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HomeMy WebLinkAboutResolutions - 1991.12.12 - 18457ELeeT AAA() crierzGENscy KeLief - tWie6 oq ks • A 110,',Jre • Mc PA*R5e/3 ti; roeJot Miscellaneous Resolution Number _91.3.01 By: Commissioner Serra - 18th District In Re: "Build for Tomorrow Fund" To: The Oakland County Board of Commissioners Date: 12-12-91 Mr. Chairman, Ladies and Gentlemen: WHEREAS the Oakland County Executive has stated that the County must encourage reinvestment in older urban communities and WHEREAS many older cities in Oakland County have experienced significant financial difficulties, budget cuts and reductions in State and Federal assistance and WHEREAS the Oakland County Board of Commissioners has previously considered the establishment of a revolving fund to provide capital for infrastructure improvements and other public works projects in older communities and WHEREAS such a fund could be financed with bond sales, loans would be repaid by municipalities and the ultimate cost to the County should be nothing and WHEREAS the Federal Government, through enactment of the Transportation package, has recognized the validity of "public works" projects as a means of providing employment and stimulating the economy and WHEREAS unemployment in Michigan remains at unnacceptably high levels which exceed the national unemployment rate and WHEREAS hundreds of thousands of homeless and underemployed Michigan residents are desperate for well-paid, low skill jobs in construction and public works and WHEREAS the delinquent tax revolving fund has accumulated significant amounts of money (the Statement of Receipts up to 10-31-91 showed $8.3 million and that tax collections were $1.1 million ahead of budget) which could be used to provide initial financing for the establishment of such a revolving fund; NOW THEREFORE BE IT RESOLVED that the 1992 budget be amended to reflect a reduction of $1 million from the delinquent tax revolving fund with said money designated for use as loans to municipalities with significant public works and infrastructure improvement projects, to be approved by the Board of Commissioners. Be it Further Resolved that interest on the loans shall be zero and that no single project requiring more than $200,000.00 shall be approved and no municipality may recieve more than one such loan. Projects involving a 50% or greater match of funds by the municipality shall be favored for approval. Loans shall be repaid over a period of ten years unless another time period is specified in individual contracts between the County and the municipality. Other restrictions may be imposed, on a case by case basis, by the Board of Commissioners. #91301 December 12, 1991 The Vice Chairperson referred the resolution to the General Government Committee and the Finance Committee. There were no objections.