ADOPTED - NOVEMBER 27, 2001

Agenda Item No. 11

Introduced by the Administrative Services/Personnel and Finance Committees of the :



INGHAM COUNTY BOARD OF COMMISSIONERS



RESOLUTION APPROVING BANK QUALIFICATION OF SEWAGE DISPOSAL SYSTEM BONDS(TOWNSHIP OF ALAIEDON) (LIMITED TAX GENERAL OBLIGATION)



RESOLUTION #01-347



A RESOLUTION TO PROVIDE FOR:

Designation of the County's $1,980,000 Sewage Disposal System Bonds (Township of Alaiedon) (Limited Tax General Obligation) as "qualified tax-exempt obligations" for purposes of deduction of interest expense by financial institutions under the Internal Revenue Code of 1986, as amended.



WHEREAS, the County of Ingham (the County") has previously authorized the issuance of its $1,980,000 Sewage Disposal System Bonds (Township of Alaiedon) (Limited Tax General Obligation) (the "Bonds"); and



WHEREAS, the County has determined that during calendar year 2001 it is not expected that the County and all entities which issue bonds on behalf of the County will issue more than $10,000,000 of obligations, the interest on which is excluded from gross income for Federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended, and consequently the County can designate the Bonds as a "qualified tax exempt obligation" for the purpose of deduction of interest expense by financial institutions; and



WHEREAS, the County has been advised by Stauder Barch & Associates, Inc., the Financial Advisor for the Bonds, that the County would save interest costs if the County designates the Bonds as "qualified tax exempt obligations" for the purpose of deduction of interest expense by financial institutions;



NOW, THEREFORE, BE IT RESOLVED THAT:

1. The County hereby designates the Bonds as "qualified tax exempt obligations" for purposes of deduction of interest expense by financial institutions pursuant to the Internal Revenue Code of 1986, as amended.

2. All resolutions and parts of resolutions insofar as they conflict with the provisions of this resolution be and the same hereby are rescinded.



I hereby certify that the foregoing is a true and complete copy of a resolution duly adopted by the County Board of Commissioners of the County of Ingham, Michigan at a regular meeting held on November 27, 2001 at 7:30 o'clock p.m. prevailing Eastern Time, and that said meeting was conducted and public notice of said meeting was given pursuant to and in full compliance with the Open Meetings Act, being Act 267, Public Acts of Michigan, 1976, and that the minutes of said meeting were kept and will be or have been made available as required by said Act 267.



I further certify that the following Members were present at said meeting: Celentino, Czarnecki, Dedden, De Leon, Hertel, Krause, Lynch, Minter, Schafer, Severino, Stid and Swope and that the following Members were absent: Grebner.



I further certify that Member Stid moved for adoption of said resolution and that Member Krause supported said motion.



ADOPTED - NOVEMBER 27, 2001

Agenda Item No. 11



I further certify that the following Members voted for adoption of said resolution: Celentino, Czarnecki, Dedden, De Leon, Hertel, Krause, Lynch, Minter, Schafer, Severino, Stid and Swope and that the following Members voted against adoption of said resolution: None. Absent: Grebner.





______________________________

Mike Bryanton, Ingham County Clerk

LALIB:110351.1\102814-00003

11/20/01 4:12 PM











ADMINISTRATIVE SERVICES/PERSONNEL: Yeas: Stid, Celentino, Minter, De Leon, Swope

Nays: None Absent: None Approved 11/20/01



FINANCE: Yeas: Czarnecki, Hertel, Schafer, Minter, Swope, Lynch, Krause

Nays: None Absent: None Approved 11/20/01