HomeMy WebLinkAboutResolutions - 1978.07.06 - 12718July 6 1978.
854i RESOLUTION NO.
BY: PLANNING AND BUILDING COMMITTEE -
Richard R. Wilcox, CHAIRMAN
IN RE: RANDOLPH STREET DRAIN
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, proceedings have been taken by the Statutory
Drainage Board for the location, establishment and construction
of the Randolph Street Drain under the provisions of Act No. 40
of the Michigan Public Acts of 1956, as amended, pursuant to a
petition filed by the City of Northville and City of Novi on
March 30, 1970; and
WHEREAS, the Drainage Board for said Randolph Street
Drain, by resolution on. June 21, 1978, authorized and provided
for the issuance of Drain Bonds in the principal amount
$1,660,000 in anticipation of the collection of unpaid special
assessments against the County of Wayne and City of Northville
and against the County of Oakland and City of Novi and City of
Northville for the share of each in the cost of locating,
establishing and constructing said drain, said special assess-
ments having been theretofore duly confirmed by said Drainage
Board; and
WHEREAS, said bonds are to be dated November 1, 1978,
will be sold at an interest rate not exceeding 8% per annum,
and will be subject to prior redemption as specified in the
said resolution of said Drainage Board authorizing its issuance;
and
WHEREAS, Section 526 of said Act No. 40, as amended,
provides in part as follows:
"If any public corporation fails or neglects to
account to the county treasurer for the amount
of any installment and interest, then the county
treasurer shall advance the amount thereof from
county funds if any bonds or other evidences of
indebtedness have been issued to finance the
project, in anticipation of the collection of
the installment and interest pursuant to the
provisions of this chapter and the county board
of commissioners has previously acted, by a
resolution adopted by 2/3 vote of its members
elect, to pledge full faith and credit of the
county for the prompt payment of the principal
of and interest on the bonds or evidences of
indebtedness."
; and
WHEREAS, said Drainage Board deems it advisable and
necessary to obtain from this Board a resolution consenting to the
pledge of the full faith and credit of the county on its share
of the aforesaid bonds; and
WHEREAS, it is in the best interest of the County of
Oe,kland that said bonds be sold to finance in part the acquisi-
tion and construction of said drain project.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COM-
MISSIONERS OF THE COUNTY OF OAKLAND, MICHIGAN:
1. That pursuant to the authorization provided in •
Section 526 of Chapter 21 of the Drain Code, the Board of
Commissioners of the County of Oakland does hereby irrevocably
pledge the full faith and credit of the County of Oakland and
does agree that in the event that the County of Oakland or the
City of Novi or the City of Northville shall fail or neglect to
account to the County Treasurer of the County of Oakland for
the amount of -any installment and interest for the Randolph Street
Drain, when due, then the amount thereof shall be immediately
advanced from County funds, and the County Treasurer is directed
immediately to make such advancement to the extent necessary.
2. That in the event that, pursuant to said pledge
of full faith and credit, the County of Oakland advances out of
County funds, all or any part of said installment and interest,
it shall be the duty of the County Treasurer, for and on behalf
of the County of Oakland, to take all actions and proceedings
and pursue all remedies permitted or authorized by law for the
reimbursement of such sums so paid subject to the limitations
set forth in said Section 526 of the Drain Code of 1956, as
amended.
3. That all resolutions and parts of resolutions
insofar as the same may be in conflict with the provisions of
this resolution be and the same hereby are rescinded.
PLANNING AND BUILDING COMMITTEE
ADOPTED: Yeas - Simson, Wilcox, Daly, DiGiovanni, Doyon, Fortino, Gabler,
Gorsline, Hoot, Kasper, Kelly, Lanni, McConnell, McDonald,
Moffitt, Montante, Moxley, Olson, Page, Patterson, Perinoff,
Pernick, Peterson, Roth. (24)
Nays - None. (0)
STATE OF MICHIGAN )
ss:
COUNTY OF OAKLAND )
I, the undersigned, the duly qualified and acting
County Clerk and Clerk of the Board of Commissioners of the
County of Oakland, do hereby certify that the foregoing is a
true and complete copy of a resolution adopted by a 2/3rds
vote of its members elect at the meeting of the Board of Com-
missioners of the County of Oakland held on the 6th day of
July
office.
Lynn D. Allen, County Clerk
, 1978, the original of which is on file in my
Dated: July 6th , 1978.