2001 - Saginaw County

Board of Commissioners August 14, 2001
authorized, to open a special depository account with a bank or
trust company to be designated by the Commissioner to be
designated DEBT RETIREMENT FUND - SAGINAW COUNTY WATER SUPPLY AND
SEWAGE DISPOSAL SYSTEM BONDS (CITY OF FRANKENMUTH), sometimes
referred to as the “debt retirement fund,” into which account the
Commissioner shall deposit accrued interest and any premium
received upon delivery of the bonds and all Contractual Payments
as received, and into which account any advances made by the
County pursuant to Section 10 of this resolution shall be
deposited. The moneys from time to time on hand in said debt
retirement fund shall be used solely and only for the payment of
the principal of and interest on the bonds, or, to the extent of
any surplus, to reimburse the County for any advances made
pursuant to Section 10 hereof. The County shall have the right to
invest moneys in the debt retirement account as provided in the
Contract, which investments may be in obligations other than those
of the depository bank or trust company only.
Section 12. The operation, maintenance and administration of
the System and the acquisition and construction of the Project
shall be under the overall jurisdiction and control of the
Commissioner as agency of the County and the provisions in the
Contract relative to such operation, maintenance and
administration are hereby recognized, approved and confirmed.
Section 13. Said bonds shall be in substantially the following
form:
NO. ___
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF SAGINAW
SAGINAW COUNTY WATER SUPPLY AND SEWAGE DISPOSAL SYSTEM BOND
(CITY OF FRANKENMUTH) (GENERAL OBLIGATION LIMITED TAX)
Interest Date of Date of
Rate Maturity Original Issue CUSIP
__________________________________________________________________
_
Registered Owner:
Principal Amount:
Dollars
__________________________________________________________________
_
The County of Saginaw, State of Michigan (the “Issuer”), for value
received, hereby promises to pay to the Registered Owner specified
above, or registered assigns, the Principal Amount specified
above, in lawful money of the United States of America on the Date
of Maturity specified above, with interest thereon from the Date
of Original Issue specified above or such later date to which
interest has been paid, until paid, at the Interest Rate per annum
specified above, first payable on December 1, 2001 and
semiannually thereafter. Principal of this bond is payable at the
_____________ __________ office of ______________________________,
_____________, Michigan, or such other transfer agent as the
331