City of Three Rivers –
NOTICE TO TAXPAYERS AND ELECTORS
OF THE CITY OF THREE RIVERS
OF INTENT TO ISSUE BONDS SECURED BY THE TAXING
POWER OF THE CITY AND RIGHT OF REFERENDUM THEREON
PLEASE TAKE NOTICE that the City Commission of the City of Three Rivers, County of Saint Joseph, State of Michigan, intends to issue and sell general obligation capital improvement bonds pursuant to Act 34, Public Acts of Michigan, 2001, as amended (“Act 34”), in an amount not to exceed Two Million Three Hundred Thousand Dollars ($2,300,000), in one or more series, for the purpose of paying all or part of the cost of acquiring, constructing, furnishing and equipping a recreation facility, consisting generally of athletic fields, together with all necessary interests in land, site improvements, parking lots, lighting, irrigation, and all related sites, structures, equipment, appurtenances and attachments thereto.
SAID BONDS shall mature in annual installments not to exceed twenty-five (25) in number, with interest rates to be determined at a public or private sale but in no event exceeding the maximum rate permitted by law on the unpaid balance from time to time remaining outstanding on said bonds.
SOURCE OF PAYMENT OF BONDS
THE PRINCIPAL AND INTEREST OF THE BONDS shall be payable from the general funds of the City lawfully available for such purposes including property taxes levied within applicable constitutional, statutory, and charter tax rate limitations.
RIGHT OF REFERENDUM
THE BONDS WILL BE ISSUED WITHOUT A VOTE OF THE ELECTORS UNLESS A VALID PETITION REQUESTING SUCH A VOTE SIGNED BY NOT LESS THAN 10% OF THE REGISTERED ELECTORS RESIDING WITHIN THE BOUNDARIES OF THE CITY IS FILED WITH THE CITY 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 CITY VOTING THEREON.
THIS NOTICE is given pursuant to the requirements of Section 517, Act 34, Public Acts of Michigan, 2001, as amended.
Melissa J. Bliss, City Clerk
City of Three Rivers