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HomeMy WebLinkAboutResolutions - 1980.02.14 - 11875February 14, 1980 RESOLUTION NO RE: AUTHORIZATION TO BORROW AGAINST ANTICIPATED DELINQUENT 1979 TAXES BY: FINANCE COMMITTEE TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS MR. CHAIRMAN, LADIES AND GENTLEMEN: WHEREAS, on March I, 1973, this Board of Commissioners adopted a resolution establishing the Oakland County Delinouont Tax Revolving Fund, pursuant to Section 876 of Act No. 206 of the Public Acts of 1893, as amended; and WHEREAS, this Fund has been designated as the "1095 Tax Payment Fund" by the Oakland County Treasurer, and it appears desirable to borrow to fund part of said Fund for the 1979 de- linquent real property taxes; and WHEREAS, the purpose of this Fund is to allow the Oakland County Treasurer (hereinafter sometimes referred to as the "County Treasurer" or the "Treasurer") to pay from the Fund any or all delinquent real property taxes which are due the County; any school district; intermediate school district; community college district; city, township, special assessment or drain distri c t; or any other political unit or county agency for which delinquent tax payments are due on settlement day with the County, City or Town- ship Treasurer and has been heretofore directed to do so by the Beard of Commissioners of this County; and WHEREAS, it is hereby determined that it is necessary that Oakland County (hereinafter sometimes referred to as the "County") borrow a sum not to exceed (a) the amount of the 1979 deli c•allent real property taxes (hereinafter sometimes referred to as the "delinquent taxes") which become delincuent on or before March 1, 1980, and (b) a reserve to assure prompt payment of the notes, and deposit the proceed thereof in the aforesaid Fund and the 1980 I Reserve Fund (established hereinafter) respectively; and 9287 te WHEREAS, such borrowing is authorized by Sections 87c and 87d of Act No. 206 of the Public Acts of 1893, as amended, (here- inafter referred to as "Act 206"); and WHEREAS, the total amount of unpaid delinquent taxes which will be outstanding on March 1, 1980 is estimated to be in excess 37,000,000.00 , exclusive of interest, fees and penalties. NOW THEREFORE BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE COUNTY OF OAKLAND, THE STATE OF MICHIGAN, AS FOLLOWS: 1. The County shall borrow_ Thirty Seven Million of Dollars ( 37,000,000.00 ) or such part thereof as will repre- sent not to exceed (a) the exact amount of the delinquent taxes out- standing on March 1, 1980, exclusive of interest, fees and penalties, and (b) an amount not to exceed fifteen percent (15%) of the amount of the delinquent taxes, in order to constitute a reserve (herein- after referred to as the "Note Reserve Fund"), and, as the Municipal Finance Commission may authorize, issue its "General Obligation Limited Tax Notes, Series 1980", payable from the delinquent taxes outstanding on March 1, 1980 and the other sources specified below, the proceeds of which notes shall be placed in and used as the whole or part of the Fund Account No, 61680 of the County (the "1980 Account") and the 1980 Note Reserve Fund, to be used as pro- vided in Act 206. The exact borrowing amount will be designated by the County Treasurer after the amount of the 1979 delinquent taxes are dot,ermi-el,which designation will specify the amount to be al- located to the 1980 Note Reserve Fund. 2. The said notes shall bear interest payable November 1, 1980, May 1, 1981, and each November 1 and May I thereafter, until maturity, which interest is not to exceed 8-3/4% per annum. Said notes shall be coupon notes issued in demoninations of 5,000, each, and shall be numbered from 1 upwards, beginning with their earliest maturities in the direct order of their maturities. The notes shall be dated April 1, 1980 and shall be due and payable as follows: $13,000,000.00 on May I, 1981; $6,500,000.00 - 2 - on May 1, 1982, $2,000,000.00 on May 1, 1983, and not to exceed 15,500,000.00 on May i, 1984. 3. There is hereby established the Fund Collection Account No. 61680 of the County (hereinafter referred to as the "Collection Account"), effective as of March 1, 1980, into which account the County Treasurer is hereby directed to place on the books and records all of the following payments received on account of the delinquent taxes: a. All of the delinquent taxes collected on and after March 1, 1980 and all interest thereon. b. All of the collection fees on the de- linquent taxes once the expenses of this borrowing have been paid, and c. Any amounts which are received by the Treasurer • from the taxing units within the County because of the uncollectability of the delinquent taxes. The amounts specified in this paragraph are hereby designated as the "Funds Pledged to Note Repayment." 