HomeMy WebLinkAboutResolutions - 1968.01.18 - 18896JAMES E. PEMBERTON
Chief Engineer DANIEL W. BARRY
Commissioner
JAMES It. NICHOLS
Deputy Commissioner
January 17, 1968 HOWARD V. RUMMELL
ccosinting shps,visQr
Yours very truly,
Nichols Relief Drains Board
_14 JamesR.7NichâTS, Noting Chairman / n ,..
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By
,
OAKLAND COUNTY COUNTY DRAIN COMMISSIONER
550 SOUTH TELEGRAPH ROAD
PONTIAC, MICHIGAN 48053
FEDERAL 8-4585
Honorable Supervisors
Oakland County, Michigan
Reference: Nichols Relief Drains
Mr. Chairman, Ladies & Gentlemen:
The Drainage Board for the Nichols Relief Drains at a meeting held on the 17th
day of January, 1968 adopted a resolution authorizing the issuance of Drain Bonds
for the said Nichols Relief Drains in the aogregate amount of $6 0 000,000.00
pursuant to the provisions of the Drain Code of 1956, as amended and other
applicable law. In connection therewith there is submitted to you a form of
proposed resolution for adoption by the Board of Supervisors for the purpose of -
pledging the full faith and credit of the County of Oakland as secondary security
for the prompt payment of $5,825,000.00 being that portion of the said bond issue
to be levied against the Township of Bloomfield and the County of Oakland.
The said Drain Bonds are issued in anticipation of the payment by the Township of
Bloomfield and the County of Oakland of drain assessments at large against each
of said public corporations in the aggregate amount at least equal to the amount
of the said bonds. The full faith and credit of each of said public corporations
is pledged, by law, to the prompt payment of said assessments and the interest
thereon when due. The law further authorizes and obligates each of said public
corporations 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 corporations 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 he 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.
At a meeting of the Ford of Supervisors of the County
of Oakland, State of Nichigan, held in the Supervisors Auditorium
in the City of Pontiac, Michigan, on the 18th day of January,
9:30
1968, at WPM o'clock A.N., Eastern Standard Time, which recting
was part of the regular September session of said Board.
PRESENT: Bachert, Bailey, Beecher, Bingham, Birnkrant, Brennan, Brewer, Case,
Cbarteris, Clarkson, Cline, Celburn, Dewan, Doherty, Duncan, Edward,
miwards, Eldridge, E. Fisher, Forbes, Fouts, Frid, FUsilier, Gabler,
&raids, Hagstrom, Hall, HaMlin, Horton, Hudson, Hursfall, Ingraham
Inwood, Johnson, Kephart, Kramer, Lessiter, Levinson, Linley, Long,
Mainland, Maly, Mastin, McAvoy, McDonnell, Melchert, Melstrom, Miller,
Mitchell, 0' Donoghue, Oldenburg, Peasley, Perinoff,Peterson, Potter,
Powers, Reid, Remer, Rhinevault, Rusher, Schiffer, Schwartz, Shepherd,
Simson, Slavens, Smith, Solberg, Tapp, Taylor, Tinsman, Treacy,Valentine,
"TETTWEbTe-TTVTICaTlariiiot od WZRe (7.)
ABSENT: Bryant, W. Fisher Grisdale,_ Jones ,„_Lahti,_Lyon,. Nelson. (8)
The County Clerk presented to the Board a letter from
the County Drain Commissioner submitting to the Board a certified
copy of a resolution adopted by the Drainage Board for the
Nichols Relief Drains on January 17, 1968, providing for the is-
suance of $5,825,000 of bonds by said Drainage Board of which said
Drain Commissioner is chairman, and requesting that the Board of
Supervisors pledge the full faith and credit of the County for
the prompt payment of the principal of and interest on said bonds
as the some shall become due.
By unanim ous consent: the said communication and resolu-
tion were ordered filed with the County Clerk,
Miscellaneous Resolution No 4815
The following resolution was offered b y Mr. Potter
and seconded byMr. Wilcox • •
WHEREAS, proceedings have been taken by the Statutory
Drainage Board for the location, establishment and construction
of the Nichols Relief Brains under the provisions of Act No. 40
of the" Michigan Public Acts of 1956, as amended, pursuant to a
petition filed by the Township of Bloomfield.on March. 31, 1966; and
WHEREAS, the Drainage Board for said Nichols Relief
Drains by resolution on January 17, 1968 authorized and provided
for the issuance of bonds in the aggregate principal amount of
$5,825,000 in anticipation of the collection of an equal amount
of unpaid special assessments against the County of Oakland and
the Township of Bloomfield as their respective shares of the cost
of said drains, said special assessments having been theretofore
duly confirmed by said Drainage Board; and
WHEREAS, said bonds are to be designated Drain Bonds,
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are to be dated Nay 1, 1963, will bear interest at a rate not
exceeding 5% with no coupon exceeding 6%, and will be subject to
prior redemption at times and prices specified in the said
resolution of said Drainage Board authorizing their issuance; and
WHEREAS, Section 474 of said Act No. 40, as amended,
provides in part as follows:
"If any pijhlic 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:
"(1) If any bonds or other evidence of in-
debtedness have been Issued to finance a project,
the petition for which was filed after June 6, 1961
in anticipation of the collection of the installment
and interest pursuant to the provisions of this
chapter and the board of supervisors has pre-
viously acted, by a resolution adopted by a 213
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
installment and interest pursuant to the provi-
sions of this chapter."
; and
WHEREAS, said Drainage Board deems it advisable and
necessary to obtain from this Board a resolution consenting to
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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 SUPER-
VISORS 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
Supervisors 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 Township of Bloomfield or the County
of Oakland shall fail or neglect to account to the County Treasurer
of the County of: Oakland for the amount of any installk:lent and
interest for the Nichols Relief Drains, 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 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
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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 - Bachert, Bailey, Beecher, Bingham, Birnkrant, Brennan, Brewer,
Case, Charteris, Clarkson, Cline, Colburn, Dewan, Doherty,
Duncan, Edward, Edwards, Eldridge, E. Fisher, Forbes, Fouts,
Frid, Ftsilier, Gabler, Geralds, Hagstrom, Hall, Hamlin, Horton,
Hudson, Hursfall, Ingraham, Inwood, Johnson, Kephart, Kramer,
Lessiter, Levinson, Linley, Long; Mainland, Maly, Mastin,
McAvoy, McDonnell, Melchert,Melstrom, Miller, Mitchell,
OtDonoghte, Oldenburg, Peasley, Perinoff, Peterson, Potter,
Powers, Reid, Berner, Rhinevault, Rusher, Schiffer, Shepherd,
Simson, Slavens, Smith, Solberg, Tapp, Taylor, Tinsman, Treacy,
Valentine, Wahl, Webber, Wilcox, Wilmot, Woods. (76)
Nays: None., (0)
STATE OF MICHIGAN )
) SS.
COUNTY OF OAKLAND )
1, the undersigned, the duly qualified and acting
County Clerk and Clerk 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 •
September session) of the Board of Supervisors of the
County of Oakland held on the 18th day of Janury, 1968 ) the .
original of which is on file in my office..
John B. Murphy
County Cl erk
By
Deputy Clerk
Dated : January 18 _ 1968