HomeMy WebLinkAboutResolutions - 1990.02.22 - 16705February 8, 1990
Miscellaneous Resolution #90035
BY: PLANNING & BUILDING COMMITTEE Larry Crake, Chairperson
RE: DEPARTMENT OF PUBLIC WORKS - DESIGNATION OF AN INVESTMENT BANKING TEAM
(UNDERWRITERS) FOR THE FINANCING OF THE COUNTY SOLID WASTE DISPOSAL SYSTEM
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen
WHEREAS, pursuant to Act 641 of the Public Acts of 1978, as amended, the
Board of Commissioners by Miscellaneous Resolutions 82228, dated August 5,
1982, 82243 dated August 26, 1982, and 89214 dated September 14, 1989,
approved a Solid Waste Management Plan (the Act 641 Plan) providing for
the disposal of all non-hazardous solid waste generated in the County;
and
WHEREAS, the in-process plan update and the goals of the County will
provide for a complete Solid Waste Disposal System using a combination
of sanitary landfills, transfer stations, material and resource recovery
facilities and composting centers with emphasis on recycling, composting
and other volume reduction programs; and
WHEREAS, the County Board of Commissioners by Misc. Res. #87344,
dated December 10, 1987, and Misc. Res. #89178, dated July 20, 1989, expressed
its intent to issue bonds to finance the facilities acquisition and/or
construction costs and all other costs related to the solid waste disposal
system; and
WHEREAS, the County of Oakland through its financial advisors, Public
Financial Management Inc., solicited proposals from the various investment
banking firms for underwriting services for such bond issuance; and
WHEREAS, after review and evaluation of all proposals received, it is
recommended that a team of investment bankers be designated to handle the
underwriting services for the financing of the County Solid Waste Disposal
System; and
WHEREAS, Public Act 186 of the Public Acts of 1989 requires that
the method of financing the system and all activities related thereto shall be
approved by the County Board of Commissioners.
NOW THEREFORE BE IT RESOLVED that the County Board of Commissioners
designates the following investment bankers as the underwriting team for the
financing of the County Solid Waste Disposal System:
Co.-Senior Manager
(Lead Book Runnng Manager)
Shearson, Lehman Hutton, Inc.
Co.-Senior Manager Kidder, Peabody and Company
Co.-Manager Bear, Stearns and Company, Inc.
Paine Webber, Inc.
Smith Barney
Harris Upham and Company
First of Michigan Corporation
Mr. Chairperson, on behalf of the Planning and Building Committee,
I move the adoption of the foregoing resolution. /-
.11:P
FISCAL NOTE (Misc. 90035)
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February 22, 1990
BY: -FINANCE COMMITTEE, DR. G. WITLIAM CADDELL, CHAIRPERSON
IN RE: .DEPARTMENT OF PUBLIC WORKS - DESIGNATION OF AN INVESTMENT BANKING
TEAM (UNDERWRITERS) FOR THE FINANCING OF THE COUNTY SOLID WASTE
DISPOSAL SYSTEM
TO TEE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen:
Pursuant to Rule XI-G of this board, the Finance Committee has
reviewed aforementioned resolution and finds all underwriters fees and
costs will be provided from proceeds from the sale of bonds.
- FINANCE COMITTEE
Committee Vote:
Motion carried unanimously on a roll call vote with Jensen absent.
Resolution #90035 Feb. 22, 1990
Moved by Crake supported by Ferrens the resolution be adopted.
AYES: Wolf, 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. (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.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the County
of Oakland at Pontiac, Michigan this 22nd day Øj? FAUOXy /7 1990
D. Allen, County Clerk Ly n