ADOPTED - MARCH 25, 2003

Agenda Item No. 10

Introduced by County Services and Finance Committees of the:

INGHAM COUNTY BOARD OF COMMISSIONERS

RESOLUTION PLEDGING FULL FAITH AND CREDIT TO LANSING TOWNSHIP NO. 2 STONER-CLEMENT BRANCH DRAIN DRAINAGE DISTRICT BONDS

RESOLUTION #03-73

At a regular meeting of the Board of Commissioners of the County of Ingham, Michigan, held on the 25th day of March, 2003, in Mason, Michigan, there were:

PRESENT: Celentino, Dedden, De Leon, Grebner, Hertel, Holman, Lynch, Minter,

Commissioners: Schafer, Schor, Severino, Stid, Swope, Thomas, Weatherwax-Grant

ABSENT: Nevin

Commissioners:

WHEREAS, the Ingham County Drain Commissioner ("the Commissioner") intends to issue Lansing Township No. 2 Stoner-Clement Branch Drainage District Bonds (the "Bonds") pursuant to Section 275 of the Drain Code of 1956, as amended (the "Code"), for drain improvements made within the Lansing Township No. 2 Stoner-Clement Branch Drainage District (the "District"); 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 (ii) will mature and be payable as to principal on March 1 of each year commencing not later than March 1, 2004, or such other dates as determined by the Commissioner, with the last such payment due not later than March 1, 2024; (iii) will bear interest at a rate not in excess of 7.0% per annum payable on September 1, 2003 and on the first day of each March 1 and September 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 District as provided in the Code, the Commissioner has requested that the County support the Bonds with a pledge of its full faith and credits 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 District and thereby aid the health, welfare and well being of the people of the County and the State of Michigan.

NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:

1. The County 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.

2. 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 District as provided in the Code.

A ROLL CALL VOTE WAS TAKEN AS FOLLOWS:

YEAS: Celentino, Dedden, De Leon, Grebner, Hertel, Holman, Lynch, Minter

Schafer, Schor, Severino, Stid, Swope, Thomas, Weatherwax-Grant

NAYS: None

ABSTAINING: None

THE RESOLUTION WAS DECLARED ADOPTED.

STATE OF MICHIGAN )

)SS.

COUNTY OF INGHAM )

The undersigned, begin the duly qualified and acting Clerk of Ingham County, Michigan, certifies that the foregoing is a true and complete copy of a resolution duly adopted by the Ingham County Board of Commissioners, at which meeting a quorum was present and remained throughout and that an original thereof is on file in the records of the County. The undersigned further certifies that the meeting was conducted, and public notice of the meeting was given, pursuant to and in full compliance with Act No. 267, Michigan Public Acts of 1976, as amended, and that minutes were kept and will be or have been made available as required thereby.

Dated: Ingham County Clerk

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

Nays: None Absent: Nevin Approved 3/18/03

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

Nays: None Absent: None Approved 3/19/03