RESOLUTION #2015-02 RESOLUTION REGARDING WASHTENAW COUNTY ROAD COMMISSION IMPROVEMENTS (HAYES SUBDIVISION) CHARTER TOWNSHIP OF YORK WASHTENAW COUNTY, MICHIGAN Minutes of a regular meeting of the Township Board of the Charter Township of York (the Township ), County of Washtenaw, Michigan, held in the Township Hall on the 10th day of February, 2015 at 7:30 o clock p.m., Eastern Standard Time. PRESENT: Members: John Stanowski, Sally Louis, Helen Neill, Dan Pichla, Jill Hargrove ABSENT: Members: Jane Kartje, Brian Iott The following preamble and resolution were offered by Member Stanowski and supported by Member Dan Pichla. WHEREAS, a petition has been filed with the Board of County Road Commissioners of the County of Washtenaw (the Road Commission ) for the construction of certain paving improvements to be situated in the Hayes Subdivisions Nos. 1-8 in the Township (the Improvements ); and WHEREAS, the petitions in support of the paving improvements were signed by owners of land constituting approximately 75.38% of the lineal frontage upon the roads being improved; and WHEREAS, the Road Commission has tentatively determined to make the Improvements and has determined to assess the costs thereof against a special assessment district in the Township (the District ) consisting of properties abutting the Improvements; and WHEREAS, the Road Commission will cause to be prepared and confirmed a Special Assessment Roll (the Roll ) in the total principal amount of not to exceed $485,000 for the purpose of defraying the cost of the Improvements, the Roll being divided in ten equal annual installments and said installments being payable December 1st of each year of the years 2015 to 2024, both inclusive; and
2 WHEREAS, the Road Commission has determined that it will be necessary to issue bonds (the Bonds ) to finance the Improvements in anticipation of the collection of unpaid installments on the Roll; and WHEREAS, pursuant to the provisions of Act 246 of the Public Acts of 1931, as amended (the Act ), the township board of any township in which a special assessment district is created under the provisions of the Act, may by resolution pledge the full faith and credit of the township for the payment of bonds payable from special assessments against said district. NOW, THEREFORE, BE IT RESOLVED THAT: 1. Limited Tax Pledge. Subject to the provisions of paragraph 2 of this resolution, the Township Board does hereby irrevocably pledge the limited tax full faith and credit of the Township as secondary security for the payment of the Bonds in the aggregate principal amount of not to exceed $485,000 to be issued by the Road Commission in anticipation of the collection of special assessments to be collected in the District for the purpose of defraying the cost of constructing the Improvements. If for any reason the collection of said special assessments shall be insufficient to pay principal of and interest on said Bonds, the Township shall pay said deficiency from any legally available funds of the Township as a general obligation of the Township, and if necessary levy ad valorem taxes on all taxable property in the Township, subject to constitutional and statutory tax rate limitations. 2. Certification by Road Commission. Prior to the issuance of the Bonds the Township shall receive from the Road Commission: (a) A certification by the Road Commission that (1) the District has been created and the notices of the hearing on such creation were properly given to the property owners within the District, all as required by the Act, and (2) the special assessment roll has been confirmed and the property owners within the District were properly given notice of the hearing on the special assessment roll, all as required by the Act. (b) A certification by the Road Commission of (1) the property owners who have preserved their right to appeal their special assessment as permitted by the Act, and (2) any notices which the Road Commission has received from the Michigan Tax Tribunal regarding special assessment appeals. (c) A certification by the Road Commission that, in the event any special assessments are uncollected thereby causing the sinking fund established to pay the bonds to be insufficient for that purpose, as soon as this occurs the Road Commission will notify the Township that it will be necessary at a specified time
3 to make up the shortfall together with the amount of the expected insufficiency. (d) A certification by the Road Commission that in the event the Township is required to advance any funds to repay the Bonds once the Bonds are retired the Road Commission will turn over all remaining money in the sinking fund to the Township as is required by the Act. 3. Authorized Actions. The Supervisor or Township Clerk are each authorized and directed to take any actions necessary or advisable, and to make such other filings, applications or request for waivers with the Michigan Department of Treasury or with other parties, to enable the sale and delivery of the Bonds by the Road Commission as contemplated herein. 4. Small Issuer Exception. It is not expected that the Township, all entities which issue Bonds on behalf of the Township, and all subordinate governmental units thereto will issue more than $10,000,000 of obligations, the interest on which is excluded from gross income for Federal income tax purposes under Code 103 and which are not private activity Bonds, as defined in Code 141, during calendar year 2015. For this purpose, tax-exempt obligations issued for the benefit of the Township by another entity are also taken into account in determining whether or not the $10,000,000 limitation will be exceeded. 5. Act 34 Compliance. The Township hereby confirms that the posting required pursuant to Act 34, Public Acts of Michigan, 2001, as amended, as set forth in Exhibit A attached hereto, was done in due time and form as required by Act 34. 6. Repealer. All resolutions and parts of resolutions in so far as the same conflict with the provisions of this resolution be and the same hereby are rescinded. AYES: NAYS: ABSENT: Members: Stanowski, Louis, Hargrove, Pichla, Neill Members: None Members: Kartje, Iott RESOLUTION DECLARED ADOPTED: 5-0-2
4 CERTIFICATION I hereby certify that the foregoing is a true and complete copy of Resolution #2015-02 adopted by the Township Board of the, County of Washtenaw, State of Michigan, at a regular meeting held on February 10, 2015, and that said meeting was conducted and public notice of said meeting was given pursuant to and in full compliance with the Open Meetings Act, being Act 267, Public Acts of Michigan, 1976, and that the minutes of said meeting were kept and will be or have been made available as required by said Act.
EXHIBIT A [To be posted in a public area prior to meeting] MEETING NOTICE CHARTER TOWNSHIP OF YORK COUNTY OF WASHTENAW, STATE OF MICHIGAN At the regular meeting of the Township Board (the Board ) of the Charter Township of York, Washtenaw County, Michigan (the Township ) to be held on February 10, 2015 at 7:30 o clock p.m. Eastern Standard Time, at the Township Hall, 11560 Stony Creek Road, Milan, Michigan, the Board will discuss the issuance by the Washtenaw County Road Commission of Special Assessment Bonds, which Bonds shall pledge the Township s limited tax full faith and credit. This notice is given pursuant to the requirements of Section 308, Act 34, Public Acts of Michigan, 2001, as amended. Posted: February 6, 2015 at the York Township Hall 23831284.1\094583-00019 Exhibit A, Resolution #2015-02