HomeMy WebLinkAboutResolutions - 1971.03.17 - 16159RESOLUTION NO 5646
BY: Mr. Lennon
IN RE: JOSLYN DRAIN
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN: 1
WHEREAS, proceedings have been taken by the Statutory
Drainage Board for the construction of the Joslyn 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 Pontiac,
June 3, 1969; and
WHEREAS, the said Drainage Board by resolution adopted
on February 25, 1971, authorized and provided for the issuance of
bonds in the aggregate principal amount of $6,470,000 in antici-
pation of the collection of an equal amount Of special assessments
against the City of Pontiac as its share of the cost of said drain,
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 April 1, 1971, will bear interest at a rate not
exceeding 7-1/2%, and will be subjectLto 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
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 indebted-
ness have been issued to finance a project, the peti-
tion for which was filed after June 6, 1961 in anti-
cipation of the collection of the installment and in-
terest 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 Icredit 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 indebt-
edness have been issued to finance a project, the
petition for which was filed Iprior to June 6, 1961
in anticipation of the collection of the installment
and interest pursuant to the Iprovisions 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, 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 City of Pontiac shall
fail or neglect to account to the County Treasurer of the County
of Oakland for the amount of any special assessment installment and
-2--
-<--
CtLirinan
interest, for the Joslyn 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 an 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,
I move the adoption of the foregoing resolution.
PUBLIC WORKS COMMITTEE
-3-
March 18th signature this day of , A.D. 1971.
ADOPTED: Ayes: Olson, Patnaies, Perinoff, Pernick, Powell, Richards, Szabo,
Wilcox, Aaron, Bowden, Brennan, Daly, Edwards, Harrison, Horton,
Houghton, Kasper, Lennon, :Mainland, Mathews. (20)
Nays: Burley. (1)
Absent: Barakat, Coy, Gabler, Hamlin, Richardson, Simson. (6)
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
2/3rds vote of the members elect at a
County Board of Commissioners, held on
resolution adopted by a
regular meeting of the Oakland
the 18th day of March
1971, the original of which is on file in my office.
IN WITNESS WHEREOF, I have hereunto affixed my official
County Clerk