CHARTER TOWNSHIP OF HOLLAND
OTTAWA COUNTY, MICHIGAN
NOTICE OF ADOPTION OF RESOLUTION BY
TOWNSHIP BOARD AUTHORIZING EXECUTION OF
A CONTRACT PLEDGING THE FULL FAITH AND CREDIT AND
TAXING POWER OF THE TOWNSHIP AND NOTICE OF
RIGHT TO PETITION FOR REFERENDUM UPON THE CONTRACT
TO ALL ELECTORS AND TAXPAYERS OF THE
CHARTER TOWNSHIP OF HOLLAND AND
OTHER INTERESTED PERSONS:
NOTICE IS HEREBY GIVEN, that on August 1, 2024, the Township Board of the Charter Township of Holland adopted a resolution approving and authorizing the execution and delivery of a contract among the County of Ottawa (the "County") and the Township of Blendon, the Charter Township of Georgetown, the Charter Township of Holland, the Charter Township of Jamestown, the Township of Olive, the Township of Park, the Township of Port Sheldon, the Charter Township of Zeeland, and the City of Hudsonville (hereinafter collectively referred to as the "Municipalities"), pursuant to the provisions of Act 342, Public Acts of Michigan, 1939, as amended, relative to the acquisition, construction and financing of improvements to the City of Wyoming Water Supply System to serve the Municipalities.
PURPOSE OF CONTRACT
The contract has for its purpose and provides for the acquisition and construction of improvements to the facilities of the City of Wyoming Water Supply System (the "Project"). The estimated cost of the Project is $85,400,000 and the County's share of the cost of the Project is $36,722,000. It is estimated that the County will issue its bonds in the principal amount of $37,615,000 to pay its share of the cost of the Project and the additional costs (including the costs of issuing bonds) to be incurred by the County in connection with the Project. The amount of bonds to be issued by the County may be increased if the cost of the Project exceeds the current estimate. The bonds to be issued will be secured primarily by the obligation of the Municipalities to pay their respective shares of the principal of and interest on the bonds when due. The share allocated to the Charter Township of Holland is 37.20%.
TOWNSHIP'S CONTRACTUAL
OBLIGATION AND SOURCE OF PAYMENT
The bonds to be issued by the County will bear interest at a rate of not to exceed 6.00% per annum and will mature over a period not exceeding forty ( 40) years. The full faith and credit of the Charter Township of Holland have been pledged in the contract for the making of payments to the County in amounts sufficient to pay its share of the principal amount of the bonds actually issued and interest thereon as the same shall become due and for the payment of bond service charges incurred by the County. Taxes levied by the Township for the payment of its obligations to the County will be subject to applicable charter, statutory and constitutional tax limitations.
RIGHT TO PETITION FOR REFERENDUM ON CONTRACT
This notice is given by order of the Township Board to and for the benefit of the electors and taxpayers of the Charter Township of Holland and any other interested persons in order to inform them of their right to petition for a referendum upon the contract. The contract will not become effective until the expiration of 45 days after the publication of this notice. If, within said 45-day period, a petition signed by 10% or 15,000, whichever is the lesser, of the registered electors residing within the Township is filed with the Township Clerk requesting a referendum upon the contract, the contract will not become effective until approved by a majority of the electors of the Township qualified to vote and voting thereon at a general or special election.
FURTHER INFORMATION
Further information relative to the subject matter of the contract and this notice, including the description and location of the Project, may be secured at the office of the Township Clerk where a copy of the contract is available for examination during normal business hours.
This notice is given pursuant to the provisions of Section 5b of Act 342, Public Acts of Michigan, 1939, as amended.
Michael Dalman
Township Clerk
Charter Township of Holland