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Home My WebLink AboutResolutions - 2010.09.23 - 103444••• Miscellaneous Resolution # 10245 , 2010 57F._/"6") AA Att,C4 6-en dvAti, ort 0) 1- ) k IA_ BY: JIM NASFI, DISTRICT 15 Sint wei rh /-1 12-2-,%-tke 5-1- 54:5pegsloo-i CO le< r ozix/1-, IN RE: WATER RESOURCES COMMIS ONER RESOLUTION DECLARING OFFICIAL INTENT TO REIMBURSE PROJECT EXPENDITURES FROM BOND PROCEEDS AND AUTHORIZING NOTICE OF INTENT TO ISSUE BONDS FOR EVERGREEN-FARMINGTON SEWAGE DISPOSAL SYSTEM IMPROVEMENTS TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS Mr. Chairperson, Ladies and Gentlemen: WHEREAS, the County of Oakland (the "County") is in urgent need of sewage disposal facilities constituting a part of the Evergreen-Farmington Sewage Disposal System (the "System") as described in the notice hereinafter set forth in this resolution (sometimes referred to herein as the "Project"), in order to promote the health and welfare of the residents served by the System, which sewage disposal facilities also would benefit the County and its residents, and such facilities can be financed most economically and efficiently by the County through the exercise of the powers conferred by Act 34, Public Acts of Michigan, 2001, as amended ("Act 34'1); and WHEREAS, the County is authorized pursuant to the terms of Act 34 to issue its tax credit or tax exempt bonds to finance the cost of the acquisition and construction of the Project, which bonds will be secured by revenues of the System and the County's full faith and credit pledge; and WHEREAS, it is anticipated that the County will advance all or a portion of the costs of the Project prior to the issuance of the bonds, such advance to be repaid from proceeds of the bonds upon the issuance thereof; and WHEREAS, Section 1.150-2 of the Treasury Regulations on Irtcome Tax ( the "Reimbursement Regulations") specifies conditions under which a reimbursement allocation may be treated as an expenditure of bond proceeds, and the County intends by this resolution to qualify amounts advanced by the County to the Project for reimbursement from proceeds of the bonds in accordance with the requirements of the Reimbursement Regulations. THEREFORE, BE IT RESOLVED by the Board of Commissioners of Oakland County, Michigan, as follows: n•••-.1, 1. DECLARATION OF INTENT TO RELMRT RSE PROJECT EXPENDITURES, The County hereby declares its official intent to issue its limited tax general obligation bonds in one or more series in the aggregate principal amount of not to exceed $7,000,000 to finance all or part of the cost of the Project. The County hereby declares that it reasonably expects to seek reimbursement for its advances to the Project as anticipated by this resolution. The bonds shall be authorized by proper proceedings subsequent to this resolution, 2, NOTICE OF INTENT TO ISSUE BOND The County Clerk is hereby instructed to publish the following notice once in a newspaper of general circulation in the County of Oakland, which notice shall not be less than V.:* page in size in such newspaper, to wit: NOTICE OF INTENT TO ISSUE BONDS BY THE COUNTY OF OAKLAND, MICHIGAN NOTICE IS HEREBY GIVEN, that the County of Oakland, Michigan, intends to issue bonds in one or more series in the aggregate principal amount of not to exceed 87,000,000 for the purpose of defraying all or part of the cost of acquiring, constructing and installing sewage disposal facilities consisting of (i) the replacement of sanitary sewers and manholes and related appurtenances on Middlebelt Road south of 13 Mile Road in the City of Farmington Hills, (ii) the rehabilitation of approximately 1,700 feet of CIPP-36" sanitary sewer on Middlebelt Road south of 13 Mile Road, and (iii) the acquisition, construction and installation of approximately 6,500 feet of sanitary sewer/force main and a 24 CFS pump station on Middlebelt Road from south of 13 Mile Road to north of 1-696, which facilities are designated as the "Evergreen- Farmington Sewage Disposal Systems 2010 Improvements," to serve the users of the Evergreen- Farrnington Sewage Disposal System (the "System") and the