HomeMy WebLinkAboutResolutions - 1981.03.05 - 15109RESOLUTION NO: 81057 March 5, 1981
RE: AUTHORIZATION TO BORROW AGAINST ANTICIPATED DELINQUENT
1980 TAXES
BY: FINANCE COMMITTEE
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, the Board of Commissioners of the County has
heretofore adopted a resolution establishing the Oakland
County Delinquent Tax Revolving Fund, pursuant to Section 87b
of Act No. 206 of the Public Acts of 1893, as amended; and
WHEREAS, this Fund has been designated as the 100% Tax
Payment Fund by the Oakland County Treasurer, and it appears
desirable to borrow to provide money for part or all of
said fund for the 1980 delinquent real property taxes; and
WHEREAS, the purpose of said 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; and school district; intermediate school district;
community college district; city, township, special assessment
or drainage district; or any other political unit or county
agency for which delinquent tax payments are due on settlement
day with the County, City or Township Treasurer and has been
heretofore directed to do so by the Board of Commissioners
of this County; and
WHEREAS, it is hereby determined that it is necessary
that the County of Oakland (hereinafter sometimes referred
to as the "County") borrow a sum not to exceed (a) the amount
of the 1980 delinquent real property taxes (hereinafter sometimes
referred to as the "delinquent taxes") which become delinquent
on or before March 1, 1981, and which are still unpaid on March 1,
1981, and (b) a reserve to assure prompt payment of the notes,
and deposit the proceeds thereof in the Fund (as defined here-
inafter) and the 1981 Note Reserve Fund (established hereinafter)
respectively; and
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, 1981 is estimated to be in excess
o f $50,000,000,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF THE COUNTY OF OAKLAND AS FOLLOWS:
1. The County shall borrow Fifty Million
Dollars ($50,000,000) or such part thereof as will represent
an amount not to exceed (a) the exact amount of the delinquent
taxes outstanding on March 1, 1981, 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 (hereinafter referred to as the "1981
Note Reserve Fund"), and, as the Municipal Finance Commission
may authorize, issue its "General Obligation Limited Tax Notes,
Series 1981", payable from the delinquent taxes outstanding on
March 1, 1981 and the other sources specified below, the pro-
ceeds of which notes shall be placed in and used as the whole
or part of the Fund Account No. 61681 of the County (the "1981
Account") and the 1981 Note Reserve Fund, to be used as provided
exclusive of interest, fees and penalties.
in Act 206. The exact borrowing amount will be designated by
the County Treasurer after the amount of the 1980 delinquent
taxes are determined, which designation will specify the amount
to be allocated to the 1981 Note Reserve Fund.
2. The said notes shall bear interest payable November 1,
1981, May 1, 1982, and each November 1 and May 1 thereafter,
until maturity, which interest is not to exceed the maximum
rate of interest as may be permitted by law on the date the notes
are offered for sale. Said notes shall be coupon notes issued
in denominations of $5,000, each, or such other denominations
as the Treasurer shall authorize, and shall be numbered from 1
upwards, beginning with their earliest maturities in the direct
order of their maturities. The notes shall be dated March 1,
1981 and shall be due and payable as follows: $15,000,000 on May 1,
1982; $8,000,000 on May 1, 1983, $5,000,000 on May 1, 1984, and not
to exceed $22,000,000 on May 1, 1985.
3. There is hereby established the 1981 100% Tax Payment
Fund (hereinafter referred to as the "Fund") and the Fund Collection
Account No. 61681 of the County (hereinafter referred to as the
"Collection Account"), effective as of March 1, 1981, 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, 1981 and all interest
thereon;
b. All of the collection fees on the
delinquent 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 uncollectablity
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 "1981 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 1981 Note Reserve Fund.
