Dickinson Wright Attorneys Terry Donnelly (Member, Troy), Paul Wyzgoski (Member, Troy), Bryan Williams (Member, Troy) and Peter Kulick (Member, Lansing) served as bond counsel to the Great Lakes Water Authority in connection with the issuance of bonds by the Authority in the amount of $1.35 billion to refinance existing indebtedness for the Authority’s sewage disposal and water supply systems and to finance new water supply system facilities. The transaction closed on October 27th and as a result of the refinancing of the existing indebtedness, the Authority’s sewer and water customers in southeastern Michigan will realize cash flow savings of approximately $309 million over the next 20 years. Dickinson Wright was instrumental in the formation of the Authority, having represented the Authority in connection with the drafting and negotiation of two separate 40-year leases with the City of Detroit pursuant to which the City leased the regional assets of the Detroit Water and Sewerage Department’s sewage disposal system and water supply system to the Authority. The leases became effective on January 1st of this year, and the bonds were the
first public offering of Authority debt.