HomeMy WebLinkAboutResolutions - 1978.03.22 - 12813March 23, 1978
RESOLUTION NO. 8374
RE: ADVANCE TO RANDOLPH STREET DRAIN
BY: FINANCE COMMITTEE
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, by Miscellaneous Resolution No 7774, dated December 16, 1976,
the County of Oakland pledged its full faith and credit on the Drain Notes
for the Randolph Street Drain; and
WHEREAS, the Drain Bonds have not been sold, thereby requiring the re-
payment of the Drain Notes; and
WHEREAS, failure on the part of Oakland County to pay its share of the
Notes would result in the County of Oakland being unable to issue any bonds
in the future by reason of default on the Randolph Street Drain Notes; and
WHEREAS, Chapter 21 of Act 40 of the Public Acts of 1956, as amended,
permits a public corporation to advance funds to a drainage district; and
WHEREAS, to protect the credit of the County of Oakland, the sum of
$130,000.00 should be advanced to the Randolph Street Drain,
NOW THEREFORE BE IT RESOLVED that the County of Oakland hereby advances
the sum of $130,000.00 to the Drainage District for the Randolph Street Drain,
BE IT FURTHER RESOLVED that this advance is conditioned upon the immediate
re-payment of the sum of $130,000.00 upon the issuance of Drain Notes or Drain
Bonds.
The Finance Committee, by Mr. Paul E. Kasper, Chairman, moveo the adoption
of the foregoing resolution.
#8374 March 23, 1978
Moved by Kasper supported by Roth the resolution be adopted.
AYES: Wilcox, Aaron, Daly, DiGiovanni, Doyon, Fortino, Gabler, Gorsline,
Hoot, Kasper, Kelly, Lanni, McConnell, McDonald, Moffitt, Murphy, Olson, Page,
Patterson, Pernick, Peterson, Price, Roth, Stmson. (24)
NAYS: None. (0)
A sufficient majority haying voted therefor, the resolution was
adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
1, Lynn D. Allen, Clerk of the County of Oakland and
having a seal, do hereby certify that I have compared the annexed copy of
Resolution #8374 adopted by the Oakland County Board of Commissioners
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at their meeting held on March 23, 1978
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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
this 23rd, day of Mgrch 1928..
By..
Lynn D. Allen Clerk
....... Deputy Clerk • ••••••••[•••••••••••0