HomeMy WebLinkAboutResolutions - 1991.11.21 - 185732
November 21, 1991
REPORT
BY:
IN RE:
FINANCE COMMITTEE, DR. G. WILLIAM CADDELL, CHAIRPERSON
DRAIN COMMISSIONER - AMENDMENT TO THE INLAND LAKE LEVEL
ACT, MISCELLANEOUS RESOLUTION #91238
The Finance Committee has reviewed Miscellaneous Resolution
#91238 and finds:
1) The proposed amendment would allow the County to pledge
its full faith and credit for payment of notes or bonds
in order to reduce the financing costs for construction
of lake level control facilities.
Any issuance of notes or bonds pledging the full faith
and credit of the County for lake level control will
require an affirmative vote of 2/3 of the Board of
Commissioners.
3) The statutory limit for County debt is $2,763,994,152
(10% of 1991 State Equalized Value). As of October 31,
1991, the outstanding debt is $357,254,151 or
approximately 1.3% of the S.E.V.
4) Finance Committee recommends approval of this resolution.
Mr. Chairperson, on behalf of the Finance Committee, I submit
the foregoing report.
FINANCE COMMITTEE
I:\LAUR\DBAIN\AMENDACT.FR
Misc. Res. # 91238 November 7, 1991
By: General Government Committee
In Re: Drain Commissioner
Amendment to the Inland Lake Level Act
To the Oakland County Board of Commissioners:
Mr. Chairperson, ladies and Gentlemen:
WHEREAS Oakland County utilizes the provisions of the Inland
Lake Level Act, Act 146 of the Public Acts of 1961, to determine
and maintain the normal height and level of water in lakes within
Oakland County, and
WHEREAS in most cases it is necessary to finance the cost of
construction of lake level control facilities over a period of
years because the expense of constructing or maintaining any dam
or other structure is assessed against the taxable property
within the special assessment district benefiting from the lake
level, and
WHEREAS an amendment to Inland Lake Level Act which would
permit a County to pledge its full faith and credit for the
payment of notes or bonds issued by a special assessment district
would reduce the cost of financing the construction of lake level
control facilities, and result in lower assessments against the
taxable property within such special assessment districts, and
WHEREAS the Oakland County Drain Commissioner has prepared
draft language which would amend the Inland Lake Level Act to
permit a County to pledge its full faith and credit for the
payment of lake level notes or bonds, and a copy of the proposed
amendment is attached hereto.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board
of Commissioners supports the adoption of an amendment to the
Inland Lake Level Act to permit a County to pledge its full faith
and credit for the payment of notes and bonds issued by a lake
level special assessment district.
BE IT FURTHER RESOLVED that copies of this resolution be
sent to all Oakland County Legislators and to the Legislative
Agent for the County.
Mr. Chairperson, on behalf of the General Government Committee, I
move the adoption of the foregoing resolution.
AN ACT to Amend the Title of Act 146
of the Public Acts of 1961 and to
add sections 6a and 6b
AN ACT to provide for the determination and maintenance of
the normal height and level of the waters in inland lakes of
this state, for the protection of the public health, safety
and welfare and the conservation of the natural resources of
this state; to authorize the building and maintenance of
dams and embankments to accomplish such purposes; to
authorize the acquisition of lands and other property by
gift, grant, purchase or condemnation proceedings; to
authorize the acceptance of gifts and grants of funds for
the construction and maintenance of such dams and embank-
ments; to authorize the raising of money by taxation and by
special assessments for the purposes of this act; TO
AUTHORIZE THE ISSUANCE OF BONDS AND NOTES; TO AUTHORIZE THE
PLEDGE OF THE FULL FAITH AND CREDIT OF A COUNTY FOR THE
PAYMENT OF BONDS AND NOTES; to prescribe the duties and
powers of boards of -stperv-i-s-o-rs COMMISSIONERS, the conserva-
tion department of Michigan and county drain commissioners
with reference hereto; and to repeal certain acts and parts
of acts.
Sec 6a. THE SPECIAL ASSESSMENT DISTRICT MAY ISSUE
NOTES IN ANTICIPATION OF SPECIAL ASSESSMENTS MADE AGAINST
LANDS IN THE SPECIAL ASSESSMENT DISTRICT OR PUBLIC CORPORA-
TIONS AT LARGE. THE FINAL MATURITY OF THE NOTES SHALL BE
NOT LATER THAN TEN YEARS FROM THEIR DATE. THE NOTES SHALL
NOT BE CONSIDERED TO BE OBLIGATIONS WITHIN THE MEANING OF
ACT NO. 202 OF THE PUBLIC ACTS OF 1943, AS AMENDED, BEING
SECTIONS 131.1 TO 138.2 OF THE MICHIGAN COMPILED LAWS,
UNLESS THE PRINCIPAL AMOUNT THEREOF SHALL EXCEED $500,000.
SEC 6b. A COUNTY BOARD OF COMMISSIONERS BY A
VOTE OF 2/3 OF ITS MEMBERS MAY PLEDGE THE FULL
FAITH AND CREDIT OF A COUNTY FOR THE PAYMENT OF BONDS OR
NOTES ISSUED BY A SPECIAL ASSESSMENT DISTRICT.
JAE/09007/0001/CV8/2
Resolution # 91238_ _ November 21, 1991
Moved by Skarritt supported by Oaks the Finance Committee Report be accepted.
A'sufficient majority having voted therefor, the report was accepted:
Moved by Skarritt supported by Serra the resolution be adopted.
AYES: McConnell, McCulloch, Millard, Moffitt, Oaks, Olsen, Palmer, Pappageorge,
Pernick, Serra, Skarritt, Wolf, Aaron, Bishop, Crake, Ferrens, Gosling, Huntoon, Jensen,
Johnson, Krause. (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 foreping
resolution is a true and accurate copy of a resolution adopted by the Oakland County
Board of Commissioners on November 21, 1991
with the on record flierof 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 21st day or) November 1 991 /- 0 ,
:• ,?1
711-J1, Z-Ounty Clerk