HomeMy WebLinkAboutResolutions - 1978.10.10 - 129318652 RESOLUTION NO.
BY: PLANNING AND BUILDING COMMITTEE - Richard R. Wilcox, Chairperson
IN RE: LA=I DRAIN
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, proceedings have been taken by the Statutory Drainage
Bo ard for the construction of the Lanni Crain under the pro-
visions of Chapter 20 of Act No. 40 of the Public Acts of 1956, as
amended, pursuant „ Dra in LL...
,
with
Commissioner; and
WHEREAS, the said Drainage Board by resolution adopted on
September 27, 1978, authorized and provided for the issuance of
bonds in the aggregate principal amount of $1,325,000 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 8% 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 Beard 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 OF
COMMISSIONERS:
I. 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 Bands,
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 direc -ed to immdi-t -,-,7 y make such advancement to the etent
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 of
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
be and the same hereby are rescinded.
MR. CHAI=N, on behalf of the Planning and Building Committee,
I move the adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
4,/44440 19 6A...),
Chairman
ADOPTED: Yeas - Kelly, Lanni, McConnell, Page, Patterson, Perinoff, Peterson,
Roth, Simson, Wilcox, Aaron, Daly, DiGiovanni, Doyon, Fortino,
Gabler, Gorsline, Hoot, (181
Nays -- None. (0)
Absent - Kasper, McDonald, Moffitt, Montante, Moxley, Murphy, Olson,
Pernick, Price (9)
v4 )
SS:
COUNTY OF OAKLAND )
I, 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 7, the original of which is on file in my
ffice.
IN WITNESS WHEREOF, I have hereunto affixed my official sig-
STATE
nature this 10th day o October , A.D. 19 78 .
Lynn D. Al len - County Clerk
$64,836.00
2,500.00
5,000.00
5,300.00 77,336.00
10,000.00
8,000.00
30,000.00
1,150.00
800.00.
1,123.00
8,-<)0.00
250.00
3,000.00
500.00
106,000.00
57,494.90
300.00
200.00
650.00
City of Troy
Oakland County
TOTAL
$1,265,109.79
$1,325,000.00
59,890.21
-.7 -r DiN
1. Construction Estimates $1,045,750.00
2. Engineer's Design Fee
Soil Borings
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 (Act 3471
9. Bond Counsel
10. Financial Consultant
11. Bond Prospectus
12. Drain Board Meeting Costs
13. Capitalized Interest
14. Contingencies
TOTAL ESTIMATED COST $1,350,703.90
Less Cash Payments M.S.H.D. 25,703.90
BOND ISSUE $1,325,000.00
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