The URL can be used to link to this page

Home My WebLink AboutResolutions - 1968.01.18 - 18899Lilly Drain Board By ..James R. .Nichelt, Acting Chairman J RN':S s DANIEL W. BARRY Commissioner JAMES R. NICHOLS Deptay Coramirrionef OAKLAND COUNTY DRAIN COMMISSIONER 550 SOUTH TELEGRAPH ROAD PONTIAC, MICHIGAN 48053 FEDERAL 8-4585 January 17, 1968 JAMES E. PEMBERTON Chief Engineer HOWARD V. RHIVIMELL Acconnzing Swirerviror Honorable Supervisors Oakland County, Michigan Reference: Lilly Drain Mr. Chairman, Ladies & Gentlemen: The Drainage Board for the Lilly Drain at a meeting held on the 17th day of January, 1968 adopted a resolution authorizing the issuance of Drain Bonds for the said Lilly Drain in the aggregate amount of $235,000.00 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 Southfield 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 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, o'clock A,FL, F:stcrn o f the regu l ar September session of said 1968, at was part Board. S tandard Time, which meeting At a meeting of the -Board. of S.upc2rv1soTs of the County of Oakland, St.-11-e of Michigan, held in the Sup3.:v:Isors Auditorium the 18th in the City of Pontiac, Nichigsn, on 9:30 day of Jan=ry, PRESENT: Bachert, Bailey, Beecher, Bingham, Birnkrant, Brennan, Brewer, Case, Gharteris, Clarkson, Cline, Colburn, Dewan, Doherty, Duncan, Edward, Edwards, Eldridge, E. Fisher, Forbes, Fouts, Frid, FUsilier, 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, 0/Donoghue, Oldenburg, Peasley, Perinoff, Peterson, Potter, Powers, Reid, Remer, Rhinevault, Rusher, Schiffer, Schwartz, Shepherd, Simson, Slavens, Smith, Solberg, Tapp, Taylor, Tinsman, Treacy, Valentine, -- wahl, Walker, ifebber, Wilcox, Wilmot, Wood - (78) ABSENT: Bryant, W„ Fisher,„ GallagherGrisdale l_Jones Laht.il_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 Lilly Drain:on January 17,• 1968, providing for the issuance of $235,000 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 same shall become due. By unanimous consent the said communication and resolu- tion were ordered filed...with the County Clerk. Miscellaneous Resolution No. 48 .17 The following resolution was offered by Mr. Potter Mr and seconded by . Forbes WHEREAS, proceedings have been taken by the Statutory Drainage Board for the location, establish m ent and construction of the Lilly 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 Southfield on March 27, 1967; and WHEREAS, the Drainage Board for said Lilly Drain, by resolution on January 17, 1968 authorized and provided for the issuance of bonds in the aggregate principal amount of $235,000 in anticipation of the collection of an equal amount of unpaid special assessments against the County of Oakland and City of Southfield as their respective shares of the cost of said drain, said special assessments having been theretofore duly confirmed by said Drainage Board; and -2- WHEREAS, said bonds are to bc designated Drain Bonds, are to be dated May 1, 1968, will bear interest at a. rate not exceeding 57 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 public corporation falls or neglects to account to the county treasurer for the amount of any installment and interest, then the county treasurer shall ado:once 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, 1061 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 gnd credit of the county for the prompt payment of the principal of a -ld 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 3- 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 end 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 GAlaAND, MICHIGAN: 1. That pursuant to the authori7;ation 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 Southfield or the County of Oakland shall fail or neglect to account to the County Treasurer of the County of Oaklanl. for the amount of any installment and interest for the Lilly 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 -4- 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- burscmnt 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, Cblburn, Dewan, Doherty, Duncan, Edward, Edwards, Eldridge, E. Fisher, Forbes, Fouts, Frid, Fusilier, 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, O'Donoghue, 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) 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 January, 1968, the original of which is on file in my office. John B. Murphy County Clerk BY Deputy Clerk Dated: January 18 1968