HomeMy WebLinkAboutResolutions - 1984.03.08 - 16863RESOLUTION NO. o6.1
RE: APPROVAL OF NOTICE OF SALE
BY: FINANCE COMMITTEE
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
If a public sale is held, sealed proposals for the purchase
of the Notes approved in the 1984 Borrowing Resolution (1983
Delinquent Taxes) shall be received up to such time as shall
later be determined by the Treasurer, and notice thereof shall be
published in accordance with law, once in at least one of, the
Bond Buyer, Michigan Investor, or Detroit Legal News, each of
which is a publication 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 (the
"Notice of Sale") shall be in substantially the form as that
attached to this Resolution as Exhibit A.
EXHIBIT A
OFFICIAL NOTICE OF SALE
COUNTY OF
STATE OF MICHIGAN
GENERAL OBLIGATION LIMITED TAX NOTES, SERIES 1984
SEALED BIDS: Sealed bids for the purchase of General
Obligation Limited Tax Notes, Series 1984, of the County
of (the "Countyll), Michigan, of the par value of
will be received by the undersigned at the office
of the County Treasurer,
until Michigan Time, on , 1984, 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, 1158
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 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 fully registered notes of
the denomination of $5,000 each or any multiple of $1,000 over
$5,000, as designated by the purchaser; will bear interest from
their date payable on November 1. 1984, and semi-annually
thereafter; will be dated March 1, 1984; will be numbered from 1
upward, and will mature serially on May 1 in years and amounts as
follows:
YEAR AMOUNT
1985
1986
1987
PRIOR REDEMPTION: Notes maturing in 1985 and 1986 shall not
be subject to redemption prior to maturity. Notes maturing on
May 1, 1987, may be redeemed in whole or in part on any date or
dates on or after May 1, 1986, at the option of the County
Treasurer at par plus accrued interest to the redemption date.
With respect to partial redemptions, any portion of a note
outstanding in a denomination larger that the minimum authorized
denomination may be redeemed provided such portion as well as the
amount not being redeemed constitute authorized denominations.
In the event that less than the entire principal amount of a note
is called for redemption, upon surrender of the note to the
trustee or note registrar, the trustee or note registrar shall
authenticate and deliver to the registered owner of the note a
new note in the principal amount of the principal portion not
redeemed.
Notice of redemption shall be sent by first class mail to the
registered holder of each note being redeemed at least thirty
(30) days prior to the date fixed for redemption. 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.
INTEREST RATE AND BIDDING DETAILS. The notes will bear
interest from their date at a rate or rates specified 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 four percent (4%). A discount of
not to exceed % may be bid on the notes.
NOTE REGISTRAR AND DATE OF RECORD.
has been selected as Note Registrar for the notes. The Note
Registrar will keep records of the registered holders of the
notes, serve as transfer agents for the notes, authenticate the
original and any re-issued notes and will pay principal and
interest to the registered holders of the notes as shown on the
records on the applicable date of record. The date of record
shall be October _ with respect to payments made on November 1,
and April _ with respect to payments made on May 1.
PURPOSE: The notes are issued for the purpose of
establishing the 100% Tax Payment Fund of the County for the 1983
tax year and for the purpose of establishing a $ 1984
Note Reserve Fund.
PRIMARY SECURITY: The notes are primarily secured by: (1)
all of the collections of the 1983 real property taxes due and
payable to taxing units in the County, including the County,
which were returned delinquent on March 1, 1984, together with
all interest thereon; (2) all of the property tax administration
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 of,
premium, if any, and interest on these notes when due, for any
reason, the moneys in the 1984 Note Reserve Fund shall be used to
make such payment. All moneys in the 1984 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 1984 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 1984 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.
aFNRRAL ORLTGATIQNA1TUOUT UNLIMITED POWER TO TAX. In
addition, this note issue is a general obligation of the County,
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 DOES NOT HAVE THE POWER TO LEVY ANY ADDITIONAL TAXES FOR
THE PAYMENT OF THE NOTES IN EXCESS OF ITS CONSTITUTIONAL AND
STATUTORY LIMITS.
