HomeMy WebLinkAboutResolutions - 1984.01.19 - 16529BY: -(>91 I" James E. Lanni
TO ,;THE OArLAND COUNTY BOARD OF COMMISSIONERS
• " •
MISCELLANEOUS RESOLUTION NO. •4mi
January 19, 1984
RE: RESOLUTION APPROVING ISSUANCE OF EDC REFUNDING BOND
ARDyALK SHOPPING CENTER PROJECT REFUNDING)
Mr. Chairman, Ladies and Gentlemen:
WHEREAS, The Economic Development Corporation of the
County of Oakland (the "EDC") has approved the issuance of its
$2,700,000 Limited Obligation Economic Development Refunding
Revenue Bond (Boardwalk Shopping Center Project Refunding) (the
"Bond") by adoption of a Bond Resolution regarding the same on
January 17, 1984, under authority of the Economic Development
Corporations Act, Act No. 338 of the Michigan Public Acts of
1974, as amended; and
WHEREAS, the issuance by the EDC of refunding
obligations for the purpose to be achieved by the Bond, viz., to
repay the outstanding principal amount of the EDC's $2,600,000
Limited Obligation Economic Development Revenue Bond (Boardwalk
Shopping Center Project) dated November 13, 1981 (the "Prior
Bond"), was approved by the EDC in 1981 and was contemplated by
the Project Plan approved by this Board of Commissioners in 1981
with respect to the Prior Bond, all in connection with the
issuance of the Prior Bond; and
WHEREAS, by reason of certain public approval
requirements imposed by the Internal Revenue Code of 1954, as
amended, (but not under Michigan law) issuance of the Bond is now
subject only to approval of this Board of Commissioners following
its public hearing thereon, the EDC having taken all action
necessary to issue the Bond;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
COMMISSIONERS OF THE COUNTY OF OAKLAND, as follows:
1. The issuance of the Bond be and is hereby approved.
aijiel T. MurOhy,
2. The EDC be and is hereby authorized to issue the
Bond and do all things necessary related thereto to achieve the
purposes contemplated by the Act in connection with such
refunding.
3. The County Clerk be and is hereby directed to
provide four certified copies of this resolution to the Secretary
of the Board of the EDC.
I, James E. Lanni moves for adoption of the
foregoing resolution.
YEAS:
NAYS:
Members: R. Kuhn, S. Kuhn, Lanni, Law, McConnell, McDonald,
McPherson, Moffitt, Aelson, Olsen, Page, Per inott, Pernick, Price,
Rewold, Wilcox, Aaron, Caddell, Calandra, DoYon, Foley, Fortino,
riosling, Hobart, Jackson. (25)
Members: None. (0)
ABSENT: Members: Geary. Moore. (2)
ABSTENTIONS: Members: None. (o)
RESOLUTION DECLARED ADOPTED:
Lyyh D. Allen
ceinty Clerk
STATE OF MICHIGAN)
) SS.
COUNTY OF OAKLAND)
I hereby certify that the foregoing is a true and
complete copy of a resolution adopted at a regular meeting of the
Board of Commissioners of the County of Oakland, Michigan held on
the 19th day of January, 1984, the original of which is on file
in my office. Public notice of said meeting was given pursuant
to and in compliance with Act No. 267 of the Michigan Public Acts
of 1976, as amended.
D. Allen
nty Clerk
Dated: January 19 , 1984
FlpTYAPPRON,P= st RESOLUTION 4
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