Loading...
HomeMy WebLinkAboutResolutions - 1970.05.21 - 16548-e 5 7 DANIEL W. BARRY Cornmioioffer JAMES R. NICHOLS Chief De Pair Commoler OAKLAND COUNTY DRAIN COMMISSIONER 550 SOUTH TELEGRAPH ROAD PONTIAC, MICHIGAN 48053 FEDERAL 8-4585 May 14, 1970 JAMES E. PEMBERTON Depfay owl Chief Egsrieer HOWARD V. RUMMELL rimancr Officer Honorable Board of Commissioners Oakland County 1200 North Telegraph Road Pontiac, Michigan Reference: LUZ RELIEF DRAINS Mr. Chairman, Ladies and Gentlemen: There is submitted to you herewith a certified copy of a resolution adopted by the Drainage Board for the Luz Relief Drains authorizing the issuance of Drain Bonds in the aggregate amount of $1,250,000.00 pursuant to the provisions of Chapter 20 of the Drain Code of 1956, as amended, and other applicable law. Also submitted to you herewith is a form of proposed resolution for adoption by the Board of County Commissioners for the purpose of pledging the full faith and credit of the County of Oakland as secondary security for the prompt payment of said Drain Bonds. The said Bonds are issued in anticipation of the payment by the Town- ship of Bloomfield and the County of Oakland of drain assessments at large against said public corporations in the aggregate amounts of at least equal to the amount of said bonds. The full faith and credit of said public corporations is pledged, by law, to the prompt payment 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 available for said purpose) which tax may be levied without limitations 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. OAKLAND COUNTY DRAIN COMMISSIONER Honorable Board of Commissioners May 14, 1970 Re: LUZ RELIEF DRAINS Page 2 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. Very truly yours, LUZ RELIEF DRAINAGE BOARD 4 By: mes Nichdls /Acting Chairman JRN:es Enclosures 21st d ay of May , 1970, a o'clock A.M., the 930 At a meeting of the Oakland. County Board of Commissioners, held in the County Building in the City of Pontiac, Michigan on Eastern Standard Time, PRESENT: Aaron, Bawden, Benson, Brennan, Coy, Edwards, Gabler, Grba, Horton, Houghten, Kasper, Mainland, Mastin, Mathews, O'Brien, O'Donoghue, Olson, Patnales, Perinoff, Pernick, Powell, Richards, Richardson, Szabo, Walker. (25) ABSENT: Hamlin, Wilcox. (2) Misc. 5387 IN RE: LUZ DRAIN The following resolution Was offered by and seconded by Mr. Richardson Mr. Horton WHEREAS, proceedings have been taken by the Statutory Drainage Board for the location, establishment and construction of the Luz Relief Drains under the provisions of Act No. 40 of the Public Acts of Michigan of 1956, as amended, pursuant to a petition filed by the Township of Bloomfield on November 27, 1968; and WHEREAS, the said Drainage Board by resolution adopted on May 12, 1970, authorized and provided for the issuance of bonds in the aggregate principal amount of $1,250,000 in anticipation of the collection of an equal amount of special assessments against the Township of Bloomfield and. the County of Oakland as their respective shares of the cost of said drain, said special assessments having been therefore duly confirmed by said Drainage Board; and WHEREAS, said bonds are to be designated Drain 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 474 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 cases: "(1) If any bonds or other evidence of indebted- ness have been.issued to finance a project, the peti- tion for which was filed after June 6, 1961 in anti- cipation of the collection of the installment and in- terest 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 principal of and interest on the bonds or evidence of indebtedness, or "(2) If any bonds or other evidence of indebt7 edness 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 thelprovisions 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 hest interest of the County of Oakland that said bonds be sold. NOW, THEREFORE, BE IT RESOLVED BY THE OAKLAND COUNTY BOARD OF COMMISSIONERS: 1. That pursuant to the authorization provided in Section 474 of Chapter 20 of the Drain Cede of 1956, as amended, the Oakland County Board of Commissioners 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 said Drain Bonds, and does agree that in the event the Township of Bloomfield 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 special assessment installment and interest, for the Luz 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 advance- ment 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 pursue all remedies permitted or authorized by law for the reimbursement of such sums so paid. 3. That all resolutions and parts of resolutions insofar as the same may be in conflict with the provisions of this resolu- tion be and the same hereby are rescinded. ADOPTED: Yeas - Aaron, Bawden, Benson, Coy, Edwards, Gabler, Grba, Horton, Kasper, Mainland, Mastin, Mathews, O'Brien, O'Donoghue, Olson, Patnales, Perinoff, Pernick, Powell, Richards, Richardson, Szabo, Walker.(23) Nays - Brennan. (I) -3- STATE OF MICHIGAN ) )SS: COUNTY OF OAKLAND ) I, the undersigned, the duly.qualified and acting County. Clerk and Clerk of the Oakland County Board of Commissioners, 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 Commissioners held on the 21st day of , 1970, the original:of which is on file in my office. May Lynn Do A1 Ten County Clerk E/ Prank' Richardson 5eO rge N,;> Grba James M. Brennan _ Thomas H. O'Donoghue Mahlon Benson, Jr. RESOLUTION NO. RE: LUZ DRAIN That the attached Resolution is approved by this Committee and transmitted to the Board of Commissioners with the recommendation that same be adopted. PUBLIC WORKS COMMITTEE H CO CI r.i.: Z D . i'•:1 c i_ti C. 1 C) N1 t.........,. . 0 (..)..4. ' _ . ____.__ ..,..„......._..............._ _ .. _ : T '- ..... .'".: ,...:-.-E; i )!P....J.,:)... : .... .. G,''',1:.-.:':: N a kz../ 0 '''' ,',..-.4 _',1 V '7 e 0 - ::- -1-4 --.„ o 1., (.) ,-.. , . Q A, ,'..- , ,..) ,,, .;--. - - • • :-, >7 --1" r'' :, •---- :••,--- ,L. I .,-.1. , T . '-'.r.- ..,-,' ' .--,.% CY, '. i Cr. f'::: ; -, 44------,-----. u.. .5-,--D \. \':•••••••• • >1:1 d y, c' • S >I V • „,•\ t." re.": -1 , t c o/ \ \e•- \ CI! 4-1 \. (3/ VA. a !AI - . \ (3 El V - ir 0 0 (3< C.) H cs- m U)- - H Cl) LU z ,, , ... -- - ••• •••• ,....,_ .;,-..- i) i ( -.L• N 1.1 F..:-; ':-:1; .7) A ,,',.. 11 .I. c-..,' - ('' \ \,•-•.... . ... .. • / (,i;•(:,--• OH': i ci , - • 1 V i - ....., • LH 7 -1 11 r .- \ r cd. Qt1 ! GR . •0,0 D ,.. . , , ... „. ('-,) . 1 :.• ; ' -3 )i L---1 • 7] J 0 D • ‘7„,2 , • N 0 N , 'HLil1i 1-4 > Cr: < L 2 • -3 , r Lf,J.