To: Martin L. Cousineau, Finance Committee Chairperson
From: Jeffrey Wright, Drain Commissioner
title
RE: Full Faith & Credit for Wheeler IC Drain #1336 Borrowing
recommendation
BOARD ACTION REQUESTED:
The Drain Commission is requesting a Resolution from the Board by roll call vote, pledging Limited Tax Full Faith & Credit on the Bonds for the Wheeler Inter County Drain Improvement Project.
BACKGROUND:
This Pledge is required to obtain financing for costs incurred and for construction of the Project. The cost of the project will be paid by the Wheeler Inter County Drainage District through special assessment. This inter-County district is within Genesee and Shiawassee Counties. That portion of the Drainage District within Genesee County is responsible for 86% of the total costs of the Project.
DISCUSSION:
Per the Computation of Costs, the project is anticipated to not exceed $920,000.00 ($791,200.00 for Genesee County's share) and anticipate the annual interest rate not to exceed 6% for a term of 20-years maturing on June 1, 2045.
IMPACT ON HUMAN RESOURCES:
There would not be any impact on Human Resources
IMPACT ON BUDGET:
We anticipated this project and have included it in the FY2024-2025 budget.
IMPACT ON FACILITIES:
There would not be any impact on Facilities
IMPACT ON TECHNOLOGY:
There would not be any impact on Technology
CONFORMITY TO COUNTY PRIORITIES:
Building a drain that alleviate flooding into the future aligns with Genesee County's vision statement "to provide mandated services while promoting health, safety and long term community needs".
resolution
TO THE HONORABLE CHAIRPERSON AND MEMBERS OF THE GENESEE COUNTY BOARD OF COMMISSIONERS, GENESEE COUNTY, MICHIGAN
LADIES AND GENTLEMEN:
At a regular meeting of the Board of Commissioners of the County of Genesee held on _______________, 2025.
PRESENT: _______________________________________________________
___________________________________________________...
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