ADOPTED - SEPTEMBER 15, 1998

Agenda Item No. 10

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

INGHAM COUNTY BOARD OF COMMISSIONERS

RESOLUTION AUTHORIZING THE DRAIN COMMISSIONER ACTING AS

COUNTY AGENT TO REFUND AND REBOND FOR DELHI TOWNSHIP SANITARY

PROJECTS NO. 3 AND NO. 4

RESOLUTION #98-200

A regular meeting of the Board of Commissioners of the County of Ingham, Michigan (the "Board") was held in the Courthouse, Mason on the 15th day of September, 1998, at 7:30 o'clock in the p.m.

The meeting was called to order by Commissioner Sims its Chairperson .

Present: Commissioners Bernero, Czarnecki, Goulet, Grebner, Hunting, Juall, Keefe, McDonald, Pratt, Schafer, Sims, Smiley, Stid

Absent: None

The following preamble and resolution were offered by Commissioner McDonald and

supported by Member Grebner:

WHEREAS:

1. The Charter Township of Delhi has entered into contractual agreements with the County of Ingham by and through the Drain Commissioner as the agent for the County under the provisions of Act 342, Public Acts of 1939, as amended.

2. Pursuant to the aforesaid contractual arrangements the County of Ingham has issued on behalf of the Charter Township of Delhi $4,145,000 Ingham County Sanitary Project No. 3 (Charter Township of Delhi) Bonds, dated July 1, 1990 and currently outstanding in the years 1999 through 2005, inclusive, which bonds are callable on or after May 1, 1999; and $8,875,000 Ingham County Sanitary Project No. 4 (Charter Township of Delhi) Bonds, dated September 1, 1992 and currently outstanding in the years 1999 through 2012, inclusive, callable on or after November 1, 2001.

3. The Township Board is desirous of realizing potential savings that may result from favorable market conditions.

ADOPTED - SEPTEMBER 15, 1998

Agenda Item No. 10

RESOLUTION #98-200

4. The County Board of Commissioners is desirous of assisting in reducing costs to the Township.

NOW, THEREFORE, IT IS RESOLVED:

1. This Board does hereby tentatively approve the advance refunding of the Ingham County Sanitary Project No. 3 (Charter Township of Delhi) Bonds and Ingham County Sanitary Project No. 4 (Charter Township of Delhi) Bonds, in whole or in part and issue bonds therefor in a total aggregate amount of not to exceed Ten Million Dollars ($10,000,000).

2. The County Agent submit to this Board a refunding contract and board authorizing resolution for consideration by the Township Board at the earliest possible date.

3. The recommendation of the County Agent that the County engage the services of the following consultants to accomplish the refunding is hereby approved:

(a) Bond Counsel: Thrun, Maatsch and Nordberg, P.C., 501 S. Capitol, Ste, 500, Lansing, Michigan.

(b) Financial Consultant: ACI Finance, Inc., 1178 N. Meridian Road, Mason, Michigan.

4. The County Agent is hereby authorized and directed to execute and file with the Michigan Department of Treasury a Notice of Intent to Issue Bonds together with good faith and public sale waiver applications, and to file any required application fees therewith or in the alternative to file an application for prior approval.

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

Ayes: Bernero, Czarnecki, Goulet, Grebner, Hunting, Juall, Keefe, McDonald, Pratt, Schafer, Sims, Smiley and Stid

Nays: None

Resolution declared adopted.

Mike Bryanton, Ingham County Clerk

ADOPTED - SEPTEMBER 15, 1998

Agenda Item No. 10

RESOLUTION #98-200

The undersigned duly qualified and acting Clerk of the County of Ingham, Michigan, certifies that the foregoing is a true and complete copy of a resolution adopted by the Board of Commisioners at a statutory meeting held on September 15th , 1998, the original of which resolution is part of the Board's Minutes and further certifies that notice of the meeting was given to the public under the Open Meetings Act, 1976 PA 267, as amended.

Mike Bryanton, Ingham County Clerk

ADMINISTRATIVE SERVICES/PERSONNEL: YEAS: McDonald, Grebner, Hunting, Pratt,

Juall NAYS: None ABSENT: None Approved 9/8/98

FINANCE: YEAS: Goulet, Keefe, McDonald, Grebner, Czarnecki, Bernero

NAYS: None ABSENT: Schafer Approved 9/9/98