WINDSOR CHARTER TOWNSHIP BOARD

RESOLUTION 26-011

AUTHORIZING GENERAL FUND AND/OR TIRF LOAN

At a regular meeting of the Township Board of Windsor Charter Township, Eaton County, Michigan (“Township”), held at the Windsor Charter Township Hall, Michigan, on the 23 day of June, 2026, at 7 p.m.

PRESENT: Shaw, Barnhart-Smith, Rumsey, Pray, Slucter, Gardner, and Myers

ABSENT: None

The following resolution was offered by Shaw and supported by Rumsey.

WHEREAS, the Township Board has authorized the creation of the Grand Pointe Subdivision Improvements Special Assessment District (“District”) to, among other things, construct water systems, including but not limited to replacing an existing groundwater source and water main in the Grand Pointe Subdivision located in Windsor Charter Township, Eaton County, Michigan (hereinafter referred to as the “Improvements”); and

WHEREAS, the remaining balance due for the repayment of the cost of said Grand Pointe Subdivision Improvements is $1,592,365.00, which amount will be repaid by assessments charged by the district to the users of the Improvements within the District; and

WHEREAS, the District is under the sole control, ownership, and responsibility of the Township, and the General Fund and Township Improvement Revolving Fund (“TIRF”) are funds of the Township;

WHEREAS, Township Board determines that it would be in the best interests of Township to finance the remaining balance due for Improvements through available funds in the General Fund and/or TIRF; and

WHEREAS, the Township Board determines that there are sufficient monies in the General Fund and/or TIRF that are not immediately needed for that fund’s present needs and therefore are available for a temporary loan; and

WHEREAS, the Township Board determines that such a loan should be made for a reasonable time and for a reasonable amount of interest, as provided above and allowed by law.

NOW, THEREFORE, BE IT RESOLVED by the Township Board of Windsor Charter Township, Eaton County, Michigan, as follows:

1. The Township Board hereby approves a temporary loan from the General Fund and/or TIRF in a principal amount not to exceed $1,592,365.00, to be repaid by the assessments charged by the district to the users of the Improvements within the District to the General Fund and/or TIRF with interest at 5% per annum.

2. The above principal amount shall be divided into ten equal annual installments of principal, due together with interest from and after sending out of the 2026 winter tax bill, with the first such installment of principal to be due in December of 2026, and the following installments of principal and interest to be due in December of each of the following nine consecutive years. The Township Treasurer and Township Clerk are hereby directed and authorized to pay the principal and interest installments on this loan to the General Fund and/or TIRF when they are due.

3. All prior resolutions and parts of prior resolutions insofar as they conflict with the provisions of this resolution are hereby rescinded.

ADOPTED:

Yeas: Shaw, Barnhart-Smith, Rumsey, Pray, Slucter, Gardner, and Myers

Nays: None

RESOLUTION DECLARED ADOPTED.