ANTRIM COUNTY BOARD OF COMMISSIONERS

ANTRIM COUNTY BOARD OF COMMISSIONERS Thursday, January 8, 2004

Jack White, Chairman, called the meeting to order at 9:00 a.m.

Present: Robert McLeod, Eugene Dawson, Larry Bargy, Jack White, David Howelman,

Michael Crawford, Laura Stanek, Bernard Blackmore, Joseph Allen.

Absent: None.

The Pledge of Allegiance was given.

The Chairman requested Public Comment. Ed Martel reported that the camera he obtained for filming meetings was not in use yet. He also inquired about the “various matters” items on the agenda.

It was moved by Blackmore, seconded by Dawson that minutes of December 11, 2003 be approved as corrected. Motion carried all members present voting yes.

It was moved by Stanek, seconded by Howelman that minutes of January 5, 2004 be approved as corrected. Motion carried all members present voting yes.

The Chairman made the following appointments:

Standing Committees

ADMINISTRATION LANDS, AGRICULTURE, & FORESTRY

Robert McLeod Bernard Blackmore

Michael Crawford Eugene Dawson

Laura Stanek Joseph Allen

BUILDINGS & GROUNDS PARKS

Michael Crawford Michael Crawford

Larry Bargy Robert McLeod

Eugene Dawson Joseph Allen

FINANCE PUBLIC WORKS

Laura Stanek Joseph Allen

Larry Bargy Larry Bargy

Robert McLeod Eugene Dawson

HEALTH & PUBLIC SAFETY TRANSPORTATION

Larry Bargy Eugene Dawson

David Howelman David Howelman

Bernard Blackmore Robert McLeod

HUMAN SERVICES

David Howelman

Laura Stanek

Bernard Blackmore

Other Appointments

CIRCUIT COURT LIAISON DISTRICT COURT LIAISON

Jack White Jack White

Laura Stanek Laura Stanek

Laura Sexton Laura Sexton

Peter Garwood Peter Garwood

Robert McLeod

Area Agency on Aging Representative David Howelman

Commission on Aging David Howelman

Laura Stanek

Sylvia Hebden

Dr. Mary Kokosky

Edward Bradford

Planning Commission Laura Stanek

Joseph Allen

Housing Committee Bernard Blackmore

Joseph Allen

Transportation Liaison Robert Straw

Conservation Resource Alliance Representative Eugene Dawson

Northern Michigan Counties Association

Delegate Jack White

Alternate Robert McLeod

Community Corrections Advisory Board

Representative Robert McLeod

Alternate Larry Bargy

Council of Governments

Representative Jack White

Alternate Laura Stanek

Northern MI Substance Abuse Representative Donald Schuiteman

It was moved by McLeod, seconded by Blackmore the above named appointments be approved: Motion carried by a yea and nay vote as follows: Yes – McLeod, Dawson, Bargy, White, Howelman, Crawford, Stanek, Blackmore, Allen; No – None; Absent – None.

Peter Garwood requested committee meeting dates and times from the Chairs.

It was moved by McLeod, seconded by Crawford that Chairman be authorized to sign the contract between Antrim County and Teamsters Local 214 (Command Unit of the Sheriff Department), expiration to be December 31, 2006. Motion carried by a yea and nay vote as follows: Yes – McLeod, Dawson, Bargy, White, Howelman, Crawford, Stanek, Blackmore, Allen; No – None; Absent – None.

Peter Garwood reported that an individual had requested a Construction Code Board of Appeals meeting and paid the fee of $275.00 and the meeting had not been held.

It was moved by Dawson, seconded by Allen the fee of $275.00 for a Construction Code Board of Appeals meeting be refunded to the payer. Motion carried by a yea and nay vote as follows: Yes – McLeod, Dawson, Bargy, White, Howelman, Crawford, Stanek, Blackmore, Allen; No – None; Absent – None.

It was moved by McLeod, seconded by Blackmore that the membership on the Planning Commission be reduced from 11 to 9 members effective immediately. Motion carried all members present voting yes.

There was discussion on changes to the Soil Erosion and Sedimentation Control Contract. The matter was tabled and referred back to committee.

