HomeMy WebLinkAboutResolutions - 1975.07.23 - 14659July 23, 1975 RESOLUTION NO. _7210
BY: PLANNING & BUILDING COMMITTEE - Patrick M. Nowak, Chairman
IN RE: PAGE 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 Page 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 on March 6, 1975; and
WHEREAS, the said Drainage Board by resolution adopted on
July 9, 1975, authorized and provided for the issuance of bonds in
the aggregate principal amount of $120,000 in anticipation of the
collection of an equal amount of a special assessment against the
City of Troy, said special assessment having been duly confirmed
by said Drainage Board; and
WHEREAS, said bonds are to be designated Drain Bonds, are
to be dated November 1, 1975, will bear interest at a rate not ex-
ceeding 8% and will not be subject to redemption prior to maturity;
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 said draina5e project is immediately necessary
to protect and preserve the public health and therefore it is in the
best interest of the County of 0a,kland that said bondF-, be sold.
PLANNING AT) BUILDING COMITTEE
OING RESOLUTION
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1....?,917.eX APPR (E
NOW, THERPRE, BE IT RESOLVED BY THE OAKLAND COUNTY BOARD
OF COMEISSIONERS:
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 ofthe 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 City of Troy 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, for the Page 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.
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 Buildin9 Com-
mittee, I move the adoption of the foregoing. resolution.
iLi 1975,
, A.D. 1975.
\
C15Unty Clerk
signature this 23rdd.ay of
ADOPTED : YOLLS Aaron, Button, Coy, Daly, Douglas, Dunleavy, Fortino, Gabler,
Hoot, Houghten, Lennon, McDonald, Moffitt, Montante, Nowak, Page, Patterson, Perinoff,
Perpick, Price, Roth, Simmons, Wilcox, Wilson. (24)
Nays - Olson. (1)
Absent - Dearborn, Kasper. (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
Board of Commissioners, held on the _23rd day of
the original of which is on file in my office.
IN WITNESS WHEREOF, I have hereunto affixed my official
,Lynn D. Allen
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