ADOPTED - JUNE 26, 2007
Agenda Item No. 18
Introduced by the County Services and Finance Committees of the:
INGHAM COUNTY BOARD OF COMMISSIONERS
RESOLUTION MAKING LIMITED TAX PLEDGE FOR
INGHAM COUNTY LAND BANK FAST TRACK AUTHORITY SERIES 2007B NOTE
RESOLUTION #07-146
At a regular meeting of the Board of Commissioners of the County of Ingham, State of Michigan (the "Board of Commissioners"), held on the 26th day of June, 2007.
PRESENT: Commissioners Bahar-Cook, Celentino, Copedge, De Leon, Dougan, Hertel, Holman, Nolan, Schor, Severino, Soule, Tennis, Thomas and Weatherwax-Grant
The following resolution was offered by Commissioner De Leon and seconded by Commissioner Bahar-Cook:
WHEREAS, the Ingham County Land Bank Fast Track Authority ("the Authority") is in need of funds in an amount not to exceed $1,000,000 to refund the Authority's Series 2006 Note and pay the costs of acquiring, developing, improving, using, assembling and disposing of tax-foreclosed and other distressed property, including necessary administrative and operational costs related thereto ("Project Costs") in accordance with the provisions of the Land Bank Fast Track Act; Act 258, Public Acts of Michigan, 2003 ("Act 258", ) to foster the development of that property and promote economic growth; and
WHEREAS, the Authority is authorized pursuant to section 24 of Act 258 to borrow money and issue its note for such purposes; and
WHEREAS, on June 4, 2007, the Board of Directors of the Authority adopted a resolution (the "Authority Resolution") authorizing the issuance of its Series 2007B Note in the aggregate principal amount not to exceed $1,000,000 (the "Note") to refund the Series 2006 Note and pay Project Costs; and
WHEREAS, to enable the Authority to sell the Note to Capitol National Bank upon the terms set forth in the Authority Resolution, it is necessary that the Board of Commissioners make a limited tax pledge in support of the Note; and
WHEREAS, the Board of Commissioners, by a majority vote, may make a limited tax pledge to support the Note pursuant to section 24(2) of Act 258.
ADOPTED - JUNE 26, 2007
Agenda Item No. 18
RESOLUTION #07-146
BE IT RESOLVED by the Board of Commissioners of the County of Ingham, State of Michigan, as follows:
1. The Board of Commissioners hereby makes its full faith and credit limited tax pledge to support the Note in accordance with the terms of the Authority Resolution. In the event and to the extent that the net revenues of the Authority are not sufficient to pay the principal of and interest on the Note, such principal and interest are payable as a first budget obligation of the County of Ingham (the "County") from its general funds.
The ability of the County to raise such funds is subject to applicable constitutional and statutory limitations on the taxing power of the County.
2. The Chairperson of the Board of Commissioners, the County Treasurer and the County Clerk are hereby authorized to do all things necessary to effectuate the pledge made by this resolution. The County Clerk is hereby directed to deliver a certified copy of this resolution to the Authority.
3. All resolutions and parts of resolutions insofar as they may be in conflict herewith are hereby rescinded.
YEAS: Bahar-Cook, Celentino, Copedge, De Leon, Dougan, Hertel, Holman, Nolan, Schor, Severino, Soule, Tennis, Thomas and Weatherwax-Grant
NAYS: None.
ABSENT: Grebner and Schafer
A majority of the members of the Board of Commissioners of the County of Ingham having voted therefor, the resolution of the Board of Commissioners was adopted.
COUNTY SERVICES: Yeas: De Leon, Nolan, Copedge, Soule, Severino, Dougan
Nays: None Absent: None Approved 6/19/07
FINANCE: Yeas: Celentino, Weatherwax-Grant, Hertel, Tennis, Dougan
Nays: None Absent: Grebner Approved 6/20/07
STATE OF MICHIGAN )
)ss
COUNTY OF INGHAM )
I hereby certify that the foregoing is a true and complete copy of a resolution adopted at a regular meeting of the Board of Commissioners of the County of Ingham, State of Michigan held on the 26th day of June, 2007, the original of which resolution is on file in my office. Public notice of said meeting was given pursuant to and in compliance with Act No. 267, Public Acts of Michigan, 1976, as amended.
Clerk
County of Ingham