ADOPTED - NOVEMBER 13, 2001

Agenda Item No. 22

Introduced by the Finance Committee of the:

INGHAM COUNTY BOARD OF COMMISSIONERS

RESOLUTION AUTHORIZING AN ADDITIONAL ADVANCE TO THE INGHAM COUNTY BUILDING AUTHORITY

RESOLUTION #01-335

WHEREAS, the Board of Commissioners has authorized the Building Authority to finance and renovate the Grady Porter Building; and

WHEREAS, the project is underway and provisions are being made for the sale of bonds as authorized; and

WHEREAS, the Board of Commissioners previously authorized an advance of $250,000 to be repaid from the proceeds of the sale; and

WHEREAS, the Authority will incur expenses beyond $250,000 before the proceeds of the sale are received; and

WHEREAS, the Authority has requested an additional advance of $250,000, to be repaid from the proceeds of the sale.

THEREFORE BE IT RESOLVED, that the Board of Commissioners authorizes an additional advance to the Building Authority in the amount of $250,000, for a total of $500,000, to be repaid from the proceeds of the sale.

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

Nays: None Absent: Czarnecki, Lynch Approved 11/7/01