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Home My WebLink AboutResolutions - 1968.12.17 - 19018DANIEL W. BARRY Commissioner JAMES R. NICHOLS Chid Deputy Commissioner -1=1777-1 RAIN DRAINAGE BOARD By: aniel w. DWB:es j / Eanie rphy OAKLAM) COUNTY DRAIN COMMISSIONER 550 SOUTH TELEGRAPH ROAD PONTIAC, MICHIGAN 48053 FEDERAL 8-4585 December 2, 1968 JAMES E. PEMBERTON Defousy and Chief Engineer HOWARD V. RUMMELL Accounting Supervisor Honorable Supervisors, Oakland County, Michigan Reference: Case Drain Mr. Chairman, Ladies and Gentlemen: The Drainage Board for the Case Drain at a meeting held on the 8th day of November, 1968 adopted a resolution authorizing the issuance of Drain Bonds for the said Case Drain in the aggregate amount of $70,000.00 pursuant to the provisions of the Drain Code of 1956, as amended, and other applicable law. In connection herewith 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 Township of Bloomfield of drain assessments at large against the said corpora- tion in amount at least equal to the amount of 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 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 preamble 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 17th day of December , 1968, at 9 .230 o'clock A.M., Eastern Standard Time, which meeting was part of the regular September session of said Board. PRESENT: Bachert, Bawden, Beecher, Birnkrant, Brennan, Brewer, Bryant, Case, Charteris, Clarkson, Cline, Dewan, Doherty, Duncan, Edward, Edwards, Eldridge, Famularo, Fouts, End, Gabler, Grisdale, Hall, Hamlin, Horton; Holyoke, Hursfall, Inwood, Johnson, E. Kephart, J. Kephart, Kramer, Lahti, Lessiter, Levinson, Linley, Long, Mainland, Maly, Mastin, McDonnell, McNamee, Melchert, Melstrom, Miller, Mitchell, O'Donoghue, Oldenburg, Paholak, Peasley, Perinoff; Peterson, Powers, Reid, Remer, Rhinevault, Rusher, Schiffer, Schwartz, Shepherd, Simson, Slavens, Solberg, Stine, Tapp, Taucher, Taylor, Tinsman, Valentine, VanNatta, Wahl, Walker, Webber, Wilcox, Wilmot, Woods. (76) ABSENT: Anderson, Bingham, Colburn, Forbes, Gallagher, Geralds, Nelson, Potter, Smith, Treacy, (10) Misc., 4965 Mr. Valentine The following resolution was offered by and seconded by Mr. Case WHEREAS, proceedings have been taken by the Statutory Drainage Board for the location, establishment and construction gf the Case Drain under the provisions of Act No. 40 of the Michigan Publie Acts of 1956, as amended, pursuant to a petition . filed by the TOwnship of Bloomfield on May 16, 1968; and WHEREAS, the Drainage Board for said Case Drain by resolution on November 8, 1968, authorized and provided for the: issuance of bonds in the aggregate principal amount of $70,000 in anticipation of the collection of an equal amount of unpaid special assessments against the Township of Bloomfield and the County of Oakland of their respective shares of the - cost of said drain, said special assessments having been there- tofore duly confirmed by said Drainage Board; and WHEREAS, said bonds are to be designed Drain Bonds, are to be dated January 1, 1969, will bear interest at a rate not exceeding 5-1/2%, and will not be subject to prior redemp- tion; 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: If (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." ; arid 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 Township of Bloomfield or the County f Oakland shall fail or neglect to account to the County Treasurer of the County of Oakland for the amount of any installment, and -3-- ( interest for the Case 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 Bachert, Bawden, Beecher, Birnkrant, Brennan, Brewer, Case, Charteris, Clarkson, Cline, Dewan, Doherty, Duncan, Edward, Edwards, Famularo, Fouts, Frid, Gabler, Grisdale, Hall, Hamlin, Holyoke, Hursfall, Inwood, Johnson, E. Kephart, J. Kephart, Kramer, Lahti, Lessiter, Levinson, Linley, Long, Mainland, Maly, McDonnell, McNamee, Melchert, Melstrom, Mitchell, Oldenburg, Paholak, Peasley, Perinoff, Peterson, Powers, Reid, Remer, Rhinevault, Rusher, Schiffer, Schwartz, Simson, Slavens, Solberg, Tapp, Taucher, Taylor, Tinsman, Valentine, VanNatta, Wahl, Walker, Webber, Wilcox, Wilmot, Woods. (69) Nays - None. (0) visors of the County of Oakland held on the 17th day of December office. STATE OF MICHIGAN ) ) SS: COUNTY OF OAKLAND ) 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 Super- , 1968, the original of which is on file in my Lynn D. Al len County Clerk By Deputy Clerk Dated: , 1968