ADOPTED - JUNE 10, 2003

Agenda Item No. 12



Introduced by the County Services and Finance Committees of the:



INGHAM COUNTY BOARD OF COMMISSIONERS



RESOLUTION PLEDGING FULL FAITH AND CREDIT TO COOK AND THORBURN DRAINAGE DISTRICT BONDS



RESOLUTION #03-153



At a regular meeting of the Board of Commissioners of the County of Ingham, Michigan, held on the 10TH

day of June, 2003, in Mason, Michigan, there were:



PRESENT: Commissioners Celentino, Dedden, De Leon, Grebner, Holman, Lynch, Minter, Nevin, Schafer, Schor, Severino, Stid, Swope and Thomas

ABSENT: Commissioner Weatherwax-Grant



WHEREAS, the Ingham County Drain Commissioner ("the Commissioner") intends to issue Cook and Thorburn Drainage District Bonds (the "Bonds") pursuant to Section 275 of the Drain Code of 1956, as amended (the "Code"), for drain improvements made within the Cook and Thorburn Drainage District (the "District"); and



WHEREAS, the Commissioner has represented to this Board that the Bonds (i) will be issued in a principal amount not to exceed $800,000; (ii) will mature and be payable as to principal on May 1 of each year commencing not later than May 1, 2005, or such other dates as determined by the Commissioner, with the last such payment due not later than May 1, 2025; (iii) will bear interest at a rate not in excess of 7.0% per annum payable on November 1, 2003 and on the first day of each May 1 and November 1 (or such other dates as determined by the Commissioner) thereafter until maturity; and (iv) will be subject to optional redemption prior to maturity as determined by the Commissioner; and



WHEREAS, although the principal of and interest on the Bonds will be payable first and primarily from the assessments to be made on property within the District as provided in the Code, the Commissioner has requested that the County support the Bonds with a pledge of its full faith and credit as provided in Section 276 of the Code; and



WHEREAS, this Board finds that pledge of its full faith and credit in support of the Bonds will reduce the cost of providing necessary drain improvements in the District and thereby aid the health, welfare and well being of the people of the County and the State of Michigan.



NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:



1. The County pledges its full faith and credit for the prompt payment of the principal of and interest on the Bonds and agrees that it will levy each year such ad valorem taxes as shall (taking into account other available amounts) be necessary for the payment of such principal and interest.





ADOPTED - JUNE 10, 2003

Agenda Item No. 12



RESOLUTION #03-153



2. Any amounts advanced by the County pursuant to the pledge set forth in paragraph 1 above shall be repaid to the County from assessments or reassessments with the District as provided in the Code.



A ROLL CALL VOTE WAS TAKEN AS FOLLOWS:



YEAS: Celentino, Dedden, De Leon, Grebner, Holman, Lynch, Minter, Nevin, Schafer, Schor, Severino, Stid, Swope and Thomas

NAYS: None



ABSTAINING: None



THE RESOLUTION WAS DECLARED ADOPTED.



STATE OF MICHIGAN )

)SS.

COUNTY OF INGHAM )



The undersigned, begin the duly qualified and acting Clerk of Ingham County, Michigan, certifies that the foregoing is a true and complete copy of a resolution duly adopted by the Ingham County Board of Commissioners, at which meeting a quorum was present and remained throughout and that an original thereof is on file in the records of the County. The undersigned further certifies that the meeting was conducted, and public notice of the meeting was given, pursuant to and in full compliance with Act No. 267, Michigan Public Acts of 1976, as amended, and that minutes were kept and will be or have been made available as required thereby.



Dated: June 11, 2003 Mike Bryanton, Ingham County Clerk





COUNTY SERVICES: Yeas: Celentino, Holman, De Leon, Schor, Nevin

Nays: None Absent: Severino Approved 6/3/03



FINANCE: Yeas: Grebner, Swope, Dedden, Hertel, Thomas

Nays: None Absent: Minter Approved 6/4/03