Public Engagement and Timeline

Washtenaw County is committed to engaging our citizens on this initiative. Below is a list of opportunities to get involved.

Note: All Board of Commissioners’ meetings take place at the County Administration building, 220 N. Main St., Ann Arbor, MI 48104

May 2, 2013: Board of Commissioners’ Working Session

June 5, 2103: Ways & Means and Board of Commissioners’ meetings

Public comment is invited at the beginning of both the Ways & Means and Board of Commissioners’ meetings; the Public Hearing takes place at the Board of Commissioners’ meeting.

June 6, 2013: Local Elected Officials’ Meeting

Washtenaw County Administrator Verna McDaniel and Chair of the Board of Commissioners Yousef Rabhi join the elected officials of the local units of government at their monthly meeting at 12:00 p.m. at the Scio Township Hall (827 N. Zeeb Road) to discuss the proposed bond issuance.

June 6, 2013: Board of Commissioners’ Working Session

Dr. Jens Stephan, Professor of Accounting from Eastern Michigan University, walks through financial projections associated with the proposed bonding issuance, and discusses the issue in detail with the Board of Commissioners.

June 12-13, 2013: Meeting with bond rating companies (Chicago, IL)

 Washtenaw County officials meet with representatives from the major bond rating companies, Moody’s and Standard & Poor's, to present the bonding prospectus and information relative to the County’s ability to repay the bonds.

June 15, 2013: Receive Washtenaw County’s bond rating

The bond rating companies will provide the County’s new bond rating in response to the meetings on June 12-13.  The County’s current bond rating is AA+, one of the best possible scores.  Bond ratings function similarly to a person’s credit score; they are a way to evaluate the likelihood of one’s ability to repay the debt.  The better one’s bond rating, the better repayment interest rate one can access.

June 15, 2013: Bonding over Coffee

Citizens are invited to join Yousef Rabhi, the Chair of the Board of Commissioners, to discuss the proposed bond issuance at Caribou Coffee (1423 East Stadium Boulevard, on the corner of Packard and Stadium) from 4:00-6:00 p.m.

June 24, 2013: Actuarial Experience Study Report Due

Washtenaw County has engaged Buck Consultants, an actuarial firm, to analyze the past performance of the pension fund (WCERS) and health care fund (VEBA) investments.  The report is to be presented to the WCERS and VEBA Boards of Directors.

June 26, 2013: Bonding over Coffee

Citizens are invited to join Yousef Rabhi, the Chair of the Board of Commissioners, to discuss the proposed bond issuance at Caribou Coffee (1423 East Stadium Boulevard, on the corner of Packard and Stadium) from 4:00-6:00 p.m.

June 27, 2013: Employee Discussion with Administrator Verna McDaniel

Any Washtenaw County government employee is invited to join Verna McDaniel for a drop-in brown bag lunch session that will include informal discussion about the proposed bond issuance.  Verna will be available at the Washtenaw County Learning Resource Center (4135 Washtenaw Ave.) from 11:30 AM – 1:00 PM.

June 27, 2013: Public Session with Administrator Verna McDaniel

Any member of the public is invited to join Verna McDaniel for informal discussion about the proposed bond issuance.  Verna will be available at the Washtenaw County Learning Resource Center (4135 Washtenaw Ave.) from 4:30-6:30 PM.

July 8, 2013: Final Experience Study Report

The final Experience Study Report will include the Unfunded Actuarial Accrued Liability (UAAL) amounts, as well as a projection of the County’s annual required contribution to the pension and health care funds utilizing recently updated demographic and economic assumptions that will be also be utilized for the December 31, 2012 valuation reports.  This report also determines the magnitude of the bond issuance required to resolve the unfunded liability of these obligations.

July 10, 2013: Ways & Means and Board of Commissioners’ Meetings

The Ways & Means Committee and the full Board of Commissioners will vote on whether to approve the resolution that authorizes the insertion of the “Notice of Intent” to issue bonds in AnnArbor.com.  Counties are required to formally provide notice of their intent to issue bonds in the “newspaper of record.”  This step is the first in proceeding with the bond issuance, but does not necessarily mean that the bond issuance has received final authorization.  The first action taken toward that authorization is scheduled for consideration at the Ways & Means meeting in the form of voting whether to approve the bond resolution and continuing disclosure (documents required by any bond issuance, providing investors information about the County’s financial health).  At this meeting, the Ways & Means Committee will vote to set the precise amount of the bond issuance and will vote on the creation of an Intermediate Trust to receive the net proceeds of the bond issuance.  If the resolutions regarding the bond issuance, continuing disclosure, and Intermediate Trust are approved at the Ways & Means meeting, these items will be placed on the Board of Commissioners’ meeting agenda for July 24.  If the Board of Commissioners pleases, and a majority vote is obtained, these items could be moved for consideration at the Board of Commissioners’ meeting in the same evening (July 10). If the Board moves it forward, a two-thirds (6 members) vote is needed for final passage of these items.

July 11, 2013: Publication of Notice of Intent

Notice of Intent to issue bonds is published in AnnArbor.com (if authorized by the Ways & Means and full Board of Commissioners’ meetings the previous evening).

July 24, 2013: Final Approval of the Bond Issuance

The full Board of Commissioners is scheduled to vote on the final authorization of the bond resolution, continuing disclosure, final bond figure, and creation of the Intermediate Trust.

August 24, 2013: Referendum Period Expires

Upon publication of the Notice of Intent to issue bonds, the State of Michigan stipulates that citizens have 45 days to gather sufficient signatures (equal to 15,000 or 10% of the voting population, whichever is less) on a petition to place the bond issuance on a public ballot as a referendum, or item for consideration by a general vote.  This 45-day “referendum period” expires on August 24, 2013.

August 26, 2013: File for Approval with the Michigan Department of Treasury

October 28 2013: Anticipated Approval from the Michigan Department of Treasury

November 1, 2013: Publish Notice of Sale and Circulate Official Statements

November 15, 2013: Hold Bond Sale

November 29, 2013: Award Bonds

November 29, 2013: Deliver Bonds

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