HomeMy WebLinkAboutResolutions - 1990.04.26 - 16760April 26, 1990
Misc. 90085
By Finance Committee
IN RE: Treasurer - APPLICATION FOR DEPARTMENT OF TREASURY LOAN
APPROVAL - MICHIGAN AERONAUTICS COMMISSION LOAN FOR
OAKLAND/PONTIAC AIRPORT
To the Oakland County Board of Commissioners
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS on May 21, 1981, the County of Oakland
received Loan No. 83944 from the Michigan Aeronautics Commission
for improvements at the Oakland/Pontiac Airport; and
WHEREAS loan approval was not sought from the Michigan
Department of Treasury as required by Public Act 202 of 1943, as
amended; and
WHEREAS the omission of such loan approval was an
unintentional violation of Public Act 202, as County officials
believed that the Michigan Aeronautics Commission had the
authority to make such loans without additional approval from
the Department of Treasury; and
WHEREAS the Department of Treasury and the Attorney
General for Municipal Affairs having reviewed this matter and,
having found the violation to be unintentional, have authorized
corrective action; and
WHEREAS such corrective action involves submitting an
exception from prior approval with the necessary attachments to
the Department of Treasury on or before May 18, 1990; and
WHEREAS the County Treasurer recommends said correc-
tive action be taken to avoid the County being found in viola-
tion of Chapter III, Section 1 of Act 202 of the Public Acts of
1943, as amended, which would result in the County being
precluded from borrowing money or issuing obligations on the
exception from prior approval basis for a period of three (3)
years,
NOW THEREFORE BE IT RESOLVED that the County Treasurer
is hereby authorized and directed to file the exception from
prior approval for the Michigan Aeronautics Commission Loan No.
83944, dated May 21, 1981.
BE IT FURTHER RESOLVED that the Oakland County Board
of Commissioners declares that all current and future borrowing
of the County of Oakland comply with Department of Treasury
legal requirements as set forth in Act 202 of the Public Acts of
1943, as amended.
Mr. Chairperson, on behalf of the Finance Committee, I
move the adoption of the foregoing resolution.
HI.EBY APPROVE THE FORE:OING RESOLU11
ff. lel . ,k ;f.. Linty Exec
FINANCE COMMITTEE
4 ,
Date
Resolution #90085 April 26, 1990
Moved by Caddell supported by Ferrens the resolution be adopted,
AYES: McCulloch, McPherson, Moffitt, Oaks, Olsen, Pappageorge,
Pernick, Price, Rewold, Skarritt, Wolf, Aaron, Bishop, Caddell, Chester, Crake,
Ferrens, Gosling, Huntoon, Jensen, Johnson, R. Kuhn, Law, Luxon, McConnell. (25)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND
I, Lynn D. Allen, Clerk of the County of Oakland, do hereby certify that the foregoing
resolution is a true and accurate copy of a resolution adopted by the Oakland County
Board of Commissioners on April 26. 1990
with the on record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed . the seal of the County
of Oakland at Pontiac, Michigan this 26th day of April
EJñi 0. Allen, County Clerk