Title
Upon recommendation and opinion of Chief Financial Officer (CFO), Thomas Naughton, and General Counsel, Debra N. Pospiech, Esq., the Detroit Board of Water Commissioners (Board) authorizes the following actions:
1.) DWSD's Director, CFO and General Counsel shall finalize, and the Director execute on behalf of the DWSD, the attached Term Sheet for a Memorandum of Understanding (MOU) between DWSD and GLWA (the Term Sheet);
2.) Following execution of the Term Sheet by all parties, the Director, CFO and General Counsel shall prepare, finalize and execute a MOU consistent with the provisions of the Term Sheet and shall, on at least a monthly basis, keep the Board advised of the progress of finalizing the MOU, including any material changes to the Term Sheet or MOU affecting DWSD;
3.) If the Director determines that terms of the MOU have materially changed in a manner that is adverse to the DWSD, the Director or General Counsel shall advise the Board of such change and the Board terminates the authorization provided in paragraph 1 of this Resolution; and
4.) DWSD's Director, CFO and General Counsel shall take such other action as may be necessary to accomplish the intent of this vote.
Body
Agenda of April 4, 2018
Item No.:18-0084
Amount: N/A
TO: The Honorable
Detroit Board of Water Commissioners
City of Detroit
FROM: Gary A Brown, Director
Detroit Water and Sewerage Department
RE: Approval of Term Sheet for a Memorandum of Understanding ("MOU") between the Detroit Water and Sewerage Department (DWSD) and the Great Lakes Water Authority (GLWA)
MOTION
Upon recommendation and opinion of Chief Financial Officer (CFO), Thomas Naughton, and General Counsel, Debra N. Pospiech, Esq., the Detroit Board of Water Commissioners (Board) authorizes the following actions:
1.) DWSD's Director, CFO and General Counsel shall finalize, and the Director execute on behalf of the DWSD, the attached Term Sheet for a Memorandum of Understanding...
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