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HomeMy WebLinkAboutResolutions - 1977.08.18 - 13077August 18, 1977 RESOLUTION NO. 8134 BY: IN RE: DOUGLAS 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 construction of the Douglas Drain under the provisions 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 August 10, 1977, authorized and provided for the issuance of bonds in the aggregate principal amount of $2,183,000 in anticipation 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 October 1, 1977, will bear interest at a rate not • exceeding 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 Board a resolution consenting to the pledge of the full faith and credit of the county on the afore- said 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: 1. That pursuant to the authorization provided in Section 474 of Chapter 20 of the Drain Code of 1956, as amended, the Oakland 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 Bonds, 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 installment and interest, when due, then the amount thereof shall be immediately advanced from County Funds, and the County Treasurer is directed to immediately 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 an 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. 3. That all resolutions and parts of resolutions insofar as the same may be in conflict with the provisicas of this resolution be and the same hereby are rescinded. MR CHAIRMAN, on behalf of the Planning and Building -2- ChaifMan FiR•Y APPROVE THE FOR EGOUT.7.7 RE Daniel '1. 17.Kocutive August , 19 77, the original of which is on day of Committee, I move the adoption of the foregoing resolution. PLANNING AND BUILDING COMMITEE ADOPTED: Yeas - Peterson, Price, Sinson, Wilcox, Daly, DiGiovanni, Doyon, Fortino, Gabler, Gorsline, Kasper, Kelly, Lanni, McConnell, McDonald, Moffitt, Montante, Moxley, Murphy, Page, Perinoff, Pernick. (22) Nays - None. (0) Absent - Aaron, Hoot, Olson, Roth, Patterson. (5) STATE OF MICHIGAN ) COUNTY OF OAKL/AND ) SS: I, the undersigned, the duly qualified and acting County Clerk of the County of Oakland, do hereby certify that the foregoing 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 Oakland County Board of Commissioners, held on the 18th file in my office. IN WITNESS WHEREOF, I have hereunto affixed my official signature this 18th day of August , A.D. 1977 . Lynn D. Allen, County Clerk -3-