HomeMy WebLinkAboutResolutions - 1991.09.26 - 19024Miscellaneous Resolution No. 91210 September 26, 1991
BY: PLANNING AND BUILDING COMMITTEE
LARRY CRAKE, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - PEBBLE CREEK DRAIN
DRAIN BONDS - FULL FAITH AND CREDIT
RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen
WHEREAS, the Drainage Board for the Pebble Creek
Drain, by resolution adopted on September 10, 1991,
authorized and provided for the issuance of drain bonds in
the aggregate principal amount of $3,540,000 to defray the
cost of the Pebble Creek Drain; and
WHEREAS, the bonds are to be designated Drain
Bonds, are to be dated November 1, 1991, will bear interest
at a rate or rates not exceeding 12%, and will be subject to
redemption prior to maturity in accordance with the terms
and conditions set forth in the bond resolution; and
WHEREAS, the Drainage Board deems it advisable and
necessary to obtain from this Board a resolution pledging
the full faith and credit of the County for the payment of
the Drain Bonds; and
WHEREAS, the said drain project is necessary to
protect and preserve the public health, and, therefore, it
is in the best interest of the County of Oakland that the
said bonds be sold.
NOW, THEREFORE, BE IT RESOLVED:
1. That pursuant to the authorization provided in
Section 474 of the Drain Code of 1956, as amended, the Board
of Commissioners of the County of Oakland hereby pledges
irrevocably the full faith and credit of the County of
Oakland for the prompt payment of the principal of and
interest on the Pebble Creek Drainage District Drain Bonds
and agrees that, in the event any public corporation
assessed shall fail or neglect to account to the County
Treasurer of the County of Oakland for the amount of any
special assessment installment and interest when due, the
amount thereof shall be advanced immediately from County
funds, and the County Treasurer is directed to 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 an install-
ment 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 reimbursement of such
sums so paid.
3. That the County Treasurer is authorized to
file with the Department of Treasury of the State of
Michigan a Notice of Intent to Issue an Obligation with
respect to the said Drain Bonds.
Mr. Chairperson, on behalf of the Planning and
Building Committee, I move adoption of the foregoing
resolution.
----PLANNING AND BUILDING COMMITTEE
JAE/09007/0217/CV0/1
-2-
Resolution # 91210 .SEPTEMBER 26, 1991
Moved by Crake supported by Moffitt the resolution be adopted.
AYES: Krause, Law, McConnell, McCulloch, McPherson, Millard, Moffitt,
Oaks, Palmer, Pappageorge, Rewold, Schmid., Serra, Skarritt, Wolf, Aaron, Bishop,
Caddell, Crake, Ferrens, Gosling, Huntoon, Jensen, Johnson. (24)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was
adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND
I, Lynn D. Allen, Clerk of the County of Oakland, do hereby certify that the foregoing
resolution is a true and accurate copy of a resolution adopted by the Oakland County
,Board of Commissioners on September 26, 1991
with the original record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the County
of Oakland at Pontiac, Michigan this 26th , day af—i September „:;., 1991
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