12:09 AM UTC
NOTICE OF PUBLIC HEARING REGARDING THE ISSUANCE OF BONDS BY THE ECONOMIC DEVELOPMENT CORPORATION OF THE COUNTY OF OAKLAND FOR SOUTH OAKLAND SHELTER D/B/A LIGHTHOUSE MI NOTICE IS HEREBY GIVEN that the Board of Commissioners of the County of Oakland, Michigan, will hold a hearing in the Commissioners’ Auditorium, 1200 North Telegraph Road, Pontiac, Michigan, on Thursday, August 13, 2026, beginning at 9:30 a.m. Eastern Time. The hearing shall consider whether the Board of Commissioners should approve the issuance of bonds (the “Bonds”) by The Economic Development Corporation of the County of Oakland (the “EDC”) for South Oakland Shelter d/b/a Lighthouse MI, a Michigan nonprofit corporation (the “Borrower”). The hearing is required by the Internal Revenue Code of 1986, as amended (the “Code”), because the proceeds of the Bonds proposed to be issued will be used to finance the 2026 Project described below and to pay costs of issuing the Bonds. A public hearing is a condition precedent under the Code to issuing tax-exempt bonds for such purposes. 2026 Project Description: A portion of the proceeds of the Bonds will be used to finance all or a portion of the costs of the acquisition, construction, expansion, furnishing, equipping and improving of a new three-story, 98-bed non-congregate shelter (NCS), a two-story community dining center and resident activities and support services building for NCS residents, and a one-story connector that links the new building to an existing family NCS, with an elevator to serve all levels of the existing building and connector (collectively, the “2026 Project”) located on the Borrower's Campus at 130 Center Street, City of Pontiac, Oakland County, Michigan (the “Lighthouse Campus”), and to pay costs of issuing the Bonds. The Bonds will be issued in a maximum principal amount of $6,000,000 for the 2026 Project and bond issuance costs. The owner and operator of the 2026 Project to be financed with the proceeds of the Bonds is the Borrower, a Michigan nonprofit corporation with a charitable mission to alleviate poverty and homelessness through emergency shelter, food pantries, affordable housing development, and long-term stability services. The Bonds will be limited obligations of the EDC, payable only from loan repayments to be made by the Borrower to the EDC and certain other security to be provided by the Borrower. The Bonds will not constitute an indebtedness of the EDC, the County of Oakland or any political subdivision thereof within the meaning of any constitutional or statutory provision and will not constitute or give rise to a charge against the general credit of the EDC or the credit or taxing power of the County of Oakland or any political subdivision thereof. The EDC has no taxing power. The Board of Commissioners will consider whether to approve the issuance of the Bonds by the EDC, which are authorized to be issued by the EDC pursuant to Act 338, Public Acts of Michigan, 1974, as amended, as required by the Code. Information related to the Bonds and the 2026 Project is available for public inspection at the Office of Oakland County Economic Development & Community Affairs, Bldg. 41 West, 2100 Pontiac Lake Road, Waterford, Michigan, between the hours of 8:00 a.m. and 5:00 p.m., weekdays. Any aspect of the planned financing may be discussed at the public hearing and all interested persons will be given an opportunity to be heard. The hearing will provide the fullest opportunity for expression of opinion, arguments on the merits and introduction of documentary evidence relative to the financing. If you would prefer to send written comments for consideration, please forward them to Catherine Rasegan, Administrator, Financial Services, at the above address. If you have questions, you may call (248) 858-5101. Lisa Brown Oakland County Clerk Register of Deeds