Ann Arbor OKs Drinking Water Bond Notice for $18.5M

The Ann Arbor city council has approved the publication of a notice of intent to issue water supply system revenue bonds totaling $18.5 million to pay for additions and improvements to the city’s water supply system.

According to the staff memo accompanying the agenda item, the first in the series of bonds is expected to be for around $3.8 million and will be sold directly to the Michigan Finance Authority as part of its Drinking Water Revolving Fund program. The bonds will be paid solely from revenues to Ann Arbor’s drinking water system.

This brief was filed from the city council’s chambers on the second floor of city hall, located at 301 E. Huron. A more detailed report will follow: [link]