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Shiawassee County board consents to up to $920,000 Wheeler Intercounty Drain bonds, pledges limited-tax backing
Summary
The board adopted Resolution 25-01-01 consenting to Wheeler Intercounty Drain Bonds, Series 2025, authorizing up to $920,000 in bonds (Shiawassee's share 14%) and pledging the county's limited tax full faith and credit to cover unpaid special assessments; effectiveness is contingent on a matching Genesee County resolution.
The Shiawassee County Board of Commissioners on Jan. 15 adopted Resolution 25-01-01 consenting to issuance of Wheeler Intercounty Drain Bonds, Series 2025, authorizing bonds in an aggregate principal amount not to exceed $920,000 and pledging the county's "limited tax full faith and credit" to the extent necessary to cover special assessments if property owners or public corporations fail to pay.
The resolution, which passed on a roll call vote of 7 yeas and 0 nays, allocates 86% of the project cost to Genesee County and 14% to Shiawassee County. It authorizes bonds bearing interest at a rate not to exceed 6% per year and maturing no later than June 1, 2045. The board also directed that the County Treasurer advance funds as necessary if assessed parties do not pay installments when due and to pursue reimbursement remedies permitted by law.
Under the resolution the county agreed to comply with continuing disclosure obligations under SEC Rule 15c2-12 and authorized the County Treasurer to execute any necessary certificates. The resolution explicitly states it "shall become effective only if the Board of Commissioners of the County of Genesee adopts a resolution substantially in the form of this resolution" that pledges Genesee County's apportioned share.
Why it matters: the county's pledge of limited-tax backing creates a contingent obligation if special assessments are not collected. The board's action advances the Wheeler Intercounty Drain project while tying Shiawassee's exposure to the confirmed apportionment (14%) and the future action of Genesee County.
Next steps: the resolution requires a matching resolution from the Genesee County Board before becoming effective; no further county action was recorded at this meeting.
