HomeMy WebLinkAboutResolutions - 1970.03.18 - 16530T;,:TRFTORE BE IT RUSOLVED that the full faith Now a I 4 of
March 19, 1970
RESOLUTION NO 533o.
RE: CITY OF 1 -1rWITW BU't DING AUTHORITY BONDS
SPORT STADIUM
BY CART, W. O'BRIEN
TO THE OAKLAND COUNTY BOARD OF SUPERVISORS
MR, CHAIRMAN, LADIES AN ,
WHEREAS, the City of Pontiac has established a Building Authority'
pursuant *.J: the provisions of Act 31 of the Public Acts of 1948, •Extra•
Session; a.nd
WII*0 5 , said Building Authority is neogtiating to construct a
'.,tajum for the use of the Detroit Lions and the Detroit Tigers;!
and
WHEREAS, the Pontiac Building Authority will issue Bonds pursuo
to said. Act 31; and
q,I believe that the County of Oakland should eledge its
full fAith and credit towards the support of the Pontiac Buildin
Authority Bonds.
the County of 0a.kland is
and interest on the Bonds
fged for the payment of Itko !rinciple of
the Pontiac Building Authox:ity.
MR. CHAIRMAN, T move the adoption of the foregoing re!;qolution•
0' Brie
Mr. O'Brien requested that the resolution be referred
to the Finance Committee.
Mr. Richards requested that the resolution be referred
to the Corporation Counsel for an opinion relative to the
legality of the County Pledging its full faith and credit
in support of the Pontiac Building Authority Bonds.
The Chairman referred the resolution to the Finance
Committee and the Corporation Counsel for an opinion.
There were no objections.