4. There is hereby established the "1980 Note Reserve Fund", into which Fund the Treasurer shall deposit all of the proceeds of the sale which are borrowed for the purpose of establishing the Note Reserve Fund. 5. All money in the 1980 Note Reserve Fund, except as hereinafter Provided, shall be added to the Funds Pledged to Note Repayment and shall be used solely for payment of principal and interest on the notes for which the Fund was established. Money in the 1980 Note Reserve Fund shall be withdrawn first for payment of principal and interest on notes before other County general funds are used to make the payments. All income or interest earned by, or increment to, the 1980 Note Reserve Fund, due to its investment or reinvestment, shall be deposited in the Fund, when the notes for which the Fund was established are retired. When the 1980 Note Reserve Fund is sufficient to retire the notes and accrued interest thereon, it may be used to purchase the notes on the market, or, if notes are not available, to retire the notes when due. 6. The following are hereby pledged to the repayment of the notes and shall be used solely for repayment of the notes until the notes and all interest thereon are paid in full: a. All of the Funds Pledged to Note Repayment; b. All of the 1980 Note Reserve Fund, and c. Any interest earned on any money from either the Funds Pledged to Note Repayment or the 1980 Note Reserve Fund. 7. In addition, this note issue shall be a general obli- gation of the County of Oakland, secured by its full faith and credit, which shall include the limited tax obligation of the County, within applicable constitutional and statutory limits, and its general funds. The County budget shall Provide that if the pledged delinquent taxes and any other pledged amounts are not collected in sufficient amounts to meet the payments of the principal and interest due on these notes, the County, before paying any other budgeted amounts, will promptly advance from its general funds suf- ficient money to pay that principal and interest. If the proceeds of the delinquent taxes, pledged interest and collection fees or the 1980 Note Reserve Fund are not sufficient to pay the principal and interest when due, the County shall pay the same, as provided in this paragraph, and may thereafter reimburse itself from the delinquent taxes collected. 8. The County shall not have the power to levy any tax for the payment of the notes in excess of its constitutional or statu- tory limits. 9. The County Treasurer, pursuant to Section 87c, Sub- section 3, of Act 206, is hereby designated as Agent for the County, •n••n and the County Treasurer and the Treasurer's office shall receive such sums as are therein provided for the services as Agent for the County and to cover administrative expenses. 10. The County Treasurer shall use the proceeds of the bor- rowing (except that part to be used for the 1980 Note Reserve Fund) to continue the Fund of the County and shall pay therefrom the full amount of the delinquent tax roll delivered as uncollected by any tax collector in the County which is outstanding and unpaid on or after March 1, 1980, as required by Act 206. 11. The expenses of borrowing in connection with this is- suance of notes shall be paid from the collection fees collected on the 1979 delinquent taxes, or from any funds in the Fund not pledged to the repayment of these notes or any other notes. 12. After a sufficient sum has been set aside for the pur- pose of paying the aforesaid notes and the interest thereon: (a) any further collection of the aforesaid delinquent taxes may be used to pay any or all delinquent taxes which are due and payable to the County; any school district; intermediate school district; community college district; city,township, special assessment or drain district; or any other political unit for which delinquent tax payments are due other than for the year 1979 on settlement day with the County, City or Township Treasurers and (b) all income or interest earned by, or increment to, the 1980 Note Reserve F und due to its investment or reinvestment shall be deposited in the Fund. 13. The notes of each maturity shall be payable to the bearer in lawful money of the United States of America at such bank or trust company in the State of Michigan as shall be desig- nated either prior to sale by the Treasurer (or, if the Treasurer so permits,by the original purchaser or purchasers), and the notes and coupons shall be substantially in the form attached hereto and hereby approved and adopted. A co-paying agency located either in Michigan or elsewhere in the United States of America may also be designated. The Treasurer shall have the right to approve or name such paying agent or agents. 14. Notes maturing in the years 1981 through 1993, inclusive, shall not be subject to redemption. The notes maturing on May 1, 1984 shall be subject to redemption at any time on or after May 1, 1983, in any order at the option of the County Treasurer and must be redeemed on any interest payment date or any other date on and after May 1, 1983, as follows: a. To the extent that there are sufficient moneys on hand from any of the sources specified in paragra'oh 6 above, after payment of the notes maturing on or before May 1, 1983, all notes maturing May 1, 1984 must be called for payment on May 1, 1983, or at any time thereafter at such time as there are sufficient funds available to redeem at least 10 notes, and b. Notice of Redemption shall be given as provided in the Official Notice of Sale attached hereto. 