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HomeMy WebLinkAboutResolutions - 2010.11.18 - 10247Miscellaneous Resolution #10301 November 18, 2010 BY: PLANNING AND BUILDING COMMITTEE, JOHN A. SCOTT, CHAIRPERSON IN RE: WATER RESOURCES COMMISSIONER — BLOOMFIELD TOWNSHIP CSO DRAINAGE DISTRICT DRAIN BONDS — FULL FAITH AND CREDIT RESOLUTION TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS: Chairperson, Ladies and Gentlemen: WHEREAS, the Drainage Board for toe Bloomfield Township CSO Drainage District, by resolution adopted on October 19. 2010, authorized and provided for the issuance by the Bloomfield Township CSO Drainage District of its Drain Bonds, Series 2010 (the "Bonds'') in the aggregate principal amount of not to exceed $5,000,000 to defray part of the cost of the Bloomfield Township CSO Drain Rehabilitation Project: and WHEREAS, the Bonds will be dated as of such date, will, in the case of Tax-Exempt Bonds, bear interest at such rates not to exceed 6% per annum, or, in the case of Recovery Zone Economic Development Bonds, at such rates not to exceed 8% per annum, will be in the aggregate principal amount, will mature in sucn years and principal amounts, and will be subject to redemption prior to maturity as shall be determined at the time of sale by the Oakland County Water Resources Commissioner as Chairman of the Drainage Board for the Bloomfield Township CSO Drainage District: and WHEREAS. the Drainage Board deems it advisable and necessary to obtain from this Board a resolution pledging the full faith and credit of the County of Oakland (the "County") for the payment of the principal of and interest on the Bonds (the "Bonds"): and WHEREAS, the Bloomfield Township CSO Drain Rehabilitation Project is necessary to protect and preserve the public health and. therefore, it is in the best interests of the County that the Bonds be sold. NOW. THEREFORE. BE IT RESOLVED: 1. Pursuant to the authorization provided in Section 474 of the Drain Code of 1956, as amended, the Board of Commissioners of the County hereby pledges irrevocably the full faith and credit of the County for the prompt payment of the principal of and interest on the Bonds, and agrees that, in the event the Charter Township of Bloomfield or the County shall fail or neglect to account to the County Treasurer of the County for the amount of any special assessment installment and interest when due, the amount thereof shall be advanced immediately from County funds, and the County Treasurer is directed to make such advancement to the extent necessary. 2. In the event that, pursuant to the pledge of full faith and credit, the County advances out of County funds all or any part of an installment and Interest, it shall be the duty of the County Treasurer, for and on behalf of the County. to take all actions and proceedings and pursue all remedies permitted or authorized by law for the reimbursement of such sums so paid. 3. The County Treasurer or the financial consultant, Municipal Financial Consultants Incorporated, is authorized to file with the Department of Treasury of the State of Michigan on behalf of the County an Application for State Treasurer's Approval to Issue Bonds with respect to the Bonds. 4. The County Treasurer is authorized to approve the circulation of a nearly final and final official statement for the Bonds, to cause the preparation of those portions of the nearly final and final official statement that pertain to the County, and to do all other things necessary for compliance with Rule 15c2-12 issued under the Securities Exchange Act of 1934, as amended (the "Rule"). The County Treasurer is authorized to execute and deliver such certificates and to do all other things that are necessary to effectuate the sale and delivery of the Bonds. 5. The County Treasurer is hereby authorized to execute and deliver in the name and on behalf of the County a certificate of the County to comply with the requirements for a continuing disclosure undertaking of the County pursuant to subsection (b)(5) of the Rule 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 Mr. Chairperson, on behalf of the Planning and Building Committ7y pmove:tion of the foregoing resolution. PLANNIN AND BUILDING COMMITTEE PLANNING & BUILDING COMMITTEE VOTE: Motion carried unanimously on a roll call vote with Jacobsen absent. Motion to directly refer this resolution to the Finance Committee carried on a voice vote. FISCAL NOTE110301 November 10, 2010 BY: FINANCE COMMITTEE, TOM MIDDLETON, CHAIRPERSON IN RE: WATER RESOURCES COMMISSIONER - BLOOMFIELD TOWNSHIP CSO DRAINAGE DISTRICT DRAIN BONDS - FULL FAITH AND CREDIT RESOLUTION TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS Chairperson, Ladies and Gentlemen: Pursuant to Rule XII-C of this Board, the Finance Committee has reviewed the above referenced resolution and finds: 1. The Drainage Board for the Bloomfield Township CSO Drainage District is requesting that the Board of Commissioners pledge the full faith and credit of the County of Oakland for the payment of principal and interest on the Bloomfield Township CSO Drainage District Drain Bonds, Series 2010 pursuant to the Drain Code of 1956 as amended. 2. The bond issue is not to exceed $5,000.000 and is to be used to defray the cost of rehabilitating the Bloomfield Township CSO Drain. 3. The Bonds shall be classified as Tax Exempt Bonds or Recovery Zone Economic Development Bonds, or some combination thereof, the Tax Exempt Bonds interest rate shall not exceed 6% per annum, and the Recovery Zone Economic Development Bonds interest rate shall not exceed 8% per annum. 4. The Bonds will be in aggregate principal amounts, will mature in such years and principal amounts and will be callable prior to maturity as determined necessary by the Oakland County Water Resources Commissioner as Chairman of the Drainage Board for the Bloomfield Township CSO Drainage District. 5. The statutory limit for County debt is $5,774.607,651 (10% of State Equalized Value). As of October 29, 2010, the total pledged debt is $309,146,709 or approximately 0.53536% of the S.E.V. 6. The estimated project cost of $5,000,000 will be apportioned to the following Public Corporations as follows with $3,835,900 or 76.718% to the Charter Township of Bloomfield and $1,164,100 or 23.282% to Oakland County for county roads. 7. The Charter Township of Bloomfield will pay for the bonds through a Special Assessment Roll for the Bloomfield Township CSO Drain. a. The Oakland County portion of the debt service payments is included in the Non- Departmental current drain assessments account. s. No budget amendment is required, (FIN11:7,14MITTEE FINANCE COMMITTEE Motion carried unanimously on a roll call vote. Resolution #10301 November 18, 2010 Moved by Middleton supported by Nash the resolutions (with fiscal notes attached) on the Consent Agenda be adopted (with accompanying reports being accepted). AYES: Capello, Coleman, Coulter, Douglas, Gershenson, Gingell, Gosselin, Greimei, Hatchett, Jackson, Jacobsen, Long, McGillivray, Middleton, Nash, Potts, Runestad, Schwartz, Scott, Taub, Woodward, Zack. Bullard, Burns. (24) NAYS: None. (0) A sufficient majority having voted in favor, the resolutions (with fiscal notes attached) on the Consent Agenda were adopted (with accompanying reports being accepted). 0-€ I HEREBY APPROVE THE FOREGOING RESOLUTION ACTING PURSUANT TO 1973 PA 139 STATE OF MICHIGAN) COUNTY OF OAKLAND) I, Ruth Johnson, Clerk of the County of Oakland, do hereby certify that the foregoing resolution is a true and accurate copy of a resolution adopted by the Oakland County Board of Commissioners on November 18, 2010, with the original record thereof now remaining in my office. In Testimony Whereof, i have hereunto set my hand and affixed the seal of the County of Oakland at Pontiac, Michigan this 18'11 day of November, 2010. Gat Ruth Johnson, County Clerk