2012-2013 Budget - City of Saginaw MI

Water Supply System Revenue Bonds, Series 2011AOn July 7, 2011, the cooperation issues Water Supply System Revenue Bonds, Series 2011A. Thesebonds were issued under the provision Act 94, Public Acts of Michigan, 1933, as amended, for thepurpose of paying the cost of acquiring and constructing improvements to the City’s Water SupplySystem. The 2011A Bonds are payable solely from the net revenues of the system.Water Supply System Revenue Refunding Bonds, Series 2012On February 26, 2012, the cooperation issues the Water Supply System Revenue Refunding Bonds,Series 2012. These bonds were issued under the provision Act 94, Public Acts of Michigan, 1933 asamended, Act 233, Public Acts of Michigan, 1955, as amended, and Ordinance No. One of theCorporation adopted on June 21, 1979, as amended by subsequently adopted ordinances includingOrdinance No. 2012-1, adopted on February 16, 2012, authorizing the Bonds of the Saginaw-MidlandMunicipal Water Supply Corporation (Corporation) for the purpose of refunding all or a portion of theCorporation’s Water Supply System Water Supply System Refunding Revenues Bonds, Series 2002,and the Corporation’s Water Supply System Revenue Bonds, Series 2006. The 2012 Bonds are payablesolely from the net revenues of the system.239