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HomeMy WebLinkAboutResolutions - 1976.04.15 - 14014April 8, 1976 RESOLUTION NO. 7520 BY: PLANNING AND BUILDING COMMITTEE - PATRICK K. DALY, CHAIRMAN IN RE: RANDOLPH STREET 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 location, establishment and construction of the Randolph Street Drain under the provisions of Act No. 40 of the Michigan Public Acts of 1956, as amended, pursuant to a petition filed by the City of Northville and City of Novi on March 30, 1970; and WHEREAS, the Drainage Board for said Randolph Street Drain, by resolution on March 30, 1976, authorized and provided for the issuance of a note in the principal amount of $67,000 in anticipation of the collection of unpaid special assessments against the County of Wayne and City of Northville and against the County of Oakland and City of Novi and City of Northville for the share of each in the cost of locating, establishing and constructing said drain, said special assessments having been there- tofore duly confirmed by said Drainage Board; and WHEREAS, said note is to be dated April 15, 1976, will be sold at an interest rate not exceeding 10% per annum, and will be subject to prior redemption as specified in the said resolution of said Drainage Board authorizing its issuance; and WHEREAS, Section 526 of said Act No. 40, as amended, provides in part as follows: "if any public corporation fails or neglects to account to the county treasurer for the amount of any installment and interest, then the county treasurer shall advance the amount thereof from county funds if any bonds or other evidences of indebtedness have been issued to finance the project, in anticipation of the collection of the installment and interest pursuant to the provisions of this chapter and the county board of commissioners has previously acted, by a resolution adopted by 2/3 vote of its members elect, to pledge full faith and credit of the county for the prompt payment of the principal of and interest on the bonds or evidences of indebtedness." ;and WHEREAS, said Drainage Board deems it advisable and necessary to obtain from this a resolution consenting to the pledge of the full faith and credit of the county on its share of the aforesaid note; and WHEREAS, it is in the best interest of the County of Oakland that said note be sold to finance in part the acquisition and construction of said drain project. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE COUNTY OF OAKLAND, MICHIGAN: I. That pursuant to the authorization provided in Section 526 of Chapter 21 of the Drain Code, the Board of Commissioners of the County of Oakland does hereby irrevocably pledge the full faith and credit of the County of Oakland does agree that in the event that either the County of Oakland or the City of Novi or City of Northville shall fail or neglect to account to the County Treasurer of the County of Oakland for the amount of any installment and interest for the Randolph Street Drain, when due, then the amount thereof shall be immediately advanced from County funds, and the County Treasurer is directed immediately to 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 subject to the limitations set forth in said Section 526 of the Drain Code of 1956, as amended. 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. PLANNING AND BUILDING COMMITTEE Patrick K. Daly, Chat rman ADOPTED: Yeas - Dearborn, Douglas, Dunleavy, Fortino, Gabler, Hoot, Houghten, Kasper, Lennon, McDonald, Moffitt, Nowak, Olson, Page, Patterson, Perinoff, Pernick, Price, Roth, Simmons, Wilson, Aaron, Button, Daly. (24) Nays - None. (0) STATE OF MICHIGAN ) ) ss: COUNTY OF OAKLAND ) I, the undersigned, the duly qualified and acting County Clerk and Clerk of the Board of Commissioners of the County of Oakland • do hereby certify that the foregoing is a true and complete copy of a resolution adopted by a 2/3rds vote of its members elect at the meeting of the Board of Commissioners of the County of Oakland held on the 15th day of April , 1976, the original of which is on file in my office. Lynn D. Allen, County Clerk DATED: April 15 , 1976.