HomeMy WebLinkAboutResolutions - 2010.12.09 - 10044MISCELLANEOUS RESOLUTION #10314 December 9, 2010
BY: Finance Committee, Tom Middleton, Finance Chairperson
IN RE: Resolution Approving Escrow Agreement for the Defeasance of Part of the Outstanding
Oakland County Building Authority Bonds, Series 2007 Prior to Maturity
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS, the Oakland County Building Authority, Michigan (the "Authority"), pursuant to Act No,
31, Public Acts of Michigan, 1948 (First Extra Session), as amended (the "Act"), issued its $5,500,000
Oakland County Building Authority, Building Authority Bonds, Series 2007 (the Bonds); and
WHEREAS, the Authority has requested that the County authorize the use part of the proceeds of
the bonds that are not expected to be expended on the project to defease such Bonds with maturities and
interest rates as set forth in EXHIBIT A, (such bonds referred to as the "BONDS TO BE DEFEASED") in
an amount not to exceed 51,200,000.00 and to pay the costs of defeasing said Bonds; and
WHEREAS, pursuant to Act No. 202, Public Acts of Michigan, 1943, as amended, in order that
the BONDS TO BE DEFEASED may be properly defeased utilizing proceeds of the bonds, the Authority
must enter into an agreement with a bank or trust company;
NOW, THEREFORE. BE IT RESOLVED BY THE COUNTY BOARD OF COMMISSIONERS,
OAKLAND COUNTY, MICHIGAN as follows:
t The County hereby approves the defeasance of a portion of the Bonds as described in
EXHIBIT A
2. The County further consents to the Authority entering into an escrow agreement attached
hereto EXHIBIT B, dated as of , 2010 (the 'Escrow Agreement") with a bank or trust
company designated by the Treasurer.
3. The Authority and Axe & Ecklurid, P.C., bond counsel, are instructed to take whatever
steps are necessary to effect the defeasance and call of the BONDS TO BE DEFEASED.
4. All resolutions and parts of resolution, insofar as the same may be in conflict herewith, are
hereby rescinded.
Chairperson, on behalf of the Finance Committee, I move the adoption of the foregoing resolution.
FINANCE COMMITTEE
(-\ g
FINANCE COMMITTEE
Motion carried unanimously on a r(di call vote with Woodward
absent.
Do,tibF
R'utV, A.
Clerk
1 :
;-/,',1!,a--
, Oakland County
. .RTIF/CATION OF PROCEEDINGS
The undersigned, being the duly qualified and acting Clerk
of the Oakland County, Michigan, hereby certifies that (1) the
foregoing is a true and complete copy of a resolution duly
adopted by this Board of Commissioners at a meeting
held on , 2010, (2) that an original thereof is on
file in the records of my office, (3) the meeting was conducted,
and public notice thereof was given, pursuant to and in full
compliance with the Open Meetings Act (Act No. 267, Public Acts
of Michigan, 1976, as amended) and (4) the minutes of such
meeting were kept and will be or have been made available as
required thereby.
DATED: , 2010
2
EXHIBIT A
S5,500,000
OAKLAND COUNTY BUILDING AUTHORITY
BUILDING AUTHORITY BONDS, SERIES 2007
Dated as of August 1, 2007
Defeasance Date: , 2010
BONDS TO BE DEFEASED
Principal Rate CUSIPS* Maturity Date
$215,000 4.500% 672423NZ9** March 1.2025*
$375,000 4.500°A 672423NZ9** March 1, 2026*
$375,000 4.500% 672423NZ9** March 1, 2027*
**Term Bond maturing in 2027
Bond Registrar and Paving Agent: Huntington National Bank
Corporate Trust - EA4E64
7 Easton Oval
Columbus, OH 43219
DmILIDF-OAK.222(ba)
EXHIBIT B
ESCROW AGREEMENT
OAKLAND COUNTY BUILDING AUTHORITY
This escrow agreement (the "Agreement"), dated as of
, 2010, is between the Oakland County Building
Authority, County of Oakland, Michigan the "Authority", and
Huntington National Bank, Grand Rapids, Michigan, as escrow agent
(the "Escrow Agent").
