2001 - Saginaw County

Board of Commissioners June 26, 2001
15. CONSTRUCTION FUND. The remainder of the proceeds of the
sale of the bonds shall be set aside in a construction fund for
the Project and used to acquire and construct the Project in
accordance with the provisions of the Contract.
16. APPROVAL OF MICHIGAN DEPARTMENT OF TREASURY - EXCEPTION
FROM PRIOR APPROVAL. The issuance and sale of the bonds shall be
subject to permission being granted therefor by the Department of
Treasury of the State of Michigan or an exception from prior
approval being granted by the Department of Treasury and the
Public Works Commissioner is authorized to file with the
Department of Treasury a Notice of Intent to Issue an Obligation
and all necessary waivers with respect to the bonds and to pay,
upon the filing of the notice, the filing fee of $100. If an
exception from prior approval is not granted the Public Works
Commissioner shall make application to the Department of Treasury
for permission to issue and sell the bonds as provided by the
terms of this resolution and for approval of the form of Notice of
Sale.
17. SALE, ISSUANCE, DELIVERY, TRANSFER AND EXCHANGE OF
BONDS. The Public Works Commissioner is hereby authorized to
prescribe the form of Notice of Sale for the bonds, to sell the
bonds at not less than 98.5% of par and accrued interest in
accordance with the laws of this State and to do all things
necessary to effectuate the sale, issuance, delivery, transfer and
exchange of the bonds in accordance with the provisions of this
resolution; provided however, the bonds shall not be sold unless
the Township has approved, executed and delivered the Contract and
the County has executed and delivered the Contract. The officers,
agents and employees of the County and the Public Works
Commissioner are authorized to execute such documents and
certificates and to take all other actions necessary and
convenient to facilitate the sale and delivery of the bonds.
18. REPLACEMENT OF BONDS. Upon receipt by the Public Works
Commissioner of proof of ownership of an unmatured bond, of
satisfactory evidence that the bond has been lost, apparently
destroyed or wrongfully taken and of security or indemnity which
complies with applicable law and is satisfactory to the Public
Works Commissioner, the Public Works Commissioner may authorize
the bond registrar and paying agent to deliver a new executed bond
to replace the bond lost, apparently destroyed or wrongfully taken
in compliance with applicable law. In the event an outstanding
matured bond is lost, apparently destroyed or wrongfully taken,
the Public Works Commissioner may authorize the bond registrar and
paying agent to pay the bond without presentation upon the receipt
of the same documentation required for the delivery of a replacement
bond. The bond registrar and paying agent, for each new bond
delivered or paid without presentation as provided above, shall
require the payment of expenses, including counsel fees, which may
be incurred by the bond registrar and paying agent and the County
in the premises. Any bond delivered pursuant the provisions of
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