15. The County Treasurer is hereby authorized and directed to execute the notes for the County. The Treasurer is thereafter authorized and directed to deliver the rotes to the purchase upon receipt of the purchase price, which delivery may be made in the discretion of the Treasurer at one time or in parts at various times, provided that the notes with the earliest maturities all of which shall be delivered prior to any notes with later maturities, and provided further that all deliveries shall be completed by August 15, 1980. The coupons affixed to the notes shall be executed with the facsimile signature of the County Treasurer; the notes shall be sealed with the County seal, and the coupons shall contain the following notation: "This coupon is payable only from the following sources: certain delinquent real property taxes, the interest thereon, a part of the collection fees thereon, moneys on deposit in a certain 1980 Note Reserve Fund and other amounts, all as des- cribed in the note to which this coupon pertains." 16. The County Treasurer is hereby authorized to make apPli- cation to the Municipal Finance Commission on behalf of the County for an Order permitting this County to make this borrowing and issue its Ueneral Obligation Limited Tax Notes, Series 1980. The Official Notice of Sale shall not be aPproved by the Municipal Finance Com- mission unless the Treasurer so requests in the application. 17. The County Treasurer shall conduct a public sale of the notes (after insertion of the notice attached to this resolution and as provided in paragraPh 18 hereof), provided such notes shall not be sold at a discount, after which sale the Treasurer shall award the notes to the lowest bidder. The conditions of sale shall be as specified in said Notice, and the Treasurer shall be empowered to make any chan g e in such Notice as may in the Treasurer's discretion be necessary. 18. Sealed proposals for the purchase of the notes shall be received up to such time as shall later be determined by the Treasurer and notice thereof shall be published in accordance with law, once in the Bond Buyer, Michigan Investor or Detroit Legal News, which are hereby designated as being publications printed in the English language and circulated in this State, each of which carries as a part of its regular service, notices of sale of municipal bonds. This Notice shall be in substantially the form in the attachment to this resolution with such changes as are approved by the Treasurer. 19. The notes shall be delivered with the unqualified opinion of bond counsel chosen by the Treasurer, approving the legality of the notes, and the cost of said legal opinion and the printing of the notes will be at the expense of the County. The notes will be de- livered at the expense of the County in such city or cities designnted by the Treasurer in the Notice of Sale. 20. Notwithstanding any other prevision of this resolution or other resolutions adopted heretofore, the County hereby covenants with the purchaser (within the meaning of Section 1.103-13, 1.103-14 and 1.103-15 of the Proposed Income Tax Regulations prescribed by the Commissioner of Internal Revenue) of the General Obligation Limited Tax Notes, Series 1980, that the County will make no use of the proceeds of the notes, which, if such use had been reasonably expected on the date of issuance of the notes, would have caused the notes to be "arbitrage bonds," as defined in Section 103(c) of the Internal Revenue Code of 1954, as amended, and all rules and regulations thereto. 21. The County further covenants that it will not permit at any time any of the proceeds of the General Obligation Limited Tax Notes, Series 1980, or any other funds of the County to be used directly or indirectly in a manner which would result in the ex- . elusion of any of said notes from the treatment afforded by Section 103(a) of the Internal Revenue Code of 1954, as amended, by reason of the classification of the notes as "Industrial Development Bonds" within the meaning of Section 103(b) of the Internal Revenue Code of 1954, as amended, and all rules and, regulations relating thereto. 