HomeMy WebLinkAboutResolutions - 1990.10.11 - 18315Miscellaneous Resolution No. 90246 ,October 11 1990
BY: PLANNING AND BUILDING COMMITTEE
LARRY CRAKE, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - JENSEN DRAIN
DRAIN BONDS - FULL FAITH AND
CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen
WHEREAS, the Drainage Board for the Jensen Drain,
by resolution adopted on September 25, 1990, authorized and
provided for the issuance of drain bonds in the aggregate
principal amount of $995,000 to defray the cost of the
Jensen Drain; and
WHEREAS, the bonds are to be designated Drain
Bonds, are to be dated November 1, 1990, will bear interest
at a rate or rates not exceeding 12%, and will not be
subject to redemption prior to maturity; and
WHEREAS, the Drainage Board deems it advisable and
necessary to obtain from this Board a resolution pledging
the full faith and credit of the County for the payment of
the Drain Bonds; and
WHEREAS, the said drain project is necessary to
protect and preserve the public health, and, therefore, it
is in the best interest of the County of Oakland that the
said bonds be sold.
NOW, THEREFORE, BE IT RESOLVED:
1. That pursuant to the authorization provided in
Section 474 of the Drain Code of 1956, as amended, the Board
of Commissioners of the County of Oakland hereby pledges
irrevocably the full faith and credit of the County of
Oakland for the prompt payment of the principal of and
interest on the Jensen Drainage District Drain Bonds and
agrees that, in the event any public corporation assessed
shall fail or neglect to account to the County Treasurer of
the County of Oakland for the amount of any special assess-
ment installment and interest when due, the amount thereof
shall be advanced immediately from County funds, and the
County Treasurer is directed to make such advancement 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 an install-
ment and interest, it shall be the duty of the County
Treasurer, for and on behalf of the County of Oakland, to
take alr actions and proceedings and pursue all remedies
permitted or authorized by law for the reimbursement of such
sums so paid.
Mr. Chairperson, on behalf of the Planning and
Building Committee, I move adoption of the foregoing resolu-
tion.
',...,PLANNtNG AND BUILDING COMMITTEE
JAE/09007/0199/CE6/1
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LV7/SE9052FN
October 11, 1990
FISCAL NOTE (Misc. 90246)
BY: FINANCE COMMITTEE, DR. G. WILLIAM CADDELL, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - JENSEN DRAIN, DRAIN BONDS - FULL FAITH AND
CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen:
Pursuant to Rule XI-G of this Board, the Finance Committee has
reviewed Miscellaneous Resolution #90246 and finds:
1) The resolution authorized the issuance of drain bonds with the
County pledging its limited full faith and credit as the
secondary obligor, and the City of Rochester Hills as the primary
obligor.
2) The principal amount of the bond issue is $995,000 at an interest
rate not to exceed 12%.
3) The statutory limit for County debt is $2,576,598,537 (10% of
1990 State Equalized Value). As of August 31, 1990, the
outstanding debt is $333,724,002 or approximately 1.3% of the
S.E.V.
4) No budget amendments are necessary.
FINANCE COMMITTEE
Resolution # 90246 October 11, 1990
Moved by Crake supported by Calandro the resolution be adopted.
AYES: McConnell, McPherson, Moffitt, Oaks, Pappageorge, Pernick, Price,
Rewold, Skarritt, Aaron, Bishop, Calandra, Chester, Crake, Ferrens, Gosling,
Huntoon, Jensen, Johnson, R. Kuhn, Luxon. (21)
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, 1990
with the original record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set iny hand and affixed the seal of the County
of Oakland at Pontiac, Michigan this 11th day of4, Octpber 1990
f' '7
4). L.
Lynn g. Allen, County Clerk