HomeMy WebLinkAboutResolutions - 1991.07.25 - 18505Miscellaneous Resolution No. 91146 , Jul)) 25 , 1991
BY: PLANNING AND BUILDING COMMITTEE
LARRY CRAKE, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - CRAKE 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 Crake Drain, by
resolution adopted on June 18, 1991, authorized and provided
for the issuance of drain bonds in the aggregate principal
amount of $1,940,000 to defray the cost of the Crake 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 Crake 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
PLANNING AND B DING COMMITTEE
APPROVE THE ONG RESOLLMON'
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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 adoption of the foregoing
resolution.
JAE/09007/0198/CP9/2
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July 25, 1991
FISCAL NOTE (Misc. 91146)
BY: FINANCE COMMITTEE, DR. G. WILLIAM CADDELL, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - CRAKE 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 # and finds:
1) The resolution authorizes the issuance of drain bonds
with the County pledging its limited full faith and
credit with the City of Rochester Hills and the State of
Michigan as the primary obligors.
2) The principal amount of the bond issue is $1,940,000 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 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 ($116,594) will be
included in the 1992/1993 Biennial Budget Recommendation.
FINANCE COMMITTEE
I:\LAUR\DRAIN\CRAKEDRN.FN
Resolution # 91146 July 25, 1991
Moved by Moffitt supported by Millard the resolution be adopted.
AYES: McConnell, McCulloch, McPherson, Millard, Moffitt, Oaks,
Olsen, Palmer, Pappageorge, Pernick, Price, Rewold, Schmid, Serra, Skarritt,
Wolf, Aaron, Bishop, Caddell, Ferrens, Gosling, Huntoon, Jensen, Johnson,
Krause, Law. (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 of—) July ?, 1991
Lynni0. Allen, County Clerk