HomeMy WebLinkAboutResolutions - 1977.12.15 - 13129December 15, 1977
RESOLUTION NO,
BY: PLANNING & BUILDING COMMITTEE- Richard R. Wilcox, Chai rmun
IN RE: COY DRAIN
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN;
WHEREAS, proceedings have been taken by the Statutory Drain-
age Board for the construction of the Coy 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 Commis-
sioner; and
WHEREAS, the said Drainage Board by resolution adopted on
November 9, 1977, authorized and provided for the issuance of bonds
the aggregate principal amount of $500,000 in anticipation of
the collection of an equal amount of a special assessment against
the City of Farmington Hills, said special assessment having been
duly confirmed by said Drainage Board; and
WHEREAS, said bonds are to be designated Drain Bonds, are to be
dated February 1, 1978, will bear interest at a rate not exceeding
8% and will not be subject to redemption prior to maturity; 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 OF
COMMISSIONERS:
8298
I. That pursuant to the authorization provided in Section 474
of Chapter 20 of the Drain Code of l956 r 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 pay-
ment of the principal of and interest on the said Drain Bonds, and
does agree that in the event the City of Farmington Hills 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 ad-
vanced 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 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.
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. CHAIRMAN, on behalf of the Planning and Building Committee,
I move the adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
$270,405.17
84,769.72
$ 24,862.00
2,250.00
600.00
1,400.00
$355,174.39
29,1 12.00
$506,847.51
280,00
100.00
450.00
100.00
400.00 1,330.00
300.00
45,000.00
5,000.00
1,750.00
4,000.00
500.00
44,680.62
Cash payment by State of Michigan
Cash payment by County
TOTAL AMOUNT OF BOND ISSUE $500,000.00
3,335.06
3,512.45
COY DRAIN
REVISED ESTIMATE OF COST
1. Construction
Sect -ion A
Section B
2. Engineer's Design Fee
Resident Engineer
Soil Borings
Soil Material & Testing
3. Inspection $ 14,500.00
Staking & Layout 5,500,00 20,000.00
4. Publishing
Oakland Press
Detroit Suburban
Newspapers
Legal News
Mich. C. & B.
Bond Buyer
5. Bond Printing
6, Rights of Way (including Negotiator)
7. Bond Counsel
8. Financial Consultant
9. Bond Prospectus (including C.P.A. report)
10. Drain Board Meeting Expense
11. Contingencies (9.67%)
TOTAL ESTIMATED COST
Revised 11-3-77
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FOUR_TEEM MILE R
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SECTION
(FRANKLIN
FOREST
SUBDIV1SON )
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111-01
SECTION
(PENDING EASEMENT
ACQUISITION)
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DAY T OCT -
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cL2V .271-Teg / // fin al:
LOCATION PLAN
APPORTIONMFNTS OF COST
State of Michigan
County of Oakland
City of Farmington
Hills
TO-F4'
0.693%
- 0.658%
98.649%
100.000%
December ture this , A.D. 19 77. 15th day of
ADOPTED: Yeas - Kelly, Lanni, McConnell, McDonald, Moffitt, Montante, Moxley,
Patterson, Peterson, Roth, Simson, Wilcox, Aaron, DiGiovanni,
Doyon, Fortino, Gabler, Gorsline, Hoot. (19)
Nays - None. (0)
PRESENT: Aaron, DiGiovanni, Doyon, Fortino, Gabler, Gorsline, Hoot, Kelly, Lanni,
McConnell, McDonald, Moffitt, Montante, Moxley, Patterson, Peterson,
Roth, Simson, Wilcox. (19)
ABSENT: Daly, Kasper, Murphy, Olson, Page, Perinoff, Pernick, Price. (8)
STATE OF MICHIGAN )
) SS:
COUNTY OF OAKLAND )
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 15th day of December
19 77 , the original of which is on file in my office.
IN WITNESS WHEREOF, I have hereunto affixed my official signa-
Lynn D. Al len, County Clerk