2001 - Saginaw County

Board of Commissioners August 14, 2001
acquisition of the Project necessary and proper bonds to guarantee
the performance of the contract or contracts and such labor and
material bonds as may be required by law, in such amount and such
forms as may be approved by the Board.
(d) The Commissioner upon receipt of the proceeds of sale of
the bonds will comply with all provisions and requirements
provided for in the resolution authorizing the issuance of the
bonds and this contract relative to the disposition and use of the
proceeds of sale of the bonds.
(e) The COUNTY may temporarily invest any bond proceeds or
other funds held by it for the benefit of the LOCAL UNIT as
permitted by law, and investment income shall accrue to and follow
the fund producing such income. Neither the COUNTY nor the LOCAL
UNIT shall invest, reinvest, or accumulate any moneys deemed to be
proceeds of the bonds pursuant to applicable federal law and
regulations, in such a manner as to cause the bonds to be
“arbitrage Bonds” within the meaning of said law and regulations,
or otherwise take or abstain from taking away any action which
would make interest on the bonds subject to general federal income
taxation.
9. The costs of the Project to be financed by the issuance
of the aforesaid bonds shall be charged to and paid by the LOCAL
UNIT to the Board in the manner and at the times herein set forth.
The principal amount thereof ($1,725,000) shall be paid to the
COUNTY in annual principal installments, plus interest and other
expenses as hereinafter provided, one business day before June 1st
of each year, as follows:
AMOUNT
YEAR
$90,000 2003;
95,000 2004;
100,000 2005 and 2006;
105,000 2007;
110,000 2008;
120,000 2009;
125,000 2010;
130,000 2011;
135,000 2012;
145,000 2013;
150,000 2014;
155,000 2015;
165,000 2016.
It is understood and agreed that the bonds of the COUNTY
hereinbefore referred to will be issued in anticipation of the
above contractual obligation, with principal maturities on June
1st of each year, commencing with the year 2003, corresponding to
the principal amount of the above installments, and the LOCAL UNIT
shall also pay to the COUNTY in addition to said principal
installments, one business day before December 1st and June 1st of
each year, commencing one business day before December 1, 2001, as
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