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NOTICE TO TAXPAYERS AND ELECTORS OF THE CITY OF ST. CLAIR SHORES OF INTENT TO ISSUE BONDS AND THE RIGHT OF REFERENDUM RELATING THERETO PLEASE TAKE NOTICE that the City Council of the City of St. Clair Shores, Macomb County, Michigan, intends to issue and sell its general obligation limited tax bonds pursuant to Act 34, Public Acts of Michigan, 2001, as amended, in an aggregate principal amount of not to exceed Nineteen Million Dollars ($19,000,000), in one or more series, for the purpose of paying all or part of the cost to acquire, construct, and equip improvements to the City’s stormwater and sanitary sewer systems, including sewer separation and sewer rehabilitation improvements, together with related appurtenances and attachments. SOURCE OF PAYMENT OF REVENUE BONDS THE PRINCIPAL OF AND INTEREST ON 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. It is the City’s intent to pay the debt service on the Bonds from funds of the Sewer and/or Stormwater Systems of the City, or other available funds. BOND DETAILS THE BONDS will be payable in annual installments not to exceed thirty (30) in number and will bear interest at the rate or rates to be determined at a public or private sale but in no event to exceed the maximum rate permitted by law on the balance of the bonds from time to time remaining unpaid. ADDITIONAL SOURCES OF PAYMENTS FOR BONDS SOLD TO MICHIGAN FINANCE AUTHORITY IN THE EVENT THAT THE BONDS ARE SOLD TO THE MICHIGAN FINANCE AUTHORITY, THE CITY MAY PLEDGE FOR THE PAYMENT OF THE BONDS MONEY RECEIVED OR TO BE RECEIVED BY THE CITY DERIVED FROM IMPOSITION OF TAXES BY THE STATE AND RETURNED OR TO BE RETURNED TO THE CITY AS PROVIDED BY LAW, except for money the use of which is prohibited for such purposes by the State Constitution. The City may enter into an agreement providing for the payment of taxes, which taxes are collected by the State and returned to the City as provided by law, to the Michigan Finance Authority or a trustee, and such funds may be pledged for the payment of the revenue bonds. RIGHT OF REFERENDUM THE BONDS WILL BE ISSUED WITHOUT A VOTE OF THE ELECTORS UNLESS A 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. Abrial J. Barrett, City Clerk City of St. Clair Shores