RESOLUTION #08-04 by Bernard Blackmore, seconded by Laura Stanek

WHEREAS, the Board of Commissioners of the County of Antrim (the “County”) has hereto fore adopted a resolution establishing the Antrim County Delinquent Tax Revolving Fund (the “Fund”) pursuant to Section 87b of Act No. 206, Public Acts of Michigan, 2893, as amended (“Act 206”); and

WHEREAS, the purpose of the Fund is to allow the Antrim County Treasurer (the “County Treasurer”) to pay from the Fund any or all delinquent real property taxes that are due and payable to the County and any school district, intermediate school district, community college district, city, township, special assessment district, the State of Michigan or any other political unit for which delinquent tax payments are due; and

WHEREAS, it is hereby determined to be necessary for the County to borrow money and issue its notes for the purposes authorized by Act 206, particularly Sections 87c, 87d, and 87g thereof; and

WHEREAS, it is estimated that the total amount of unpaid 2003 delinquent real property taxes (the “delinquent taxes”) outstanding on March l, 2004, will be approximately $4,000,000, exclusive of interest, fees, and penalties.

NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioner of the County of Antrim, State of Michigan, as follows:

Authorization of Borrowing

1. Pursuant to and in accordance with the provisions of Act 206, Public Acts

of Michigan, 1893, as amended, and especially Sections 87c, 87d and 87g thereof, the County shall borrow the sum of not to exceed Four million dollars ($4,000,00) and issue its notes (the “notes”) therefore for the purpose of continuing the Fund for the 2003 tax year. The exact amount to be borrowed shall not exceed the amount of delinquent taxes outstanding on March 1, 2004, exclusive of interest, fees, and penalties. The County Treasurer shall designate the exact amount to be borrowed after the amount of the 2003 delinquent taxes outstanding on March 1, 2004, or the portion of the 2003 delinquent taxes against which the County shall borrow, has been determined.

Note Details

2. Pursuant to provisions of applicable law and an order of the County

Treasurer, which order is hereby authorized, the notes may be issued in one or more series; shall be know as “General Obligation Limited Tax Notes, Series 2004”; shall be in fully registered form in denominations not exceeding the aggregate principal amounts for each maturity of the notes; shall be sold for not less than 98% of the face amount of the notes; shall bear interest at fixed or variable rates not to exceed the maximum interest rate permitted by applicable law; shall be dated, payable as to interest and in principal amounts, be subject to redemption in whole or in part prior to maturity, including any redemption premiums, and be subject to renewal, at such times and in such amounts, all as shall be designated in the order of the County Treasurer. Notes or portions of notes called for redemption shall not bear interest after the redemption date, provided funds are on hand with the note registrar and paying agent to redeem the same. Notice of redemption shall be given in the manner prescribed by the County Treasurer. If any notes of any series are to bear interest at a variable rate or rates, the County Treasurer is hereby further authorized to establish by order, and in accordance with law, a means by which interest on such notes may be set, reset or calculated prior to maturity, provided that such rate or rates shall at no time be in excess of the maximum interest rate permitted by applicable law. Such rates may be established by reference to the minimum rate that would be necessary to sell the notes at par; by a formula that is determined with respect to an index or indices of municipal obligations, reported prices or yields on obligations of the United States or the prime rate or rates of a bank or banks selected by the County Treasurer; or by any other method selected by the County Treasurer.

Payment of Principal and Interest

3. The principal of and interest on the notes shall be payable in lawful money

of the United States from such funds and accounts as provided herein. Principal shall be payable upon presentation and surrender of the notes to the note registrar and paying agent when and as the same shall become due, whether at maturity or earlier redemption. Interest shall be paid to the owner shown as the registered owner on the registration books at the close of business on such date prior to the date such interest payment is due,

as is provided in the order of the County Treasurer. Interest on the notes shall be paid when due by check or draft drawn upon and mailed by the note registrar and paying agent to the registered owner at the registered address.

Note Registrar and Paying Agent

4. The County Treasurer shall designate, and may enter into an agreement

with, a note registrar and paying agent for each series of notes that shall be the County Treasurer or a bank or trust company that is qualified to act in such capacity under the laws of the United States of America or the State of Michigan. The County Treasurer may from time to time designate a similarly qualified successor note registrar and paying agent.

Disposition of Note Proceeds

5. The proceeds of the sale of the notes shall be deposited into a separate

account in the Fund (the “2004 Account”) and shall be used to continue the Fund. The County Treasurer shall pay therefrom and from unpledged funds in the Fund, uncommitted funds in the County General Fund and/or any other legally available funds, if the notes are sold at a discount, the full amount of the delinquent tax roll against which the County has borrowed, delivered as uncollected by any tax collector in the County and that is outstanding and unpaid on or after March 1, 2004, in accordance with the provisions of Act 206.

