HomeMy WebLinkAboutResolutions - 1970.09.03 - 16610btember 3, 1970
547Fc RESOLUTION NO, -
RE: LOAN TO DRAIN REVOLVING FUND
CONSTRUCTION OF OUT DRAfN
BY. ; FINANCE CONE rT7E - Mr. Houghten
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, there has been established, pursuant to Act 40 of
the Public Acts of 1956, as amended, the Drainage District for the
Luz Drain; and
WHEREAS, there are scheduled highway improvements along the
Le of the Drain, said improvements to be done before the
scheduled construction of the Drain; and
LEREAS, it would be feasible to construct the drain prior
to the highway improvements; and
WHEREAS, there are three schools along the route of the drain
for which construction was scheduled after the September opening
of the schools, which would have necessitated the detouring of
school busses and the disruption of ingress and egress to the
school grounds; and
WHEREAS, it at)peared feasible to complete construction prior
to the opening of school; and
WHEREAS, the bonds to finance said project have been sold but
not delivered and will be delivered within SO days; and
WHEREAS, the Drainage Board for the Our Drain has requested
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the County of Oakland to ance the sum of $175,000.00 to pay for
the improvements brior to the delivery of the bonds which sum will
bear interest at the rate of six per cent (6) per annum, said sum
to be repaid on or before November 1, 1970; and
WHEREAS, your Finance Committee recommends to this Board that
the sum of $175,000.00 be loaned to the Luz Drain District,
NOW THEREFORE BE IT RESOLVED that the sum of $175,000.00 he
loaned to the Drainacie District for the Luz Drain, bearing intent
at the rate of six per cent (6) per annum, said principal and
in t erest to be reapid to the County General Fund on or before
November 1, 1970.
MR. C-LATRMAN, on behalf of the Finance Committee, I move the
adopion of the foregoing resolution.
NANCE COMMITTEE
•ary „Abad Bawdeh Albe
Moved by Houghten supported by Bawden the resolution be adopted.
A sufficient majority having voted therefor, the resolution
was adopted.