HomeMy WebLinkAboutResolutions - 1981.07.23 - 13547Misc. 81229
By Dr. Caddell
IN RE: ROAD COMMISSION BORROWING
To the Oakland County Board of Commissioners
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS Act No. 143 of the Public Acts of 1943, as amended, authorizes the Board of County
Road Commissioners to borrow money for certain purposes and to issue its note in anticipation thereof,
and of piedge for payment thereof, future revenue derived from state collected taxes returned to the
County for County Road purposes, the maximum amount which may be borrowed to be previously authorized
by the Board of County Commissioners.
NOW THEREFORE BE IT RESOLVED that the Board of County Road Commissioners of the County of
Oakland is hereby authorized to borrow a sum of money not to exceed $1,000,000 to provide funds for
the improvement of County local roads on a special assessment basis, and to issue its notes therefor,
pursuant to said Act 143, at an interest rate not to exceed the maximum rate of interest permitted by
law at the time of sale; pledging for the payment thereof future revenues derived from state collected
taxes returned to the County for County road purposes.
BE IT FURTHER RESOLVED that the full faith and credit of the County shall not be pledged for
the payment of such notes.
Mr. Chairperson, on behalf of the Planning and Buildfng Committee, I move the adoption of
the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
G. William Caddell, D.C., Chairperson
Moved by Caddell supported by Fortino the resolution be adopted.
AYES: Wilcox, Aaron, Caddell, Canney, Di Giovanni, Doyon, Fortino, Gabler, Geary, Gosling,
Hobart, Jackson. Lanni, McDonald. Moffitt, Montante, Murphy, Olsen, Page, Patterson, Perinoff, Pernick,
Peterson, Whitlock. (24)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.