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Home My WebLink AboutResolutions - 1968.01.18 - 18897// DANIEL W. BARRY CO-127-9116.60i1Cf JAMES R. NICHOLS Depsity Commissioner JAMES E. PEMBERTON Chief Engineer HOWARD V. RUMMELL Accownsing Supervisor Cogger-Mitchell Drain Board By James R. Nicheisi Acting C OAKLAND COUNTY DRAIN COMMISSION -ER 550 SOUTH TELEGRAPH ROAD PONTIAC, MICHIGAN 48053 FEDERAL 8-4585 January 17, 1968 Honorable Supervisors Oakland County, Michigan Reference: Cogger-Mitchell Drain Mr. Chairman, Ladies & Gentlemen: The Drainage Board for the Cogger-Mitchell Drain at a meeting held on the 17th day of January, 1968 adopted a resolution authorizing the issuance of Drain Bonds for the said Cogger-Mitchell Drain in the aggregate amount of $110,000.00 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 said Drain Bonds. The said Drain Bonds are issued in anticipation of the payment by the City of Lathrup Village of drain assessments at large against said public corporation in the aggregate amount at least equal to the amount of the said bonds. The full faith and credit of 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 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. Yours very truly, ' 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 18th day of January, 1968, 9° * at ,e.to.' o'clock Eastern Standard Time, which meeting was part of the regular _September session of said Board. PRESENT : Bachert, Bailey, Beecher, Bingham, Birnkrant, Brennan, Brewer, Case, Charteris, Clarkson, Cline, Colburn, Dewan, Doherty, Duncan, Edward, Edwards, Eldridge, E. Fisher, Forbes, Fouts, Field, Fusilier, Cabler„ Ceralds, Hagstrom, Hall, Hamlin, Horton, Hudson, Hursfall, Ingraham, - Inwood, Johnson, Kephart, Kramer, Lessiter, Levinson, Linley, Long, - _ - _ Mainland, Maly, Mastin, McAvoy, McDonnell, Nelchert, Melstrom, Miller, • Mitchell, O'Donoghue„ Oldenburg, Vtasley, Perinoff, Peterson, Potter, Powers, Reid, Remer, Rhinevault, Rusher, Schiffer, Schwartz, Shepherd, Simson, Slavens, Smith, Solberg, Tapp, Taylor, Tinsman, Treacy, Valentine, Wahl, Webber, Wilcox, Wilmot, Woods, walker. (78) ABSENT: ant W. 1'1s:het-Lt._ Gallagher Grisdale Jonesijahti2_ Ly9n, 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 Drain a ge Board for the Cogger- Mitchell Drain on January 17, 1968, providing for the issuance of $110,000 of bonds by said Drainage Board of which said Drain Commissioner is Chairman, and requesting that the Board of Super- visors pledge the full faith and credit of the County for the prompt payment of the principal of and interest on said bonds as the same shall become due. By unanimous consent the said communication and resolution were ordered filed with the County Clerk. Miscellaneous Resolution No. 4816 The following resolution was offered by mr. Potter and seconded b y _Mr. Maly WHEREAS, proceedings have been taken by the Statutory Drainage Board for the location, establishment and construction of the Cogger-Mitchell 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 Lathrup Village on September 13, 1967; and WHEREAS, the Drainage Board for said Cogger-Mitchell Drain by resolution on January 17, 1.968 authorized and provided for the issuance of bonds in the aggregate principal amount of $110,000 in anticipation of the collection of an equal amount of unpaid special assessments against the City of Lathrup Village as its share of the cost of said drain, said special assessments having been -2- theretofore duly confirmed by said Drainage Board; and WHEREAS, said bonds are to be designated Drain Bonds, are to be dated May 1, 1968, will bear interest at a rate not exceeding 5% with no coupon exceeding 67, and will be subject to prior redemption at times and prices specified in the said resolu- tion 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 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: "(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 previoosly 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 -3- 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, there- fore, 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 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 Lathrup Village shall fail or neglect to account to the C6unty Treasurer of the County of Oakland for the amount of any installment and interest for the Cogger-Mitchell 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 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 reim- burscrno_nt 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, Flashier, Gabler, Geralds, Hagstrom, Hall, Hamlin, Horton, Hudson, Hursfall, Ingraham, Inwood, Johnson, Kephart, Kramer, Lessiter, Levinson, Linley, Long, Mainland, Maly, Mastin, MeAvoy, McDonnell, Melchert, Melstrom, Miller, Mitchell, OtDonoghue, Oldenburg, Peasley, Perinoff, Peterson, Potter, Powers, Reid, Remer, Rhinevault, Rusher, Schiffer, Shepherd, Simson, Slavens, Smith, Solberg, Tapp, Taylor, Tinsman, Treacy, Valentine, Wahl, Webber, Wilcox, Wilmot, Woods. (76) 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 Jauuary, 1968, the original of which is on file in my office. John D. Murphy County Clerk By Deputy Clerk Dated: January 18 1968