part of the cost of acquiring, constructing, furnishing and equipping a new Township Hall Facility, together with all related site improvements, appurtenances and attachments.

SOURCE OF PAYMENT OF BONDS

THE PRINCIPAL OF AND INTEREST ON SAID BONDS SHALL BE PAYABLE from the funds of the Township lawfully available for such purposes including property taxes levied within applicable constitutional and statutory tax rate limitations.

BOND DETAILS

SAID BONDS will be payable in annual installments not to exceed twenty (20) in number and will bear interest at the rate or rates to be determined at a public or private sale but in no event to exceed the maximum rate permitted by law on the balance of the bonds from time to time remaining unpaid.

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 TOWNSHIP IS FILED WITH THE TOWNSHIP 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 RESIDING WITHIN THE BOUNDARIES OF THE TOWNSHIP VOTING THEREON.

THIS NOTICE is given pursuant to the requirements of Section 517, Act 34, Public Acts of Michigan, 2001, as amended.

Penny S. Shults

Township Clerk

Charter Township of Orion

 

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