2004 Collection Account

6. There is hereby established as part of the Fund an account (hereby designated the “2004 Collection Account”) into which account the County Treasurer shall place delinquent taxes against which the County has borrowed, and interest thereon, collected on and after March 1, 2004, all County property tax administration fees on such delinquent taxes, after expenses of issuance of the notes have been paid, and any amounts received by the County Treasurer from the County and any taxing unit within the County, because of the uncollectibility of such delinquent taxes. The foregoing are hereby established as funds pledged to note repayment.

Note Reserve Fund

7. There is hereby authorized to be established by the County Treasurer a note reserve fund for the notes (the”2004 Note Reserve Fund”) if the County Treasurer deems it to be reasonably required as a reserve and advisable in selling the notes at public or private sale. The County Treasurer is authorized to deposit in the 2004 Note Reserve

Funds from proceeds of the sale of the notes, unpledged moneys in the Fund, uncommitted funds in the County General Fund and/or any other legally available funds, an amount not exceeding ten percent (10%) of the face amount of the notes.

Security for Payment of Notes

6. All of the moneys in the 2004 Collection Account and the 2004 Note

Reserve Fund, if established, and all interest earned thereon, are hereby pledged equally and ratably as to each series to the payment of the principal of and interest on the notes and shall be used solely for that purpose until such principal and interest have been paid in full. When moneys in the 2004 Note Reserve Fund, if established, are sufficient to pay the outstanding principal of the notes and the interest accrued thereon, such moneys may be used to retire the notes.

Additional Security

7. Each series of notes, in addition, shall be a general obligation of the

County, secured by its full faith and credit, which shall include the County’s limited tax obligation, within applicable constitutional and statutory limits, and its general funds. The County budget shall provide that if the pledged delinquent taxes and any other pledged amounts are not collected in sufficient amounts to meet the payments of principal and interest due on each series of notes, the County, before paying any other budgeted amounts, will promptly advance from its general funds sufficient moneys to pay that principal and interest. The County shall not have the power to impose taxes for payment of the notes in excess of constitutional or statutory limitations. If moneys in the 2004 Collection Account and 2004 Note Reserve Fund, if established, are not sufficient to pay the principal of and interest on the notes, when due, the County shall pay the same in accordance with this section, and may thereafter reimburse itself from the delinquent taxes collected.

Release of Pledge of 2004 Collection Account

8. Upon the investment of moneys in the 2004 Collection Account in direct

non-callable obligations of the United States of America in amounts and with maturities that are sufficient to pay in full the principal of and interest on the notes when due, any moneys in the 2004 Collection Account thereafter remaining may be released from such pledge created pursuant to Section 8 hereof and may be used to pay any or all delinquent real property taxes that are due the County and any school district, intermediate school district, community college district, city, township, special assessment district, the State of Michigan or any other political unit to which delinquent tax payments are due for any other year or for any other purpose permitted by law.

Sale of Notes

9. The County Treasurer is hereby authorized to offer the notes at public or

private sale as determined by order of the County Treasurer and to do all things necessary to effectuate the sale, delivery , transfer and exchange of the notes in accordance with the provisions of this resolution. Notes of one series may be offered for sale and sold separately from notes of another series. If the notes are to be sold publicly, sealed proposals for the purchase of the notes shall be received by the County Treasurer for such public sale to be held at such time as shall be determined by the County Treasurer and notice thereof shall be published in accordance with law, once in the Bond Buyer or the Detroit Legal News, both of which are hereby designated as being a publication printed in the English language and circulated in this State that carries as a part of its regular service, notices of sale of municipal bonds. Such notice shall be in the form prescribed by the County Treasurer.

The County Treasurer is hereby authorized to cause the preparation of an official statement for the notes for the purpose of enabling compliance with SEC Rule 15c2-12 (the “Rule”) and to do all other things necessary to enable compliance with the Rule. After the award of the notes, the County will provide copies of a final official statement (as defined in paragraph (e)(3) of the Rule) on a timely basis and in reasonable quantity as requested by the successful bidder or bidders to enable such successful bidder or bidders to comply with paragraph (b)(4) of the Rule and the rules of the Municipal Securities Rulemaking Board.