22. The County shall keep full and complete records of all deposits to and withdrawals from each of the following funds and accounts: (a) all of the accounts into which are deposited any Funds Pledged to Note Repayment; (b) the Note Reserve Fund, and (c) the Fund, and of all other transactions relating to such funds and of all investments of moneys in such accounts and the interest and gain derived therefrom. ••••••n 8 (FORM OF NOTE) UNITED STATES OF AMERICA STATE OF MICHIGAN COUNTY OF OAKLAND GENERAL OBLIGATION LIMITED TAX NOTE, SERIES 1980 Number $5,000 KNOW ALL MEN BY THESE PRESENTS, That the County of Oakland, Michigan, hereby acknowledges itself indebted and, for value re- ceived, promises to pay to the bearer hereof the sum of FIVE THOUSAND DOLLARS on the first day of , A.D., 19_ , together with interest thereon from the date hereof until paid, at the rate of per eentum ( %) per annum, payable on 1, 1980, and thereafter semi-annually on the first days of and in each year. Both principal and interst are payable in lawful money of the United States of America upon presentation and surrender of this note and the coupons attached hereto as they severally mature. This Note is one of a series of notes of like date and tenor, except as to maturity , numbered consecutively in the direct order of their maturities from 1 to , both inclusive, aggregating the principal sum of Dollars ($ ), issued under and pursuant to and in full conformity with the Con- stitution and Statutes of the State of Michigan and especially Act No. 206 of the Michigan Public Acts of 1893, as amended. The proceeds of this series of notes will be used to make payments to all taxing units in the County for the 1979 real property taxes re- turned to the County Treasurer as delinquent on March 1, 1990 and for the purpose of establishing a 1980 Note Reserve Fund, in an amount of $ For the payment of the principal and interest on these notes, the following amounts are hereby pledged: (1) all of the collections of the real property taxes due and payable to taxing units in Oakland County, including the County of Oakland, which were outstanding and uncollected on March 1, 1980, together with all interest thereon; (2) all of the collection fees on such delinquent taxes, once the expenses of borrowing have been paid; and (3) any amounts which are received by the County from the taxing units within the County be- cause of the uncollectability of such delinquent taxes. In the event the foregoing amounts are insufficient for any reason to meet the prompt payment of the principal and interest on these notes when due, the moneys in the 1980 Note Reserve Fund shall be used to make such payment. In addition, this note is a general obligation of the County of Oakland, secured by its full faith and credit, which shall in- clude the limited tax obligation of the County within applicable constitutional and statutory limits, and its general funds. The County, however, does not have the power to levy any tax for the payment of these notes in excess of its constitutional or statutory limits. Notes maturing in the years of 1981 to 1983, inclusive, shall not be subject to redemption prior to maturity. Notes maturing, on May I, 1984, will be subject to redemption at any time on or after May 1, 1983, in any order at the option of the County Treasurer at par plus accrued interest to the redemption date. The County Trea- surer shall redeem such notes from available funds pledged to re- payment of the Notes on and after May 1, 19 8 3 as provided in the Note Authorizing Resolution. Notice of redemption shall be given at least thirty (30) days prior to the date fixed for redemption by publication in a paper circulated in the State of Michigan, which carrier, as a part of its regular service, notices of sale of municipal bonds. Any defect in any notice, shall not affect the validity of the redemption pro- ceedings. Notes so called for redemption shall not bear interest after the date fixed for redemption provided funds are on hand with a paying agent to redeem the same, It is hereby certified, recited and declared that all acts, conditions and things rocuired to exist, happen and be performed precedent to and in the issuance of the notes of this series, exist, existed, have happened and have been performed In due time, form and manner as required by the Constitution and Statutes of the State of Michigan. IN WITNESS WHEREOF, the County of Oakland, the State of Michigan, has caused this note to be signed in its name by its Treasurer and its corporate seal to be affixed hereto, and has caused the annexed interest coupons to be executed with the fac- simile signature of its Treasurer, all as of the first day of April, 1980. COUNTY OF OAKLAND By: Treasurer (SEAL) (COUPON) Number $5,000 On the first day of , A.D., 19 , the County of Oakland, the State of Michigan, will pay to the bearer hereof the sum shown hereon in lawful money of the United States or America at the the same bein -4 the interest due on that day on its General Obliga- tion Limited Tax Note, Series 1980, bearing the number shown hereon. This coupon is payable only from the following sources: certain delinquent real property taxes, the interest thereon, a part of the collection fees thereon, moneys on deposit in a certain :Tote Re- serve Fund, and other amounts all as described in the !Tot(' to which this coupon pertains. This coupon is subject to the redemption prd- visions set forth in the Note to which this coupon pertains. (Facsimile) Oakland County Treasurer n••n11. 