HomeMy WebLinkAboutResolutions - 1990.10.11 - 18312October 11, 1990
MISCELLANEOUS RESOLUTION 90242
BY: FINANCE COMMITTEE- DR. G. WILLIAM CADDELL, CHAIRPERSON
IN RE: DRAIN COMMISSIONER- CONSOLIDATION OF REVOLVING FUNDS
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies, and Gentlemen:
WHEREAS there currently exists a Drain Revolving Fund, a Lake
Improvement Revolving Fund, a Lake Level Advance Fund, and a Dam
Replacement Revolving Fund which were established for Drain Commissioner
projects; and
WHEREAS each fund represents a particular type of activity and was
created to finance project expenses which are repaid with assessment
revenue; and
WHEREAS, depending on the level of activity, some of these funds can
experience a negative cash balance while the others maintain a positive
cash balance; and
WHEREAS consolidating these funds would maintain an overall positive
cash balance in one fund, as well as provide more flexibility to the Drain
Commissioner and reduce the number of financial reports; and
WHEREAS the aggregate funding level authorized by the Board of
Commissioners for all four funds is $1,325,000.
WHEREAS present authorizing requirements specified in Miscellaneous
Resolution #86131 will continue, i.e., funding to pay for the initial
costs of repair, reconstruction, or replacement of dams shall be
authorized by resolution of the Board of Commissioners for proceedings
under the Inland Lake Level Act, repayments to be made by special
assessment against the property owners or municipalities in the assessment
district established pursuant to the statute.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of
Commissioners authorizes the consolidation of the Drain Revolving Fund,
the Lake Improvement Revolving Fund, the Lake Level Advance Fund, and the
Dam Replacement Fund and authorizes the transfer from each fund of the
existing assets, liabilities, and fund equity into the consolidated fund.
Mr. Chairperson, on behalf of the Finance Committee, I move the
adoption of the foregoing resolution.
FINANCa COMMITTE
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Daniet T. Mul)hi, Cow* EXIIM
HalAtrieo
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PROVE THE FOREGOING RESOLUTION
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Resolution # 90242 . October 11, 1990
Moved by Caddell supported by Johnson the resolution be adopted.
AYES: Ferrens, Gosling, Huntoon, Johnson, R. Kuhn, Luxon,
McConnell, McPherson, Moffitt, Oaks, Pappageorge, Pernick, Price, Rewold,
Skarritt, Wolf, Aaron, Bishop, Caddell, Calandro, Chester, Crake. (22)
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 October 11 • 199Q
with the original record thereof now reFaining in my office.
In Testimony Whereof, I have hereunto set ffy hand and affixed the seal of the County
of Oakland at Pontiac, Michigan this 11th day ote:: Octpiri (7/7/1
C:441,e4-4-zor.," „...
Lynn V. Allen, County Clerk
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