HomeMy WebLinkAboutResolutions - 1973.05.17 - 10436May 17, 1973
6322 RESOLUTION NO.
RE: AWARD OF DELINQUENT TAX REVOLVING
FUND NOTES, SERIES 1973
BY: FINANCE COMMITTEE - Fred Do Houghten, Chairman
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN: 1
WHEREAS, this Board of CoMmissioners on March 1, 1973,
authorized the Treasurer to sell its Delinquent Tax Revolving FUnd Notes,
Series 1973 in an amount not to exceed $14,250,000 pursuant to Chapter 4
Act No. 202 of the Public Acts of 1943, as amended; and to apply to
the Municipal Finance Commission So permission to do so; and
WHEREAS, on May 1, l973 the Municipal Finance Commission
authorized the County to issue such notes in an amount not to exceed
$14,250,000, by its Order approving the issuance of Oakland County Delin-
quent Tax Revolving Fund Notes, Series 1973; and
WHEREAS, the said Order of Approval of the Municipal Finance
Commission imposes certain restrictions which are inconsistent with parts
of Resolution No 6236 (being a resolution of this Board of Commissioners
to establish a Delinquent Tax Revolving Fund) and of Resolution No. 6237
(being a resolution authorizing the County to borrow against delinquent
anticipated taxes) both of which resolutions were adopted by this Board
of Commissioners on March -1, 1973; and
WHEREAS, this Board of Commissioners wishes to amend Resolu-
tions Nos. 6236 and 6237 to conform to the requirements set forth in
said Order of the Municipal Finance Commission; and
WHEREAS, the Treasurer ha S presented the following proposals
which had been received by him which proposals and as to interest rates
and premiums were as set forth in th e attachments hereto:
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS •.
OF OAKLAND COUNTY AS FOLLOWS:
1. Paragraph 6 of Resolution No. 6236 adopted by this Board
of Commissioners on March 1, 1973, is hereby amended to read as follows:
6. So long as any notes are outstanding for
theaccount of any delinquent tax for any year for '
which a borrowing has been made and an account estab-
lished, no surplus regardless of its source in the
• Oakland County Delinquent Tax Revolving Fund Account
for such year shall be transferred out of such Fund
. Account,'
2. Paragraphs 3 and 5 of Resolution No 6237 adopted by this
Board of Commissioners on March 1, 1973, are hereby amended to read as
follows:
3. All-collections Of the aforesaid 1972
delinquent taxes outstanding on March 1, 1973,
together with all interest thereon (including fees
and penalties on such delinquent taxes), are here-
by pledged to the prompt payment of the principal
of and interest on the aforesaid notes;- the proceeds
of the 1972 delinquent taxes so pledged shall be used
for no other purpose until the aforesaid notes are
paid in full including interest and all such delin-7
quent taxes so pledged together with all interest
thereon (including such fees and penalties) shall be
deposited into and accounted for separately in the .
Oakland County Delinquent Tax Revolving Fund No.
46190.'
5. Pursuant to the resolution of this Board
of Commissioners adopted March 1, 1973, there is
hereby established OaklandlCounty Tax Revolving Fund
No. 46190 effective as of March 1, 1973, into which
Fund the County Treasurer is hereby directed to place
on his books and records all payments received on or ,
after March 1, 1973, on account of the 1972 delinquent
taxes as returned to him by any tax collector in the
county on or after March 1; 1973, which Fund is pres-
ently estimated to be in at' aggregate amount in excess
of $14,250,000, including the proceeds of the borrow-
ing hereby authorized, andlfrom which Fund the County
Treasurer shall repay the borrowing using the receipts
of the delinquent taxes including interest outstanding
on the date of said borrowing including fees and pen-
alties on such taxes and shall pay from the proceeds
of the borrowing, the fuillamount of 1972 delinquent
taxes delivered to him by any tax collector in the
- 2 -
1 through 9
10 through 34
35 and 36
37
$500,000
$100,000
$ 50,000
$ 25,000
county and outstanding and unpaid on or after March
1, 1973. Collection fees and penalties received
after March 1, 1973, by the County Treasurer in
connection with the payment to him of .1972 delin-
quent taxes shall be separately recorded and shall
be transferred as provided in the March 1, 1973,
,Resolution of the Oakland County Board of Commis-
sioners establishing the pakland.County Delinquent
Tax Revolving Fund."
•
3. The proposal of Michigan National Bank of DetrI-it.to
purchase the Delinquent Tax RevolviIng -Fund Notes, Series 1973 in an
'amount not to exceed $14,250,000, t o be issued by the County and
dated April 1, 1973, at par plus accrued interest to date of deliv-
ery bearing interest per annum as f ollows:
Principal Amount Notes Maturing Interest Rate
$7,1 .2.5,000
4,275,000
Not to exceed
2,850,000
On or before
May 1, 1974
On or before
May 1, 1975
On or before
May 1, 1976
4.30%
(same being the proposal [among several obtained] which produces
the lowest net interest cost to the County), a copy of which is
attached hereto, be and the same is hereby accepted, and the rejec
tion of any and all other proposal* is hereby confirmed.
