HomeMy WebLinkAboutResolutions - 1976.08.19 - 14060RESOLUTION NO. 7664
BY:
IN RE: HOBART DRAIN
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIS AND GENTL111:,
WHEREAS, proceedings have been taken by the Statutory
- Drainage Board for the construction of the Hobart 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 said Drainage Board by resolution adopted
on July 28, 1976, authorized and provided for the issuance
of bonds in the aggregate principal amount of $215,000 in
anticipation of the collection of an equal amount of special
assessments against the Township of Pontiac, and the County
of Oakland, said special assessments having been duly confirmed
by said Drainage Board; and
WHEREAS, said bonds are to be designated Drain Bonds,
are to be dated October 1, 1976, 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 consent-
ing 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 there-
fore it is in the best - interest of the County of Oakland that
said bonds be sold.
NOW, THEREFORE, BE IT RESOLVED BJ iE 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 Drain Bonds, and does agree that in the
event the any public corporation assessed 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.
-2--
Lynn D. Allen,
MR. CHAIRMAN, on behalf of the Planning and Building
Committee, I move the adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
ChrM3
ADOPTED: Yeas — Daly, Dearborn, Douglas, Dunleavy, Fortino, Gabler, Hoot,
Houghten, Kasper, Lennon, McDonald, Moffitt, Montante, Murphy,
Nowak, Page, Patterson, Perinoff, Pernick, Price, Roth, Simmons,
Wilcox, Wilson, Button. (25)
Nays - None. (0)
Absent - Aaron, Olson. (2)
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 Boad of Commissioners, held
on the 19th d ay o f August 19 76, the original
of which is on file in my office.
IN WITNESS WFOT2, I have hereunto affixed my official
signature this 19th day of August , A.D. 1976.
ROBERT H. FREDERICKS
Cbi4 Dept Cornmrii(mer
858-0970
GEORGE W. KUHN
OAKLAND COUNTY, DRAIN COMMiSE31,,,\JER
PUBLIC WORKS DRIVE
PONTIAC, MICHIGAN 40.054
858-0958
JAMES E. PEMBERTON
Der,lay and Chic/ En,cineer
558-0972
August 10, 1976
Honorable Commissioners
County of Oakland
1200 N. Telegraph Road
Pontiac, Michigan
Reference: HOBART DRAIN
Mr. Chairman, Ladies tlemen:
There is submitted to you herewith a certified copy of a
resolution adopted by the Drainage Board for the Hobart
Drain authorizing the issuance of Drain Bonds in the aggre-
gate principal amount of $215,000 pursuant to the provisions
of Chapter 20 of Act No. 40 of the Public Acts of 1956, as
amerJod, and other applicable law. Also submitted to you
her=ith is a form of proposed resolution for adoption by
the Bo'Ird of Commissioners for the purpose of reaffirming
the pledge of full faith and credit of the County of Oakland.
as •secondary security for payment of said Drain Bonds.
The said Drain Bonds are issued in anticipation of the payment
by the Towship of Pontiac and the County of Oakland in the
aggregate 7:--nt of at 1r7t. equal to the amount of said Bonds.
The full faith and credit of said public corporation is pledged,
by law, to the prompt payment of said as:,--1 ,rnts and the
interest thereon when due. The law further authorizes and
obligates said public corporation to levy a tax in an amount
sufficient to make said payment (unless other funds are on
hend available for said purpos ,7) which tax may be levied with-
out limitation as to rate or Lnt. The County is entitled,
by law, to recover from said public corporation the amount
advanced from County funds at =y time in fulfillment of
the County's secondary pledge of its full faith and credit.
AGE BOARD
eorge W. K13:!-:
Al6Ran crinott,ember
rence R. Pernick, Member
NER OAKLAND COUNTY DRAI.. COM1V;ISS
Honorable Commissioners August 10, 1976
County of Oakland Page 2
It is respectfully requested that the enclosed resolution be
reaffirmed for the reasons set forth in the preamble and
because the pledge of the County's full faith and credit
will result in a material savings in bond interest to be paid.
sil
enclosures
12,316.00
1,554.00
1.,200.00
180.00
100.00
1!011P.RT DRAIN
CONSTRUCTION
ENGINEER'S DESIGN FEE
RESIDENT ENGINEER
SOIL & MATERIAL TESTING
3. INSPECTION
4. STAKING & LAYOUT
5. PUBLISHING
OAKLAND PRESS
MICH, CONT. & BUILDER
DAILY BOND BUYER
6e BOND PRINTING
76 RIGHTS-OF-WAY
8. BOND COUNSEL
9, FINANCIAL CONSULTANT
10. ACT 347 PERMIT
11. DRAINAGE BOARD MEETING COSTS
12. BOND PROSPECTUS
13. CAPITALIZED INTEREST (215,000 X 8% x 1 YR.)
14. ,CONTINGENCIES (7.51%)
° $142.056.16
• 15,070.00
4,000.00
1,000.00
880.00
400.00
9,750.00
2,150.00
3,500,00
415.00
360.00
3,200,00
17,200,00
1.8.84
TOTAL ESTIMATED COST $215,000.00
° PREPARED BY 1
- &
JAMES E. TEMBERTON6
PUTY & CHIEF. LNGINEER
APPORTIONMENT OF COST TOTAL COST ESTI•E $215,000
Township of Pontiac 86.457
County of Oakland 13.557,
Stale of Michigan 0.007
- TWO% [I--
DRAIN COMMISSIONER'S OFFICE
COUNTY OF OAKLAND .
MICHIGAN