WHEREAS, the Authority has previously issued its Oakland
County Building Authority, Building Authority Bonds, Series 2007,
dated August 1, 2007 (th,r, "Bonds") of which tte principal amount
listed below remains outstanding and the principal amount listed
below will be defeased (referred to as the 'BONDS TO BE
DEFEASED"):
Bonds
Oakland County
Building Authority,
Building Authority
Bonds, Series 2007
Outstanding
Principal
$4,925,000
maturing in
the years
2011 thru 2027
Principal to
be Defeased
$965,000
maturing in
the years
2025 thru 2027
all bearing interest, due as to principal and subject. to
defeasance as more fully described in APPENDIX 1 to this
Agreement.
WHEREAS, for the purpose of calling the BONDS TO BE DEFEASED
the Authority has, pursuant to a resolution adopted on
, 2010 (the 'Resolution"), authorized the defeasance
of said Bonds, as designated and described in the Resolution; and
WHEREAS, pursuant to the Resolution, the Escrow Agent has
been appointed by the Authority for the purpose of assuring the
payment of the principal of, premium (if any) and interest on the
BONDS 70 BE DEE-EASED and the Chairperson and Secretary of the
Commission of the Authority have been authorized and directed to
execute this Agreement.
NOW, THEREFORE, in consideration of the premises and the
mutual covenants and agreements set forth below the Authority and
the Escrow Agent agree as follows for the respective equal and
proportionate benefit and security of the holders of the Bonds;
Section 1. huga,intment of Escrow Agent. The Escrow Agent
is hereby appointed and agrees to act in such capacity to comply
with all requirements of this Agreement, and to be custodian of
the escrow fund (the "Escrow Fund"), to perform its duties as
custodian of the Escrow Fund created under this Agreement, but
only upon and sub cot to the following express terms and
conditions:
(a) The Escrow Agent may perform any of its duties by
or through attorneys, agents, receivers but shall not be
answerable for the conduct of the same if appointed in
accordance with the standards specified in this Agreement
and shall be entitled to advice of counsel concerning all
matters of and the duties under this Agreement, and may in
all cases pay such reasonable compensation to such counsel
and in addition to all such attorneys, agents, receivers and
employees as may reasonably be empioved in connection with
the same. The Escrow Agent may act upon the opinion or
advice of any counsel. The Escrow Agent shall not be
responsible for any loss or damage resulting from any action
or non-action taken in good faith in reliance upon such
opinion or advice.
(lo The Escrow Agent shall not be responsible for any
recital in this Agreement or for the validity of the
execution by the Authority of this Agreement or of any
supplements to it or instruments of further assurance. The
Escrow Agent shall not be bound to ascertain or inquire as
to the performance or observance of any covenants,
conditions or agreements on the All of the Authority, except
as set forth in this Agreement. The Escrow Agent shall be
only obligated to perform such duties and only such duties
as are specifically set forth in this Agreement and no
implied covenants or obligations shall be read into this
Agreement against the Escrow Agent.
(c) The Escrow Agent may become the owner of the Bonds
with the same rights which it would have if not Escrow
Agent.
(6) The Escrow Agent shal be protected in actino upon
any notice, request, consent, certificate, order, affidavit,
letter, telex, telegram or other paper or document believed
to be genuine and correct and to have been signed or sent by
the proper person or persons. Any action taken by the
Escrow Agent pursuant to this Agreement upon the request or
consent of any person who at the time of making such request
or consent is the owner of any of said Bonds, shall be
conclusive and binding upon all future owners of the same
Bonds.
(e) As to the existence or non-existence of any fact
or as to the sufficiency or validity of any instrument,
paper or proceeding, the Escrow Agent shall be entitled to
rely upon a certificate of the Authority signed by (i) the
Chairperson of the Commission of the Authority or (ii) any
other duly authorized person as sufficient evidence of the
facts contained in it, but may secure such further evidence
deemed necessary or advisable, but shall in no case be bound
to secure the same. The Escrow Agent may accept a
certificate of the Chairperson of the Commission of the
Authority to the effect that a resolution in the form
attached to such certificate has been adopted by the
Authority as conclusive evidence that such resolution has
been duly adopted, and is in full force and effect.
''' The permissive right of the Escrow Agent to do
things enumerated in this Agreement shall never be construed
as a duty. The Escrow Agent shall only be responsible or
the performance of the express duties outlined in this
Agreement and shall not be answerable for other than its
grass negligence or willful default in the performance of
those express duties.
