HomeMy WebLinkAboutResolutions - 1974.04.25 - 14962Affil 25 , 1974
RESOLUTION NO.:
RE: AUTHORIZATION TO ISSUE DELINQUENT
TAX REVOLVING FUND NOTES, SERIES 1974.
BY: FINANCE COMMITTEE
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, this Board of Commissioners on February 14, 1974,
authorized the Treasurer to sell its Delinquent Tax Revolving
Fund Notes, Series 1974 in an amount not to exceed $16,000,000 pur-
suant to Chapter 4 of Act No. 202 of the Public Acts of 1943, as
amended; and to apply to the Municipal Finance Commission for
permission to do so; and
WHEREAS, on April 16, 1974, the Municipal Finance
Commission authorized the County to issue such notes in an amount not
to exceed $15,849,662.85, by its Order approving the issuance of
Oakland County Delinquent Tax Revolving Fund Notes, Series
1974; and
WHEREAS, the Treasurer has received the following pro-
posal which had been received by him which proposal and as to
interest rates and premiums is as set forth in the attachment
hereto:
6650
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF OAKLAND COUNTY AS FOLLOWS:
1. The proposal of National Bank of Detroit, Detroit,
Michigan to purchase the Delinquent Tax Revolving Fund Notes,
Series 1974 in an amount not to exceed 815,849,662.85 to be issued
by the County and dated April 1, 1974, at par plus accrued interest
to date of delivery bearing interest per annum as follows:
Principal Amount
$6,400,000
4,800,000
Not to exceed
4,649,662.85
Notes Maturing
May 1, 1975
May 1, 1976
May 1, 1977
Interest Rate
5.18
5.18
5.18
(same being the proposal [among several obtained] which produces
the lowest net interest cost to the County), a copy of which is
attached hereto, he and the same is hereby accepted, and the rejec-
tion of any and all other proposals is hereby confirmed.
2. The said notes shall be issued in accordance with the
aforesaid resolution adopted on February 14, 1974.
3. The County Treasurer is authorized to deliver the
notes at such time or times and place as he and the purchaser may
agree provided:
(a) At each delivery the purchaser shall pay the par
value of the notes so delivered plus accrued interest thereon to
the date of delivery;
- 2 -
(b) The total amount of notes so delivered shall not
exceed the exact amount of the 1973 Delinquent Taxes determined by
the County Treasurer to be Delinquent and uncollected on March 1,
1974.
4. The Clerk and County Treasurer are hereby authorized
to execute any and all other documents, as may be necessary in
connection with the issuance of the aforesaid notes.
5. All resolutions and parts of resolutions inconsistent
with the foregoing are hereby rescinded.
Moved by Houghten supported by
Perinoff the resolution be adopted. Dis-
cussion followed:
AYES: Brotherton, Burley, Button, Coy, Dearborn, Douglas, Dunleavy, Gabler,
Hobart, Hoot, Houghten, Mathews, Moffitt, Montante, Nowak, Olson,
Perinoff, Pernick, Richardson, Walker, Wilcox, Berman. (22)
NAYE s : (0)
ABSENT: Kasper, Patnales, Quinn. (3)
A sufficient majority having voted therefor, the resolu-
tion was adopted.
nnnn•• 3
Brotherton, arborn, ilouglas ,
IN WITNESS WHEREOF, I have rn:z. nature this 25th
day Apr) , 1974.
STATE OF MICHIGAN )
COUNTY OF OAKLAND )
SS.
I, the undersigned, the duly qualified and actin a Clerk he Board of Commissioners
of the County of Oakland, Michigan, do hereby cerf-..-: f - -egoing is a true and
complete copy of proceedings taken at a regular -meeting of the Board of
Commissioners of said County held on the 25th , day of April: , 1974,
insofar as the same relate to the issuance of its Delinquent Tax Revolving Fund Notes,
Series 1974, the original of which is on file in my oTe. The following Commissioners were
Gabler, iTobart , T-Toot Houghten Lennon, Mathews, Moffitt, Montante, Nowak,
Olson, Perinoff, Pernick, Richardson, Vogt, Walker, Wilcox. (24)
and the following were absent: .Kasper, Patnales , Quinn. (3)
Clerk of Oakland County
all at a pe:
option of
in the ,B
rincipal
of Detroit,
ci,iiaLion of the•
tne noL:2A. we will
accrued 1 to
rate of 5.',8%,
- -'ance with the provisions
c1 ,7nominations _7 at least
.a at Nation:. -ank
-.:onstitate -leral
stall,ZTTI
6,0n,000.00)
It is ft11er agre
no --3 will rema 72en until
incz that all th_ ,tes will be 6Q.-fi
pr -r to July 1. .Y74 in completed
offer to ipase said
It is ou: understand-
to 'Tenal Bank of Detroit
Nat, Ban, f Detr ,
oycl R. Griffith
Vice President
Metro North Regional Banking Center
Apri 5, 1974
Mr. C. Hugh
County Treas:I
Oakland County 7ourt House
Pontiac, Michigan 48053
Dear Mr. Dohanyt
For all or none of the S i. Mi
par value lcgally issued and pr.: .Fcr3::exec
volving Fa Notes of the County c'
April 1, 174, as more fully deserLJ
Bid Solicitation Letter, which is
tract, and due rturing as for,cf,
lion ($16,000,000.00)
ed Deliluent Tax Re-
Michi(jm, to be dated
ur Officii Form of
e a part of this con-
$6,400,000 on or before ay I, 1975, and
$4,800,000 on or beton: 1, 1976.
Not to exceed $4,800,000 on or before May 977,
3(gal
expenses inurred
satisfactory notes.
made tc
bein
)btaining
full unqualified approving
T*H, McKean and C'u,J,
(_.land County will all
legal pinion, and in -iarhing
2480 West Maple Road
Birmingham, Michigan 40009 Telephone (803 847,3800
Natoi
April 5, 1974
Mr. C. Hugh Dohany
Page 2
This bid is made for
that we will be f
to us win a full
to th,,
lega
(77co7Ttr.(7.e. It is further
the time of delivery
copy of all pro-
issuance of said
We hav mTcuiatcd th cost nn these . ncs from April 1, .]_)'• .',ote at Y..• anove
of 5.18, using a ay yea find the tc1t1 inter-
cost. to be $1,574,0, If --- is an error in calculating above interest the rate . bid,
apprect-! having the opportuni
notes,
to bid on these
ry truly
lice President
Metro North 7-onal
Banking Cen t