HomeMy WebLinkAboutResolutions - 1987.05.28 - 18010May 28, 1987
MISCELLANEOUS RESOLUTION # 87136
BY: TRANSPORTATION COMMITTEE - John J. McDonald, 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 construction, improvement, maintenance
and repair of certain highways in the County 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 aforedescribed 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
11 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 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 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.
-2-
not limited to, actions relating
earnings, if applicable, and the
proceeds and monies deemed note
Committee, I move adoption of the _f_px ,egog resoluAon.
Chaii..&t,Sbn, Trans
Committee
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
(the "Code") including but
to the rebate of arbitrage
expenditure and investment of
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 Transportation
TERM INI
13 Mile-
14 Mile
Orchard
Lake-
Inkster
Auburn-
S. Blvd.
Avon-
S. Blvd.
Adams-
Livernois
25 Mile-
Hamlin
NAME OF ROAD • LEW=
Farmington 1.0
12 Mile 1.8
Adams 1.0
Crooks 3.1
Tienken 2.3
Dequindre 3.25
Greenfield
Franklin
14 Mile
Middlebelt tv1IL1ER, CANFiELD. PADDOCK AND ST ONE 2.2
2.0
TYPE OF
:.PROJECT
Resurfacing Farmington Hill•
w/safety
Resurfacing Farmington Hill
w/safety
Resurfacing Rochester
w/safety Auburn Hills
Resurfacing Rochester Hills
w/safety
Pavement Rochester Hills
Replace
w/safety
Resurface, Rochester
Cut Hill, Rochester Hills
Improve RR MCRC
x l ing, Short Shelby Twp
-3 lane
Section, Right
Turn Lane
11 Mile- Resurfacing Southfield
Lincoln w/safety Oak Park
11-0 Long Lake..;.. Resurfacing Bloomfield Twp.
Hickory w/safety
Grove -
1.7 Stephenson- Resurfacing Troy
John R Repair Mad i son Hts
w/safety
N'western- Resurfacing Farmington Hills
14 Mile w/safety
11 Mile
10 Mile
Dixie Hwy. 1.8
Woodward/ Resurfacing & Royal Oak
1-75 Curb Repair
Resurfacing Fa-mngton Hills
w/safety
Resurfacing 5pringfie1 Tr
w/safety
Orchard
Lake-
Inkster
1-75/
Davisburg
A-1
Resurfacing
'itsaf.e.t1/
Resurfacin
w/safety
Resurfacing
w/safety
Farmington
Farmington
mfield Twp. .L 0
Bloomfield
1.0
1.0
.4
1.0
Long La
Lahser
10 Mile
Pontiac Trail
Boundary-
Adams -
14 Mile,-
Maple
Powers-
Farmington
West Road-
Ladd
Resurfacing Novi
w/safety Walled Lake = MILLER, CANNELD, PADDOCK AND STONE A-2
65717 0003 87.04.0683
28th day 1987
. ALLEN
Misc. #87136
May 28, 1987
Moved by Nelson supported by Angus McPherson the resolution be adopted.
AYES: Jensen, Richard Kuhn, Susan Kuhn, Lanni, Law, Angus McPherson,
Ruel McPherson, Moffitt, Nelson, Page, Perinoff, Pernick, Price, Rewold, Rowland,
Skarritt, Wilcox, Aaron, Caddell, Calandro, Crake, Doyon, Gosling, Hobart. (24)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lynn D. Alien, Clerk of the County of Oakland and having a seal,
do hereby certify that I have compared the annexed copy of
this Miscellaneous Resolution adopted by the Oakland County Board of Commissioners
at their meeting held on May 28 2 1987
with the orginial 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
Counk Clerk/Register of Deeds
this