Continuing Disclosure

10. The County Treasurer is hereby authorized to execute and deliver in the

name and on behalf of the County (i) a certificate of the County to comply with the requirements for a continuing disclosure undertaking of the County pursuant to subsection (b)(5) or (d)(2) of the Rule, as applicable, and (ii) amendments to such certificate from time to time in accordance with the terms of such certificate (the certificate and any amendments thereto are collectively referred to herein as the “Continuing Disclosure Certificate”). The County hereby covenants and agrees that it will comply with and carry out all of the provisions of the Continuing Disclosure Certificate. The remedies for any failure of the County to comply with and carry out the provisions of the Continuing Disclosure Certificate shall be as set forth therein.

Execution and Delivery of Notes

11. The County Treasurer is hereby authorized and directed to execute the

notes for the County by manual or facsimile signature and the County Treasurer shall cause the County seal or a facsimile thereof to be impressed or imprinted on the notes. Unless the County Treasurer shall specify otherwise in writing, fully registered notes shall be authenticated by the manual signature of the note registrar and paying agent.

After the notes have been executed and authenticated, if applicable, for delivery to the original purchaser thereof, the County Treasurer shall deliver the notes to the purchaser or purchasers thereof upon receipt of the purchase price. Additional notes bearing the manual or facsimile signature of the County Treasurer and upon which the seal of the County or a facsimile thereof is impressed or imprinted may be delivered to the note registrar and paying agent for authentication, if applicable, and delivery in connection with the exchange or transfer of fully registered notes. The note registrar and paying agent shall indicate on each note that it authenticates the date of its authentication. The notes shall be delivered with the approving legal opinion of Dickinson Wright PLLC, attorneys of Detroit, Michigan.

Exchange and Transfer of Fully Registered Notes

12. Any fully registered note, upon surrender thereof to the note registrar and

paying agent with a written instrument of transfer satisfactory to the note registrar and paying agent duly executed by the registered owner or his or her duly authorized attorney, at the option of the registered owner thereof, may be exchanged for notes of any other authorized denominations of the same aggregate principal amount and maturity date and bearing the same rate of interest as the surrendered note.

Each note shall be transferable only upon the books of the County, which shall be

kept for that purpose by the note registrar and paying agent, upon surrender of such note together with a written instrument of transfer satisfactory to the note registrar and paying agent duly executed by the registered owner or his or her duly authorized attorney.

Upon the exchange or transfer of any note, the note registrar and paying agent on behalf of the County shall cancel the surrendered note and shall authenticate, if applicable, and deliver to the transferee a new note or notes of any authorized denomination of the same aggregate principal amount and maturity date and bearing the same rate of interest as the surrendered note. If, at the time the note registrar and paying agent authenticates, if applicable, and delivers a new note pursuant to this section, payment of interest on the notes is in default, the note registrar and paying agent shall endorse upon the new note the following: “Payment of interest on this note is in default. The last date to which interest has been paid is ___.”

The County and the note registrar and paying agent may deem and treat the person in whose name any note shall be registered upon the books of the County as the absolute owner of such note, whether such note shall be overdue or not, for the purpose of receiving payment of the principal of and interest on such note and for all other purposes, and all payments made to any such registered owner, or upon his or her order, in accordance with the provisions of Section 3 hereof shall be valid and effectual to satisfy and discharge the liability upon such note to the extent of the sum or sums so paid, and neither the County nor the note registrar and paying agent shall be affected by any notice to the contrary. The County agrees to indemnify and save the note registrar and

paying agent harmless from and against any and all loss, cost, charge, expense, judgment or liability incurred by it, acting in good faith and without negligence hereunder, in so treating such registered owner.

For every exchange or transfer of notes, the County or the note registrar and paying agent may make a charge sufficient to reimburse it for any tax, fee or other governmental charge required to be paid with respect to such exchange or transfer, which sum or sums shall be paid by the person requesting such exchange or transfer as a condition precedent to the exercise of the privilege of making such exchange or transfer.

The note registrar and paying agent shall not be required to transfer or exchange notes or portions of notes that have been selected for redemption.

Book Entry System

13. At the option of the County Treasurer and notwithstanding any provisions

of this resolution to the contrary, the County Treasurer is hereby authorized to enter into an agreement with a custodian or trustee for the purpose of establishing a “book entry” system for registration of notes to be fully registered. Pursuant to provisions of such agreement, the notes may be registered in the name of the custodian or trustee for the benefit of other persons or entities. Such agreement shall provide for the keeping of accurate records and prompt transfer of funds by the custodian or trustee on behalf of such persons or entities. The Agreement may provide for the issuance by the custodian or trustee of certificates evidencing beneficial ownership of the notes by such persons or entities. For the purpose of payment of the principal of and interest on the notes, the County may deem payment of such principal and interest, whether overdue or not, to the custodian or trustee as payment to the absolute owner of such note. Pursuant to provisions of such agreement, the book entry system for the notes may be used for registration of all or a portion of the notes and such system may be discontinued at any time by the County. The note registrar and paying agent for the notes may act as custodian or trustee for such purposes.

