ADOPTED - JANUARY 24, 2006

Agenda Item No. 10

Introduced by the County Services and Finance Committees of the:                  

                                  INGHAM COUNTY BOARD OF COMMISSIONERS

RESOLUTION MAKING A LIMITED TAX PLEDGE TO SUPPORT THE INGHAM COUNTY LAND BANK FAST TRACK AUTHORITY NOTES

RESOLUTION #06-006

WHEREAS, Act 258, Public Acts of Michigan, 2003 (the “Land Bank Fast Track Act”) authorizes counties with a Land Bank Fast Track Authority (“the Authority”) to make a limited tax pledge to support the Authority’s bonds or notes at Section 24(2); and

WHEREAS, the limited tax pledge requires a majority vote of the County’s governing body; and

WHEREAS, the Authority plans to acquire tax foreclosed property through the County for the taxes owed; and

WHEREAS, the Land Bank Board is interested in acquiring tax foreclosed and other distressed property for the rehabilitation and construction of affordable housing and is working in conjunction with the Ingham County Housing Commission and others; and

WHEREAS, the Authority is in discussions with financial institutions to secure loans to acquire tax foreclosed and other distressed property for rehabilitation, construction, and banking purposes; and

WHEREAS, the bonds or notes of the authority issued under Section 24 shall be secured by one (1) or more sources of revenue available to the authority, as provided by resolution of the authority, including the special tax and property sale proceeds.

THEREFORE BE IT RESOLVED, that the Ingham County Board of Commissioners pursuant to authorization in the Land Bank Fast Track Act does hereby irrevocably make a limited tax pledge to support the Authority’s note(s) not to exceed $500,000 in 2006.

COUNTY SERVICES:    Yeas:  Schor, De Leon, Copedge, Severino, Vickers

Nays:  None              Absent:  Holman        Approved 1/17/06

FINANCE:  Yeas:  Thomas, Hertel,  Weatherwax-Grant

Nays:  None                 Absent:  Grebner, Dedden, Dougan    Approved 1/1