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AI- 2947   9. B. 2.    
BOC Regular
Meeting Date: 08/01/2019  
Resolution to Approve a Deed to the Tekonsha Public Library
FROM: Jim Dyer, Corporation Counsel, Corporation Counsel
Department: Corporation Counsel  

Resolved, that the Calhoun County Board of Commissioners does ratify and approve a quit claim deed to the Tekonsha Township Library Board of Directors as presented, and authorizes the Board Chair to sign the deed.
It is recommended by the Corporation Counsel that the Board approve the resolution. 

Available documents concerning the transactions concering the construction of the Library and the County's obligation to reconvey are attached as the Supporting Documents. 
The County is obligated to reconvey the property to the Library Board based upon a series of agreements, entered into in 2000, between Calhoun County, the County Building Authority, and the Library Board to construct the existing Tekonsha Township Library. The Building Authority was responsible to acquire, build and equip the Library, the County issued bonds to finance the project, and the Library agreed to repay the bonds. (See the Supporting Documents.)

To assure the County that it would repay the Bonds, the Library Board agreed to convey the land where the Library was to be built to the County, subject to an agreement that the County would reconvey the property to the Library Board upon payment of the bonds. (See attached Payment Schedule and Supporting Documents.)

The County Finance Department has verified that the bonds have been repaid. (See Final Payment Summary.) While I have been unable to locate a deed conveying the property from the Library Board to the County, and it does not appear that such a deed was ever recorded, the County is nonetheless obligated to quitclaim the property to the Library Board to avoid any question of it ownership. 
None. The reconveyance is a contractuial obligation.
It is recommended by the Corporation Counsel that the Board approve the resolution to reconvey property to the Tekonsha Library Board of Directors as indicated.;

Fiscal Impact
Signature Copy of Deed
Last Payment Statement
Supporting Documents

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