HomeMy WebLinkAboutResolutions - 1986.12.11 - 10958December 11, 1986
Miscellaneous Resolution 86345
BY: PLANNING AND BUILDING COMMITTEE COMMITTEE - Anne M. Hobart, Chairperson
IN RE: SEWER, WATER AND SOLID WASTE DIVISION - AUTHORIZE COUNTY EXECUTIVE TO
REQUEST CARRYFORWARD ALLOCATION UNDER TAX REFORM ACT OF 1986 AND MICHIGAN
EXECUTIVE ORDER 1986-6
COUNTY BOARD OF COMMISSIONERS
Ladies and Gentlemen:
WHEREAS the County of Oakland has adopted, pursuant to Act 641 of
Michigan Public Acts of 1978, as amended, the Oakland County Solid Waste
Management Plan wherein are plans and requirements for the acquisition and
financing of facilities for the conversion of refuse to energy and for the
disposal by landfill and other available means of all types of non-hazardous solid
waste and refuse; and
WHEREAS if such facilities are to be privately owned, the financing of
such facilities will require the issuance of bonds or other evidences of
indebtedness by Oakland County or one of its agencies or instrumentalities
pursuant to Act 62, Michigan Public Acts of 1963, as amended, or Act 338, Michigan
Public Acts of 1974, as amended, or by the Michigan Strategic Fund pursuant to Act
270, Michigan Public Acts of 1984; and
WHEREAS the amount of such bonds or other evidences of indebtedness that
may be issued in any one year is subject to an annual unified volume limitation
for private activity bonds imposed by the Internal Revenue Code and Regulations
promulgated thereunder; and
WHEREAS the Internal Revenue Code and Regulations provide for an
allocation of a portion of the unified volume limitation to a particular issue of
private activity bonds and the Governor of the State of Michigan has issued
Executive Order 1986-6 (the "Executive Order") to provide for the allocation of
the unified volume limitation among issuers of private activity bonds in the State
of Michigan and in particular has provided for allocations of unused volume
limitation in one year which may be carried forward for up to three years as
provided in the Internal Revenue Code and the Executive Order; and
WHEREAS the County previously applied for and received from the Michigan
Department of Treasury a carryforward allocation of $286 million which was
invalidated by the Tax Reform Act of 1986; and
WHEREAS if the facilities described in the Act 641 Plan are publicly
owned, bonds or other evidences of indebtedness issued to finance such facilities
will not be subject to the unified volume limitation; and
WHEREAS due to the fact that the decision as to whether the facilities
described in the Act 641 Plan will be publicly or privately owned has not yet been
made, the County of Oakland may need an allocation of the unified volume
limitation in one or more of the calendar years 1987, 1988 or 1989 and deems it
necessary and advisable to apply for such carryforward allocation in 1986.
NOW THEREFORE BE IT RESOLVED by the Board of Commissioners of Oakland
County, as follows:
1. The Oakland County Executive and the Chairperson of the Oakland
County Board of Commissioners are hereby authorized and directed to make
application to the Michigan Department of Treasury, pursuant to the Executive
Order, on forms provided therefor, for a carryforward allocation of the State of
Michigan unified volume limitation on the amount of private activity bonds that
may be issued in the State which allocation shall be in the amount of $260 million
as determined by the County Executive on the basis of the requirements of the
County Act 641 Plan and shall be requested for carry forward and use in one or
more of the next three (3) calendar years after 1986.
2. The Oakland County Executive is hereby further authorized and
directed to take such actions as are hereafter necessary or desirable to secure
for the County of Oakland and any of its agencies, public corporations,
authorities or other instrumentalities, or the Michigan Strategic Fund, in
compliance with federal or state law, orders, rules or regulations, the necessary
permissions, authority and available allocations to acquire and finance the
facilities described in the Oakland County Solid Waste Management Plan as now or
hereafter adopted and approved by the Board of Commissioners.
Mr. Chairperson, on behalf of the Planning and Building Committee, I
move the adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
1 REFRY APPROVE THE FO7,7`DING RESOLUTION
bolt. 41111, 4
Lynn/0": Allen, Coun y Clerk/
Regi/ster of Deeds'
Resolution # 86345
December 11, 1986
Moved by Hobart supported by Richard Kuhn the resolution be adopted.
AYES: Rowland, Webb, Caddell, Calandro, Doyon, Fortino, Gosling, Hobart,
Richard Kuhn, Susan Kuhn, Lanni, McConnell, McDonald, McPherson, Moffitt,
Nelson, Page, Perinoff, Pernick, Price, Rewold. (21)
NAYS: None. (0)
A sufficient majority havinj voted therefor, the resolution was adopted.
STATE OF M(C'FqQAN)
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 Pecemb.er 11, 1986
with the original record thereof now remaining in my office,
and that iti 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 Ponti*ac, Michigan
this 11th day of December, :1986