HomeMy WebLinkAboutResolutions - 1992.10.08 - 21282NANC\GENERAL\LOANPOLI.MR
1 HERF9Y APPROVE THE FOREGOING RESOLUTIOIV r -
Daniel T. wiurpilyj Cbimity Execitive
MISCELLANEOUS RESOLUTION #92228 October 8, 1992
BY: FINANCE COMMITTEE, DR. G. WILLIAM CADDELL, CHAIRPERSON
IN RE: LOAN OF COUNTY FUNDS POLICY - DRAIN COMMISSIONER REVOLVING FUND
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS Miscellaneous Resolution *89276 requires that funds loaned or
advanced to any local unit of government or any local unit's agency,
commission, authority or board must have the approval of the Oakland County
Commissioners and that such loans or advances must be at an interest rate
no less than the prevailing six month Treasury Bill rate computed and
compounded quarterly and that repayment terms be clearly established; and
WHEREAS a question has been raised whether interest is to be charged
to the Drain Commissioner Revolving Fund; and
WHEREAS loans and advances for a period longer than two years should
be charged interest at the prevailing six month Treasury Bill rate beginning
after the 24th month; and
WHEREAS advances for a period less than two years would be exempt from
interest charges; and
WHEREAS if the loan or advance is for a sum less than $2,000, then no
interest would be charged; and
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of
Commissioners amend the current "Loan of County Funds Policy" .to specify
that:
1) Loans and advances for less than two years be exempt from any
interest charges.
2) That loans and advances for more than two years be charged the
prevailing six month Treasury Bill rate.
3) That the "Loan of County Funds Policy" be amended to exclude
interest charges on funding less than $2,000.
4) That the "Loan of County Funds Policy" be amended to include
interest charges on funding from revolving funds over $2,000 for
Drain Commissioner.
Mr. Chairperson, on behalf of the Finance Committee, I move the
adoption of the foregoing resolution.
FINANCE COMMITTEE
Resolution # 92228 October 8, 1992 .
Moved by Caddell supported by Moffitt the resolution be adopted.
Moved by Moffitt supported by Palmer the resolution be amended in the NOW
THEREFORE BE IT RESOLVED paragraph following "Loan of County Funds Policy", by
adding "as it applies solely to the Drain Commission Revolving Fund"
Vote on amendment:
AYES: Johnson, McConnell, McCullcch, McPherson, Millard, Moffitt, Oaks,
Obrecht, Olsen, Palmer, Pappageorge, Pernick, Price, Schmid, Serra, Skarritt,
Wolf, Caddell, Crake, Ferrens, Gosling, Huntoon, Jensen. (23)
NAYS: Krause, Aaron. (2)
A sufficient majority having voted therefor, the amendment carried.
Vote on resolution, as amended:
AYES: McConnell, Millard, Moffitt, Obrecht, Olsen, Palmer, Schmid,
Skarritt, Wolf, Caddell, Crake, Ferrens, Gosling, Huntoon, Jensen, Johnson. (16)
NAYS: Krause, McCulloch, McPherscn, Oaks, Pappageorge, Pernick, Price,
Serra, Aaron. (9)
A sufficient majority having voted therefor, the resolution, as amended,
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 October 8, 1992
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 8th day of—) October „;.., 19.9?
Lynn/O. Allen, County Clerk