ADOPTED - APRIL 11, 2006
Agenda Item No. 10
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 NOTES
RESOLUTION #06-090
At a regular meeting of the Board of Commissioners of the County of Ingham, State of Michigan (the "Board of Commissioners"), held on the 11th day of April, 2006.
PRESENT: Bahar-Cook, Celentino, Copedge, Dedden, De Leon, Dougan, Hertel, Holman, Schafer, Schor, Severino, Thomas, Vickers, Weatherwax-Grant
The following resolution was offered by Commissioner Schor and seconded by Commissioner Schafer:
WHEREAS, the Ingham County Board of Commissioners has approved a general limited tax pledge for Ingham County Land Bank Fast Track Authority Notes on January 24, 2006 (Resolution #06-006) and now wishes to replace that general pledge with this specific version; and
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 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 purpose; and
WHEREAS, on April 3, 2006 the Board of Directors of the Authority adopted a resolution (the "Authority Resolution") authorizing the issuance of its Series 2006 Note in the aggregate principal amount not to exceed $1,000,000 (the "Note") to pay Project Costs; and
WHEREAS, to enable the Authority to sell the Note to Citizens 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.
THEREFORE BE IT RESOLVED, that Ingham County Board of Commissioners Resolution No. 06-006 is hereby rescinded.
ADOPTED - APRIL 11, 2006
Agenda Item No. 10
RESOLUTION #06-090
BE IT FURTHER 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 due 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, Dedden, De Leon, Dougan, Hertel, Holman, Schafer, Schor, Severino, Thomas, Vickers, Weatherwax-Grant
NAYS: None
ABSENT: Grebner, Nolan
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.
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 11th day of April, 2006, 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
COUNTY SERVICES: Yeas: Schor, De Leon, Holman, Copedge, Severino
Nays: None Absent: Vickers Approved 4/4/06
FINANCE: Yeas: Thomas, Grebner, Dedden, Weatherwax-Grant, Dougan
Nays: None Absent: Hertel Approved 4/5/06