HomeMy WebLinkAboutResolutions - 1990.06.14 - 16803REPORT June 14, 1990
BY: Planning and Building Committee, Larry P. Crake, Chairperson
IN RE: MR 90123-SOLID WASTE PROGRAM FUNDING, "LIMITED OBLIGATION BONDS"
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson,. Ladies and Gentlemen:
The Planning and Building Committee, having reviewed the
above-referenced resolution, reports with the recommendation that the
resolution be adopted with the following amendment:
Delete 'the RE IT FURTHER .RESOLVED paragraph and replace it
with: BE IT FURTHER RESOLVED that the financing of this
tremendous public works program be undertaken with extreme
prudence and fiduciary responsibility, and that the sale of
said bonds will commence upon securing the necessary
approvals by the local units of the Intergovernmental
Agreements which provide for the local units to fully cover
the cost of the program.
Mr. Chairperson, on behalf of the Planning and Building
Committee, I move acceptance of the foregoing report.
PLANNING AND BUILDING COMMITTEE
PLANNING & BUILDING COMMITTEE: Carried on roll call vote with
Chester and F'errens dissenting.
May 24, 1990
MISC. RES. 90123
BY: LARRY CRAKE, COMMISSIONER
RE: SOLID WASTE PROGRAM FUNDING, "LIMITED OBLIGATION BONDS"
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRPERSON, LADIES AND GENTLEMEN:
WHEREAS, the culmination of years of planning the County's
Solid Waste Program marks the beginning of the construction and
implementation portion of the program, and
WHEREAS, it has been determined that the cost of this program
will be approximately $500 Million, and the Board of Commissioners
has determined that providing the necessary funding for this
program will necessitate the sale of bonds, and
WHEREAS, it is anticipated that the revenue generated from the
use Of this system should fully cover the payment of the bonded
indebtedness and operating costs resulting in minimal, if any, use
of general fund tax dollars.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of
Commissioners does hereby approve the sale of "limited obligation
bonds" under the provisions of Act 186, of the Public Acts of 1989,
as amended, in an amount not to exceed $500 Million.
BE IT FURTHER RESOLVED that the financing of this tremendous
public works program be undertaken with extreme prudence and
fiduciary responsibility, and that the sale of said bonds will
commence immediately upon the securing of the necessary approvals
by the local units of both the Act 641 Solid Waste Plan Update and
the Intergovernmental Agreements which shall provide for the local
units to fully cover the cost of the program, and that no
construction shall be undertaken until the sale of the bonds is
complete.
Mr. Chairperson, I move the adoption of the foregoing resolution.
#90123
May 31, 1990
The Chairperson stated the last Board meeting Resolution #90123 was
referred to the Finance Committee only. In order to correct the error, the
resolution is also being referred to the Planning and Building Committee.