ADOPTED - JUNE 8, 2010
Agenda Item No. 6
Introduced by the County Services and Finance Committees of the:
INGHAM COUNTY BOARD OF COMMISSIONERS
PLEDGING FULL FAITH AND CREDIT
TO BLAKSLEE DRAIN DRAINAGE DISTRICT 2010 NOTES
Minutes of a regular meeting of the Board of Commissioners of Ingham County, Michigan, held in the Ingham County Courthouse, Mason, Michigan, on June 8th, 2010, at 6:30 p.m. local time.
PRESENT: Commissioners Bahar-Cook, Celentino, Copedge, Davis, De Leon, Dougan, Grebner, Holman, Koenig, McGrain, Nolan, Schafer, Schor, Tennis, Tsernoglou and Vickers
The following resolution was offered by Commissioner Copedge and supported by Commissioner Grebner:
WHEREAS, pursuant to a petition filed with the Drain Commissioner of the County of Ingham, State of Michigan (the “Drain Commissioner”), proceedings have been taken under the provisions of Act 40, Public Acts of Michigan, 1956, as amended (the “Act”), for the making of certain intra-county drain improvements referred to as the Blakslee Drain Petition Project (the “Project”) which is being undertaken by the Blakslee Drain Drainage District (the “Drainage District”); and
WHEREAS, the Project is necessary for the protection of the public health, and in order to provide funds to pay the costs of the Project, the Drain Commissioner intends to issue the Drainage District’s Note or Notes in an amount not-to-exceed $500,000 (the “Notes”) pursuant to Section 434 of the Act; and
WHEREAS, the principal of and interest on the Notes will be payable from assessments to be made upon benefited properties in the Drainage District; and
WHEREAS, the Ingham County Board of Commissioners (the “Board”) may, by resolution adopted by a majority vote of two-thirds of the members of the Board, pledge the full faith and credit of Ingham County (the “County”) for the prompt payment of the principal of and interest on the Notes pursuant to Section 434 of the Act; and
WHEREAS, the pledge of the full faith and credit of the County to the Notes will reduce the cost of financing the Project and will be a benefit to the people of the County.
THEREFORE BE IT RESOLVED, that the Ingham County Board of Commissioners authorizes the following:
1. The County pledges its full faith and credit for the prompt payment of the principal of and interest on the Notes. The County shall immediately advance sufficient moneys from County funds, as a first budget obligation, to pay the principal of and interest on any of the Notes should the Drainage District fail to pay such amounts when due. The County shall, if necessary, levy a tax on all taxable property in the County, to the extent other available funds are insufficient to pay the principal of and interest on the Notes when due.
ADOPTED - JUNE 8, 2010
Agenda Item No. 6
2. Should the County advance County funds pursuant to the pledge made in this Resolution, the amounts shall be repaid to the County from assessments or reassessments made upon benefited properties in the Drainage District as provided in the Act.
3. The Chairman of the Board, the County Treasurer and any other official of the County, or any one or more of them, are authorized and directed to take all actions necessary or desirable for the issuance of the Notes, and to execute any documents or certificates necessary to complete the issuance of the Notes, including, but not limited to, any applications including applications to the Michigan Department of Treasury, any waivers, certificates, receipts, orders, agreements, instruments, and any certificates relating to federal or state securities laws, rules or regulations.
2. All resolutions and parts of resolutions are, to the extent of any conflict with this resolution, rescinded.
YEAS: Commissioners Bahar-Cook, Celentino, Copedge, Davis, De Leon, Dougan, Grebner, Holman, Koenig, McGrain, Nolan, Schafer, Schor, Tennis, Tsernoglou and Vickers
COUNTY SERVICES: Yeas: Copedge, Schor, Celentino, Grebner, McGrain, Vickers
Nays: None Absent: None Approved 6/1/10
FINANCE: Yeas: Grebner, Tennis, Bahar-Cook, Schor, Holman, Dougan
Nays: None Absent: None Approved 6/2/10
RESOLUTION DECLARED ADOPTED.
Mike Bryanton, County Clerk, Ingham County
STATE OF MICHIGAN )
COUNTY OF INGHAM )
I, Mike Bryanton, the duly qualified and acting Clerk of Ingham County, Michigan (the “County”) do hereby certify that the foregoing is a true and complete copy of a resolution adopted by the Board of Commissioners at a meeting held on June 8th, 2010, the original of which is on file in my office. Public notice of said meeting was given pursuant to and in compliance with Act No. 267 of the Public Acts of Michigan of 1976, as amended.
IN WITNESS WHEREOF, I have hereunto affixed my signature this 9th day of June, 2010.