HomeMy WebLinkAboutResolutions - 1986.08.07 - 10862August 7, 1986 #86238 Miscellaneous Resolution
By ! Dorothy M. Webb
In re : Board of Commissioners-Development of County Policy Regarding
County Loans or Advances and the Interest Charges Thereon
To the Oakland County Board of Commissioners
Mr. Chairperson, Ladies and Gentlemen7
WHEREAS Oakland County, in accordance with existing statute, has
advanced funds for drain projects, DPW projects, lake level projects,
solid waste projects, etc; and
WHEREAS such loans were generally interest free pending the sale
of bonds, at which point the County funds are repaid; and
WHEREAS in recent actions the County has advanced funds for dam
improvement projects interest free for the entire special assessment period;
and
WHEREAS, there are circumstances under which the advance of funds
by the County on an interest free basis is warranted; and
WHEREAS the County of Oakland does not have a policy defining
the conditions under which an interest free advance would be appropriate;
and
WHEREAS the County will continue to be requested to advance
funds for various projects in the future.
NOW THEREFORE BE IT RESOLVED that the County Executive is requested
to develop a recommended policy, to be adopted by the Board of Commissioners,
which will clearly define when interest should be charged and will deliniate
the method of establishing the appropriate interest rate.
Mr. Chairperson, I recommend the adoption of the foregoing resolution.
Dorothy M. Webb, District No.