5. All money in the 1981 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 1981 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 1981 Note Reserve
Fund, due to its investment or reinvestment, shall be deposited
in such fund, when the notes for which such fund was established
are retired. When the 1981 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 1981 Note Reserve Fund,
and
c. Any interest earned on any money
from either the Funds Pledged to Note Re-
payment or the 1981 Note Reserve Fund.
7. In addition, this note issue shall be a general
obligation of the County of Oakland, secured by its full
for the payment of the notes in excess of constitutional C:
5
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 sufficient money to
pay that principal and interest.
If the proceeds of the delinquent taxes, pledged interest
and collection fees or the 1981 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
or statutory limits.
9. The County Treasurer, pursuant to Section 87c,
Subsection 3, of Act 206, is hereby designated as Agent for
the County, 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
borrowing (except that part to be used for the 1981 Note Reserve
Fund) to establish the Fund of the County and shall pay there-
from the full amount of the delinquent taxes on the roll
delivered as uncollected by any tax collector in the County
which is outstanding and unpaid on or after March 1, 1981, as
required by Act 206.
11. The expenses of borrowing in connection with this
issuance of notes shall be paid from the collection fees
collected on the 1980 delinquent taxes, from any funds in the
Fund not pledged to the repayment of these notes or from any
- funds in the 100% Tax Payment Fund not pledged to the repay-
ment of any other notes.
12. After a sufficient sum has been set aside for the
purposes set forth above, including the repayment of 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 drainage district; or any political unit
for which delinquent tax payments are due other than for the
year 1980 on settlement day with the County. City or Township
Treasurers, and (b) all income or interest earned by, or
increment to, the 1981 Note Reserve Fund 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
designated 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. Co-paying
agents 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 1982 through 1984,
inclusive, shall not be subject to redemption. The notes
maturing on May 1, 1985 shall be subject to redemption at any
time on or after May 1, 1984, 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, 1984, as follows:
a. To the extent that there are sufficient
moneys on hand from any of the sources specified
in paragraph 6 above, after payment of the notes
maturing on or before May 1, 1984, all notes
maturing May 1, 1985 must be called for payment
on May 1, 1984, or at any time thereafter at such
time as there are sufficient funds available to
redeem notes in a minimum amount of $50,000 or
such other minimum as shall be established in
the Notice of Sale by the Treasurer, 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 notes to the purchaser
upon receipt of the purchase price, which deliver: 7)e,_ made
in the discretion of the Treasurer at one time or in parts at
various times, provided that all of the notes with the earliest
maturities shall be delivered prior to any notes with later
maturities, and provided further that all deliveries shall be
completed by October 15, 1981. The coupons affixed to the notes
shall be executed with the fascimile 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 1981
Note Reserve Fund and other amounts, all as described in the note
to which this coupon pertains."
approved by the Municipal Ti7 - unless the
16. The County Treasurer is hereby authorized to make
application to the leeicipal Finance Commission on behalf
of the County for an :rder permitting this County to make
this borrowing and issue its General Obligation Limited
Tax Notes, Series 1931. The Notice of Sale shall not be
Treasurer so requests in the application,
17. The County Treasurer shall conduct a public sale
of the notes (after insertion of Notice of Sale 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 spec if ied in the
Notice of Sale and the Treasurer shall be er -,7 -..D-md to make
any c ,-fge in such Notice of Sale as may in fYr. Tre-asuret's
discretion be necessary.
18. Sealed proposals for the purchase of the notes shall
be received up to such time as shall later be determ'-,ed by the
Treasurer and notice thereof shall be published in a.-:lance
with law, once in at least one of, the Bond Buyer, Michigan
Investor, or Detroit Legal News, each of which are hereby
designated as being publications printed in the English language
and circulated in this State, which carries as a part of its
regular service, notices of sale of municipal bonds. The
notice (sometimes referred to in this resolution as the "Notice
of Sale") 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, which selection may, at the option
of the Treasurer, be for one or more years ui the cost of said
legal opinion and the printing of the notes will be at the
expense of the County ; but the expenses will be paid, as
provided in this resolution, from the County's 100% Tax Payment
Fund. The notes will be delivered at the expense of the County
in such city or cities desginated by the Treasurer in the Notice
of Sale.