Issuance Expenses

14. Expenses incurred in connection with the issuance of the notes, including

without limitation any premiums for any insurance obtained for the notes, note rating agency fees, travel and printing expenses, fees for agreements for lines of credit, letters of credit, commitments to purchase the notes, remarketing agreements, reimbursement agreements, purchase or sales agreements or commitments, or agreements to provide security to assure timely payment of the notes, fees for the setting of interest rates on the notes and bond counsel, financial advisor, paying agent and registrar fees, all of which are hereby authorized shall be paid by the County Treasurer from County property tax administration fees on the delinquent taxes, from any other moneys in the Fund not pledged to the repayment of notes and general funds of the County that are hereby authorized to be expended for that purpose.

Replacement of Notes

15. Upon receipt by the County Treasurer of satisfactory evidence that any

outstanding note has been mutilated, destroyed, lost or stolen, and of security or indemnity complying with applicable law and satisfactory to the County Treasurer, the County Treasurer may execute or authorized the imprinting of the County Treasurer’s facsimile signature thereon and thereupon, and if applicable, a note registrar or paying agent shall authenticate and the County shall deliver a new note of like tenor as the note mutilated, destroyed, lost or stolen. Such new note shall be issued and delivered in exchange and substitution for, and upon surrender and cancellation of, the mutilated note or in lieu of and in substitution for the note so destroyed, lost or stolen in compliance with applicable law. For the replacement of authenticated notes, the note registrar and paying agent shall, for each new note authenticated and delivered as provided above, require the payment of expenses, including counsel fees, which may be incurred by the note registrar and paying agent and the County in the premises. Any note issued under the provisions of this section in lieu of any note alleged to be destroyed, lost or stolen shall be on an equal basis with the note in substitution for which such note was issued.

Issuance of Refunding Notes

16. The County shall refund all or part of the notes authorized hereunder

and/or notes previously issued by the County to continue the Fund for prior tax years if and as authorized by order of the County Treasurer through the issuance of refunding notes (the “Refunding Notes”) in an amount to be determined by order of the County Treasurer. Proceeds of the Refunding Notes may be used to redeem such notes and to pay issuance expenses of the Refunding Notes as authorized and described in Section 16 hereof. The County Treasurer shall have all the authority with respect to the Refunding Notes as is granted to the County Treasurer with respect to the notes by the other Sections hereof, including the authority to select a note registrar and paying agent, to apply to the Michigan Department of Treasurer for approval to issue the Refunding Notes, if necessary to cause the preparation of an official statement and to do all other things necessary to sell, execute and deliver the Refunding Notes. The Refunding Notes shall contain the provisions, shall be payable as to principal and interest and shall be secured as set forth herein and as further ordered by the County Treasurer . The Refunding Notes may be sold as a separate issue or may be combined in a single issue with other obligations of the County issued pursuant to the provisions of Act 206 as shall be determined by the County Treasurer. The County Treasurer is authorized to prescribe the form of Refunding Note and the form of notice of sale, if any, for the sale of Refunding Notes.

Form of Notes

17. The notes shall be in the form approved by the County Treasurer, which

approval shall be evidenced by the County Treasurer’s execution thereof.

Yes – McLeod, Dawson, Bargy, White, Howelman, Crawford, Stanek, Blackmore, Allen;

No - None;

Absent – None.

RESOLUTION #08-04 DECLARED ADOPTED.

It was moved by Stanek, seconded by Howelman the claims and accounts totaling $42,869.73 be approved and paid. Motion carried by a yea and nay vote as follows: Yes – McLeod, Dawson, Bargy, White, Howelman, Crawford, Stanek, Blackmore, Allen; No – None; Absent – None.

It was moved by Stanek, seconded by Dawson that the claims submitted by the Planning Department after the Finance Committee meeting totaling $1,102.74 be approved and paid. Motion carried by a yea and nay vote as follows: Yes – McLeod, Dawson, Bargy, White, Howelman, Crawford, Stanek, Blackmore, Allen; No – None; Absent – None.

The meeting adjourned at 9:30 a.m. to the Call of the Chair.