HomeMy WebLinkAboutResolutions - 1990.02.22 - 16692Miscellaneous Resolution No. 90013 Feb. 8 , 1990
BY: PLANNING AND BUILDING COMMITTEE
LARRY CRAKE - CHAIRPERSON
IN RE: DRAIN COMMISSIONER - CADDELL DRAIN
REFUNDING BONDS - FULL FAITH AND
CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRPERSON, LADIES AND GENTLEYFN
WHEREAS, the Caddell Drainage District previously
has issued its Drain Bonds, dated May 1, 1985, in the
principal amount of $3,475,000, and this Board of
Commissioners, by Resolution No. 85064, adopted February 28,
1985, pledged the full faith and credit of the County of
Oakland for the prompt payment of the principal of and •
interest on the said Drain Bonds; and
WHEREAS, the Drainage Board for the Caddell Drain,
by .resolution adopted on December 12, 1989, authorized'and
provided for the issuance of refunding bonds in --the
aggregate principal amount of not to exceed $3,500,000 to
'-refund the aforesaid Drain Bonds maturing in the years 1993
through 2004; and
WHEREAS, the bonds are to be designated Refunding
Bonds, are to be dated as of such date as the Drainage Board
shall determine at the time of sale; shall be in such
principal amount and mature on such dates as shall be
determined by the Drainage Board at the time of sale; will
bear interest at a rate or rates not exceeding 8% and will
be subject to redemption prior to maturity in accordance
with the provisions of the sale resolution; and
WHEREAS, the Drainage Board deems it advisable and
necessary to obtain from this Board a resolution pledging
the full faith and credit of the County for the payment of
the Refunding Bonds; and
WHEREAS,, it is appropriate that the Refunding Bonds
be sold in order to achieve debt service savings for the
City of Farmington Hills, • the City of Farmington, the City
of Novi and the County of Oakland.
Mr. Chairperson, on
Building Committee, I move
resolution.
behalf of the Planning and
adoption of the foregoing
_77
,g,LANNING/AND BUILDING COMMITTEE
NOW, THEREFORE, BE IT RESOLVED:
1. That pursuant to the authorization provided in
Section 474 of the Drain Code of 1956, as amended, the Board
of Commissioners of the County of Oakland hereby pledges
irrevocably the full faith and credit of the County of
Oakland for the prompt payment of the principal of and
interest on the Caddell Drainage District Refunding Bonds
and agrees that, in the event any public corporation
assessed shall fail or neglect to account to the County
Treasurer of the County of Oakland for the amount of any
special assessment installment and interest when due, the
amount thereof shall be advanced immediately from County
funds, and the County Treasurer is directed to make such
advancement to the extent necessary.
2. That in the event that, pursuant to said
pledge of full faith and credit, the County of Oakland
advances out of County funds all or any part of an install-
ment and interest, it shall be the duty of the County
Treasurer, for and on behalf of the County of Oakland, to
take all actions and proceedings and pursue all remedies
permitted or authorized by law for the reimbursement of such
sums so paid.
February 22, 1990
FISCAL NOTE (Misc. 90013)
BY: FINANCE COMMITTEE, DR. G. WITTJAM CADDELL, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - CADDETT, DRAIN REFUNDING BONDS - FULL FAITH
AND CREDIT RESOLUTION, MISCELLANEOUS RESOLUTION #90013
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mt. Chairperson, Ladies and Gentlemen:
Pursuant to Rule XI-G of this Board, the Finance Committee has
reviewed Miscellaneous Resolution #90013 and finds:
1) The resolution authorizes the issuance of refunding bonds with
the County pledging its full faith and credit as the secondary
obligator.
2) The aggregate principal amount is not to exceed $3,500,000 at an
interest rate not to exceed 8%.
3) The previous bonds were issued with a principal amount of
$3,475,000 at an interest rate of 8.8462%.
4) The statutory limit for County debt is $2,339,540,375 (10% of
1989 State Equalized Value). As of January 31, 1990, the
outstanding debt is $331,267,723 or approximately 1.4% of the
S.E.V.
5) No financial impact is anticipated.
FINANCE COMMITTEE
Iv2 -fncaddell
Resolution # 90013 Feb. 22, 1990
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the County
of Oakland at Pontiac, Michigan this 22nd day AP Eary /1 1990
Allen, County Clerk
Moved by Crake supported by Wolf the resolution be adopted.
AYES: Aaron, Caddell, Chester, Crake, Ferrens, Gosling, Huntoon, Jensen,
Johnson, R. Kuhn, S. Kuhn, Law, Luxon, McConnell, McCulloch, Moffitt, Oaks, Olsen,
Pappageorge, Pernick, Price, Rewold, Skarritt, Wolf. (24)
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, do hereby certify that the foregoing
resolution is a true and accurate copy of a resolution adopted by the Oakland County
Board of Commissioners on February 22, 1990
with the original record thereof now remaining in my office.