Sewer/Road Bond | Oshtemo Township

Sewer Frequently Asked Questions (FAQ)

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BALLOT PROPOSAL

Shall the Charter Township of Oshtemo issue its capital improvement
bonds in one or more series in the not to exceed principal amount of
$10.000,000 to pay for costs associated with extending sanitary sewers
and related road and other improvements within certain parts of the
Township?

PURPOSE OF BONDS

The Township’s capital improvement bonds (the “Bonds”), if issued, will
pay for costs to construct extensions to the Township’s sewer system
including, without limitation, sewer system extensions in Whitegate
Farms, Fairlane, and Skyridge Plat including Meridian Street (in entirety),
Sunset Street (in entirety), Beech Street (in entirety), 7th Street (West
Main Street to South of Cross Country Drive) and West Main Street (8th
Street to Township Hall west property line); together with new roads and
other improvements and appurtenances including, but not limited to,
sidewalk and shared paths installation, necessary easements, rights-of-way and interests in land, and the expenses of Township engineering, legal
and financial consultants (the “Project”).
The Bonds will be issued by the Township to evidence a long-term, low-interest loan (at a maximum rate of interest not to exceed 2.375o/o) from
the U.S. Department of Agriculture’s Rural Development agency. The
Bonds will be outstanding for a maximum term of 40 years.

SOURCE OF REPAYMENT OF THE BONDS
FOR THE PROJECT

The principal of and interest on the Bonds will be payable from revenues
of the Township’s Sewer System and/or the Township’s General Fund,
other legally available funds ($250,000.00 pledged toward new roads) or
a combination thereof, and will be a general obligation ofthe Township
secured by the Township’s full faith and credit and limited tax pledge,
within applicable charter, statutory, and constitutional tax limitations. The
Township does not reasonably expect that it will be necessary to levy any
additional taxes to pay the principal of and interest on the Bonds and the
Township will not have the authority to levy additional taxes to pay the
principal of and interest on the Bonds over presently existing Township
millage limits without a vote of Township electors.

 

Oshtemo logo: 269-375-4260. 7275 W. Main St. Map to the Township Hall Oshtemo Township: Return to Home Page


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Notice of Township Board Special Meeting
Posted on September 17, 2020

Employment Opportunity: Part-Time General Maintenance
Posted on September 3, 2020

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Posted on September 1, 2020


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