ADOPTED - APRIL 28, 2009
Agenda Item No. 9
Introduced by the County Services and Finance Committees of the:
INGHAM COUNTY BOARD OF COMMISSIONERS
RESOLUTION
PLEDGING LIMITED TAX FULL FAITH AND CREDIT
FOR THE GILBERT AND WEST TOWN INTERCOUNTY DRAIN DRAINAGE DISTRICT
2009 DRAINAGE DISTRICT BONDS
RESOLUTION #09-111
County of Ingham
State of Michigan
Minutes of a regular meeting of the Board of Commissioners of the County of Ingham, State of Michigan, held on the 28th day of April, 2009.
PRESENT: Members Bahar-Cook, Celentino, Copedge, Davis, De Leon, Dougan, Grebner, Holman, Koenig, McGrain, Nolan, Schafer, Schor, Tennis, Thomas and Vickers
ABSENT: None
The following preamble and resolution were offered by Member Celentino and supported by Member Grebner:
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, proceedings have been taken by the Drainage Board for the Gilbert and West Town Intercounty Drain for improvements to the Gilbert and West Town Intercounty Drain (the “Project”) under the provisions of Chapter 8 of the Drain Code; and
WHEREAS, in order to pay all or part of the costs of the Project, the Drainage Board has authorized and provided for the issuance by the Gilbert and West Town Intercounty Drain Drainage District (the “Drainage District”) of bonds designated “2009 DRAINAGE DISTRICT BONDS” (the “Bonds”) in the aggregate principal amount of not to exceed Two Million Nine Hundred Thousand Dollars ($2,900,000) and bearing interest at a rate not to exceed 6% per annum, in anticipation of the collection of an equal amount of special assessments against property and public corporations (including the County of Ingham) in the Counties of Eaton and Ingham in the Drainage District, said special assessments will be duly confirmed as provided in the Drain Code prior to the issuance of the Bonds; and
WHEREAS, ninety-seven percent (97%) of the cost of the Project to be financed by the Bonds has been apportioned by the Drainage Board to Ingham County and three percent (3%) of the cost of the Project to be financed by the Bonds has been apportioned by the Drainage Board to Eaton County; and
ADOPTED - APRIL 28, 2009
Agenda Item No. 9
RESOLUTION #09-111
WHEREAS, the Drainage Board deems it advisable and necessary to obtain from this Board a resolution consenting to the pledge of the full faith and credit of the County of Ingham on the Bonds to the extent of special assessments assessed against property and public corporations in the County; and
WHEREAS, the Project is necessary to protect and preserve the public health, and it is in the best interest of the County of Ingham that the Bonds, in order to be sold at the lowest and most favorable interest cost possible, be secured by a pledge of the full faith and credit of the County of Ingham as authorized by Section 276 of the Drain Code.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE COUNTY OF INGHAM, MICHIGAN:
1. Pursuant to the authorization provided in Section 132 and 276 of the Drain Code, 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 the principal of and interest on the Bonds to the extent of special assessments against property and public corporations in the County, and does agree that in the event that property owners or public corporations in the County shall fail or neglect to account to the County Treasurer of the County of Ingham for the amount of any such special assessment installment and interest (in anticipation of which the Bonds are issued) when due, then the amount thereof shall be immediately advanced from County funds, and the County Treasurer is directed to immediately make such advancement to the extent necessary.
2. 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 the principal of and interest due on the Bonds, 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. Pursuant to Section 265(b)(3)(C)(iii) of the Internal Revenue Code of 1986, as amended, the County of Ingham hereby agrees that the portion of principal amount of the Bonds in an amount not to exceed $2,813,000 shall be allocated to the County of Ingham for the purposes of said Section 265(b)(3)(C)(iii).
3. The issuance and sale of the Bonds is subject to permission being granted therefor by the Department of Treasury of the State of Michigan pursuant to Act 34, Public Acts of Michigan, 2001, as amended, and the County Treasurer is hereby authorized and directed, if necessary, to file with the Department of Treasury an application for approval of the Bonds.
4. The County of Ingham hereby agrees to enter into a Continuing Disclosure Undertaking in order to enable the underwriters of the Bonds to comply with the requirements of Rule 15c2-12 promulgated by the Securities and Exchange Commission. In the Continuing Disclosure Undertaking, the County of Ingham shall agree to provide or cause to be provided, (i) certain annual financial information and operating data, including audited financial statements for the preceding fiscal year, (ii) timely notice of the occurrence of certain material events with respect to the bonds, and (iii) timely notice of a failure by the County of Ingham to provide the required annual financial information on or before the date required in the Continuing Disclosure Undertaking. The Controller, Deputy Controller and County Treasurer are each hereby authorized to execute the Continuing Disclosure Undertaking of the County of Ingham.
5. All resolutions and part of resolutions, insofar as the same may be in conflict with the provisions of this resolution, be and the same hereby are rescinded.
AYES: Members Bahar-Cook, Celentino, Copedge, Davis, De Leon, Dougan, Grebner, Holman, Koenig, McGrain, Nolan, Schafer, Schor, Tennis, Thomas and Vickers
NAYS: None
RESOLUTION DECLARED ADOPTED.
____________________________________
County of Clerk, Ingham County, Michigan
COUNTY SERVICES: Yeas: Celentino, Koenig, Holman, Copedge, Grebner, Vickers
Nays: None Absent: None Approved 4/21/09
FINANCE: Yeas: Grebner, Nolan, Bahar-Cook, Tennis, Davis, Dougan
Nays: None Absent: None Approved 4/22/09
I hereby certify that the foregoing constitutes a true and complete copy of a resolution adopted by the County Board of Commissioners of the County of Ingham, State of Michigan, at a regular meeting held on April 28, 2009, and that said meeting was conducted and public notice of said meeting was given pursuant to and in full compliance with the Open Meetings Act, being Act 267, Public Acts of 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 notice of the aforesaid meeting held on April 28, 2009, contained or was accompanied by the notice attached hereto that stated that the drainage district bonds to be issued by the Gilbert and West Town Intercounty Drain Drainage District to pay part of the cost of improvements to the Gilbert and West Town Intercounty Drain will each include a limited tax full faith and credit pledge of the County of Ingham.
____________________________________
County Clerk, Ingham County Michigan
MEETING NOTICE
County Board of Commissioners
County of Ingham, State of Michigan
At the regular meeting of the County Board of Commissioners of the County of Ingham, Michigan to be held on Tuesday, April 28, 2009 at 7:30 o’clock p.m. prevailing Eastern Time, at the Ingham County Courthouse, 341 S. Jefferson, Mason, Michigan, the Board will consider a resolution entitled the Resolution Pledging Full Faith And Credit the Gilbert and West Town Intercounty Drain Drainage District 2009 Drainage District Bonds, which will contain a limited tax full faith and credit pledge of the County related to the issuance of bonds by the Gilbert and West Town Intercounty Drain Drainage District in an amount not to exceed $2,900,000.
This notice is given pursuant to the requirements of Section 308, Act 34, Public Acts of Michigan, 2001, as amended.
Mike Bryanton
County Clerk