HomeMy WebLinkAboutResolutions - 1970.03.18 - 16524March 19, 1970
RESOLUTION NO. 5324
RE: LOAN TO DRAIN REVOLVING FUND
OOTTITTCIION OF AUGUSTA DRAIN
BY: FINANCE COMMITTEE - Mr. Houghten
TO TEE OAKLAND COUNTY BOARD ON SU77RVISOHS
MR. CHAIRMAN, LADIES GENTLEMEN:
wilurdqvs, tho has been established, pursuant to Act 40
of the Public Acts of 1956, as amended, the Augusta Drainage Di -triet;
and
wwqz.as, BQrlds to finance said project have not been sold; and
WHEREAS, it is necessary to acquire Rights-of-Way for con-
struction of the Augusta Drain, the cost of such acquisition is
estimated at $176,000.00; and
WHEREAS, the Drainage Board for the Augusta Drain has re-
quested the County to loan to the Drain Revolving Fund, the sum of
$176,000,00 with interest payable at the rate of 6% per annum,
said principle and interest to be repaid to the County General Fund
upon the sale and delivery of the Bonds for the Augusta Drain or on
April 1, 1971, whichever occurs first; and
V-TIMAS, your Finance Committee recommends to this..
th‘o- the $176,000.00 be loaned to the Au-tn .ta Drainage District.
NOW TIHRF-DRE BE IT RESOLVED that the sum of $176,000,00 be
loaned to the Drain Revolving Fund bearing interest at the rate of
6% per annum, said principle and interest to be repaid to the County
General Fund upon the sale and delivery of the Augusta Drain .Douds
or on April 1, 1971, whichever occurs fir:t.
MR. on behalf of the Finance Committee, I move
the aduAi,:n ',-f:' the foregoing resolution.
Moved by Houghten supported by Grba the resolution be adopted.
Mr. Olson voted 'no'.
A sufficient majority having voted therefor, the resolution was adopted.