NOTICE OF INTENT TO ISSUE BONDS
BY THE COUNTY OF HILLSDALE, MICHIGAN
NOTICE IS HEREBY GIVEN that the County of Hillsdale, Michigan, intends to issue limited tax general obligation bonds in the principal amount of not to exceed $500,000 for the purpose of defraying all or part of the cost of renovating, improving, furnishing and equipping County buildings and facilities located at 33 McCollum Street in the City of Hillsdale, Michigan (the former Hillsdale Daily News Building), and acquiring and constructing improvements to the site thereof.
The bonds will bear interest from their date at a rate or rates to be determined at a competitive or negotiated sale but in no event to exceed such rates as may be permitted by law.
The bonds will be issued under and pursuant to the provisions of Act No. 34, Public Acts of Michigan, 2001, as amended, and the full faith and credit of the County of Hillsdale will be pledged to pay the principal of and interest on the bonds as the same shall become due. The County of Hillsdale will be obligated, as a first budget obligation, to advance moneys from its general funds or to levy ad valorem taxes on all taxable property within its corporate boundaries to pay the principal of and interest on the bonds as the same shall become due; provided, however, that the amount of taxes necessary to pay the principal and interest on the bonds, together with the taxes levied for the same year, shall not exceed the limit authorized by law.
RIGHT TO PETITION FOR REFERENDUM
This notice is given, by order of the Board of Commissioners of the County of Hillsdale, to and for the benefit of the electors of the County of Hillsdale in order to inform them of their right to petition for a referendum upon the question of the issuance of the aforesaid bonds. The bonds will be issued, without submitting such a question to a vote of the electors, unless within 45 days after the date of publication of this notice a petition requesting a referendum upon such question, signed by not less than 10% or 15,000 of the registered electors residing within the County of Hillsdale, whichever is the lesser, shall have been filed with the undersigned County Clerk. In the event that such a petition is filed, the bonds will not be issued unless and until the issuance thereof shall have been approved by the vote of a majority of the electors of the County of Hillsdale qualified to vote and voting thereon at a general or special election.
Further information relative to the issuance and purpose of said bonds and the subject matter of this notice may be secured at the office of the County Clerk of the County of Hillsdale, 29 North Howell, Hillsdale, Michigan.
This notice is given pursuant to the provisions of Act 34, Public Acts of Michigan, 2001, as amended.
Marney M. Kast, Clerk
County of Hillsdale