HomeMy WebLinkAboutResolutions - 1962.02.06 - 197723894 Miscellaneous Resolution
BY: Mr. Calhoun
February 6, 1962
Cb-rtisi-Piter
IN RE: Twelve Towns Drain Bond Sale
To the Oakland County Board of Supervisors
• Mr. Chairman, Ladies and Gentlemen:
WHEREAS, the proposal of the Chase—Manhattan Bank and Associates to
purchase the bonds for the Twelve Towns Relief Drains, in the amount of $33,675,000 was
• accepted by the Drainage Board for said project at a meeting held on December 6, 1961;
and
WHEREAS, the said bid produced the lowest net interest cost to the Diainage
District, viz. 3.82524%; and
WHEREAS, all available bond market information prior to the date of sale
indicated that the said issue would be bid at a net interest rate of approximately 4.5%; and
WHEREAS, the lower interest rate reflects a savings to the tax payers of the
Twelve Towns Drainage District of approximately $2,000,000; and
WHEREAS, in our opinion, the securing of the lower interest rate is due, in
a large measure, to the untiring and continued efforts on the part of Claude H. Stevens,
Bond Counsel, and Louis H. Schimmel, Financial Consultant, for the project, and is a
direct reflection of the abilities of both, each in his own specialized field of endeavor;
NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of
Oakland County, Michigan, that a commendation expressing the sincere appreciation of
this Board be extended to Messrs. Stevens and Schimmel for their concerted efforts on behalf
of the Twelve Towns Drainage District, which efforts have resulted in the successful culmin-
ation of a much needed and long—delayed drainage project of such vital interest to thousands
of property owners in Southeastern Oakland County;
BE IT FURTHER RESOLVED, that a copy of this resolution be mailed to
Claude H. Stevens and Louis H. Schimmel, and a copy spread upon the minutes of the
Board.
MR. CHAIRMAN, I move the adoption of thiyresolution.
DRAIN COMMITTEE
David R. Calhoun, Chairman
Mayor Hoard
/,2fohn 81 Huhn
#3894
Moved by Calhoun supported by Ewart the resolution be adopted.
A. sufficient majority having voted therefor, the resolution
was adopted.