HomeMy WebLinkAboutResolutions - 1970.06.04 - 16463arry W. Horton, Chairman
E. Frank Richardson
Mahlon Jenson,
...lune 4, 1970
RESOLUTION NO, 5398
RE: AMENDMENT TO MISCELLANEOUS RESOLUTION 5360
BY: PUBLIC WORKS COMMITTEE - Mr, Horton
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR, CHAIRMAN, LADIES AND GENTLEMEN!
WHEREAS, by Miscellaneous Resolution 5360, this Board of
Commissioners authorized the Board of County Road Commissioners for
the County of Oakland to borrow a sum not to exceed in the aggregate,
$2,000,000,00, at an interest rate not to exceed 6% per annum; and
NI H. the Board of County Road Commissioners has informed
your Committee that Michigan Bonds are currently selling at interest
rates from (:)80% to 71/2%; and
WHEREAS, your Committee recommends that Miscellaneous Resolution
5360 be amended by raising the maximum interest rate per annum from
6!%- to 71/2.
NOW THEREFORE BE IT RESOLVED that Miscellaneous Resolution 5360
be and the same is hereby amended by raising the maximum interest
rate per annum from 6% to 7g.
BE IT FURTHER RESOLVED that all Resolutions or parts thereof
inconsistent herewith are hereby rescinded,
MR. CHAIRMAN, on behalf of the Public Works Committee, I move
the adoption of the foregoing resolution.
PUBLIC WORKS COMMITTEE
Tames M. Brennan -
George N. Grba
Moved by Horton supported by O'Donoghue the resolution be adopted.
Discussion followed.
Mr. Horton requested that Leroy McEntee, Assistant Corporation
Counsel, be allowed to speak to the Board on this matter. There were
no objections.
Mr. McEntee addressed the Board.
AYES: Bawden, Benson, Coy, Hamlin i„ Horton, Houghten, Kasper,
Mainland, Mastin, Mathews, O'Brien, O'Donoghue, Olson, Patnaies,
Perinoff, Pernick, Powell, Richards, Richardson, Walker, Wilcox. (21)
NAYS: Brennan, Edwards, Szabo. (3)
A sufficient majority having voted therefor, the resolution
was adopted.