(g) At any and all reasonable times the Escrow Agent
and its duly authorized agents, attorneys, experts,
accountants and representatives, shall have the right fully
to inspect any and all of the books, papers and records of
the Authority pertaining to the Bonds, and to take such
memoranda from and in regard to the same as may be desired.
(h) The Escrow Agent shall not be required to give any
bond or surety in respect of the execution of the powers
contained in or otherwise in respect to this Agreement.
(i) Before taking any action under this Agreement
(except makih(7 investments, collecting investments and
making payments to the paying agents with respect to the
Bones) the Escrow Agent may require that a satisfactory
indemnity bond be furnished for the reimbursement of all
expenses to which it may be put and to protect it against
all liability except liability which is adjudicated to have
resulted from gross negligence or willful default by reason
of any action so taken.
(j) The Escrow Agent shall be, and hereby is
indemnified and saved harmless by the Authority from all
losses, liabilities, costs and expenses, including attorney
fees and expenses, which may be incurred by it as a result
of its acceptance of the Escrow Account or arising from the
performance of its duties hereunder, unless such losses,
liabilities, costs and expenses shall have been finally
adjudicated to have resulted from the bad faith or gross
negligence of the Escrow Agent, and such indemnification
shall survive its resignation or removal, or the termination
of this Agreement.
;k)
the Escrow Agent shall, in the event that (i) any
dispute shall arise between the parties with respect to the
disposition or disbursement of any of the assets held
hereunder or (ii) the Escrow Agent shall be .uncertain as to
how to proceed in a situation not explicitly addressed by
the terms of this Agreement whether because of conflicting
demands by the other parties hereto or otherwise, be
permitted to interpiead all of the assets held hereunder
into a court of competent jurisdiction, and thereafter be
fully relieved from any and all liability or obligation with
respect to such interpleaded assets. The parties hereto
3
other than the Escrow Agent further agree to pursue any
redress or recourse in connection with such a dispute,
without making the Escrow Agent a party to the same.
(1) The Escrow Agent shall have only those duties as
are specifically provided herein, which shall be deemed
purely ministerial in nature, and shall under no
circumstance be deemed a fiduciary for any of the parties to
this Agreement. The Escrow Agent shall neither be
responsible for, nor chargeable with, knowledge of the terms
and conditions of any other agreement, instrument or
document between the other parties hereto, in connection
herewith. This Agreement sets forth all matters pertinent
to the escrow contemplated hereunder, and no additional
obligations of the Escrow Agent shall be inferred from the
terms of this Agreement or any other Agreement. IN NO EVENT
SHALL THE ESCROW AGENT 35 LIABLE, DIRECTLY OR INDIRECTLY,
FOR ANY (i) DAVACES OR EXPENSES ARISING OUT OF T1E SERVICES
PROVIDED HEREUNDER, OTHER THAN :DAMAGES WHICH RESULT FROM THE
ESCROW AGENT'S FAILURE TO ACT IN ACCORDANCE WITH THE
STANDARDS SET FORTH :N THIS AGREEMENT, OR (ii) SPECIAL OR
CONSEQUENT:AL DAMAGES, EVEN IF THE ESCROW AGENT HAS BEEN
ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
(m) Any banking association or corporation into which
the Escrow Agent may be merged converted or with which the
Escrow Agent may be consolidated or any corporation
resulting from any merger, conversion or consolidation to
which the Escrow Agent shall be a party, or any banking
association or corporation to which all or substantially all
of the corporate trust business of the Escrow Agent shall be
transferred, shall succeed to all the Escrow Agent's rights,
obligations and immunities hereunder without the execution
or filing of any paper or any further act on the part of any
of the parties hereto, anything herein to the contrary
notwithstanding.
(n) :n the event that any escrow property shall be
attached, garnished or levied upon by any court order, or
the delivery thereof shall be stayed or enjoined by an order
of a court, or any order, judgment or decree shall be made
or entered by any court order affecting property deposited
under this Agreement, the Escrow Agent is hereby expressly
authorized, it its sole discretion, to obey and comply with
all writs, orders or decrees so entered or issued, which it
is advised by legal counsel of its own choosing is binding
upon it, whether with or without jurisdiction, and in the
event that the Escrow Agent obeys or complies with any such
writ, order or decree it shall not be liable to any of the
parties hereto or to any other person, firm or corporation,
by reason of such compliance Lotwitnstanding such writ,
order or decree be subsequently reversed, modified, annulled
set aside or vacated.
