ADOPTED - DECEMBER 9, 2008

                                                                                                                        Agenda Item No. 14

Introduced by the County Services and Finance Committees of the:

INGHAM COUNTY BOARD OF COMMISSIONERS

RESOLUTION PLEDGING FULL FAITH AND CREDIT FOR THE PROMPT REPAYMENT OF PRINCIPAL AND INTEREST ON THE BURGESS AND BRANCHES DRAIN NOTE 2008

RESOLUTION #08-347

WHEREAS, proceedings have been taken by the Ingham County Drain Commissioner for the maintenance and improvement of the Burgess and Branches Drain under the provisions of Chapter 8 of the Michigan Drain Code of 1956, as amended, pursuant to a petition filed with the Ingham County Drain Commissioner (“Drain Commissioner”); and

WHEREAS, pursuant to said proceedings, a special assessment roll has been prepared and confirmed by the Drain Commissioner in the aggregate principal amount of $677,000, being the total amount to be financed for the project, which special assessments shall be made payable over a period of fifteen (15) years, and shall be payable from the lands benefited according to apportionments made by the Drain Commissioner pursuant to Act 40 of the Public Acts of Michigan, 1956, as amended; and

WHEREAS, the Drain Commissioner by order will authorize and provide for the issuance of the Note by the Burgess and Branches Drain Drainage District (“Drainage District”) payable from the collection of special assessments against the Township of Alaiedon at-large, the Township of Delhi at-large, the County of Ingham at-large and the benefited lands within the Drainage District; and

WHEREAS, said Note is designated as the BURGESS AND BRANCHES DRAIN NOTE 2008, (the "Note") in the aggregate principal amount not to exceed Six Hundred Seventy-seven Thousand Dollars ($677,000), to bear interest at a rate or rates to be hereafter determined but, in any event, not exceeding six percent (6.0%) per annum maturing serially as hereafter determined, in anticipation of the collection of an equal amount of special assessments against property and public corporations in the Drainage District; and

WHEREAS, said Drain has been determined to be necessary for the public health, convenience or welfare of the County of Ingham and it is in the best interest of the County that the Note be issued; and

WHEREAS, the Drain Commissioner deems it advisable and necessary to obtain from this Board a resolution consenting to pledge the full faith and credit of the County of Ingham on the Note.

WHEREAS, the Drain Commissioner also deems it advisable and necessary to obtain from this Board a resolution designating the Note as a “Qualified Tax-Exempt Obligation” as described in Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. 

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

            1.         That pursuant to the authorization contained in said Section 276, of Act 40, Public Acts of Michigan, 1956, as amended, in consideration of the public health and welfare of the County of Ingham, the Board of Commissioners of the County of Ingham does hereby irrevocably pledge the full faith and credit of the County of Ingham for the prompt payment of principal and interest on the Note, and does agree that in the event that the property owners or public corporations in the Drainage District shall fail or neglect to account to the Treasurer of the County of Ingham for the amount of any special assessment installment and interest, when due, then the amount thereof shall be immediately advanced from County funds and the County Treasurer is directed to immediately advance such payment to the extent necessary.  

            2.         That in the event that, pursuant to said pledge of full faith and credit, the County of Ingham advances out of County funds, all or any part of said installment and interest, it shall be the duty of the County Treasurer, for and on behalf of the County of Ingham, to take all actions and proceedings and pursue all remedies permitted or authorized by law for the reimbursement of such sums so paid.

            3.         That the County hereby designates the BURGESS AND BRANCHES DRAIN NOTE 2008 as a qualified tax-exempt obligation as described in Section 265(b)(3) of the Internal Revenue Code of 1986, as amended.  The foregoing resolution is intended to facilitate the sale of the Note.

            4.         That all resolutions and part of resolutions, insofar as the same may be in conflict with the provisions of this resolution, be and the same are hereby rescinded.

COUNTY SERVICES:  Yeas:  Nolan, De Leon, Copedge, Soule, Grebner, Severino

  Nays:  None      Absent:  None        Approved 12/2/08

FINANCE:  Yeas:  Grebner, Hertel, Weatherwax-Grant, Schor, Dougan

     Nays:  None        Absent:  Celentino       Approved 12/3/08

NOTICE OF REGULAR MEETING

BOARD OF COMMISSIONERS OF THE COUNTY OF INGHAM

December 9, 2008

Please take notice that the next regular meeting of the Board of Commissioners of the County of Ingham will be held on Tuesday, December 9, 2008, at 7:30 P.M. in the Board of Commissioners Room located on the third floor of the Ingham County Courthouse, 341 S. Jefferson Street, Mason, Michigan 48854.

The agenda for the meeting will include consideration by the Board of Commissioners of a resolution authorizing the limited tax full faith and credit pledge of the County of Ingham to the Burgess and Branches Drain Note 2008.  The Note is expected to be issued by the Burgess and Branches Drain Drainage District to finance the cost of improvements to the Burgess and Branches Drain.

This notice is given pursuant to Section 308 of Act 34, Public Acts of Michigan, 2001, as amended.

Date: ________________                                           ___________________________                                                                                                                     Mike Bryanton

                                                            Ingham County Clerk