HomeMy WebLinkAboutResolutions - 1991.07.25 - 18504Miscellaneous Resolution No. 91145 , July 25 , 1991
BY: PLANNING AND BUILDING COMMITTEE
LARRY CRAKE, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - LUEDERS DRAIN
DRAIN BONDS -REVISED FULL FAITH AND
CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen
WHEREAS, the Drainage Board for the Lueders Drain,
by resolution adopted on June 25, 1991, authorized and
provided for the issuance of drain bonds in the aggregate
principal amount of $4,660,000 to defray the cost of the
Lueders Drain; and
WHEREAS, the bonds are to be designated Drain
Bonds, are to be dated August 1, 1991, will bear interest at
a rate or rates not exceeding 12%, and will be subject to
redemption prior to maturity in accordance with the terms
and conditions set forth in the bond resolution; 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 Lueders 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
assessment installment and interest when due, the amount
adoption of the foregoing
PLANNING-AND B G COMMITTEE
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 all actions and proceedings and pursue all remedies
permitted or authorized by law for the reimbursement of such
sums so paid.
3. That the County Treasurer is authorized to
file with the Department of Treasury of the State of
Michigan a Notice of Intent to Issue an Obligation with
respect to the said Drain Bonds.
Mr. Chairperson, on behalf of the Planning and
Building Committee, I move
resolution.
---79y APPROVE THY FORECIAG riFw
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July 25, 1991
FISCAL NOTE (Misc. 91145)
BY: FINANCE COMMITTEE, DR. G. WILLIAM CADDELL, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - LUEDERS DRAIN, DRAIN BONDS - REVISED
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 # and finds:
1) The resolution revises the issuance of limited full faith
and credit drain bonds authorized by Miscellaneous
Resolution #91059 adopted April 11, 1991. The revision
adds the State of Michigan as a primary obligor (along
with the City of Rochester Hills as noted in the original
fiscal note). Also, the principal amount of the bond
issue has been reduced from $6,525,000 to $4,660,000.
The bond issue will bear an interest rate not to exceed
12%.
The statutory limit for County debt is $2,576,598,537
(10% of 1990 State Equalized Value). As of June 30,
1991, the outstanding debt is $377,229,151 or approxi-
mately 1.5% of the S.E.V.
Payment of the County's portion ($121,626) will be
included in the 1992/1993 Biennial Budget Recommendation.
FINANCE COMMITTEE
I:\LAUR\DRAIN\LUEDERS2.FN
Resolution • 91145 July 25, 1991
Moved by Moffitt supported by Bishop the resolution be adopted.
AYES: Law, McConnell, McCulloch, McPherson, Millard, Moffitt,
Oaks, Olsen, Pappageorge, Pernick, Price, Rewold, Schmid, Serra, Skarritt,
Wolf, Aaron, Bishop, Caddell, Ferrens, Gosling, Huntoon, Jensen, Johnson,
Krause. (26)
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 July 25, 1991
with the original 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 25th day ori July 1991
AL./.
Allen, County Clerk