20. Notwithstanding any other provision of this resolution
or other resolutions adopted heretofore, the County hereby
covenants with the purchaser (within the meaning of Sections
1.103-13, 1.103-14 and 1.103-15 of the Income Tax Regulations
prescribed by the Commissioner of Internal Revenue) of the
General Obligation Limited Tax Notes, Series 1981, 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 relating 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 1981, or any other funds of the County to be
used directly or indirectly in a manner which would result in
the exclusion 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 Treasurer 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 1981
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.
(FORM OF NOTE)
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
GENERAL OBLIGATION LIMITED TAX NOTE, SERIES 1981
Number
KNOW ALL MEN BY THESE PRESENTS, that the County of
Oakland, Michigan, hereby acknowledges itself indebted and for
value received, promises to pay to the bearer hereof the sum of
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 centum ( %) per annum, payable on
1, 1981, and thereafter semi-annually on the
first days of and in lawful
money of the United States of America
in each year. Both principal and
interest are payable 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 Constitution 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 1980 real property taxes returned to the
County Treasurer as delinquent on or before March 1, 1981
(and which were still unpaid on March 1, 1981) and for the
purpose of establishing a 1981 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 1980 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, 1981, 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 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 1981 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 include 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 1982 to 1984, both
inclusive, shall not be subject to redemption prior to maturity.
Notes maturing on May 1, 1985, will be subject to redemption
at any time on or after May 1, 1984, in any order at the option
of the County Treasurer at par plus accrued interest to the
redemption date. On and after May 1, 1984, the County Treasurer
shall redeem such notes from available Funds Pledged to Note
Repayment and other moneys required to be so used as defined
in and as provided in the 1981 Borrowing Resolution (1980
Delinquent Taxes) adopted heretofore by the County Board of
Commissioners.
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 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.
It is hereby certified, recited and declared that
all acts, conditions and things required 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, 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 facsimile
signature of its Treasurer, all as of the first day of March,
1981.
COUNTY OF OAKLAND
By:
Treasurer
(SEAL)
(COUPON)
Number
On the first day of , A.D., 19 ,
The County of Oakland, Michigan, will pay to the bearer hereof
the sum shown hereon in lawful money of the United States of
America at the
, the same being the interest due on that
day on its General Obligation Limited Tax Note, Series 1981,
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 Note Reserve Fund, and
other amounts all as described in the Note to which this coupon
pertains. This coupon is subject to the redemption provisions
set forth in the Note to which this coupon pertains.
(Facsimile)
Oakland County Treasurer
OFFICIAL NOTICE OF SALE
COUNTY OF OAKLAND
STATE OF MICHIGAN
GENERAL OBLIGATION LIMITED TAX NOTES, SERIES 1981
SEALED BIDS: for the purchase of General Obligation
Limited Tax Notes, Series 1981, of the County of Oakland,
Michigan, of the par value of $ will be received by
the undersigned at the office of the County Treasurer,
, until
, 1981,
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 of the
undersigned 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
approximately 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, 1981; and semi-annually
thereafter; will be dated March 1, 1981; will be numbered in direct
order of maturity from 1 to , inclusive, and will mature
on May 1 in year and amounts as follows:
YEAR AMOUNT
1982
1983
1984
1985
PRIOR REDEMPTION: Notes maturing in the years 1982
to 1984, inclusive, shall not be subject to redemption prior to
maturity. Notes maturing on May 1, 1985, will be subject to
redemption at any time on or after May 1, 1984, in any order at
the option of the County Treasurer at par plus accrued interest
to the redemption date. The County Treasurer shall redeem such
notes from available funds pledged to repayment of the notes on
and after May 1, 1984, as provided in the 1981 Borrowing
Resolution (1980 Delinquent Taxes) so long as such funds are
sufficient to redeem notes with a minimum face amount of $
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 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
Michigan Time, on
bear interest after the date fixed for redemption provided funds
are on hand with a paying agent to redeem the same.
