HomeMy WebLinkAboutResolutions - 1976.03.04 - 14255RESOLUTION NO W7475 March 4, 1976
RE: MEDICAL CARE FACILITY LEASE AND
LEASE BACK AGREEMENTS
BY: PLANNING AND BUILDING COMMITTEE
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
LADIES AND GENTLEMEN:
WHEREAS, the County of Oakland and the Oakland County
Building Authority have entered into a Contract Of Lease-Back
dated as of August 1, 1975; and
WHEREAS, the County of Oakland and the Oakland County
Building Authority desire to amend the Contract Of Lease-Back 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
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 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 Contract Of Lease-Back
to be entered into with the Oakland County Building Authority and
the Chairman of this Board is hereby directed and authorized to
execute the Amendment To Contract Of Lease-Back on behalf of the
County of Oakland.
Patrick K. Daly, Chai
APPROVE THE F EGOING RESOLUTION
YALZ6._
MR. CHAIRMAN, on behalf of the Planning and Building
Committee, I move the adoption of the foregoing resolution.
PLANNING & BUILDING COMMITTEE
AMENDMENT TO CONTRACT OF LEASE-BACK
THIS AMENDMENT to 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,
1948 (First Extra Session), as amended, as Lessor (herein the
"Authority"), and the County of Oakland, a Michigan county cor-
poration, as Lessee (herein the "County").
WITNESSETH:
WHEREAS, the Authority and the County have entered into
a Contract Of Lease-Back as of August 1, 1975 (herein the "Contract
Of Lease-Back"); and
WHEREAS, the Authority and the County desire to speci-
fically provide for a deposit of capitalized interest due 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;
THEREFORE, IT IS HEREBY AGREED BY AND BETWEEN THE
AUTHORITY AND THE COUNTY
1. 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 immed-
iately deposit such proceeds in a con-
struction fund, which shall be maintained
as a separate depositary account and from
which shall be paid the cost of designing,
'acquiring, constructing, equipping, and
furnishing the Medical Care Facility; pro-
vided however, any premium and accrued
interest received from the purchaser of
the Bonds, and capitalized interest due on
the Bonds on July 1, 1976, January 1, 1977,
and July 1, 1977, shall be transferred to
the bond and interest redemption fund."
as follows:
WITNESSES: OAKLAND COUNTY BUILDING AUTHORITY
COUNTY OF OAKLAND
By:
By:
Chairman of Bo Chairman of Board of Commissioners
2. Except as amended herein, the Contract Of Lease-
Back shall, in all respects, remain in full force and effect.
IN WITNESS WHEREOF, the Oakland County Building Author-
ity, by its Commission, and the County of Oakland, by its Board
of Commissioners, have each caused this Amendment To Contract Of
Lease-Back to be signed in its name, for and on its behalf, by
its duly authorized officers, and its Seal to be affixed thereto,
as of the day and year first above written.
By:
Chairman of its Commission
By:
Secretary of its Commission
WITNESSES:
County Clerk
STATE OF MICHIGAN )
ss.
COUNTY OF OAKLAND )
On this day of , 1976, before me
appeared and
to me personally known, who being by re duly sworn, did each for
himself say that they are respectively the Chairman and the
Secretary of the Oakland County Building Authority, Oakland County,
Michigan, and that the foregoing Amendment To Contract Of Lease-
Back was signed by them in behalf of said Authority by authority
of its Commission, and the said persons acknowledged said instru-
ment to be the free act and deed of said Authority.
Notary Public, Oakland County,
Michigan
My commission expires:
-2-
STATE OF MICHIGAN
) ss,
COUNTY OF OAKLAND
• On this day of ,- 1976, before me
appeared r and
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 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.
Notary Public, Oakland County,
Michigan
My commission expires
STATE OF MICHIGAN )
) ss.
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 # adopted by the Oakland County Board
of Commissioners at their meeting held on
1976, with the official record thereof now remaining in my office,
and 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, this
day of , 1976.
Lynn D. Allen Clerk
By la• 000014 •M.P000 n •• Deputy Clerk
ny„
Moved by Daly supported by Montante the resolution be adopted.
AYES: Kasper, Lennon, McDonald, Montante, Nowak, Olson, Perinoff, Pernick,
Price, Roth, Simmons, Wilcox, Wilson, Aaron, Button, Daly, Dearborn, Dunleavy,
Fortino, Gabler, Hoot, Houghten. (22)
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
Resolution #7475 adopted by the Oakland County Board of Commissioners at
their meeting held on March 4, 1976. -
with the original record thereof now remalnino, 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
5th March 76 this .....................day of....„...........19....
Lynn D, Allen le rk