2001 - Saginaw County

Board of Commissioners December 11, 2001
By Commissioner Horn: That Committee Compensation Report(s) 5.1
and 5.2 be received, not read, and the recommendations contained
therein adopted. Approved.
RESOLUTIONS
RESOLUTION A DECEMBER 11, 2001
RE: Nerreter and Cole and Branches Drain Bonds, Series 2002
At a regular meeting of the Board of Commissioners of the
County of Saginaw held in the City of Saginaw, Michigan, on
December 11, 2001, at 5:00 o'clock, P.M., Michigan time.
PRESENT ---Raymond F. Bartels, Thomas A. Basil, Robert D. Blaine,
Jeanine A. Collison, Robert L. Fish, Eddie F. Foxx, James M.
Graham, Todd M. Hare, Kenneth B. Horn, Richard F. Mallette,
Michael P. O'Hare, Carl E. Ruth, Connie D. Smith, Robert M. Woods
Jr., Patrick A. Wurtzel
ABSENT --- none
The following resolution was offered by Commissioner Hare and
seconded by Commissioner Graham:
WHEREAS, proceedings have been taken by the Saginaw County
Public Works Commissioner for improvements to the Nerreter and
Cole and Branches Drain under the provisions of Chapter 8 of the
Drain Code of 1956, as amended, pursuant to a petition filed with
the Public Works Commissioner; and
WHEREAS, the Public Works Commissioner has authorized and
provided for the issuance by the Nerreter and Cole and Branches
Drain Drainage District (the "Drainage District") of bonds (the
"Bonds") in the aggregate principal amount of not to exceed
$810,000, in anticipation of the collection of an equal amount of
special assessments against property and public corporations
(including the County of Saginaw) in the Drainage District, said
special assessments having been duly confirmed by the Public Works
Commissioner; and
WHEREAS, the Bonds are to be designated "Nerreter and Cole
and Branches Drain Bonds, Series 2002", and will bear interest at
a rate not exceeding 8% per annum; and
WHEREAS, the Public Works Commissioner deems it advisable and
necessary to obtain from this Board a resolution consenting to the
pledge of the full faith and credit of the County on the Bonds;
and
WHEREAS, the improvements to said Drain are necessary to
protect and preserve the public health and therefore it is in the
best interest of the County of Saginaw that the Bonds be sold.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF THE COUNTY OF SAGINAW:
1. That pursuant to the authorization provided in Section
276 of the Drain Code of 1956, as amended, the Saginaw County
Board of Commissioners does hereby irrevocably pledge the full
faith and credit of the County of Saginaw for the prompt payment
of the principal of and interest on the Bonds, and does agree that
in the event that the property owners or public corporations in
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