HomeMy WebLinkAboutResolutions - 1970.03.18 - 16516ABSENT: Brennan, Gabler, Hamli (3)
At a meeting of the Board of Supervisors of the County of Oakland,
State of Michigan, held in the County Building in the City of Pontiac,
Michigan, on the 19th day of March 1970, at o'clock
A. M., Eastern Standard Time
PRESENT: Aaron, Bawden, Benson, Coy, Edwards, Grba, Horton,
Houghten, Kasper, Mainland, Mastin, Mathews, O'Brien,
O'Donoghue, Olson, Patnales, Perinoff, Pernick, Powell,
Richards, Richardson, Szabo, Walker, Wilcox. (24)
Misc. 5316
IN RE: WALKER RELIEF DRAINS
The following resolution was offered by Mr. Horton
and seconded by Mr. Walker
WHEREAS, proceedings have been taken by the Statutory Drainage
Board for the construction of the Walker Relief Drains under the provisions
of Chapter 21 of Act No. 40 of the Public Acts of Michigan of 1956, as
amended, pursuant to a petition filed by the City of Madison Heights in
Oakland County and the City of Warren in Macomb County; and
WHEREAS, the said Drainage Board by resolution adopted on
March 11, 1970, authorized and provided for the issuance of bonds in the
aggregate principal amount of $1,425, 000 in anticipation of the collection
of an equal amount of special assessments against the City of Madison
Heights, the City of Warren, the County of Oakland and the County of
Macomb, as the share of each public corporation in the cost of said relief
drains, said special assessments having been therefore duly confirmed
by said Drainage Board; and
WHEREAS, said bonds are to be designated the Walker Relief
Drains Bonds, are to be dated April 1, 1970, will bear interest at a
rate not exceeding 8%, and will be subject to redemption prior to maturity
in accordance with the provisions of the bond resolution; and
WHEREAS, Section 526 of Chapter 21 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 of any installment
and interest, then the county treasurer shall advance the
amount thereof from county funds in the following eases:
"(1) If any bonds or other evidence of indebtedness
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 princi-
pal of and interest on the bonds or evidences of indebted-
ness, or
"(2) If any bonds or other evidence of indebtedness
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 necessary
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 necessary
to protect and preserve the public health and therefore it is in the best
-2-
interest of the County of Oakland that said bonds be sold; and
WHEREAS, the apportionments of the cost of said Walker Relief
Drains against the City of Madison Heights and the County of Oakland
are as follows:
City of Madison Heights 72, 26348%
County of Oakland 91977%
TOTAL 76, 18325%
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
SUPERVISORS OF THE COUNTY OF OAKLAND, MICHIGAN:
1 That pursuant to the authorization provided in Section 526
of Chapter 21 of the Drain Code of 1956, as amended, the Board of
Supervisors of the County of Oakland 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 Walker Relief Drains Drain Bonds and
does agree that in the event 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 amount of any installment and interest for the
Walker Relief Drains, 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 purse all remedies permitted or authorized by law
for the reimbursement of such sums so paid.
-3-
E. -Frank Richardson
//
Mahlon Benson, Jr. eo
James M. Brennan
_
Thomas H. &Donoghue
MR. CHAIRMAN, on behalf of the Public Works Committee, I move
the adoption of the foregoing resolution.
PUBLIC WORKS COMMITTEE
Harry W. Horton, Chairman
ADOPTED: Yeas -
Aaron, Bawden, Benson, Coy, Edwards, Grba, Horton,
Houghten, Kasper, Mainland, Mastin, Mathews, OrDonoghue,
Patnales, Perinoff, Pernick, Powell, Richards, Richardson,
Szabo, Walker, Wilcox. (22)
Nays -
O'Brien, Olson. (2)
DANIEL W. BARRY
Comminfoncr
JAMES E. prNmERT0N
Deprayd Cbief Engineer
HOWARD V. RUMMELL
Finance Officer
JAMES R. NICHOLS
Chief ()op-1y Coini.oner March 13, 1970
Daniel'W. Bd
Sincerely,
Drain Commissioner Setary of the
Drainage Board for the Walke Relief Drains
OAKI: JD COUNTY DRAIN COMMIE, -)NER
550 SOUTH TELEGRAPH ROAD
PONTIAC, MICHIGAN 48053
FEDERAL 8-4585
Hen -arable Board of SuperviSors
County of Oakland
1200 North Telegraph Road
Pontiac, Michigan 48053
Reference: WALKER RELIEF DRAINS (Inter-County Drain)
Mr. Chairman, Ladies and Gentlemen:
There is submitted to you herewith 4 copy of a resolution adopted by the
Drainage Board for the Walker Relief Drains (an Inter-County Drain)
authorizing the issuance of Drain Bonds in the aggregateamount of $1,425,000
pursuant to the authorization provided in Section 526 of Chapter 21 of the
Drain Code. Also submitted to you herewith is a form of proposed resolution
for adoption by the.Board of Supervisors for the purpose of pledging the full
faith and cr6dit of tho County of Oakland as secondary security for the prompt
payment of said bonds.
The said Drain Bonds are issued in antitipation of the payment by the City. of
Madison Heights and the County of Oakland of drain assessments at large against
the said corporations in amount equal tO that portion of the said bonds for
which the public corporations of Oakland County is obligated. The full faith
and credit of said public corporations is pledged, by law, to the prompt pay-
ment of said assessments and the interest thereon when due. The law further
authorizes and obligates the said public corporations to levy a tax in an
amount sufficient to make said payments (unless other funds are on hand and
available for said purpose) which tax may be levied without limitation as to
rate or amount. The County is entitled by law, to recover from said public
corporations the amount advanced from County funds at anytime in fulfillment
of the County's secondary pledge of its full faith and credit.
It is respectfully requested that the enclosed resolution be adopted for the
reasons set forth in the preambles thereto and because the pledge of the
County's full faith and credit will result in a material savings in bond
interest to be paid.
DWB:es
, 1970, the original of which is on file in my office. of March
STATE OF MICHIGAN )
) SS:
COUNTY OF OAKLAND)
I, the undersigned, the duly qualified and acting County Clerk
and Clerk of the Board of Supervisors of the County of Oakland, do
hereby certify that the foregoing is a true and complete copy of a
resolution adopted by a 2/3rds vote of its members-elect at the meeting
of the Board of Supervisors of the County of Oakland held on the 19thday
Lynn D. Al len, County Clerk