4
Bonds
Oakland County
Building Authority,
Building Authority
Bonds, Series 2007
Principal to
be Defeased
$965,000
maturing in
the years
2025 thru 2027
Section 2. Escrow Fund. On , 2010 the Authority
will irrevocably deposit with the Escrow Agent tor the account_ of
the County from the monles on deposit from its Oakland County
Building Authority Building Authority Bonds Series 2037, along
with pro-rata interest earnings on said bond proceeds to
establish an Escrow Fund for the BONDS TO BE DEFEASED in an
amount which together with the investment income therefrom, shall
be held in the Escrow Fund to be maintained by the Escrow Agent
and used (i) to pay the interest on all of the BONDS TO BE
DEFEASED when due from the date hereof to and including March I,
2014 (the "Redemption Date"); and (ii) to redeem on said
aedemption Date part of the principal amount maturing in the year
2025 ant the principal amounts maturing in the years 2026 and
2027, all maturities which are a term bond maturing in 2027, at a
redemption price of 100% of the principal amount, as set forth
with Section 3 hereof.
Section 3. bpdaliption of the BONDS TO BE DEFEASED. The
Authority will redeem, prior to tneir scheduled maturity,' BONDS
TO BE DEFEASED as follows:
The Authority by execution of this Escrow Agreement, hereby
authorizes the Escrow Agent at the expense of the Authority to
give the paying agent for the Bonds irrevocable instructions to
call the BONDS TO BE DEFEASED. The E'sorow Agent shall give to
the paying agent for the Bonds such notice net more than sixty
(60) nor Less than forty-five (45) days prior to the redemption
date, J'.a.rch 1, 2014, in substantially the form attached to this
Agreement as APPENDIX II. If necessary, the paying agent for the
Bonds shall publish said notice, as set forth in APPENDIX II and
mail such notce to the registered owner or owners at the
addresses listed on the registration books of the Authority
maintained by t h e paying agent for the Bonds.
Section 4. Investments. As directed by the Authority,
moneys deposited in the Escrow Fund shall be immediately invested
in direct obligations of the United States of America and/or
obligations the principal of, premium (if any) and interest on
which are fully guaranteed by the United States of America, as
described on APPENDIX III ("Investment Securities"), except for
dollar and cents ) wh3ch will be held in
the Escrow Fund as the beginning balance for the BONUS TO BE
DEEEASED. The Escrow Agent agrees to cause to be purcnase United
States Government Obligations known as "SLGS" (State and Loca'...
Government Series) from the United States Department of Treasury
on the date shown in APPENDIX III.
5
The investment income from the Investment Securities in the
Escrow fund shall be credited to the Escrow Fund and shall not be
reinvested. The Escrow Agent shall not sell any investment
Securities. All moneys not invested as provided in this
Agreement shall be held by the Escrow Agent as a trust deposit.
Section 5. Use of Moneys. Except as expressly provided in
this Agreement, no paying agents' fees for the payment of
principal of, redemption premium or interest or the Bonds or
other charges may be paid fzom the escrowed moneys or Investment
Securities prior to retirement of all of the BONDS TO BE
DEFEASED, and the Authority agrees that it will pay all such fees
from its other legally available funds as such payments become
due prior to SjCh retirement.
Section 6. Deficiency in Escrow Fund. At such time or
times as there shall be insufficient funds on hand in the Escrow
Fund for the payment of principal of, premium (if any and
interest falling due on the BONDS TO BE DEFEASED, the Escrow
Agent shall promptly notify the Authority of such deficiency, as
provided for under Section 12 below.
Section 7. Reports to Authority. The Escrow Agent shall
deliver to the Chairperson of the Commission of the Authority a
semi-annual statement reflecting each transaction relating to the
Escrow Fund; and on or before the first day of February of each
year shall deliver to the Authority a list of assets of the
Escrow :.und as of December 31 of such year and an operating
statement for the Escrow Fund for the year then ended.
Section 8. Fees of Escrow 79ent. The Escrow Agent agrees
with the Author i ty that the charczes, fees and expenses of the
Escrow Agent throughout the term of this Agreement shall be the
total sum of Dollars (.` ) payable on
the date of closing, which charges, fees and expenses shall be
paid from monies deposited with the Escrow Agent from available
funds of the Authority.
