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Home My WebLink AboutResolutions - 1968.08.27 - 18877DANIEL W. BARRY Commissioner JAMES E. PEMBERTON Deputy and Chief Engineer HOWARD V. RUMMELL Accovving Strpervisor JAMES R NICHOLS Chiej De Pray Commissioner August 8, 1968 Drain Drainage Board By a Hamlin ' Membe 714 .1 By 1 114 . •• •: • • • Danie' -..:Mtirtl74/ ii7774r .--.56t11"------- 1 OAKLAND COUNTY DRAIN COMMISSIONER 550 SOUTH TELEGRAPH ROAD PONTIAC, MICHIGAN 48053 FEDERAL 8-4585 Honorable Board of Supervisors, Oakland County, Michigan Reference: Guyer Drain Mr. Chairman, Ladies & Gentlemen: There is submitted to you herewith a certified copy of a resolution adopted by the Drainage Board for the Guyer Drain authorizing the issuance of Drain Bonds in the aggregate amount of $165,000.00 pursuant to the provisions of Chapter 20, of the Drain Code of 1956, as amended, and other applicable law. Also submitted to you herewith is a form of proposed resolution for adoption by the Board of Supervisors for the purpose of pledoino the full faith and credit of the County of Oakland as secondary security for the prompt payment of said Drain Bonds. The said Drain Bonds are issued in anticipation of the payment by the City of Pontiac of draitvassessments at large against said public corporation in aggregate amount6f least equal to the amount of said bonds. The full faith and credit of the said Public corporation is pledged, by law, to the prompt payment of said assessments and the interest thereon when due. The law further authorizes and obligates the said public corporation to levy a tax in an amount sufficient to make said payments (unless other funds are on hand available for said purpose) which tax may be levied without limitation as to rate or amount. The County is entitled by law to recover from said public corporation the amount advanced from County funds at any time in fulfillment of the County's secondary pledge of its full faith and credit. It is respectfully requested that the enclosed resolution be adopted for the reasons set forth in the preambles thereto and because the pledge of the County's full faith and credit will result in a material saving in bond interest to be paid. Very truly yours, At a meeting of the Board of Supervisors of the County of Oakland, State of Michigan, held in the Supervisors Auditorium in the City of Pontiac, Michigan, on the 27th day of August, 1968, at 9 :30 o'clock A.M., Eastern Day- light Time, which meeting was part of the regular June session of said Board. PRESENT: Anderson, Bachert, B eecher, BiLnIsInt,131y-laywer, Bryant., Case, Cline, Colburn Dewan, Doherty, Duncan, Edwarl,_ Edwards, Fldridg_e_„foybes . Fouts Fusilier, Gabler, Hall, Hamlin, Horton, Hursfall, Ingraham, Inwood; Johnson, E. Kephart, J. Kephart, Kramer, Lahti, Lossiter, Levinson, Linley, Long, Mainland, Maly, McDonnell, .Melchert, Melstrom, Miller, Mitchell, O'Donoghue, Oldenburg, Peasley, Perinoff, Potter, Powers, Reid, Remer, Rhinevault Rusher, Schiffer, Shepherd, S.imsan,_31aVenamill, Taylor, Tinsman Valentipi, Walker, Webber, Wilcox, Wilmot, Woods. (70) ABSENT: Charteris, Clarkson, Famularo, Frid, Gallagher, Geralds, Grisdale, Lyon, Mastin, McNamee, Nelson, P.aholak, Peterson, Schwartz, Stine, • Treacy. (16) Misc. 4910 The following resolution was offered by Potter • and seconded by Walker WHEREAS, proceedings have been taken by the Statutory Drainage Board for the location, establishment and construction of the Guyer Drain under the provisions of Act No. 40 of the Michigan Public Acts of 1956, as amended, pursuant to a petition filed by the City of Pontiac on June 26, 1967; and WHEREAS, the Drainage Board for said Guyer Drain by resolution on August 12, 1968, authorized and provided for the issuance of bonds in the aggregate principal amount of $165,000 in anticipation of the collection of an equal amount of unpaid special assessments against the City of Pontiac as its share of the cost of said drain, said special assessments having been theretofore duly confirmed by said Drainage Board; and WHEREAS, said