Committee recommends notice of intent to issue limited-tax bonds for Pontiac project and county improvements

County staff and bond counsel told the Oakland County Economic Development & Infrastructure Committee on Thursday that they plan to publish a notice of intent to issue limited-tax general obligation capital improvement bonds to finance the Pontiac Rehabilitation Project and other county improvement projects.

The presentation laid out two bond components: a not-to-exceed authorization for the new building at 31 East Judson (staff cited roughly $174,525,000 in the authorization) and a separate program for parking ramps, parks and roads (staff cited a $661,500,000 component). Counsel said the bonds would be limited-tax GO pledges backed by the county's full faith and credit and that publication of a notice of intent begins a 45-calendar-day petition period during which electors could seek a referendum.

Why it matters: The bond authorization would create long-term borrowing capacity for capital projects and establishes a new repair-and-replacement account for future facility upkeep. The notice-and-wait period is required under Public Act 34 and gives the public an opportunity to petition for a referendum.

What was said: Bond counsel Jared Smith of Dickinson Wright outlined the procurement process for underwriters and municipal advisors, timing considerations tied to rating agencies and market conditions, and the reason for flexibility in the authorization: to allow finance staff discretion on final sizing and market timing.

Outcome: The committee approved a motion to recommend the notice of intent and bond-authorizing resolution to the Finance Committee and approved a parallel county improvement bond authorization (with a scrivener's-language amendment to correct a project reference). If no referendum is filed during the 45-day period and subsequent approvals follow, staff said the earliest issuance could be as early as February.

Next steps: The item moves to the county Finance Committee for recommendation to the Board of Commissioners; publication and the 45-day period will follow if the full board approves.