HomeMy WebLinkAboutResolutions - 1978.10.10 - 129278648 RESOLUTION NO.
BY: PLANNING AND BUILDING COMMITTEE - Richard R. Wilcox, Chairperson
IN : ROTH DRAIN
TO THE OAKLAND CO= BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, proceedings have been taken by the Statutory Drain-
age Board for the construction of the Roth Drain under the pro-
visions of Chapter 20 of Act No. 40 of the Public Acts of 1956, as
_amended, pursuant to a petition filed with the Oakland County Drain
Commissioner; and
WHEREAS, the said Drainage Board by resolution adopted on
• September 27, 1978, authorized and provided for the issuane of
bonds in the aggregate principal amount of $5,200,000 in anticipa-
tion of the collection of an equal amount of special assessments
against the City of Troy and the County of Oakland, said special .
assessments having been duly confirmed by said Drainage Board; and
WHEREAS, said bonds are to be designated Drain Bonds, are to
be dated November 1, 1978, will bear interest at a rate not ex-
ceeding 3% and will be subject to redemption prior to maturity in
accordance with the provisions of said resolution; 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 the aforesaid bonds;
and
WHEREAS, the said drainage project is immediately necessary to
protect and preserve the public health and therefore it is in the
best interest of the County of Oakland that said bonds be sold.
NOW, THEREFORE, BE IT RESOLVED BY THE OAKLAND COUNTY BOARD
CaYLMISSIONERS:
1. That pursuant to the authorization provided in Section
474 of Chapter 20 of the Drain Code of 1956, as amended, the Oak-
land County Board of Commissioners does hereby irrevocably pledge
the full faith and credit of the County of Oakland for the prompt
payment of the principal of and interest on the said Drain Bends,
and does agree that in the event any public corporation assessed
shall fail or neglect to account to the County Treasurer of the
County of Oakland for the amount of any special assessment in-
stallment and interest, when due, then the amount thereof shall be
immediately advanced from County Funds, and the County Treasurer
is directed to immedi ately 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 anuthorized by law for the reimbursement
such sums so paid.
3. That all resolutions and parts of resolutions insofar as
the same may be in conflict with the provisions of this resolution
he and the same hereby are rescinded.
MR. CHAIRMAN, on behalf of the Planning and Building Committee,
I move the adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
ADOPTED: Yeas - Fortino, Gabler, Gorsline, Hoot, Kelly, Lanni, McConnell
Murphy, Page, Patterson, Perinoff, Pernick, Peterson,
Price, Roth, Simson, Wilcox, Aaron, Daly. (19)
Nays - None. (0)
Absent - DiGiovanni, Doyon, Kasper, McDonald, Moffitt, Montante, Moxley,
Olson. (8)
STATE OF MICHIGAN )
) SS:
COUNTY OF OAKLAND )
1, the undersigned, the duly qualified and acting County
Clerk of the County of Oakland, do hereby certify that the fore-
going is a true and complete copy of a resolution adopted by a two-
thirds vote of the members elect at a regular meeting of the Oak-
land County Board of Commissioners, held on the 10th day of
October • 19 78 , the original of which is on file in my
office.
IN WITNESS WHEREOF, I have hereunto affixed my official sig-
October nature this 10th of , A.D. 19 78
Lynn D. Allen, County Clerk
300.00
200.00
_650 1 00 1,150.00
1,000.00
$229,213.00
18,000.00
60,000.00 307,213.00
128,000.00 /
53,000.00
97,000.00—
City of Troy
Oakland County
TOTAL $5,200,000.00
$5,091,323.25
108,676.75
ROTH DRAIN
1. Construction Estimate , $4,265,2 2 5.00
2. Engineer's Design Fee
Soil and Material Testing
Resident Engineer
3. Inspection
4. Layout and Staking
5. Rights-of-Way
6. Publishing:
Daily Tribune
Michigan Contractor and Builder
Bond Buyer
7. Bond Printing
8. Soil Erosion Permit CAct 347)
9. Bond Counsel
10. Financial Consultant
L. Bond Prospectus
12. Drain Board Meeting Costs
13, Capitalized Interest ($5,200,000 x 1 yr x 8%)
14. Contingencies (9.25%)
TOTAL ESTIMATED COST
2,732.61
6,900.00
2,000.n0_
3,000.00_
700.00 ,
416,000.00_
489,833.69
$5,783,754.30
Less Cash Payment M.S.H.D. 583,754.30
BOND ISSUE $5,200,000.00
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