2001 - Saginaw County

Board of Commissioners June 26, 2001
Exhibit A, as prepared by Spicer Group, Inc., consulting engineers
of Saginaw, Michigan (hereinafter sometimes referred to as the
"Engineers"), and has obtained an estimate of cost and period of
usefulness as shown on Exhibit B; and
WHEREAS, in order to finance the acquisition and construction
of the Project and to issue such bonds, it is necessary that the
County and the Township enter into this Contract; and
WHEREAS, it is also necessary for the County and the Township
to contract relative to the operation and maintenance of the
Project and the use thereof to serve residents and customers of
the Township.
NOW THEREFORE, in consideration of the premises and the
covenants of each other, the parties hereto agree as follows:
1. The County and the Township approve the acquisition and
construction of the Project under the provisions of Act 185, which
Project is described on Exhibit A and is hereby designated
"Taymouth Township 2001 Water Supply System Improvements." The
area to be served by the Project, which consists of the lands in
the Township shown on Exhibit A, is hereby designated "Taymouth
Township 2001 Water Supply System Improvements District"
(hereinafter sometimes referred to as the "District"). The
Project shall consist of a water transmission line and related
appurtenances substantially as indicated on Exhibit A attached
hereto.
2. The County and the Township hereby approve the estimate
of cost of the Project consisting of the items set forth in
Exhibit B attached hereto, and the estimate of 20 years and
upwards as the period of usefulness thereof, all as prepared by
the Engineers.
3. After the execution of this Contract by the County and
the Township, the Board shall take the following steps:
(a) Obtain final construction plans and specifications for the
Project prepared by the Engineers.
(b) Submit to the Board of Commissioners of Saginaw County a
resolution, duly approved and recommended by the Board, providing
for the issuance of bonds in the aggregate principal amount of the
present estimated cost of the Project or such different amount
reflecting any revision in the estimate of cost agreed to by the
County and the Township or reflecting the amount of grant or other
funds available to pay the cost of the Project, maturing serially
as authorized by law, over a period not to exceed twenty (20)
years, which bonds will be secured primarily by the payments
hereinafter provided to be made by the Township, to the making of
which payments the full faith and credit of the Township are
hereby pledged, and secondarily, if 3/5ths of the members elect of
the Board of Commissioners so vote, by the full faith and credit
pledge of the County.
(c) The Board will take all necessary procedures to obtain the
approval or waiver of approval of the Department of Treasury of
the State of Michigan necessary to the issuance of the bonds by
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