HomeMy WebLinkAboutResolutions - 1989.05.11 - 17052MISCELLANEOUS RESOLUTION # 89120 May 11, 1989
BY: GOVERNMENT AND TRANSPORTATION COMMITTEE -
Richard G. Skarritt, Chairperson
RE: ROAD COMMISSION BORROWING
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRPERSON, LADIES AND GENTLEMEN:
WHEREAS, the Board of County Road Commissioners of the
County of Oakland, Michigan (the "Issuer") intends to
authorize the issuance and sale of its Michigan
Transportation Fund Notes, pursuant to Act 143, Public Acts
of Michigan, 1943, as amended ("Act 143") in an amount not
to exceed Four Million Dollars ($4,000,000) (the "Notes") in
anticipation of, and for the payment of which shall be
pledged, future revenues derived from state collected taxes
returned to the County of Oakland (the "County") for County
road purposes pursuant to law, for the purpose of defraying
part of the cost of improvement of county highways and
general county road purposes all as more particularly
described on Exhibit A attached hereto and made part hereof
and such other or different projects as the Issuer may
identify at the time the Notes are authorized to be issued;
and
WHEREAS, pursuant to Section 1 of Act 143, the Oakland
County Board of Commissioners must approve issuance of the
Notes by the Issuer before the Notes may be authorized by
the Issuer; and
WHEREAS, the Issuer, by resolution, has previously
requested the authorization of the Oakland County Board of
Commissioners to issue the Notes; and
WHEREAS, prior to issuance of the Notes the Issuer must
either receive prior approval, of the Notes from the
Department of Treasury (the "Department") of the State of
Michigan (the "State") or be exempt from prior approval as
provided in Section 1(2) of Act 143, and Chapter III,
Section II of Act 202, Public Acts of Michigan, 1943, as
amended; and
Whereas, in order to be exempt from prior approval, the
Issuer must notify the Department of the State of the
Issuer's intent to issue the Notes.
NOW, THEREFORE, BE IT RESOLVED THAT:
1. The Board of County Road Commissioners of the
County of Oakland be, and is, hereby authorized to borrow
and issue its Notes therefor, in the principal amount of not
to exceed $4,000,000 to provide funds for the purposes
described in the preamble to this resolution, all pursuant
to Act 143. The interest rate on the Notes shall not exceed
the maximum rate of interest permitted by law at the time of
sale and there shall be pledged for the payment of such
Notes future revenues derived from State collected taxes
returned to the County for County road purposes. The full
faith and credit of the County shall not be pledged for the
payment of such notes.
2. The County Treasurer and the County Clerk and each
of them are hereby authorized to execute any and all
agreements, certificates and documents necessary to
effectuate issuance of the Notes, including, if necessary,
to notify the Department of the Issuer's intent to issue the
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aforedescribed Notes and to request an order providing an
exception for the Notes from prior approval by the
Department.
3. The Treasurer is hereby authorized and directed to
set aside in a separate fund from the State collected taxes
returned to the County for County road purposes pursuant to
law which have not been theretofore specifically allocated
for other purposes in each year an amount sufficient for the
payment of the principal of and interest on the Notes as the
same becomes due.
4. The Board of Commissioners of the County of
Oakland, on behalf of the County of Oakland, hereby
covenants that, to the extent permitted by law, it shall
take all actions within its control necessary to maintain
the exemption of the interest on the Notes from general
federal income taxation (as opposed to alternative minimum
or other indirect taxation) under the Internal Revenue Code
of 1986, as amended (the "Code") including but not limited
to, actions relating to the rebate of arbitrage earnings, if
applicable, and the expenditure and investment of note
proceeds and monies deemed to be note proceeds.
5. All resolutions and parts of resolutions insofar
as they conflict with the provisions of this resolution be
and the same hereby are rescinded.
