ADOPTED - MAY 23, 2006

Agenda Item No. 8

 

Introduced by the County Services and Finance Committees of the:

 

INGHAM COUNTY BOARD OF COMMISSIONERS

 

RESOLUTION PLEDGING FULL FAITH AND CREDIT FOR THE BRIARWOOD DRAIN DRAINAGE DISTRICT 2006 DRAINAGE DISTRICT BONDS

 

RESOLUTION #06-135

WHEREAS, Act 40, Public Acts of Michigan, 1956, as amended (the “Drain Code”), authorizes any county to pledge its full faith and credit for the payment of obligations issued thereunder, if the Board of Commissioners of the county has adopted a resolution by a majority vote of its members-elect to that effect; and

WHEREAS, pursuant to the Drain Code proceedings are being undertaken by the Ingham County Drain Commissioner for the construction and financing of an intracounty drainage project designated as BRIARWOOD DRAIN, said project having been determined to be necessary for the public health; and

WHEREAS, pursuant to said proceedings, a special assessment roll has been or will be prepared and duly confirmed by the Drain Commissioner in the aggregate principal amount of not to exceed $3,000,000, being the amount of total estimated financed share cost of the project, which assessments are payable in annual installments over a period of twenty (20) years, commencing 2006, by the Charter Township of Meridian, the Board of County Road Commissioners of the County of Ingham, and benefited lands, according to apportionments to be duly determined by the Drain Commissioner acting pursuant to Section 262 of the Drain Code, said installments bearing interest at such rate of interest as may be necessary to pay interest on obligations payable therefrom; and

WHEREAS, pursuant to the authorization provided in the Drain Code, the Drain Commissioner, by order, will authorize and provide for the issuance of bonds by the Briarwood Drain Drainage District payable from the collection of said special assessments against the Charter Township of Meridian, the Board of County Road Commissioners of the County of Ingham, and the benefited lands on said Roll, said bonds being designated 2006 DRAINAGE DISTRICT BONDS (GENERAL OBLIGATION LIMITED TAX) (the “Bonds”), in the aggregate principal amount of not to exceed $3,000,000, to provide funds to pay part of the costs of the project; and

WHEREAS, the said drainage project is immediately necessary to protect and preserve the public health, and it is to the best interest of the County of Ingham (the “County”) that the Bonds, in order to be sold at the lowest and most favorable interest cost possible to obtain, be secured by a pledge of the full faith and credit of the County as authorized by the Section 276 of the Drain Code.

THEREFORE BE IT RESOLVED, that the Ingham County Board of Commissioners:

That pursuant to the authorization provided in the Drain Code the Board of Commissioners of the County does hereby irrevocably pledge the full faith and credit of the County for the prompt payment of the principal of and interest on the Bonds when due, and pursuant to said pledge, in the event that the collection of special assessments on said roll is insufficient to pay the Bonds or interest thereon when due,  the amount  unpaid  shall be  promptly advanced from County funds as a first  budget obli- gation, and the County Treasurer is directed to immediately make such advancement to the extent necessary.                     

ADOPTED - MAY 23, 2006

Agenda Item No. 8

 

RESOLUTION #06-135

2.   That in the event that pursuant to said pledge of its full faith and credit the County advances out of County funds all or any part of said installments and interest, it shall be the duty of the County Treasurer, for and on behalf of the County, to take all actions and proceedings and pursue all remedies permitted or authorized by law for the reimbursement of such sums so paid, including without limitation the reassessment by the Drain Commissioner of the special assessment roll as provided in Section 276 of the Drain Code.

3.   That to the extent required pursuant to Rule 15c2‑12(b)(5) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934 (the “Rule”), the County shall enter into an undertaking (the “Undertaking”) substantially in the form attached as Exhibit A for the benefit of the holders and beneficial owners of the Bonds to send certain information annually and to provide notice of certain events to certain information repositories pursuant to the requirements of the Rule.  The County Controller and the Treasurer each is authorized to execute and deliver the Undertaking in such form as is required pursuant to the Rule.

4.   That, to the extent permitted by law, it shall take all actions within its control necessary to maintain the exclusion of the interest on the Bonds from adjusted gross income for general federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code"), including but not limited to, actions relating to the rebate of arbitrage earnings, if applicable, and the expenditure of Bond proceeds and moneys deemed to be Bond proceeds.

5.   That all resolutions and parts of resolution 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 adopted by the Board of Commissioners of the County of Ingham, Michigan, at its regular meeting held on May 23, 2006, at 7:30 p.m., Eastern Daylight Time, and that said meeting was conducted and public notice of said meeting was given pursuant to and in full compliance with the Open Meeting 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.

I further certify that the following Commissioners were present at said meeting: Bahar-Cook, Copedge, Dedden, De Leon, Dougan, Grebner, Hertel, Holman, Nolan, Schafer, Schor, Severino, Vickers, Weatherwax-Grant and Celentino and that the following Commissioner was absent:  Thomas.

I further certify that Commissioner Schor moved adoption of said resolution and that Commissioner Nolan supported said motion.

I further certify that the following Commissioners voted for adoption of said resolution:  Bahar-Cook, Copedge, Dedden, De Leon, Dougan, Grebner, Hertel, Holman, Nolan, Schafer, Schor, Severino, Vickers, Weatherwax-Grant and Celentino  and that the following Commissioners voted against adoption of said resolution: none.

                                                                        ________________________________

                                                                                    Mike Bryanton, County Clerk

 


ADOPTED - MAY 23, 2006

Agenda Item No. 8

 

RESOLUTION #06-135

 

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

      Nays:  None    Absent:  None        Approved 5/16/06

 

FINANCE:  Yeas:  Thomas, Hertel, Grebner, Dedden, Weatherwax-Grant, Dougan

    Nays:  None           Absent:  None        Approved 5/17/06