Section 9. Payments from Escrow Fund. The Escrow Agent
shall without further authorization or direction from the
Authority, collect the principal of and interest on the
Investment Securities promptly as the same shall become due and,
to the extent that Investment Securities and moneys are
sufficient for such purpose, shall make timely payments out of
the Escrow Fund to the proper paying agent or agents or their
successors for the BONDS TO BE DEFEASED, of moneys sufficient for
the payment of the principal of, premium (if any) and interest on
such Bonds as the same shall become due and payable, all as set
out in APPENDIX IV and APPENDIX V. The payments so forwarded or
transferred shall be made in sufficient time to permit the
payment of such principal of, redemption premium and interest by
such paying agent or agents without default. The Authority
represents and warrants that the Escrow Fund will be sufficient
to make the foregoing and all other payments required under this
6
Agreement. The proper paying agent for the Bonds is shown in
APPENDIX I.
When the aggregate total amount required for the payment of
principal of, premium (if any) and interest on the BONDS TO BE
DEFEASED has seen paid to the paying agent as provided above, the
Escrow Agent shall transfer any moneys or Investment Securities
then held under this Agreement for the BONDS TO BE DEFEASED to
the Authority, and this Agreement shall cease.
Section 10. Tntnrest of Bondholders Not Affected. The
Escrow Agent and the Authority recognize that the holders from
time to time of the Bonds have a beneficial and vested interest
in the Investment Securities and moneys to be held by the Escrow
Agent as provided in this Agreement. It is therefore recited,
understood and agreed that this Agreement shall not be subject to
revocation or amendment and no moneys on deposit in the Escrow
Fund for the BONDS TO BE DETERSED can be used in any manner for
another series.
Section 11. Escrow Agent Not Obligated. None of the
provisions contained in this Agreement shall require the Escrow
Agent to use or advance and of its own moneys or otherwise incur
financial liability in the performance of any of its duties or
the exercise of any of its rights or powers under this Agreement.
The Escrow Agent shall be under no liability for interest on any
funds or other property received by it under this Agreement,
except as expressly provided.
Section 12. Payment of Other Amounts. The Authority agrees
that it will promptly and without delay remit to the Escrow Agent
such additional sum or sums of money as may be necessary to
assure the payment of any BONDS TO BE DEFEASED and to fully pay
and discharge any obligation or obligations or charges, fees or
expenses incurred by the Escrow Agent in carrying out any of the
duties, terms or provisions of this Agreement that are in excess
of the sums provided for under Section 4 and Section 6 above.
Section 13. Segreavution of Funds. The Escrow Agent shall
hold the Investment Securities and all moneys received by it from
the collection of, principal and interest on the investment
Securities, and all moneys received from the Authority under this
Agreement, in a separate escrow account.
Section 14. LaW.anation of Escrow A9ent. The Escrow Agent
may resign as such following the giving of thirty (30) days prior
written notice to the Authority. Similarly, the Escrow Agent may
be removed and replaced following the giving of thirty (30) days
prior written notice to the Escrow Agent by the Authority. In
either event, the duties of the Escrow Agent shall terminate
thirty (30) days after the date of such notice (or as of such
earlier date as may be mutually agreeable) and the Escrow Agent
shall then deliver the balance of the Escrow Fund then in its
possession to a successor Escrow Agent as shall be appointed by
the Authority,
7
:f the Authority shall have failed to appoint a successor
prior to the expiration of thirty (30) days following the date of
the notice of resIgnation or removal, the then acting Escrow
Agent may petition any court of competent jurisdiction for the
appointment of a successor Escrow Agent or for other appropriate
relief and any such resulting appointment shall be binding upon
the Authority.
Upon acknowledgment by any successor Escrow Agent of the
receipt of the then remaining balance of the Escrow Fund, the
then acting Escrow Agent shall be fully released and relieved of
all duties, responsibilities, and obligations under this
Agreement,
Section :5. Benefit. This Agreement shall be for the 5cle
and exclusive benefit of the Authority, the Escrow Agent and the
holdezs of the Bonds. With the exception of rights expressly
conferred in this Agreement, nothing expressed in or to be
implied from this Agreement is intended or shall be construed to
give to any person other than the parties set forth above, any
legal or equitable right, remedy or claim under or in respect to
this Agreement.
Section 16. Severability. If any provision of this
Agreement shall be held or deemed to be invalid or shall, in
_ac„, be illegal, inoperative or unenforceable, the same shall
not affect any other provision or provisions contained in this
Agreement or render the same invalid, inoperative or
unenforceable to any extent whatsoever.