bonds are to be designated Drain Bonds, are to be dated October 1, 1968, will bear interest at a rate not exceeding 6%, and will be subject to prior redemption at times and prices specified in the said resolution of said Drain- age Board authorizing their issuance; and WHEREAS, Section 474 of said Act No. 40, as amended, provides in part as follows: "If any public corporation fails or neglects to account to the county treasurer for the amount of any installment and interest, then the county treasurer shall advance the amount thereof from county funds in the following cases: -2- "(1) If any bonds or other evidence of indebted- ness have been issued to finance a project, the petition for which was filed after June 6, 1961, in anticipation of the collection of the install- ment and interest pursuant to the provisions of this chapter and the board of supervisors has previously acted, by a resolution adopted by a 2/3 vote of its members elect, to pledge the full faith and credit of the county for the prompt payment of the principal of and interest on the bonds or evidences of indebtedness, or "(2) If any bonds or other evidence of indebted- ness have been issued to finance a project, the petition for which was filed prior to June 6, 1961, in anticipation of the collection of the install- ment and interest pursuant to the provisions of this chapter." ; and WHEREAS, said Drainage Board deems it advisable and necessary to obtain from this Board a resolution consenting to the pledge of the full faith and credit of the county on the aforesaid bonds; and WHEREAS, the said drainage project is immediately necessary to protect and to preserve the public health and, therefore, it is in the best interest of the County of Oakland that said bonds be so sold. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE COUNTY OF OAKLAND, MICHIGAN: 1. That pursuant to the authorization provided in Section 474 of Chapter 20 of the Drain Code, the Board of Super- visors of the County. of Oakland does hereby irrevocably pledge the full faith and credit of the County of Oakland and does agree that in the event the City of Pontiac shall fail or neglect to account to the County Treasurer of the County of Oakland for -3- the amount of any installment and interest for the Guyer Drain, when due, then the amount thereof shall be immediately advanced from County funds, and the County Treasurer is directed to immediately 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 said installment and inter- est, it shall be the duty of the County Treasurer, for and on behalf of the County of Oakland, to take all actions and pro- ceedings and pursue all remedies permitted or authorized by law for the reimbursement of such sums so paid. 3. That all resolutions and parts of resolutions insofar as the same may be in conflict with the provisions of this resolution be and the same hereby are rescinded. ADOPTED: Yeas - Anderson, Bachert, Beecher, Bingham, Brennan, Brewer, Bryant, Case, Cline, Colburn, Dewan, Doherty, Duncan, Edward, Edwards, Eldridge, Forbes, Fouts, Fusilier, Gabler, Hall, Hamlin, Horton, Hursfall, Ingraham, Inwood, Johnson, E. Kephart, J. Kephart, Kramer, Lahti, Lessiter, Levinson, Linley, Long, Mainland, Maly, McDonnell, Melchert, Melstrom, Miller, Mitchell, O'Donoghue, Oldenburg, Peasley, Perinoff, Potter, Powers, Reid, Remer, Rhinevault, Rusher, Schiffer, Shepherd, Simson, Smith, Solberg, Tapp, Taucher, Taylbr, Tinsman, Valentine, Wahl, Walker, Webber, Wilcox, Wilmot, Woods. (68) Nays - None. (0) Dated: Aug. 27 , 1968 STATE OF MICHIGAN ) ) SS: COUNTY OF OAKLAND ) Chief Deputy 1, the undersigned, the duly qualified and dift-CW ,DQputy County Clerk and/8 of the Board of Supervisors of the County of Oakland, do hereby certify that the foregoing is a true and complete copy of a resolution adopted by a 2/3rds vote of its members elect at the meeting (which was a part of the regular June session) of the Board of Super- visors of the County of Oakland held on the 27th day of August, 1968, the original of which is on file in my office. Chief Deputy County Clerk