ADOPTED - JUNE 22, 1999
Agenda Item No. 9
Introduced by the Administrative Services/Personnel and Finance Committees:
INGHAM COUNTY BOARD OF COMMISSIONERS
RESOLUTION PLEDGING FULL FAITH AND CREDIT TO WEBBERVILLE NO. 2
DRAINAGE DISTRICT BONDS
RESOLUTION #99-152
At a regular meeting of the Board of Commissioners of the County of Ingham, Michigan, held on the 22nd day of June, 1999, at 7:30 p.m., in Mason, Michigan, there were:
PRESENT:
Commissioners Bernero, Czarnecki, Grebner, Juall, Lynch, McDonald, Minter, Pratt, Schmidt,
Severino, Smiley and Stid
ABSENT:
Commissioners Schafer
WHEREAS, the Ingham County Drain Commissioner ("the Commissioner") intends to issue Webberville No. 2 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 Webberville No. 2 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 greater than $500,000 (ii) will mature and be payable as to principal on May 1 of each year commencing not later than May 1, 2000 with the last such payment due not later than May 1, 2014, (iii) will bear interest at a rate not in excess of 7.0% per annum payable on May 1, 2000 and on the first day of each November and May 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 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 22, 1999
Agenda Item No. 9
RESOLUTION #99-152
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 within the District as provided in the Code.
A ROLL CALL VOTE WAS TAKEN AS FOLLOWS:
YEAS: Bernero, Czarnecki, Grebner, Juall, Lynch, McDonald, Minter, Pratt, Schmidt,
Severino, Smiley, and Stid
NAYS: None
ABSTAINING: None
THE RESOLUTION WAS DECLARED ADOPTED.
STATE OF MICHIGAN )
)SS.
COUNTY OF INGHAM )
The undersigned, being 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.
_______________________________
Ingham County Clerk
Dated: June 22, 1999
ADMINISTRATIVE SERVICES/PERSONNEL: Yeas: Czarnecki, McDonald, Lynch,
Severino, Minter Nays: None Absent: None Approved 6/15/99
FINANCE: Yeas: McDonald, Bernero, Grebner, Lynch, Schafer, Juall, Minter
Nays: None Absent: None Approved 6/16/99