INTEREST RATE AND BIDDING DETAILS: The notes will
bear interest from their date at a rate or ratesspecified by
the successful bidder, not exceeding % 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 be at one rate only,
and the difference between the highest and lowest rate of interest
bid shall not exceed two percent (2%).
PAYING AGENT:
PURPOSE: The notes are issued for the purpose of
establishing the 100% Tax Payment Fund of the County for the
1980 tax year and for the purpose of establishing a $
1981 Note Reserve Fund.
PRIMARY SECURITY: The notes are primarily secured
by: (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, 1981, 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 uncollectability 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 1981 Note Reserve Fund shall be used to make such payment.
All moneys in the 1981 Note Reserve Fund shall be used solely
for payment of principal and interest on the notes or for the
purchase of notes for which the fund was established. Moneys
in the 1981 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 1981 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 include 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.
OF 7.,1 =ES: For the purpose of awarding
the notes 1 the interest cost of each bid will be computed by
determing, at the rate specified therein, the total dollar
amount of all interest on the notes from
1981 to their maturity and deducting therefLee 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 convenience 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 Treasurer must accompany each bid as a guarantee of
good faith on the part of the bidder, to be forfeited as
liquidated damges 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 the
unqualified ::7•-eving opinion of Martin, Axe, Buhl & ;:ce ,wartz,
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 day, 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 evee!t the County shall
promptly return the good faith depet. Payment for the notes
shall be made in Federal Reserve Fuds. Accrued interest to
the date of delivery of the notes shall be paid by the purchaser
at the time of delivery.
CUSIP 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 on the notes shall not constitute cause for
the purchaser to refuse delivery of the notes.
ADDITIONAL INFORMATION: Further information may be
obtained from the Oakland County Treasurer at the address
specified above or from John R. Axe at Martin, Axe, Buhl, &
Schwartz.
THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS.
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
MR. CHAIRMAN, on behalf of the Finance Committee, T move
the adoption of the foregoing resolution.
FINANCE CO7MITTEE
Dennis Murich Maim
STATE OF MICHIGAN
) SS. COUNTY OF OAKLAND
I, 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 complete copy of proceedings taken at a REGULAR
meeting of the Board of Commissioners of said County, held on the
5th day of March , 1981, insofar as the same relate to
the 1981 Borrowing Resolution (1980 Delinquent Taxes) the borrowing
of not to exceed the sum provided for therein and the issuance of
the Oakland County General Obligation Limited Tax Notes, Series
1981, 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.
IN WITNESS WHEREOF, I have hereunto affixed my official
signature this 5th day of March , A.D., 1981.
Lynn D. Allen
Oakland County Clerk
ACKNOWLEDGMENT OF DESIGNATION
The undersigned, the Treasurer of the County of Oakland,
Michigan, hereby acknowledges and says that prior to the date of
the adoption of the foregoing resolution, the Oakland County De-
linquent Tax Revolving Fund was designated by the 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.
C. Hugh Dohany
Oakland County Treasurer
#81057 March 5, 1981
Moved by Murphy supported by Fortino the resolution be adopted.
AYES: Geary, Gosling, Hobart, Jackson, Lanni, Moffitt, Montante, Moore, Murphy,
Olsen, Page, Patterson, Perinoff, Pernick, Peterson, Price, Whitlock, Wilcox, Aaron,
Caddell, Cagney, DiGiovanni, Doyon, Fortino, Gabler. (25).
NAYS: None. (0)•
. A sufficient majority having votpd 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
Misceflans Resolution #81057 adopted by the ptty
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 Whereof, I have hereunto set my hand and
affixed the seal of said County at Pontiac, Michigan
1-11
Lynn D. Allen......................Clerk