4. The said notes shall be issued in the following
denominations, numbers and with the maturities stated hereafter:
A. Notes Maturing May 1,:! 1974:
Number or Numbers Denomination of
All inclusive Each Note
$250,000
$100,000
$ 50,000
$ 25,000
*97 through 123 $ 50,000•
B. Notes Maturing May 1,I1975:
Number or Numbers Denomination of
All Inclusive Each Note
38 through 40
41 through 70
71 through 80
81
C. Notes Maturing May 1,K1976:
Number or Numbers Denomination of
All Inclusive Each Note
*82 through 96 1 $100,000
*(optional as provided :below)
provided that, in order to comply w
the notes maturing May 1, 1976, the
the option to deliver one note in a
mined at his option, such note to b
and bearing the last number issued,
th paragraph 5 hereof, as to
County Treasurer shall have
denomination to be deter-
the last note so delivered
in which event (as required
in said paragraph 5) some of Notes Nos. 82 through 121
shall not be delivered in the numbers and denominations specified
above.
5. In the event the final amount of 1972 taxes deter-
mined to be Delinquent as of March 1, 1973 is determined by the
County Treasurer to be an amount less than $14,250,000, which
therefore requires the issuance of notes in an aggregate principal
amount less than $14,250,000, the County Treasurer is further
authorized to deliver notes maturing May 1, 1976, aggregating
less than $2,850,000, in which event he shall,beginning in inverse
numerical order, not deliver such notes, with such numbers and of
such denominations as is necessary to reduce the aggregate
ht -5 ' Fred oug enf C.4611- man
borrowing to the exact amount of 19712 Delinquent Taxes finally
determined to have been delinquent as of March 1, 1973, and he
shall, if necessary, be authorized to issue one further note,
bearing the last number so issued of Such denomination as shall
bermit the borrowing in full of the lexact amount of such taxes as
were delinq uent on March 1, 1973.
6. The County Treasurer is authorized to deliver the
notes at such times and places as he and the purchaser may agree
provided:
- (a) At each delivery the Purchaser shall pay the par
value of the notes so delivered p1us1 accrued interest thereon to
the date of delivery;
(b) The total amount of notes so delivered shall not
exceed the amount of 1972 Delinquent Taxes determined by the Cou
Treasurer to be delinquent on March
delivery; and •
(c) Deliveries shall occur with respect to the various
maturities as follows:
-(1) All notes maturing on or before May 1, 1974 shall
be delivered prior to June 15, 1973;
(2) All notes maturing on or before May 1, 1975 shall
be delivered on or before July 15, 1973, and all
notes maturing on or before May 1, 1976 shall be
delivered on or before July 31, 1973.
7. The aforesaid notes shall be subject to redemption
as provided in this Board's Resolution No. 6237 in inverse numerical
order and shall be in substantially the form attached hereto and
hereby approved.
8. The Clerk and County Treasurer are hereby authorized
to execute any and all other documents, as may be necessary in
connection with the issuance of the 'aforesaid notes.
The Finance Committee, by Fred D.1 Houghten, Chairman, moves the
adoption of the foregoing resolution.•
FINANCE COMMITTEE
1973, as of the date of such • •
UNITED STATES OP AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
DELINQUENT TAX REVOLVING
FUND NOTE, SERIES 1973
No.
KNOW ALL MEN BY- THESE PRESENTS, that the County of Oakland,
Michigan, acknowledges itself to owe and for value received promises
to pay to the order of
of , Michigan, on theist day of April, 197 , the sum
- of Dollars..._($--- • together
with interest thereon from the date hereof until paid, at the rate
of percent per annum, both principal and interest payable in
lawful money of the United States of America at the Michigan National
HBank .of Detroit, in the City of Detroit, .Wayne County, Michigan, upon _
presentation and surrender of this NO -be.