11 OFFICIAL NOTICE OF SALE COUNTY OF OAKLAND STATE OF MICHIGAN GENERAL OBLIGATION LIMITED TAX NOTES, SERIES 1980 SEALED BIDS: for the purchase of General Obligation Limited Tax Notes, Series 1980, of the County of Oakland, the State of Michigan, of the par value of $ will be re- ceived by the undersigned at the office of the County Treasurer, , until Michigan Time, on , 1980, at which time they will be publicly opened and read. IN THE ALTERNATIVE: sealed bids will also be received -on the same date and until the same time by an agent or The under- signed at the office of the Municipal Advisory Council of Michigan, 2135 First National Building, Detroit, Michigan 48226, where they will be publicly opened simultaneously. Bids opened at Detroit, Michigan, will be read first, followed by the alternate location. Bidders may choose either location to present bids and good faith checks, but not at both locations. AWARD: The notes will be awarded to the successful bidder at a proceeding conducted by the County Treasurer approxi- mately thirty minutes after all bids have been opened on that date. NOTE DETAILS: The notes will be coupon notes of the denomination of $5,000, each; will bear interest from their date payable on November 1, 1980, and semi-annually thereafter; will be dated April 1, 1980; will be numbered in direct order of maturity from 1 to , inclusive, and will mature serially on May 1 in years and amounts as follows: YEAR AMOUNT 1981 1982 1983 1985 Notes maturing in the years 1981 to 1983, inclusive, shall not be subject to redemption prior to maturity. Notes maturing on May 1, 1984, will be subject to redemption at any time on or after May 1, 1983, in any order at the option of the County Treasurer at oar plus accrued interest to the redemption date. The County Trea-e surer shall redeem such notes from available funds pledged to repayment of the notes on and after May 1, 1983, as provided in the Note Authorizing Resolution. Notice of redemption shall be given at least thirty :30) days prior to the date fixed for redemption by publication in a paper circulated in the State of MichiTran, which carries, as a part of its regular service, notices of sale of municipal bonds. Any defect in any notice shall not affect the validity of the redemption proceedings. Notes so called for redemption shall not bear interest after the date fixed for redemption provided funds are on hand with a paying agent to redeem the same. - 12 - INTEREST RATE AND BIDDING DETAILS: The notes will bear interest from their date at a rate or rates specified by the successful bidder, not exceeding 8-3/4% per annum, expressed in multiples of 1/8 or 1/20 of 1%, or any combination thereof. Interest on the notes of any maturity shall he at one rate only, and the difference between the highest and lowest rate of interest bid shall not exceed one percent (1%). PAYING AGENT: PURPOSE: The notes are issued for the purpose of establishing the 100% Tax Payment Fund. of the County for the 1979 tax year and for the purpose of establishing a $ 1980 Note Reserve Fund. PRIMARY SECURITY: The notes are primarily secured by: (1) all of the collections of the real property taxes due and Pay- able to taxing units in Oakland County, including the County of Oakland, which were outstanding and uncollected on March 1, 1980, together with all interest thereon; (2) all of the collection fees on such delinquent taxes, once the expenses of borrowing have been paid, and (3) any amounts which are received by the County from the taxing units within the County because of the uncollectobility of such delinquent taxes. NOTE RESERVE FUND: In the event the primary security is insufficient to meet the prompt payment of the principal and interest on these notes when due, for any reason, the moneys in the 1980 Note Reserve Fund shall be used to make such payment. All moneys in the 1990 Note Reserve Fund shall be used solely for pay- ment of principal and interest on the notes or for the purchase of notes for which the fund was established. Moneys in the 1999 Note Reserve Fund shall be withdrawn first for payment of principal and interest on notes before other County general funds are used to make the payments. When the 1980 Note Reserve Fund is sufficient to retire the notes and accrued interest thereon, it may be used for purchase of such notes on the market, or, if notes are not available, to retire notes when due. GENERAL OBLIGATION WITHOUT UNLIMITED POWER TO TAX: In addition, this note issue is a general obligation of the "County of Oakland, secured by its full faith and credit, which shall in- clude the limited tax obligation of the County, within applicable constitutional and statutory limits and its general funds. THE COUNTY OF OAKLAND DOES NOT HAVE THE POWER TO LEVY ANY ADDITIONAL TAXES FOR THE PAYMENT OF THE NOTES IN EXCESS OF ITS CONSTITUTIONAL AND STATUTORY LIMITS. - 13 - AWARD OF THE NOTES: For the purpose of awarding the notes, the interest cost of each bid will be computed by determining, at the rate specified therein, the total dollar amount of an interest on the notes from , 1990 to their maturity and deducting therefrom any premium. The notes will be awarded to the bidder whose bid on the above computation produces the lowest interest to the County. No Proposal for