2001 - Saginaw County

Board of Commissioners August 14, 2001
THIS CONTRACT, made and entered into as of this 1 st day of August,
2001, by and between the COUNTY OF SAGINAW, a Michigan county
corporation (the “COUNTY”), by and through its Public Works
Commissioner, party of the first part, and the CITY OF
FRANKENMUTH, a Michigan public corporation located in the COUNTY
(the “LOCAL UNIT”), party of the second part,
WITNESSETH:
WHEREAS, it is necessary for the public health and welfare of the
present and future residents of the LOCAL UNIT that water supply
and sanitary sewage disposal system improvements (the “Project”)
be constructed to meet the present and future requirements of the
LOCAL UNIT; and
WHEREAS, the COUNTY, under the provisions of Act 185, Public
Acts of Michigan, 1957, as amended (the “Act”), has established a
Department of Public Works for the administration of the powers
conferred upon the COUNTY by the Act, which Department is under
the immediate control of the Public Works Commissioner of the
COUNTY (the “Commissioner”) and under the general control of the
Board of Commissioners of the COUNTY; and
WHEREAS, the Act authorizes a county to acquire water supply
systems and sanitary sewage disposal systems as defined in said
Act, and to improve, enlarge, extend, operate and combine such
systems; and
WHEREAS, by the terms of the Act the COUNTY and the LOCAL
UNIT are authorized to enter into a contract for the acquisition
and financing of the Project and the payment of the cost thereof
by the LOCAL UNIT, with interest, over a period of not exceeding
forty (40) years, and the COUNTY is then authorized, pursuant to
appropriate action by its Board of Commissioners, to issue bonds
of the COUNTY to provide the funds necessary therefor, secured
primarily by the full faith and credit contractual obligations of
the LOCAL UNIT and secondarily by the full faith and credit pledge
of the COUNTY; and
WHEREAS, the Act provides the most practicable and economic
method and means for acquiring and financing the Project so
vitally necessary for the public health and welfare of the
residents of the COUNTY residing in the LOCAL UNIT to be served,
and financing under the Act is expected to result in the lowest
cost for the money necessary to be borrowed for such purpose; and
WHEREAS, plans and an estimate of cost for the Project have
been prepared by Spicer Group, Inc., consulting engineers of
Saginaw, Michigan (the “Engineers”), which said estimate of cost
totals not to exceed $1,725,000; and
WHEREAS, in order to issue bonds of the COUNTY to provide
funds in the amount of not to exceed $1,725,000 to pay said cost,
it is necessary for the COUNTY and the LOCAL UNIT to enter into a
contract, as provided in the Act; and
NOW, THEREFORE, in consideration of the premises and the
covenants of each other, the parties hereto agree as follows:
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