HomeMy WebLinkAboutResolutions - 1976.12.16 - 14084December 16, 1976 RESOLUTION NO 7774
BY: Planning 8, Building
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
in the Counties of Wayne and Oakland of the RANDOLPH STREET DRAIN under
the provisions of Chapter 21 of Act No 40 of the Public Acts of
1956, as amended, pursuant to a petition filed with the Director
of Agriculture of the State of Michigan; and
WHEREAS, the said Drainage Board by resolution adopted
on October 28, 1976, authorized and provided for the issuance of
notes in the aggregate principal amount of $200,000 to be refunded
by bonds to be issued hereafter in anticipation of the collection
of an equal amount of special assessments against the City of Novi,
and the City of Northville, said special assessments having been .
duly ordered by said Drainage Board and said citl.es having agreed
to underwrite payment of said notes, if said bonds are not issued
or said assessments are not confirmed or paid; and
WHEREAS, said notes are to be designated Drain Notes
are to be dated January 15, 1977, will bear interest at a rate
not exceeding 8% per annum 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 notes in support of the obligations of the City of
Novi and the City of Northville in Oakland County; 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 notes be sold.
NOW, THEREFORE, BE IT RESOLVED BY THE OAKLAND COUNTY
BOARD OF COMMISSIONERS:
1. That pursuant to the authorization provided in
Section 526 of Chapter 21 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 Notes, and does agree that in the event the Cfry of Novi
or the City of Northville 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 or other oblirja-
tion to pay for the Randolph Street Drain, 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 subject to the limitations
set forth in siad 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.
MR. CHAIRMAN, on behalf of the Planning and Build-
ing Committee, I move the adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
/1,
, /
Chairman
ADOPTED: Yeas - Kasper, Lennon, McDonald, Moffitt, Montante, Murphy,
Nowak, Olson, Page, Patterson, Pernick, Price, Roth,
Simmons, Wilcox, Wilson, Aaron, Daly, Dearborn, Douglas,
Dunleavy, Fortino, Gabler, Hoot (24)
Nays - None. (0)
Absent - Perinoff, Button, Houghten, (3
December , 1976, the original of
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 16th day of
which is on file in my office.
IN WITNESS WHEREOF, I have hereunto affixed my
official signature this 16th day of December , A.D. 1976.
Lynn D. Allen, County Cle