less than par, nor less than all the notes, will be considered. Each bidder, for the con- venience of the County, shall state in his bid the net interest cost to the County, computed in the manner above specified. GOOD FAITH: A certified check, cashier's check or bank money order in the amount of$ , drawn upon an incorporated bank or trust company and payable to the order of the County Trea- surer must accompany each bid as a guarantee of good faith on the part of the bidder, to be forfeited as liquidated damages if such bid is accepted and the bidder fails to take up and pay for the notes. No interest will be allowed on good faith deposits. The good faith check of the winning bidder will be promptly cashed, and the amount received therefor will be credited against the purchase price as of the date of delivery. Checks of unsuccessful bidders will be promptly returned to each bidder's representative or returned by registered mail. In the event the notes cannot be issued or delivered for any reason, the County will pay back to the successful bidder the principal amount of the good faith check without interest. LEGAL OPINION: Bids shall be conditioned upon the unqualified approving opinion of Dickinson, Wright, McKean, Cud 7 ip & Moon, attorneys of Detroit, Michigan, approving the legality of the notes, copies of which will be printed on the reverse side of each note, and the original of the opinion will be delivered without expense to the purchaser of the notes at the delivery thereof. DELIVERY OF NOTES: The County will furnish notes ready for execution at its expense at Detroit, Michigan . The usual documents, including a certificate that no litigation is pending, affecting the issuance of the notes, will be delivered at the time of delivery of the notes. If the notes are not tendered for delivery by twelve o'clock noon, Michigan Time, on the 45th day following the date of sale, or the first business day thereafter, if said 45th day is not a business the successful bidder may on that day, or any time thereafter until delivery of the notes, withdraw his proposal by serving notice of cancellation on the undersigned, in writing, in which event the County shall promptly return the good faith deposit. Payment for the notes shall be made in Federal Reserve Funds. Accrued interest to the date of delivery , of the notes shall be paid by the purchaser at the time of delivery. =IP NUMBERS: Cusip numbers have been applied for and will be printed on the notes at the expense of the County. The printing of incorrect Cusip numbers or the failure to print the Cusip numbers or the notes shall not constitute cause for the pur- chaser to refuse delivery of the notes. ADDITIONAL INFORMATION: Further information may be ob- tained from the Oakland County Treasurer at the address specified above or from John R. Axe at Dickinson, Wright, McKean, Cudlip & Moon. THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS. - 14 - ENVELOPES: Envelopes containing the bids should be plainly marked "Proposal for General Obligation Limited Tax Notes." Oakland County Treasurer APPROVED: STATE OF MICHIGAN MUNICIPAL FINANCE COMMISSION Dennis MurphChair-han The Finance Committee, by Hr. Dennis Murphy, Chairman, moves the adoption of the foregoing Resolution. FINANCE COMMITTEE signature this 20th day of February 2/M , A.D., 198n, — STATE OF MICHIGAN) ss. COUNTY OF OAKLAND) 1, the undersigned, the duly qualified and acting Clerk of the Board of Commissioners of the County of Oakland, the State of Michigan, do hereby certify that the foregoing is a true and com- plete copy of proceedings taken at a REGULAR meeting of the 14th day of February , 1980, insofar as the same relate to the Resolution to Borrow Against Anticipated Delinquent 1979 Taxes and the borrow- ing of not to exceed $ 37,000,000.00 and the issuance of the Oakland County General Obligation Limited Tax Notes, Series 1980, the original of which is on file in my office. Public notice of said meeting was given pursuant to and in compliance with Act No. 267, Public Acts of 1976, as amended. The following Commissioners voted in favor of the attached resolution: Fortino, Gabler, Gorsline, Hobart, Kasper, Kelly, Lewand, McDonald, Moffitt, Montante, Moore, Moxley, Murphy, Patterson, Perinoff, Pernick, Peterson, Price, Roth, Wilcox, Aaron, Caddell, DiGiovanni, Doyon, Dunaskiss. (25) The following Commissioners voted against the resolution: None. (0) The following Commissioners were absent: Hoot, Page. (2) IN WITNESS WHEREOF, I have hereunto affixed my official __Lyoft-917-41-1-en Oaklatd County Clerk Board of Commissioners of said County, held on the ACKNOWLEDGMENT OF DESIGNATION The undersigned, the Treasurer of the County of Oakland, the State of Michigan, hereby acknowledges and says that prior to the date of the adoption of the foregoing resolution, the Oakland County Delinquent Tax Revolving Fund was designated by ',he County Treasurer as the Oakland County 100 Tax Payment Fund, pursuant to Section 87b of Act 206 of the Michigan Public Acts of 1893, as amended. Oakland_ County Treasure