HomeMy WebLinkAboutResolutions - 1977.10.11 - 13344RESOLUTION NO, 8 198
BY:
IN RE: HALFPENNY 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 Halfpenny 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 Halfpenny Drainage District has heretofore issued
its Drain Bonds dated April 1, 1970, in the aggregate princip&l
amount of $1,590,000 in anticipation of the collection of an emaal
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, after payment of the bonds maturing on May 1, 1978,
there will remain outstanding $1,340,000 of said Drain Bonds which
bear interest at rates which vary from 7.375% to 8% per annum; and
WHEREAS, the Drainage Board for the Halfpenny Drain by resolu-
tion adopted on September 14, 1977, authorized and provided for the
issuance of bonds in the aggregate principal amount of $1,340,000 to
refund the outstanding Drain Bonds maturing in the years 1979 through
1995; and
WHEREAS, said bonds are to be designated Refunding Bonds, are to
be dated March 1, 1978, will bear interest at a rate or rates at
least 1/2 of 1% less than the rates specified in the Drain Bonds to
be refunded 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 issuance of the refunding bonds will result in a
substantial interest saying for the Halfpenny Drainage District and
the public corporations assessed.
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 Refunding Ponds, 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 Oak-
land 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 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 way 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
ADOPTED: Yeas - Moxley, Olson, Patterson, Pernick, Peterson, Price, Simson, Wilcox,
Aaron, Daly, DiGiovanni, Doyon, Fortino, Gabler, Gorsline, Hoot, Kelly, Lanni, McConnell
Moffitt, Montante. (21)
Nays - None. (0)
Absent - Murphy, Page, Perinoff, Roth, Kasper, McDonald. (6)
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 11th day of October , 19 77 ,
the original of which is on file in my office.
IN WITNESS WHEREOF, I have hereunto affixed my official signature
this 11th day of October , A.D. 1
County Clerk
Lynn D. Allen