This note is one of a series of notes of like date and
tenor, except as to principal amount and rate of interest
in denominations and maturing as follows: Numbers 1 through 9,
$500,000 each, Numbers 10 through 34 $100,000 each, Numbers 35 and
36, $50,000 each and Number 37, $25,000, all maturing May 1, 1974;
Numbers 38 through 40, $250,000 each. Numbers 41 through 70, $100,000
each, Numbers 71 through 80, $50,000 each and Number 81, $25,004,
all maturing May 1, 1975; and Numbers 82 through 96, 5100,000
each and 97 through 123, $50,000 each, all maturing May 1, 1976,
provided that notes numbered 82 and upwards are optional as to
delivery and as to denomination, as provided in a Resolution of the
Board of Commissioners of said County of Oakland, dated May
1973. This series of notes which shall not aggregate in excess of
$14,250,000 are issued by said County of Oakland in accordance with
the provisions of Act No. 202 of the Michigan Public Acts of 1943,
as amended, in anticipation of the collection of delinquent taxes
for the year 1972 paid or to be paid to the Oakland County
Treasurer for deposit in the Oaklandounty Delinquent Tax Revolving
Fund No. . The proceeds of this series of notes has been
placed in and will be used as the whole of the Oakland County
Delinquent Tax Revolving Fund No. and the moneys in said Fund
will be used to make payment to local tax collectors for taxes
returned to the County Treasurer as delinquent on March 1, 1973.
For the payment of the principal of and interest on these notes,'
there is hereby pledged all of the collections of the delinquent
taxes of Oakland County for the year 1972 which were outstanding
on March 1, 1973, together with all interest, fees and penalties
thereon. In addition, thereto the full faith, Credit and resources
of the County of Oakland are hereby irrevocably pledged for the
prompt payment of said principal and interest at maturity.
The notes of this _series shall cc subject to redemption in
inverse order of maturity -and in inverse numerical order within each
maturity, at par and accrued interest on the first day of any month
prior to maturity upon 90 days notice served by registered mail
upon the .known holder or holders thereof, or published in a news-
paper or .publication circulated in the State of Michigan . whici.
carries as a part of its regular serice notices of the 'sale of
municipal bonds and notes.
it is hereby certified, reCited and •declared that all.
acts, conditions and things required, to exist, happen and be per - •
formed precedent. to and in the issuance of the notes. of this series,
existed,- have happened and have been, performed in due time, form
and manner as recfuired by the Constitution and Statutes of the State
- -of Michigan and that the amount or said notes -, together with all
other indebtedness of said County, does not exceed an Constitutional
or statutory - limitation,
IN .WITNESS WHEREOF, the Co3anty of Oakland, Michigan, has
•caused this note to he signed and sealed in its name by the Chairman
of the Oakland County Board of Commissioners and its County Clerk as
of the 1st day of April, 1973. - • -
COUNTY OF OAKLAND •
By
Chairman, Board of CommisSioners
The folllowinq wr.to were present iot ca on
the foregoing resolution
Yeas Douglas, Dunleavy, Gabler, Hobart, Hoot, Houghten, Kasper, Lennon,
Mathews, Moffitt, Montante, Olson, Perinoff, Pernick, Quinn, Walker,
Wilcox, Berman, Brotherton, Burley, Button, Coy, Dearborn. (23)
Nays: None, (0)
Resolution declared adopted.
The following Commissioners were absent from the meeting:
Nowak, Patnales, Richardson, Vogt. (4) .
the nn5r'sigfleS. .ho ray q all a ti ncf Clark 11. an d
5 :10 555 OF SP:Mg T(-17=, )
:=
COUNTY OF OPaLAND )
of t's], Board, of of the of Oakland, Michig=m, Sr
hereby certify Cuet the for-KyLhrj is a Itrue complete copy c,f
proceedings taken at a regular Ineclt.ing of the Board of
slaners of said County held on. the 7th day of May, 1973, insofar as
the same relate to the issuance of not to exceed $14,250,000 of
r),-1inc4.1 -1c-mt Tax Revolv:inu Fund
which is on file in my office
Noi-eFi, SeHies 1973, the oriqjnal of
IN WITNESS WHEREOF, I have heeunto affixed my official
signature toes .18t .1-1 .. day of May, A.D. 19rn.
Cle rk of Oakland County
#6322
Moved by lioughten supported by Quinn the resolution be adopted.
AYES: Douglas, Dunleavy, Gabler, Hobart, Hoot, Houghten, Kasper,
Lennon, Mathews, Moffitt, Montante, Olson, Perinoff, Pernick, Quinn,
Walker, Wilcox, Berman, Brotherton, Burley, Button, Coy, Dearborn. (23)
NAYS 1 None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
- (
COUNTY OF OAKLAND) .
I, Lynn D. Allen, Clerk of the County of Oakland and
having a seal, do hereby certify that I have compared the annexed copy of
Resolution #6322 adopted by the Oakland County Board of Commissioners
4.0400,04D 00 0000,e 000 0 ,000 0 qao0.000,12.00004dO110005.09M0.04.04,00000610000000.941500000
at their May 17, 1 973 meeting
with the original record thereof now remaining in my
office, and that it is a true and correct transcript
therefrom, and of the whole thereof.
In Testimony Whereof, I have hereunto set my hand and
affixed the seal of said County at Pontiac, Michigan
18th May 73 4 la
Lynn D.
By00041,89ffle.M.Sa41
•
Clerk