2001 - Saginaw County

Board of Commissioners August 14, 2001
the maximum principal amount of bonds to be used, as provided in
Sections 8 and 9 of this contract, to be increased to an amount
which will provide sufficient funds to meet said increased cost
and a similar increase in the installment obligations of the LOCAL
UNIT pledged under the terms of this contract to the payment of
such bonds.
6. The Project shall be acquired by the COUNTY in accordance
with the plans and specifications therefor approved by this
contract; provided, however, that variations from said plans and
specifications may be made without the approval of the LOCAL UNIT
if such variation shall not materially affect such plans and
specifications. All matters relating to engineering plans and
specifications, together with the making and letting of final
contracts for acquisition of the Project, the approval of work and
materials thereunder, and construction supervision, shall be in
the exclusive control of the Commissioner. Any acquisition of
rights-of-way shall be done by the LOCAL UNIT, title to be in the
LOCAL UNIT’s name, and the cost of such acquisition shall be paid
from the proceeds of sale of the bonds.
7. While the bonds remain outstanding, the COUNTY shall be the
owner of the Project, and all existing arrangements between the
COUNTY and the LOCAL UNIT for the operation, maintenance and
administration of the System shall remain in force and shall
govern the relationship of the parties with respect to the Project
and the System.
8. To provide for the construction and financing of the Project
in accordance with the provisions the Act, the Commissioner shall
take the following steps:
(a) The Commissioner will submit to the Board of
Commissioners of the COUNTY a resolution providing for the
issuance of bonds in the aggregate principal amount of not to
exceed One Million Seven Hundred Twenty-Five Thousand Dollars
($1,725,000), except as authorized pursuant to Section 5 of this
contract, to finance costs of the Project. Said bonds shall be
payable as serial bonds, as authorized by law, and shall be
secured primarily by the contractual obligations of the LOCAL UNIT
to pay the annual installments due, plus interest, as hereinafter
provided in this contract, and secondarily, if approved by a
three-fifths (3/5) majority of the members of the Board of
Commissioners, by the full faith and credit of the COUNTY. After
due adoption of the resolution, the Commissioner will take all
steps necessary to effectuate the sale and delivery of the bonds.
(b) The Commissioner shall take all steps necessary to enter
into and execute final construction contracts for the acquisition
and construction of the Project as specified and approved in this
contract, in accordance with the plans and specifications therefor
as approved by this contract. Said contract shall specify a
completion date agreeable to the LOCAL UNIT.
(c) The Commissioner will require and procure from the
contractor or contractors undertaking the actual construction and
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