[The following paragraph is optional and will be inserted in
the Notice of Sale if the note issue qualifies for insurance.]
mnTR ThIgURAINWE:
has issued a commitment for municipal bond insurance
covering the notes. 701 bids shall be conditioned upon the
iccumnr= affartiva AR nf the date on which the notes are issued,
c c A nnlirv nf ingniancA by auaranteeina the payment of
principal and interest on the notes. Each note will bear a
legend referring to the insurance. The purchaser, holder or
owner is not authorized to make any statement regarding the
insurance beyond those set out here and in the note legend.
AWARD OF THE NOTES: For the purpose of awarding the notes,
the interest cost of each bid will be computed by determining, at
the rate specified therein, the total dollar amount of all
interest on the notes from , 1984, to their
maturity and deducting therefrom any premium or adding thereto
any discount. 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 % of 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 2% of the par value of the notes drawn
upon an incorporated bank or trust company and payable to the
order of the County Treasurer must accompany each bid as a
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guarantee of good faith on the part of the bidder, to be
forfeited as liquidated damages it 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 upon the
unqualified approving opinion of Axe & Schwartz, attorneys of
Bloomfield Hills, Michigan, approving the legality of the notes,
a copy 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 event the
County shall promptly return the good faith deposit. Payment for
the notes shall be made in Federal Reserve funds. 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 County Treasurer at the address specified
above or from John R. Axe, Brad S. Rutledge or Donald G. Folk at
Municipal Financial Consultants Incorporated, 300 E. Long Lake
Road, Suite 300, Bloomfield Hills, Michigan 48013, telephone
number (313) 540-0567.
THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS.
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ENVELOPES: Envelopes containing the bids should be plainly
marked "Proposal for General Obligation Limited Tax Notes."
County Treasurer
APPROVED:
STATE OF MICHIGAN
MUNICIPAL FINANCE COMMISSION
#84061 March 8, 1984
Moved by Caddell supported by Perinoff that Resolution #84061 be adopted.
AYES: Pcrnick, Price, Wilcox, Aaron, Caddell, Calandro, Doyon, Foley,
Fortino, Hobart, Jackson, R. Kuhn, S. Kuhn, Lanni, Law, McPherson, Moore, Nelson,
Olsen, Perinoff. (20)
NAYS: None. (0)
A sufficient majority having voted therefor, Resolution #84061 was adopted.
STATE OF MICHiGA)
COUNTY OP OAKLAND)
I, Lynn D. Allen, Clerk of the County of Oakland and having a seal,
do hereby certify that 1 have compared the annexed copy of
Miscellaneous Resolution adopted by the Oakland County Board of Commissioners
at their meetinc.held on March 8, 1984
with the orinial record thereof how remaining in my office, and
that it is a true and correct transcript therefrom, and of the
whole thereof.
Ii' Testimony Whereof, 1 have hereunto set my hand and a f fixed thc
seal of said County at Pontiac, Michigan
8th day of / ) Marcb 19 84
LYJUL ALL!;
County Clerk/Register of Deeds
this
AYES: Pernick, Price, Wilcox, Aaron, Caddell rO.iovon.Foie a Ian
d 01:3 Ic P_he
* 11*
Thereafter it was moved by Dr. Caddell and seconded
by Mr. Perinoff that all of the attached Miscellaneous
Resolutions No. 84059 , 84060 and 34061 be adopted.
Discussion followed.
Fort ino, Hobart, Jackon, R. Kuhn S. Kuhn
Nelson, Olsen, Perinoff. . (20)
NAYS: None. (9)
ABSENT:Reir,old, Geary, Gosl inch McConnell, McDonald, Moffitt. Page, (1)
A sufficient majority having voted therefor, the three
resolutions appearing above were adopted.
STATE OF MICHIGAN
) 55.
COUNTY OF OAKLAND
1, Lynn D. Allen, Clerk of the County of Oakland and having a
seal, do hereby certify that I have compared the annexed copy of
Miscellaneous Resolutions No. 84059 . 34060 and 34061
adopted by the Oakland County Board of Commissioners at their
meeting held on March 8 . 1984, 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 this 90 day
of March , 1984.
Lynn D. Allen. County Clerk