HomeMy WebLinkAboutResolutions - 1980.03.26 - 12039March 27, 1980
RESOLUTION NO. 9359
RE: AMEND MISCELLANEOUS RESOLUTION 9237
(BORROW AGAINST ANTICIPATED DELINQUENT
1979 TAXES)
BY: FINANCE COMMITTEE
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, a Resolution to Borrow Against Anticipated Delin-
quent 1979 Taxes was adopted by the County at a Regular Meeting
of its Board of Commissioners held at Pontiac, Michigan, on the
14th day of February, 1980 (hereinafter may be referred to as
the "Resolution"), wherein it was resolved by this County that
it borrow in anticipation of delinquent taxes at a rate not to
exceed 8 3/4% per annum, subject to the provisions of that
Resolution; and
WHEREAS, present bond market conditions make it unlikely
that such borrowing can be made at that rate of interest; and
WHEREAS, an amendment to Act No. 206 of the Public Acts of
1893, as amended, (hereafter referred to as the Act") may be adopted
by the Michigan Legislature such that General Obligation Limited Tax
Notes, (hereinafter referred to as the "Notes") may bear interest
payable at a rate exceeding 8-3/4% per annum, though not to exceed
a rate of interest greater than 11-1/2% per annum, wh i ch legislation
will also increase the rate of interest on delinquent taxes to 1%
per month (or 12% per annum).
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF THE COUNTY OF OAKLAND, THE, STATE OF MICHIGAN, AS FOLLOWS:
1. That the Resolution to Borrow Against Anticipated Delin-
quent 1979 Taxes referred to above be and hereby is amended to
authorize the County Treasurer of this County to award the Notes to
the lowest bidder after conducting a public sale of such Notes,
pursuant to the Resolution previously adopted, at a rate of interest
isy; Cava
ir THE -77)P ECO• 7,7 7. r-J1 UT I ON
now or hereafter authorized by law, though not to exceed a rate
of interest of 11-1/2% per annum.
2. The maximum interest rate set by the Resolution therefore
is increased from 8-3/4% per annum, to 11-1/2% per annum, effective
at such time as the provision of Section 87(c) Act 206 of the
Michigan Public Acts of 1893, as amended, are amended to permit
an interest rate of not to exceed 11-1/2% per annum.
3. The conditions of Sale set in the Official Notice of Sale
approved in the Resolution may be amended to provide for a difference
between the highest and lowest rate of interest on the Notes of not
to exceed two per cent (2%), at the County Treasurer's discretion.
MR. CHAIRMAN, on behalf of the Finance Committee, T move the
adoption of the foregoing Resolution.
Dennis Murphy,\-Cflairm
STATE OF MICHIGAN)
ss.
COUNTY OF OAKLAND)
T, the undersigned, the duly qualified and acting Clerk of
the Board of Commissioners of the County of Oakland, the State of
Michigan, do hereby certify that the foregoing is a true and com-
plete copy of proceedings taken at a Regular Meeting of the Board
of Commissioners of said County, held on the 27th day of March,
1980, insofar as the same relate to the Resolution Amending the
Resolution to Borrow Against Anticipated Delinquent 1979 Taxes,
the original of which is on file in my office. Public notice of
said meeting was given pursuant to and in compliance with Act No
267, Public Acts • of 1976, as amended.
IN WITNESS WHEREOF, T have hereunto affixed my official
(-- signature this 27th day of March,
Lynn-/D. Allen, Oakland. County Clerk
#9359 March 27, 1980
. Moved by Murphy supported by MoxleY the :resolution be adopted,
AYES: Moore, Moxle•, Murphy, Page, Patterson, Perinoff, Pernick, Peterson,
Price, Aaron, Caddell, DiGioyanni, Doyon, DOnaskiss, Fortino, Gabler, Gorsline,
Hobart, Hoot, Kasper, Kelly-, Lewand, McDonald, Moffitt, Montante, (25)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lynn D. Allen, Clerk of the County of Oakland and
having a seal, do hereby certify that I have compared the annexed copy of
...11.i,scP.I JPOPM.FMAqiW.P33HIHTMY.In.(.11.7.d .C"ntY .B°ard .°f ..
..Commiss.ioners.at .their .meetin .held .on .March . 27,.1980 ........... .....
with the original record thereof now remaining in my
office, and that it is a true and correct transcript
therefrom, and of the whole thereof.
In Testimony Whereof, I have hereunto set my hand and
affixed the seal of said County at Pontiac, Michigan
n 80 this. ..... O.M
27th
Od.d. ....... day of March
Lynn D. Allen. ..... ................Clerk
BY.4.0P.O0.00 ........ ...... Ogia94,npeputy Clerk