Pension Bonds Notice of Intent
NOTICE TO TAXPAYERS AND ELECTORS
OF THE CITY OF CLAWSON
OF INTENT TO ISSUE BONDS AND THE
RIGHT OF REFERENDUM RELATING THERETO
PLEASE TAKE NOTICE that the City of Clawson, County of Oakland, State of Michigan (the “City”), intends to issue and sell its limited tax general obligation bonds pursuant to Act 34, Public Acts of Michigan, 2001, as amended, in one or more series, in an aggregate principal amount not to exceed Sixteen Million Dollars ($16,000,000) for the purpose of paying all or part the cost of the unfunded pension liability for certain defined benefit retirement programs of the City.
SOURCE OF PAYMENT OF BONDS
THE PRINCIPAL OF AND INTEREST ON SAID 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.
SAID BONDS will be payable in annual installments not to exceed twenty (20) in number and will bear interest at the rate or rates to be determined at 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.
RIGHT OF REFERENDUM
Michael D. Smith, City Clerk
City of Clawson
Publication Date: Friday, January 5, 2018 | Daily Tribune
If you have any questions please contact the City Manager's Office at 248.435.4500 ext. 111