ADOPTED - OCTOBER 26, 2010
Agenda Item No. 4
Introduced by the County Services and Finance Committees of the:
INGHAM COUNTY BOARD OF COMMISSIONERS
RESOLUTION MAKING A LIMITED TAX PLEDGE FOR
BROWNFIELD REDEVELOPMENT AUTHORITY BONDS
RESOLUTION #10-338
At a regular meeting of the Board of Commissioners of the County of Ingham, Michigan (the "County), on October 26, 2010.
PRESENT:
ABSENT:
The following resolution was offered by _________________ and seconded by ___________________:
WHEREAS, proceedings have been taken by the Ingham County Brownfield Redevelopment Authority (the "Authority") to finance the purposes of its brownfield plan, as amended, for City of Lansing parcels only (the "Project") through the issuance of bonds (the “Bonds”) in the aggregate principal amount of not to exceed $2,685,000, in anticipation of the collection of certain tax increment revenues, as described in the Authority’s resolution authorizing the issuance of the Bonds, by the Authority from eligible properties ("Tax Increment Revenues"); and
WHEREAS, the Bonds are to be designated “Brownfield Redevelopment Authority Bonds, Series 2010,” or such other name to be designated by the Authority, will mature not later than August 1, 2026, and will bear interest at a rate or rates not exceeding 6% per annum; and
WHEREAS, it is advisable and necessary to obtain from this Board a resolution making a limited tax pledge for the payment of the principal of and interest on the Bonds; and
WHEREAS, the Project is necessary to protect and preserve the public health as authorized by Act 381, Public Acts of Michigan, 1996, as amended (“Act 381”), and therefore it is in the best interest of the County that the Bonds be sold.
THEREFORE BE IT RESOLVED, that the Board of Commissioners of the County of Ingham:
ADOPTED - OCTOBER 26, 2010
Agenda Item No. 4
RESOLUTION #10-338
1. Pursuant to the authorization provided in Section 17(2) of Act 381, the Ingham County Board of Commissioners does hereby irrevocably pledge the full faith and credit of the County for the prompt payment of the principal of and interest on the Bonds, and does agree, in the event that Tax Increment Revenues collected by the Authority are insufficient to pay principal of or interest on the Bonds, to provide sufficient money in its annual budget, as a first budget obligation, to pay when due, the principal of and interest on the Bonds, and if necessary levy ad valorem taxes on all taxable property with the boundaries of the County, subject to applicable constitutional and statutory tax limitations.
2. In the event that, pursuant to said pledge of full faith and credit, the County advances out of County funds, all or any part of said principal and interest, it shall be the duty of the County Treasurer, for and on behalf of the County, to take all actions and proceedings and pursue all remedies permitted or authorized by law for the reimbursement of such sums so paid.
3. If 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 (“Act 34”), the County Treasurer is hereby authorized and directed to file with the Department of Treasury an application for approval of the Bonds.
4. The County Treasurer is authorized to approve the circulation of a preliminary and final official statement for the Bonds, to cause the preparation of those portions of the preliminary and final official statement that pertain to the County, and to do all other things necessary for compliance with Rule 15c2-12 issued under the Securities Exchange Act of 1934, as amended (the "Rule"). The County Treasurer is authorized to execute and deliver such certificates and to do all other things that are necessary to effectuate the sale and delivery of the Bonds.
5. The County Treasurer is hereby authorized to execute a certificate of the County to comply with the continuing disclosure undertaking of the County with respect to the Bonds pursuant to paragraph (b)(5) of SEC Rule 15c2-12 issued under the Securities Exchange Act of 1934, as amended, and amendments to such certificate from time to time in accordance with the terms of such certificate (the certificate and any amendments thereto are collectively referred to herein as the “Continuing Disclosure Certificate”). The County hereby covenants and agrees that it will comply with and carry out all of the provisions of the Continuing Disclosure Certificate.
6. Pursuant to Section 148(f)(4)(D)(iv) of the Internal Revenue Code of 1986, as amended (the "Code"), the County allocates $2,685,000 of its $5,000,000 limitation under Section 148(f)(4)(D)(i)(IV) of the Code to the Authority and determines that the limitation so allocated bears a reasonable relationship to the benefits received by the County from issues issued by the Authority.
7. 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.
YEAS:
NAYS:
ABSENT:
RESOLUTION DECLARED ADOPTED.
ADOPTED - OCTOBER 26, 2010
Agenda Item No. 4
STATE OF MICHIGAN )
)ss
COUNTY OF INGHAM )
ADOPTED - OCTOBER 26, 2010
Agenda Item No. 4
I, the undersigned Clerk of the County of Ingham, Michigan, hereby certify that the foregoing is a true and complete copy of a resolution duly adopted by the Board of Commissioners at a regular meeting held on the 26th day of October, 2010, the original of which resolution is on file in my office. I further certify that notice of said meeting was given in accordance with the provisions of the open meetings act.
Clerk, County of Ingham
COUNTY SERVICES: Yeas: Copedge, Schor, Celentino, Grebner, McGrain, Vickers
Nays: None Absent: None Approved 10/19/10
FINANCE: Yeas: Grebner, Tennis, Bahar-Cook, Schor, Holman, Dougan
Nays: None Absent: None Approved 10/20/10