2012-2013 Budget - City of Saginaw MI

DEBT SERVICEOVERVIEW:The City currently has seven debt issues outstanding of a general obligation nature. These issues areultimately secured by the full faith, credit and taxing power of the City.Water Supply System Revenue Bond, Series 2000On March 6, 2000, the corporation issued a $14,955,000 Water Supply System Revenue RefundingBond, Series 2000. The bond was issued under the provision Act 94, Public Acts of Michigan, 1933, asamended, for the purpose of defraying the cost of acquiring, constructing, and installing improvementsto the City’s Water Supply System and refunding certain of the Cities’ outstanding Water SupplySystem Refunding Bonds. The Bonds are payable solely from net revenues of the system.The Saginaw-Midland Municipal Water Supply Corporation, 2002 Refunding IssueOn September 1, 2002, the corporation issued an $11,180,000 in Water Supply Refunding RevenueBonds (Limited Tax General Obligation), Series 2002. The bonds were issued under the provisions ofAct 94, Public Acts of Michigan, 1933, as amended, Act 233, Public Acts of Michigan, 1995, asamended, Act 34, Public Acts of Michigan, 2001, as amended, and resolutions and ordinances of theSaginaw-Midland Municipal Water Supply Corporation. These bonds were secured for the purpose ofrefunding the Corporation’s outstanding Water Supply System Revenue Bonds, Series 1993. The Bondsare payable solely from net revenues of the Saginaw Midland Water Supply System.The Saginaw-Midland Municipal Water Supply Corporation, 2006 IssueOn April 24, 2006, the corporation issued $2,665,000 in Water Supply System Revenue Bonds (LimitedTax General Obligation) Series 2006. The bonds were issued under the provisions of Act 94, Pubic Actsof Michigan, 1933, as amended, Act 233, Public Acts of Michigan, 1995, as amended, and OrdinanceNo. 1 as amended by subsequently adopted Ordinances and Ordinance No. 2005-1 of the Issuer. Thesebonds were secured for the purpose of defraying the cost of acquiring and constructing enlargements andextensions to the Saginaw-Midland Water Supply Corporation. The Bonds are payable solely from netrevenues of the system.Water Supply System Revenue Bond, Series 2008On May 6, 2008, the corporation issued $11,100,000 in Water Supply System Revenue Bonds, Series2008. The bonds were issued under the provision Act 94, Public Acts of Michigan, 1933, as amended,for the purpose of paying part of the cost of acquiring and constructing improvements to the City’sWater Supply System. These bonds are payable solely from net revenues of the system.The Saginaw-Midland Municipal Water Supply Corporation, 2009 IssueOn January 29, 2009, the corporation issued $5,910,000 in Water Supply System Revenue RefundingBonds, Series 2009. These bonds were issued under the provision Act 94, Public Acts of Michigan1933, as amended, Act 233, Public Acts of Michigan, 1995, as amended, and the resolutions andordinances of the Saginaw-Municipal Water Supply Corporation. These bonds were secured for thepurpose of refunding certain of the city’s outstanding Water Supply System Refunding Bonds, 1998Refunding Issue. These bonds are payable solely from net revenues of the system.238