2012 Bond Resolution (Original)
2019 Bond Resolution (Amended)
The core appropriation ($9,700,000 for sewer system) and authorization for Clean Water/Drinking Water obligations remained unchanged, but the amendment expanded financing options beyond specialized fund obligations to include general bonds.
Section 1:Changed referenced study from 2011 Old Lyme Shores report to 2015 Miami Beach report; expanded cost defrayment to include Old Colony and/or Miami Beach Associations.
Section 4: Updated reimbursement intent under federal tax regs for expenditures with tax-exempt obligations; certified reasonable expectations; authorized President to pay expenses and amend declaration.
Section 5 Deletion & Addition: Deleted original Section 5; added new 5–9 authorizing $9,700,000 general obligation bonds issuance, details, sale (competitive/negotiated), temporary borrowings, reporting, and President’s execution powers.
Sections 4-5 Amended: Confirmed remaining original provisions stay in effect; set amendment effective upon approval by Board of Governors and Association voters per charter and statutes.
2025 Bond Resolution (Supplemental)
The 2025 supplemental resolution introduces the following key changes compared to the 2019 amended resolution:
Increased Appropriation: Adds a supplemental $13,000,000 appropriation (totaling $22.7M (with prior $9.7M authorization), but caps the sanitary sewer system’s total authorization at $18.7M across resolutions and an additional $4M available for other costs and contingencies.
Expanded Project Scope: Explicitly includes storm drainage improvements and related road reconstruction alongside the sanitary sewer system, with Board authority to reduce or modify scope.
New Conditions: Appropriation and bond authorization conditioned on executed Clean Water Fund agreements with the State (loan, grant, forgiveness) and a Cost-Sharing Agreement with Miami Beach Association, Old Colony Beach Club Association, and Town of Old Lyme.
Updated Financing: Authorizes bonds/notes/obligations secured by full faith/credit, project revenues (e.g., sewer charges), or both; emphasizes Clean Water Fund options, Board discretion on terms/sales/grants; includes temporary notes and tax-exempt reimbursement intent similar to 2019 but with broader powers.
Governance Shifts: Empowers the Board of Governors (not just President/Treasurer) for key decisions like executing agreements, approving expenditures, and applying/accepting grants; removes references to Drinking Water Obligations and Municipal Securities Rulemaking Board (MSRB) reporting.