HomeMy WebLinkAboutResolutions - 1989.11.09 - 17076/7 4 f
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V-1-_,,RNMENT & 'FRAN ORTATION COMMITTEE
- REPORT (MSc. 89276) November 9, 1989
GOVERNMENT & TRANSPORTATION COMMITTEE-
Richard C, Skarritt, Chairperson
RE: i,,,iiscellaTieous Resolution li89276 -Loan of County Funds Pella
TO THE OAKLAND CDU.NTY BOARD OF COMMISSIONERS
Mr:, Chairuerson, Ladies and Gentlemen:
The Gf:.,.v exhalent & Transportation Committee, having reviewed the
above referenr-ed resolution, reports with the recommendation that the
resolution be adopted with the following amendments: add the County
BI:
Executive' which are contained in the Finance
Committee Report ; and j.n. the NOW THEREFORE BE IT RESOLVED
paragraph change "prime interest rate" to "six-month Treasury Bill
raten "
Mr, Chairperson, on behalf of the Government & Transportation
Committee, move the acceptance of the foregoing report,
FISCAL REPORT (Misc. 89276) November 9, 1989
BY: FINANCE COMMITTEE, DR. G. WILLIAM CADDELL, CHAIRPERSON
IN RE; LOAN OF COUNTY FUNDS POLICY
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr, Chairperson, Ladies and Gentlemen:
Pursuant to Rule XI ,G of this Board, the Finance Committee has
reviewed Miscellaneous Resolution #89276 and recommends that the
resolution be adopted.
Recommend that the resolution be amended to include the following:
"Be it further resolved that the interest rates should be
computed and compounded quarterly."
"Be it further resolved that any loan agreement clearly
establish the repayment terms before it is submitted to the Board
for approval."
"Be it further resolved that any such loans comply with
all legal mandates including those of the Municipal Finance
Commission."
Mr. Chairperson, on behalf of the Finance Committee, I move the
acceptance of the foregoing report.
FINANCE COMMITYEE
. Olsen
ommissioner, District 17
Miscellaneous Resolution #89276
BY: John E. Olsen, Commissioner, District 17
IN RE: LOAN OF COUNTY FUNDS POLICY
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS, the County of Oakland is from time to time asked
to financially assist local communities in their pursuit of providing
necessary infrastructure and government services through loans and
advances; and
WHEREAS, honoring such local requests temporarily reduces
the County's ability to respond to County-wide service needs and, if
such requested financial assistance is provided at an interest
rate-of-return less than the conventional rate for invested funds, such
/ow or no-interest loans permanently reduce the County's financial ability
to act on behalf of the entire County.
NOW THEREFORE BE IT RESOLVED that the Oakland County
Board of Commissioners hereby establishes a policy that no County funds
be loaned or advanced to any local unit of government or any local unit's
agency, commission, authority or board, without the prior approval of
the Oakland County Board of Commissioners and that such loans or
advances as may be approved by the Board of Commissioners be at an
interest rate no less than the prevailing prime interest rate.
Mr. Chairperson, I recommend adoption of the foregoing
resolution.
#89276
October 26, 1989
The Chairperson referred the resolution to the Finance Committee and the
Government and Transportation Committee. There were no objections.
. Re sol uti on92.16___ Ncvemher 9. 1989
Moved by Caddell supported by Jensen the Finance Committee Report be
accepted.
A sufficient majority having voted therefor, the report was accepted.
Moved by Caddell supported by Jensen the Government and Transportation
Committee Report be accepted.
Moved by Caddell supported by Jensen the resolution be adopted.
Moved by Caddell supported by Jensen the resolution be amended as follows:
Add the following paragraphs:
"BE IT FURTHER RESOLVED that the interest rates should be computed and
compounded quarterly.
BE IT FURTHER RESOLVED that any loan agreement clearly establish the repayment
terms before it is submitted to the Board for approval."
BE IT FURTHER RESOLVED that any such loans comply with all legal mandates
including those of the Municipal Finance Commission."
A sufficient majority having voted therefor, the amendment carried.
Moved by Skarritt supported by Jensen the resolution be amended as suggested
in the Government & Transportation Committee Report. (add the County Executive's
recommendations which are contained in the Finance Committee report; and in the NOW
THEREFORE BE IT RESOLVED paragraph change "prime interest rate" to "six-month
Treasury Bill rate."
A sufficient majority having voted therefor the amendment carried.
Vote on resolution as amended:
AYES: Gosling, Jensen, Johnson, R. Kuhn, S. Kuhn, Law, Luxon, McCulloch,
Moffitt, Olsen, Pappageorge, Skarritt, Aaron, Caddell, Calandro, Chester. (16)
NAYS: Ferrens, Hobart, McConnell, McPherson, Oaks, Pernick, Rewold, Crake. (8)
A sufficient majority having voted therefor, the resolution, as amended, was
adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lynn D. Allen, Clerk of the County of Cak1d and hving a sea l o hereby certify that I have compared the annexed copy of the attached
resolution adopted by the Oakland County Beard . of Commiss i oners at ti'lc-4:r regular
m,eetin9 held on November —9-, 1 989
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 affiNed the
seal of said County at Pontiac, Michigan
this 9th ..cav 01
2 November
LYFT,t. ALLE County clerk/Pest7er of