Mr. Chairperson, on behalf of the Government and
Transportation Committee, I move adoption of the foregoing
resolution.
dirperson, Gover-hmdiit and
Transportation Committee
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EXHIBIT A
PROPOSED 1989 S.A.D. PROGRAM
Project Name Mileage Township Total Cost
Braes of Bloomfield #3 1.29 Bloomfield $216,602.00
Ardsley St.* 1410' 0.27 Brandon 49,350.00
Portlock 0.51 Commerce 129,920.16
Kratage Court 0.08 Commerce 14,928.00
Commerce Lake Estates 0.68 Commerce 88,725.00
Highland Heights 2.03 Highland 290,000.00
W. Highland Village 0.77 Highland 115,663.00
Harvey Lake Heights 0.84 Highland 126,507.00
Highland Boulevard 0.55 Highland 97,914.00
Riviera Shores 1.06 Holly 140,085.00
Ridgewood Hills 0.77 Oakland 134,847.00
Hinford 0.92 Orion 210,500.00
Hemingway* 3250' 0.62 Orion 113,750.00
Glaspie 0.68 Oxford 136,584.00
King Road 0.88 Springfield 136,131.00
Clarridge 1.30 Springfield 190,927.00
Rossdale/Brambles 0.67 Waterford 150,060.00
Alma 0.38 Waterford 105,574.00
Iroquois 0.16 Waterford 50,836.00
Doyon Subdivision 0.48 Waterford 132,825.00
West Newberry 0.34 Waterford 62,615.00
Burlingham Lk. Pk.- Phase 2 0.30 Waterford 67,475.00
Crescent Lk. C.C. - Phase 3 1.45 Waterford 340,200.00
Ideal Country Club 6315' 1.20 Waterford 221,025.00
Sherbourne St.* 0.23 Waterford 42,350.00
Berkman* 2840' 0.54 Waterford 99,400.00
Woodlow Street* 2510' 0.48 Waterford 87,850.00
Crestmont/Glascott 1.47 W. Bloomfield 353,650.00
Bloomfield Farms* 8266' 1.60 W. Bloomfield 289,310.00
Petrolia 1.47 W. Bloomfield 306,439.00
Woodview/Fieldview 1.20 W. Bloomfield 253,166.00
Birch Harbor 0.66 W. Bloomfield 103,450.75
Maddox 0.18_ W. Bloomfield - 44,169.00
Colony 1.51 W. Bloomfield 439,652.00
Lone Pine/Portage 0,725 White Lake 120,225.00
Total (35) 28.295 miles $5,462,704.91**
$4,097,029.00
=
**Minus 25% for non-initiation
*Preliminary estimate based on $35.00 lift
RESOLUTION # 89120 May 11, 1989
Moved by Skarritt supported by Grakethe resolution be adopted.
AYES: R. Kuhn, S. Kuhn, Luxon, McCulloch, McPherson, Moffitt, Oaks,
Pappageorge, Price, Rewold, Skarritt, Wolf, Aaron, Bishop, Caddell, Chester,
Crake, Ferrens, Gosling, Hobart, Jensen, Johnson. (22)
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 and having a seal, do
hereby certify that I have compared the annexed copy of the attached resolution,
adopted by the Oakland County Board of Commissioners at their regular meeting
held on May 11 , 19 89 with the original record thereof now remaining
on file 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 11th day of May , 1982
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toloomm:72;"7.
LYNX De ALLEN, County Clerk
Re4ister of Deeds
Deputy Clerk
I hereby certify that the foregoing is a true and
complete copy of a resolution adopted by the Board of
Commissioners of the County of Oakland, State of Michigan,
at a regular meeting held on may 11, , 1989, and that
said meting was conducted and public notice of said meeting
was given pursuant to and in full compliance with the Open
Meetings Act, being Act 267, Public Acts of Michigan, 1976,
and that the minutes of said meeting were kept and will be
or have been made available as required by said Act.
LYNN D. ALLEN
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