HomeMy WebLinkAboutResolutions - 1977.09.15 - 133998168 RESOLUTION NO
BY:
IN RE: AUGUSTA 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 Augusta 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 Augusta Drainage District has heretofore issued
its Drain Bonds dated April 1, 1970, in the aggregate principal
amount of $14,250,000 in anticipation of the collection of an equal
amount of a special assessment against the City of Pontiac, said
special assessment having been duly confirmed by said Drainage Board;
and
WHEREAS, after payment of the bonds maturing on May 1, 1978,
there will remain outstanding $11,700,000 of said Drain Bonds which
bear interest at rates which vary from 6% to 8% per annum; and
WHEREAS, the Drainage Board for the Augusta Drain by
resolution adopted on August 10, 1977, authorized and provided for
the issuance of bonds in the aggregate principal amount of $11,700,000
to refund the outstanding Drain Bonds maturing in the years 1979
through 2000; 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 neces-
sary 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 saving for the Augusta Drainage District
and the City of Pontiac.
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
Bonds, and does agree that in the event the City of Pontiac 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 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 Com-
mittee, I move the adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
A u
/
Chairman
ADOPTED: Yeas -
Nays -
Peterson, Price, Roth, Simson, Wilcox, Daly, DiGiovanni, Doyon,
Fortino, Gabler, Gorsline, Hoot, Kelly, Lanni, McConnell,
McDonald, Montante, Moxley, Olson, Page, Perinoff, Pernick. (22)
None. (0)
Absent _Aaron, Kasper, Moffitt, Murphy, Patterson. (5)
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 September , 19 77 ,
the original of which is on file in my office.
IN WITNESS WHEREOF, I have hereunto affixed my official
signature this 15th day of September , A.D. 19 77.
Lynn D. Allen - County Clerk
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