HomeMy WebLinkAboutResolutions - 1986.11.20 - 10932FISCAL NOTE
BY: FINANCE COMMITTEE, DR. G. WILLIAM CADDELL, CHAIRPERSON
IN RE: SEWER, WATER AND SOLID WASTE DIVISION - EVERGREEN AND FARMINGTON
SEWAGE DISPOSAL SYSTEMS, POLLUTION CONTROL FACILITIES; BEVERLY
HILLS - MISCELLANEOUS RESOLUTION #86315
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen:
Pursuant to Rule XI-G of this Board, the Finance Committee has
reviewed Miscellaneous Resolution #86315 and finds that the acquisition
and construction of the Evergreen and Farmington sewage disposal systems
pollution control facilities, Beverly Hills, is estimated to cost
$1,190,000. The Village of Beverly Hills allocated local cost will be
$560,000. The balance is expected to be received through Federal grants
therefore, there is no fiscal implication to the County.
The County of Oakland will issue bonds to defray the Village of
Beverly Hills' part of the cost of acquiring and constructing the
facilities after application to said total cost of the proceeds of Federal
and State grants, if any become available. The bonds to be issued will be
primarily secured by the obligation of the village to pay the principal
and interest (not to exceed 18% per annum) on the bonds when due (not to
exceed 40 years) and the bond service charges incurred by the County.
The Oakland County Drain Commissioner, acting as County Agency, will
execute a contract on behalf of Oakland County, with the Village of
Beverly Hills, the only party needed to contract with the County for 100%
of the cost of the project.
The Corporation Counsel has approved the contract as to form.
FINANCE COMMITTEE
this 2 la
November 20, 1986
Resolution # 86315
Moved by Hobart supported by Webb the resolution be adopted.
AYES: Doyon, Fortino, Hobart, R. Kuhn, Lanni, Law, McDonald,McPherson,
Moffitt, Nelson, Page, Pernick, Price, Rewold, Rowland, Skarritt, Webb,
Wilcox, Aaron, Caddell, Calandro. (21)
NAYS: 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
Miscellaneous Resolution adopted by the Oakland County Board of Commissioners
at their meeting held on November 20, 1986
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
day of Mrlypmhpr 198_6
- dO
16111140 Al
Lynn7D: Allen, Coirn
Regi ster of Deeds
n