HomeMy WebLinkAboutResolutions - 1971.06.03 - 161195728 June 3, 1971 RESOLUTION NO.
BY: PUBLIC WORKS COMMITTEE - Mr. Lennon
IN RE: HENRY-GRAHAM 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 Henry-Graham Drain under
the provisions of Act No. 40 of the Public Acts of Michigan of 1956,
as amended, pursuant to a petition filed by the City of Troy and the
City of Madison Heights, September 22, 1967; and
WHEREAS, the said Drainage Board by resolution adopted on
May 19, 1971, authorized and provided for the issuance of.bonds in.
theaggregate principal amount of $14,240 .,000 in anticipation of the
...o.11ection of an equal amount of special assessments- against the
City of Troy, the City of Madison Heights and the County of Oakland,
said special assessments having been therefore duly confirmed by
said Drainage Board; and
WHEREAS, said bonds are to be designated Drain Bonds, are
to be dated November 1, 1971, will bear interest at a rate not
exceeding 7%, and will be subject to redemption prior to maturity
in accordance with the provisions of the bond resolution; and
WHEREAS, Section 474 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
to any installment and interest, then the county
treasurer shall advance the amount thereof from
county funds in the following cases:
"(1) If any bonds or other evidence of in-
debtedness have been issued to finance a project,
the petition for which was filed after June 6,
1961 in anticipation of the collection of the
installment and interest pursuant to the provisions
of this chapter and the board of supervisors has
previously acted, by a resolution adopted by.a 2/3
vote of its members elect, to pledge the full faith
and credit of the county for the prompt payment of
the principal of and interest on the bonds or
evidence of indebtedness, or
"(2) If any bonds or other evidence of in-
debtedness have been issued to finance a project,
the petition for which was filed prior to June 6,
1961 in anticipation of the collection of the
installment and interest pursuant to the provisions
of this chapter."
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 drainage project is immediately neces-
sary to protect and preserve the public health and therefore it is
in the best interest of the County of Oakland that said bonds be
sold.
NOW, THEREFORE, BE IT RESOLVED BY THE OAKLAND COUNTY
BOARD OF COMMISSIONERS:
1. That pursuant to the authorization provided in Section
474 of Chapter 20 of the Drain Code of 1956, asramended, 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 Cityof Troy, the City of
Madison Heights or the County of Oakland shall fail or neglect to
account to the County Treasurer of the County of Oakland for the
-2-
amount of any special assessment installment and interest, for the
Henry-Graham 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 neces-
sary.
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 reso-
lution be and the same hereby are rescinded,
MR. CHAIRMAN, on behalf of the public Works Committee,J
move the adoption of the foregoing resolution,
PUBLIC WORKSi-COMMITTEEr
Ch\airman
• Moved by Lennon supported by Daly the resolution be adopted.
Discussion followed.
ADOPTED: ,Ayes: Pernick, Powell, Richards, Richardson, Simson, Szabo,
Wilcox, Aaron, Barakat, Bawden, Brennan, Burley, Coy,
Daly, Edwards, Gabler, Hamlin, Harrison, Houghten,
Kasper, Lennon, Mainland, Mathews, Olson, Patnales,
Perinoff. (26)
Nays: None. (0)
Absent: Horton. (1)
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 fore-
going is a true and complete copy of. a resolution adopted by a
2/3rds vote of the members elect at a regular meeting of the Oakland
County Board of Commissioners, held on the 3rd day of•June.•
1971, the original of which is on file in my office.
IN WITNESS WHEREOF, I have hereunto affixed my official
June signature this 3rd day of A.a. 1971.
Lynn p. Al en, County Clerk