ADOPTED - JUNE 8, 2010

                                                                                                                                                     Agenda Item No. 9

Introduced by the County Services and Finance Committees of the:

INGHAM COUNTY OF COMMISSIONERS

RESOLUTION MAKING LIMITED TAX PLEDGE FOR

 INGHAM COUNTY LAND BANK FAST TRACK

 AUTHORITY SERIES 2007A NOTE AND SERIES 2009A NOTE

RESOLUTION #10-186

At a regular meeting of the Board of Commissioners of the County of Ingham, State of Michigan (the "Board of Commissioners"), held on the 8^th day of June, 2010.

PRESENT:           Commissioners      Bahar-Cook, Celentino, Copedge, Davis, De Leon, Dougan, Grebner, Holman, Koenig, McGrain, Nolan, Schafer, Schor, Tennis, Tsernoglou and Vickers

ABSENT:             None

The following resolution was offered by Copedge and seconded by Grebner:

WHEREAS, on July 13, 2007, the Ingham County Land Bank Fast Track Authority (the "Authority") delivered its Series 2007A Note (the "2007A Note") in the principal amount of $3,000,000 to National City Bank (now known as PNC Bank, N.A.) (the "Bank") for the purpose of paying the cost of acquiring, developing, improving, using, assembling and disposing of tax-foreclosed and other distressed property, including necessary administrative and operational costs related thereto in accordance with the Land Bank Fast Track Act, Act 258, Public Acts of Michigan, 2003 ("Act 258"); and

WHEREAS, on October 22, 2009, the Authority delivered its Series 2009A Note (the "2009A Note") in the principal amount of $2,000,000 to Bank for the purpose of paying the cost of acquiring, developing, improving, using, assembling and disposing of tax-foreclosed and other distressed property, including necessary administrative and operational costs related thereto in accordance with the Act; and

WHEREAS, the Board of Commissioners by resolutions adopted on June 26, 2007, and October 13, 2009, made a full faith and credit limited tax pledge to support the Series 2007A Note and the Series 2009A Note, respectively; and

WHEREAS, on May 3, 2010, the Board of Directors of the Authority adopted a resolution (the "Authority Resolution") authorizing amendments to the Series 2007A Note and the Series 2009A Note (the Series 2007A Note as so amended and the Series 2009A Note as so amended are referred to herein as the "Notes") to extend the maturity date of the Notes to July 1, 2013, and to provide for an increase of .35% per annum in the variable rate on the Notes; and

WHEREAS, the Board of Commissioners, by a majority vote, may make a limited tax pledge to support the Notes pursuant to section 24(2) of Act 258.

                                                                                                                                      ADOPTED - JUNE 8, 2010

                                                                                                                                                     Agenda Item No. 9

RESOLUTION #10-186

THEREFORE BE IT 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 Notes in accordance with the terms of the Authority's resolutions authorizing the issuance of the Series 2007A Note and the Series 2009A Note as amended by 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 Notes, 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:                   Commissioners      Bahar-Cook, Celentino, Copedge, Davis, De Leon, Dougan, Grebner, Holman, Koenig, McGrain, Nolan, Schafer, Schor, Tennis, Tsernoglou and Vickers

NAYS:                  None                                                                                                                                                     

ABSTAIN:           None

            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 8^th day of June, 2010, 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.

                                                                        Mike Bryanton, Clerk

                                                                        County of Ingham

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