residents of the County of Oakland. The bonds will bear interest from their date at a rate or rates not exceeding 8% per annuin. The bonds will be issued under and pursuant to the provisions of Act Nu. 34, Public Acts of Michigan, 2001, as amended, and the full faith and credit of the County of Oakland will be pledged to pay the principal of and interest On the bonds as the same shall become due. It is expected that the principal of and interest on the bonds will be paid from revenues of the System. In addition, the County of Oakland will be obligated, as a first budget obligation, to advance moneys from its general funds or to levy ad valorem taxes on all taxable property within its corporate boundaries to pay the principal of and interest on the bonds as the same shall become due. Taxes levied by the County of Oakland for the payment of such principal and interest will be subject to applicable constitutional and statutory limitations. -3- RIGHT TO PETITION FOR REFERENDUM This notice is given, by order of the Board of Commissioners of the County of Oakland, to and for the benefit of the electors of the County of Oakland in order to inform them of their right to petition for a referendum upon the question of the issuance of the aforesaid bonds. The bonds will be issued, without submitting such a question to a vote of the electors, unless within 45 days after the date of publication of this notice a petition requesting a referendum upon such question, signed by not less than 10% or 15,000 of the registered electors residing within the County of Oakland, whichever is the lesser, shall have been filed with the undersigned County Clerk. In the event that such a petition is filed, the bonds will not be issued unless and until the issuance thereof shall have been approved by the vote of a majority of the electors of the County of Oakland qualified to vote and voting thereon at a general or special election. FURTHER INFORMATION Further information relative to the issuance of said bonds and the subject matter of this notice may be secured at the office of the Clerk of the County of Oakland, 1200 North Telegraph Road, Pontiac, Michigan 48341. This notice is Oven pursuant to the provisions of Act 34, Public Acts of Michigan, 2001, as amended. RUTH A. JOHNSON, Clerk County of Oakland 161 }v. 3. CONFLICT-ECG RESOLUTIONS. All resolutions and parts of resolutions insofar as they may be in conflict herewith are rescinded. Mr. Chairperson, I move adoption of the foregoing resolution. / ASH, DISTRICT 15 ''‘A.Q,\Vibta—TaJLA)8'''ruo fr1tAiLLA5p4 1--e44/Ap 'nook! nuo Resolution #10245 September 23, 2010 Moved by Nash supported by Taub to suspend the rules and vote on Miscellaneous Resolution #10245 — Board of Commissioners — Resolution Declaring Official Intent to Reimburse Project Expenditures from Bond Proceeds and Authorizing Notice of Intent to Issue Bonds for Evergreen-Farmington Sewage Disposal System Improvements. Vote on motion to suspend the rules: AYES: Douglas, Gershenson, Gingell, Gosselin, Gremiel, Hatchett. Jackson, Jacobsen, Long, McGillivray. Middleton, Nash, Potts, Runestad, Schwartz, Scott, Taub, Woodward, Zack, Bullard, Burns. Capello, Coleman. Coulter. (24) NAYS: None (0) A sufficient majority having voted in favor, the motion to suspend the rules and vote on Miscellaneous Resolution #10245 - Board of Commissioners — Resolution Declaring Official Intent to Reimburse Project Expenditures from Bond Proceeds and Authorizing Notice of Intent to Issue Bonds for Evergreen- Farmington Sewage Disposal System Improvements carried. Moved by Nash supported Taub the resolution be adopted. AYES: Gershenson, Gingen. Gosselin. Gremiel, Hatchett. Jackson. Jacobsen, Long, McGillivray. Middleton. Nash, Potts, Runestad, Schwartz, Scott, Taub, Woodward, Zack, Buliard, Burns, Capella. Coleman, Coulter, Douglas. (24) NAYS: None. (0) A sufficient majority having voted in favor, the resolution was adopted. STATE OF MICHIGAN) COUNTY OF OAKLAND) 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 September 23. 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 23' day of September, 2010. eat -3-