ADOPTED - DECEMBER 8, 2009
Agenda Item No. 16
Introduced by the County Services and Finance Committees of the:
INGHAM COUNTY BOARD OF COMMISSIONERS
RESOLUTION PLEDGING FULL FAITH AND CREDIT TO COOK AND THORBURN DRAIN DRAINAGE DISTRICT 2010 BONDS
RESOLUTION #09-417
Minutes of a regular meeting of the Board of Commissioners of Ingham County, Michigan, held in the Ingham County Courthouse, Mason, Michigan, on December 8, 2009, at 7:30 p.m. local time.
PRESENT: Commissioners Bahar-Cook, Bupp, Celentino, Copedge, Davis, De Leon, Dougan, Grebner, Holman, Koenig, Nolan, Schafer, Schor, and Vickers
ABSENT: Commissioners McGrain and Tennis
The following resolution was offered by Commissioner Celentino 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 Cook and Thorburn and Tributary Drains Watershed Improvements Project (the “Project”) which are being undertaken by the Cook and Thorburn 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 Bonds in the amount of not-to-exceed $10.5 million (the “Bonds”) pursuant to Section 275 of the Act; and
WHEREAS, the principal of and interest on the Bonds will be payable from assessments to be made within the Drainage District; and
WHEREAS, the Ingham County Board of Commissioners (the “Board”) may, by resolution adopted by a majority 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 Bonds pursuant to Section 276 of the Act; and
WHEREAS, the pledge of the full faith and credit of the County to the Bonds will reduce the cost of financing the Project and will be a benefit to the people of the County.
THEREFORE BE IT IS RESOLVED, the Board of Commissioners of the County of Ingham, Michigan:
1. The County pledges its full faith and credit for the prompt payment of the principal of and interest on the Bonds. 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 Bonds 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 Bonds when due.
DECEMBER 8, 2009
Agenda Item No. 16
RESOLUTION #09-417
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 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 Bonds, and to execute any documents or certificates necessary to complete the issuance of the Bonds, 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.
4. All resolutions and parts of resolutions are, to the extent of any conflict with this resolution, rescinded.
YEAS: Commissioners Bahar-Cook, Bupp, Celentino, Copedge, Davis, De Leon, Dougan, Grebner, Holman, Koenig, Nolan, Schafer, Schor, and Vickers
NAYS: None
ABSTAIN: None
COUNTY SERVICES: Yeas: Celentino, Koenig, Holman, Copedge, Grebner, Vickers
Nays: None Absent: None Approved 12/1/09
FINANCE: Yeas: Grebner, Bahar-Cook, Tennis, Davis, Dougan
Nays: None Absent: Nolan Approved 12/2/09
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 December 8, 2009, 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 ninth day of December, 2009.
Mike Bryanton
County Clerk, Ingham County