Section 17. Notices. Any notice, request, communication or
other paper shall be sufficiently given and shall be deemed given
wnen delivered or mailed, by registered or certified mail,
postage prepaid or sent by facs i mile transmission, except reports
as required in Section 7 which may be delivered by regular mail,
as follows:
If to the Authorit
aa-kl-TEUTFt-17-ad=ing Authority
Treasurer
1200 N. Telegraph Dept. 479
Pontiac, M: 48341-0479
Attn: Andrew E. Meisner
Phone: 248-858-0611
Irax: 24e-858-1810
If to the Escrow Agent:
Huntington ationai B-ank
Corporate Trust Department
6705 Orchard Lake Road (MI-9197)
West Bloomfield, MI 48322
Attn: Rodney B. Weeks
Phone: 248-539-8366
Fax: 888-404-9176
8
The Authority and the Escrow Agent may designate any further
or different addresses to which subsequent notices, requests,
communications or other papers shall be sent and shall be
required to provide written notification of said address change.
Section 18. Costs of Issuance. Simultaneously with the
transfer of monies on nand from the Authority establishing the
Escrow Fund, sufficient moneys from bond proceeds shall be
transferred to the Escrow Agent and used to pay all of the costs
associated with the defeasance of the BONDS TO BE DEFEASED
including, but not limited to, financial costs, legal fees,
verification fees, printing costs, application fees and any other
fees or costs incurred in connection with the heretofore
mentioned defeasance. All such costs shall be authorized by the
Authority, under the "Instructions to Escrow Agent for
Disbursement of Expenses' at Closina", and shall be paid on
, 2010.
Section 19. Governing Law. This Agreement shall be
governed by and construed in accordance with the laws of the
State of Michigan.
IN WITNESS WHEREOF, the parties to this Agreement have duly
executed it by their d u ly authorized officers as of the date
first above written.
OAKLAND COUNTY BUILDING AUTHORITY
By:
Joel Garrett
Its: Chairperson
By:
Harvey K. Wedeli
Its: Secretary
HUNTINGTON NATIONAL BANK,
as Escrow Agent
By:
:ts:
Dmh/DF-OAK222ba;
9
APPENDIX 1
s5,500,000
OAKLAND COUNTY BUILDING AUTHORITY
BUILDING AUTHORITY BONDS, SERIES 2007
Dated as of August I, 2007
REMAINING ORIGINAL DEBT SERVICE SCHEDULE
Total Annual
Date Principal Coupon Interest Debt Service Total
03/01/11 S225,000.00 4,000% $105,465.63 $330,465.63
09/0111 100,965.63 100,965.63 5431,431.25
03101/12 225,000.00 4.000% 100,965.63 325,965.63
09/01112 96,465.63 96,465.63 422,43 ( .25
01/01/13 225.000.00 4.(100% 96,465.63 321,465.63
09101/13 91,965_63 91,965.63 41.1,431.25
03101i14 250,000.01) 4.000% 91,965.63 341,965.63
09/01.114 86,965_63 86,965_63 428,931.25
03/01/15 250,000.00 4.000% 86,965.63 336,965,63
09/01/15 81,965.63 81,965.63 418,931.25
03/01/16 250,000,00 4.000% 81,965_63 331,965.63
09/.01.1 16 76,965.63 76,965.63 408,931.25
03/01/17 250,000.00 4.000% 76,965.63 326,965.63
09(01/17 71,965.63 71,965.63 398,931,25
03/01/18 275,000,00 4.125% 71,965.63 346,965.63
09/01/18 66,293.75 66,293.75 413,259,38
001/19 275,000.00 4.250% 66,293.75 341,293.75
09111/19 60,450.00 60.450.00 401,743.75
03/01/20 300,000.00 4,300% 60,450,00 360,450.00
09/01/20 54,000,00 54,000,00 414,45(1.1)0
03/01i21 300,000,00 4.500% 54,000.00 354.000.00
09,`01/21 47,250.00 47,250.00 401,250.00
03/01/22 325,000.00 4.500% 47.250.00 372,250.00
09/01/22 39,937.50 39,937.50 412,187.50
03/01/23 325,000.00 4.500% 39,937,50 364,937,50
09/01;23 32,625.00 32,625.00 397,562.50
03/01124 350.000.00 4.500% 32,625.00 382,625.00
09,111/24 24,750,00 24,750.00 407,375.00
03/01/25 350,000.00 4.500% 24,750,00 374,750.00
09/01/25 16,875.00 16,875.00 391,625.00
03/01/26 375.000.00 4.500% 16,875.00 391,875.00
0901/26 8,437.50 8,437.50 400,312.50
03/01/27 375,000.00 4.500% 8,437.50 383,437.50 383,437.50
K925.000..00 WW1 8_ $6_46,221.81 $6,946,221,811
R_edemption Provisior4: Bonds maturing prior to March 1, 2015. shall not be subject to redcmption prior to maturity.. Bonds maturing on arid
after March 1. 2013 shall be subject to redemption in whole or in pan on any interest payment date on and atter March 1, 2014, and in any order,
at the option of the Atitheiri'iy. at par. plus accrued interest to the date fixed for redemption.
