ADOPTED - SEPTEMBER 23, 2003

AGENDA ITEM NO. 23

Introduced by the County Services and Finance Committees of the:

INGHAM COUNTY BOARD OF COMMISSIONERS

RESOLUTION PLEDGING FULL FAITH AND CREDIT TO WEBBERVILLE INDUSTRIAL PARK BRANCH OF THE KALAMINK CREEK DRAIN DRAINAGE DISTRICT AND AUCTIONEER DRAIN, WEBBERVILLE INDUSTRIAL PARK BRANCH COUNTY DRAIN BONDS

RESOLUTION #03-223

WHEREAS, the Ingham County Drain Commissioner ("the Commissioner") intends to issue Bonds for the Auctioneer Drain, Webberville Industrial Park Branch County Drain and the Webberville Industrial Park Branch of the Kalamink Creek Drain Drainage District (the "Bonds") pursuant to Section 275 of the Drain Code of 1956, as amended (the "Code"), for drain improvements made within the Kalamink and Auctioneer Drainage Districts (the "Districts"); and

WHEREAS, the Commissioner has represented to this Board that the Bonds (i) will be issued in a principal amount not greater than $750,000 for Kalamink Creek Drain Drainage District and $2,300,000 for Auctioneer Drain Drainage District; (ii) will mature and be payable as to principal on May 1 of each year commencing not later than May 1, 2005, or such other dates as determined by the Commissioner, with the last such payment due not later than May 1, 2025; (iii) will bear interest at a rate not in excess of 7.0% per annum payable on November 1, 2003 and on the first day of each May 1 and November 1 (or such other dates as determined by the Commissioner) thereafter until maturity; and (iv) will be subject to optional redemption prior to maturity as determined by the Commissioner; and

WHEREAS, although the principal of and interest on the Bonds will be payable first and primarily from the assessments to be made on property within the Districts as provided in the Code, the Commissioner has requested that the County support the Bonds with a pledge of its full faith and credit as provided in Section 276 of the Code; and

WHEREAS, this Board finds that pledge of its full faith and credit in support of the Bonds will reduce the cost of providing necessary drain improvements in the Districts and thereby aid the health, welfare and well being of the people of the County and the State of Michigan.

THEREFORE, BE IT RESOLVED, the Ingham County Board of Commissioners pledges its full faith and credit for the prompt payment of the principal of and interest on the Bonds and agrees that it will levy each year such ad valorem taxes as shall (taking into account other available amounts) be necessary for the payment of such principal and interest.

BE IT FURTHER RESOLVED, that any amounts advanced by the County pursuant to the pledge set forth in paragraph 1 above shall be repaid to the County from assessments or reassessments with the Districts as provided in the Code.

COUNTY SERVICES: Yeas: Celentino, Holman, De Leon, Schor, Nevin

Nays: None Absent: Severino Approved 9/16/03

FINANCE: Yeas: Grebner, Swope, Hertel, Thomas, Minter

Nays: None Absent: Dedden Approved 9/17/03