HomeMy WebLinkAboutResolutions - 1973.09.06 - 15618Miscellaneous Resolution 6426 September 6, 1973
rre'Rchardson, Chairman
BY: TRANSPORTATION & AVIATION COMMITTEE - E. Frank Richardson, Chairman
IN RE: ROAD COMMISSION BORROWING
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairman, Ladies and Gentlemen:
WHEREAS Act 143 of the Michigan Public Acts of 1943, as amended, authorizes the
Board of County Road Commissioners to borrow money for certain purposes and to issue its
notes in anticipation of, and to pledge for the payment thereof, future revenue derived
from State collected taxes returned to the County for County 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
S4,000,00Q 00 to provide funds for the improvement of County roads 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: Provided,
that the authority herein granted shall expire on September 30, 1974, and no notes evidencing
such borrowing shall be issued or delivered thereafter. The full faith and credit of the County
shall not be pledged for the payment of such notes.
The Transportation and Aviation Committee, by E. Frank Richardson, Cl-cr irman,
moves the adoption of the foregoing resolution.
TRANSPORTATION & AVIATION COMMITTEE
#6426
Moved by Richardsdn supported by Perinoff the resolution be adopted.
Mr. Houghten requested that Paul Van Roekel, Engineer-Manager of the
Road Commission, be allowed to speak to the Board on this matter. There
were no objections. Mr. Van Roekel addressed the Board.
Discussion followed.
Moved by Dunleavy supported by Dearborn the resolution be amended
by deleting "$4,000,000" and adding, "$2,000,000 for 1973 and consider
1974 funding at a later date". (Motion ruled out of order.)
AYES: Richardson, Vogt, Berman, Brotherton, Burley, Coy, Douglas, Gabler,
Hobart, Hoot, Houghten, Kasper, Lennon, Mathews, Moffitt, Montante, Nowak,
Olson. (18)
NAYS: Wilcox, Dearborn, Dunleavy. (3)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lynn D. Allen, Clerk of the County of Oakland and
having a seal, do hereby certify that I have compared the annexed copy of
" Resolution #6426 adopted by the Oakland County Board of Commissioners •••••••••••••*a•p•B•••n••••••*•••••-•••••"••••••••••••• oacea .aewe• aso a ea a a so0
at their September 6, 1973 meeting
O•••••••••••••••••409 ....... 00••••9.9,•••••70.110 n ••-•09filep•Obeet}•••••••n •••n••••08.
with the original -record thereof now remaining in my
office, and that it is a true and correct transcript
therefrom, and of the whole thereof.
In Testimony Whereof, I have hereunto set my hand and
affixed the seal of said County at Pontiac, Michigan
f September lq 73 ...... ..day
Lynn D. Allen ,Clerk
Byaaa •••••n •••••••9 ..... el 00. Deputy Clerk
COMMISSIONERS PAUL VAN ROEKEL.
ENGINEER - MANAGER
WILLIAM M. RICHARDS, CHAIRMAN
FRAZER W. STAMAN, VICE CHAIRMAN
FRED L. HARRIS, COMMISSIONER
August 22, 1973 R. 0. WORLAND
SECRETARY AND
CLERK OF THE BOARD
JOHN L.._ GRUBBA, DIRECTOR
L. W. McENTEE
ASSISTANT
CIVIL COLINSES_
$14,390,000
13,890,000
BOARD . OF COUNTY ROAD COMMISSIONERS
OAKLAND COUNTY
2420 PONTIAC LAKE ROAD
PONTIAC, MICHIGAN 48054
FEr,' ERAL 8-4571
TO: Transportation and Aviation Committee
Board of County Commissioners
FROM: Board of County Road Commissioners
SUBJECT: Proposed $4,000,000 sale of 10 year notes
The Board of Road Commissioners has conducted an extensive review of our
operations so far in 1973 and also the various factors and programs that will have a
major impact on our availability of funds for the remainder of 1973 and calendar year
1974. Briefly, additional funds are needed in 1973 for the following reasons:
The unusually severe spring road breakup will necessitate maintenance
expenditures in excess of those originally anticipated $ 500,000
2. New increase in total 1973 construction program
a. Gravel program $ 500,000
b. Additional projects 285,000
c. Inflation factor on
construction projects 215,000
$1,000,000
3. Original estimates of receipts from
gas-weight taxes
Revised estimate of receipts from
gas-weight taxes
$ 500,000 Net Decrease
Note: Distribution of new money (M and implantation of
new formulas were 30 days later than anticipated plus
shortage of gasoline will reduce total gas tax collected.
Total anticipated "need" in 1973 $2,000,000
The Board of Road Commissioners is requesting approval of a plan to sell ten
year notes backed by future gas-weight tax funds. Approval for up to $4,000,000 is
requested; however, it is anticipated that only $2,000,000 will be sold in 1973 with
the remainder to be sold in 1974 on an "if needed" basis. Probable needs in 1974
are as follows:
Transportation and Aviation Committee
Proposed $4,000,000 sale of 10 year notes
Page 2
August 22, 1973
1, If the 2e,' gas tax is canceled, the entire :$2,000,000 maybe needed to
finance a reasonably normal maintenanceand constrtiction program in 1974.
2, if the 2 gas tax remains, the following Construction programs may be
implemented.
a. Gravel program
b. . Bituminous overlays on
existing pavements
c- Traffic safety betterments
Anticipated need in 1974
$ 700,000
1,000,000
300,000
$2,000,000
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