Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Drain Bonds topic
No spam. Unsubscribe anytime.
Shiawassee County board consents to Wheeler Intercounty Drain bonds, pledges limited tax credit up to apportioned share
Summary
The Shiawassee County Board of Commissioners adopted Resolution 25-01-01 consenting to up to $920,000 in Wheeler Intercounty Drain Bonds and pledging the county's limited tax full faith and credit to the extent of assessments apportioned to Shiawassee County; the resolution requires Genesee County to adopt a substantially similar pledge to take effect.
The Shiawassee County Board of Commissioners on Jan. 15 adopted Resolution 25-01-01 consenting to the issuance of Wheeler Intercounty Drain Bonds, Series 2025, in an amount not to exceed $920,000 and pledging the county’s limited tax full faith and credit to the extent of special assessments apportioned to Shiawassee County.
Assistant Prosecutor John Ryan presented the item as the board considered the Drainage Board’s plan to finance improvements to the Wheeler Intercounty Drain under Chapter 8 of the Drain Code of 1956. The resolution states 86% of the project cost is apportioned to Genesee County and 14% to Shiawassee County and authorizes bonds maturing no later than June 1, 2045 with interest not to exceed 6% per annum.
The resolution directs the Shiawassee County Treasurer to advance county funds immediately if property owners or public corporations in the county fail to remit special-assessment installments that would otherwise secure payment of principal and interest on the bonds. It also authorizes the treasurer to take all legal actions to seek reimbursement of any sums advanced by the county. The board’s pledge is subject to constitutional and statutory limitations on taxing power.
The resolution further authorizes execution of any continuing-disclosure certificate required by SEC Rule 15c2-12 and conditions the resolution’s effectiveness on adoption by the Board of Commissioners of Genesee County of a substantially similar pledge covering its apportioned share.
The board voted to adopt the resolution by majority roll-call vote. The action was presented and recorded as Resolution #25-01-01 and will be filed with the county clerk as part of the official record.
Next steps: the resolution becomes effective only if Genesee County adopts comparable language; the county treasurer will handle any continuing-disclosure certificates or filings required for bond sale compliance.