Bond Registrar and Pang Agent: Huntington National Bank
Corporate Trust - EA4E64
7 Easton Oval
Columbus, OH 43219
DolitAD-0AK222(bal
APPENDIX III
$5,500,000
OAKLAND COUNTY BUILDING AUTHORITY
BUILDING AUTHORITY BONDS, SERIES 2007
Dated as of August 1, 2007
Investment Pursuant
to the Escrow Agreement
Purchase investment.
Date Amount Rate Aaturity Investment Type
- -10 S .00 % 03-01-11 SLG-Certificate
- -10 .00 09-01-11 SLG-Certificate
------10 .00 03-01-12 SG-Note
_1- .00 03-01-12 SLG-Note
- -10 .c,U 03-01-13 SLG-Note -- __
— -10 .00 09-01-13 SLG-Note
- -10 .0C 03-01-14 SLG-Note
Uninvested Cash
Total Escrow Requirement _
- .2
$ LIIMnn nn. 1E10 $
APPENDIX IV
5,500,000
OAKLAND COUNTY BUILDING AUTHORITY
BUILDING AUTHORITY BONDS, SERIES 2007
Dated as of August 1, 2007
REDEMPTION SCHEDULE
Redemption Date: March 1, 2014
REDEMPTION SCHEDULE
Redemption Premium: 0.00%
Redeemed Redemption Total Fiscal
Date Principal Interest Principal Premium Debt Service Total
03/01/11
09/01/11
03/01/12
09/01112
03/01/13
09/01/13
03/01/14 $ _
it ' " t 1 b
Debt Service Net
Defeasance Cash Flow Total
Arbitrage Yield: Total Cost of Escrow Securi'
dmh.DF-OAK222(ba)
• 10, 0 0
APPENDIX V
$5,500,000
OAKLAND COUNTY BUILDING AUTHORITY
BUILDING AUTHORITY BONDS, SERIES 2007
Dated as of August 1, 2007
/ /10 Beginning Cash Balance:
Beginning
Cash SLG SW SLG
Date Balance Principal Rate interest
06/01/06 $
09/01/08 % _
03/01/09 % _ _
09/01/09 % ____
03101/10 - -
09/01/10 ___ %
03/01/11 % _____
09/01111 oin
I HEREBY APPROlir, FOT:GOINC RESOLUTION
Resolution #10314 December 9, 200
Moved by Middleton supported by Coleman the resolutions with fiscal notes attached) on the amended
Consent Agenda be adopted (with accompanying reports being accepted).
AYES: Bullard, Burns, Coleman, Coulter, Douglas, Gershenson, Gingell, Greimel, Hatched,
Jackson, Jacobsen. Long, McGillivray, Middleton, Nash, Potts, Runestad, Schwartz, Scott, Taub,
Woodward, Zack. (22)
NAYS: (0)
A sufficient majority having voted In favor, the resolutions (with fiscal notes attached) on the amended
Consent Agenda were adopted (with accompanying reports being accepted).
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Ruth Johnson, Clerk of the County of Oakland, do hereby certify that the foregoing resolution ;s a true
and accurate copy of a resolution adopted by the Oakland County Board of Commissioners on December
9, 2010. with the original record thereof now remaining in my office.
In Testimony Whereof, have hereunto set my hand and affixed the seal of the County of Oakland at
Pontiac, Michigan this 9 th day of December, 2010,
sgat
Ruth Johnson. County Clerk