HomeMy WebLinkAboutResolutions - 1976.07.29 - 14182July 29, 1976
7642
RESOLUTION NO.
RE: MEDICAL CARE FACILITY LEASE AND
LEASE BACK AGREEMENTS
BY: PLANNING AND BUILDING COMMITTEE
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, the County of Oakland and the Oakland County Build-
ing Authority have entered into a Lease and a Contract of Lease-Back
both dated as of August 1, 1975; and
WHEREAS, the County of Oakland and the Oakland County Building
Authority desire to amend the Lease and the Contract of Lease-Back
to change the date of "July 1, 1976" in Paragraph 4.b of the Lease
and Paragraph 16 of the Contract of Lease-Back to "January 1, 1977"
and to provide for the deposit of capitalized interest due on July
1, 1976, January 1, 1977, and July 1, 1977 on the bonds contemplated
in Paragraph 1 of the Contract of Lease-Back from bond proceeds to
the bond and interest redemption fund; and
WHEREAS, the Oakland County Building Authority has approved
the Amendment to Contract of Lease-Back; and
WHEREAS, your Committee has reviewed the Amendment to Lease
and Contract of Lease-Back, and recommends that it be approved by
this Board and that the Chairman of this Board be authorized and
directed to execute said Amendment to Lease and Contract of Lease-
Back; and
WHEREAS, the presentation made to this Board on this day
should be approved by this Board.
NOW THEREFORE BE IT RESOLVED that the County of Oakland
approves the attached Amendment to Lease and Contract of Lease-Back
to be entered into with the Oakland County Building Authority and
and the Chairman of this Board is hereby directed and authorized
to execute the Amendment to Lease and Contract of Lease-Back on
behalf of the County of Oakland.
The Planning and Building Committee, by Mr. Patrick K. Daly,
Chairman, moves the adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTE
7----
Patrick K. Daly,l'"Chairman
-AMENDMENT TO LEASE AND CONTRACT OF LEASE-BACK
THIS AMENDMENT to the Lease and the Contract of Lease-Back
is made as of January 1, 1976 by and between the Oakland County
Building Authority, a building authority organized and existing
under • and pursuant to the provisions of Act No 31, Public Acts
of Michigan, 19L13 (First Extra Session), as amended, as Lessor
(herein the "Authority"), and the County of Oakland, a Michigan
County Corporation, as Lessee (herein the "County")
WITNESSETH:
WHEREAS, the Authority and the County have entered into
a Lease and a Contract of Lease-Back both as of August 1, 1975
(herein the "Lease" and the "Contract of Lease-Back"), respectively;
and
WHEREAS, the Authority and the County desire to specifically
provide for a deposit cabitalized interest due July 1, 1976,
January 1, 1977, and July I, 1977 on the bonds contemplated in
Paragraph 1 of the Contract of Lease-Back from bond proceeds to
the bond and interest redemption fund;
THEREFORE, IT IS HEREBY AGREED BY AND BETWEEN THE AUTHORITY
AND THE COUNTY as follows:
I. The last sentence of Paragraph 1 on Page 3 of the
Contract of Lease-Back is hereby amended to provide as follows:
"Upon receipt of the proceeds of the sale of the
Bonds, the Authority shall immediately - dep-osit
such ',proceeds in a construction fund, which shall
be- maintained as a separate depository account and from
which shall be paid the cost of designing, acquiring, .
constructing, ecuipoing, and furnishing the Medical
Care Facility; 7orovded however, any premium and
accrued interest received from the purchaser of the
Bonds, and capitalized interest due on the Bonds on
July I, 1976, January 1, 1977, and July 1, 1977, shall
be transferred to the bond and interest redemption fund-"
2. Ine date of IJ o ly , " in Paragraph ILL of tne Lease
fld Paragraph 16 of the Contact of Lease-Back is hereby changed to
:CI I/ a Iv , 1977".
iri-istfn of its Commission
7etary of its Corfi-rsion
Carol
Pic, Oakland Cm.:,nty,
Co=ission Expires: June 6, 1977
3. Bece ,,-)t as a:Lended the Lease and the Contract
of 'Lease-Back h n neanoss, remain in full force and
effect.
IN WITNESS Y:-T.EREOF,
0Y its Commis s ion, and
of Lease-Back to be
County Building Authority,
Oakland, by its Board of
:hIcsendment to Lease and Contract
for and on its behalf,
its duly authorized c;fffcer'.3, and its Seal to be affixed thereto,
as of the day and
TTNESSES:
aaue wrlften.
3_::.KL.;',ND COUNTY BUILDING AUTHORITY
7 ATE OF MICTHIGA
COUNTY OF OP010NT2.)
On this 7th
ap p eared_ Milo J. Cross
to me personally known,
hfmself say that they
c).-f: the Oakland Co=7::7::
and that the foreGin c5,
-t:as signed by chore
Co=ission, and the sal
the free act and deed 2
July , 1976, before me.
nd Charles R. Shafer
me duly sworn, did each for
the Chairman and the Secretary
.D -aity, Oakland County,
Lease and Contract of Lease-Bac k.
cdl of said „Authority by authority of its
one a'..::k -nc,w1 ,Thded said instr=ent to be
STATE OF MICHIGAN)
) ss.
COUNTY OF OAKLAND)
On this 29th day of July , 1976, before me
abueared Alexander C. Perinorr a3F Lynn D. Allen
to me personally known, who being by me duly sworn, did each for
himself say that they are respectively the Chairman of the Board
of Commissioners and the County Clerk of the County of Oakland,
State of Michigan, and that the foregoing Amendment to Lease and
Contract of Lease-Back was signed by them in behalf of said County
by authority of its Board of Commissioners and the said persons
acknowledged said instrument to be the free act and deed of said
County.
Richard A. Elliott
Notary Public, Oakland County,
Michigan
My Commission Expires:
Moved by Daly supported by Olson the resolution be adopted.
AYES: Wilcox, Wilson, Aaron, Button, Daly, Dunleavy, Fortino, Gabler, Hoot,
Houghten, Kasper, Lennon, McDonald, Moffitt, Montante, Murphy, Nowak, Olson, Page,
Patterson, Perinoff, Pernick, Price, Roth. (24)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
T, 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 #7642 adopted by the Oakland County Board of
Commissioners at their meeting held on July 29, 1976
•9••••• 4.0 .......... oto•yee.a ea.". 4016 •nn •n •••••••••••••••••••• •.•°••••
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 ',Thereof, I have hereunto set my hand and
affixed the seal of said County at Pontiac, Michigan
29th July 76 this ............. day of
Lynn D. Allen ...... .004164;1•4•POOB•fClerk
By il•apef.0.13.*"...0 ..... ----Deputy Clerk