HomeMy WebLinkAboutResolutions - 1990.10.11 - 18318October 11, 1990 Miscellaneous Resolution # 90249
BY: PLANNING & BUILDING COMMITTEE,
LARRY CRAKE, CHAIRPERSON
IN RE: DRAIN COMMISSIONER--
RESOLUTION TO AUTHORIZE THE ISSUANCE OF BONDS
TO DEFRAY PART OF THE COST OF EVERGREEN-
FARMINGTON SEWAGE DISPOSAL SYSTEM POLLUTION
CONTROL FACILITIES -- PERMANENT METER INSTAL-
LATION AND INTERCEPTOR REHABILITATION
IMPROVEMENTS
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS, the County of Oakland (the "County") and the
City of Auburn Hills, the Village of Beverly Hills, the Village
of Bingham Farms, the City of Birmingham, the Township of
Bloomfield, the City of Bloomfield Hills, the City of Farmington,
the City of Farmington Hills, the Village of Franklin, the City
of Keego Harbor, the City of Lathrup Village, the City of Orchard
Lake Village, the City of Southfield, the City of Troy and the
Charter Township of West Bloomfield have entered into the
Evergreen and Farmington Sewage Disposal Systems Intermunicipal
Contract Concerning Wastewater Treatment and Pollution Control
Projects dated as of September 30, 1989 (the "Contract"),
pursuant to the provisions of Act No. 342, Public Acts of
Michigan, 1939, as amended ("Act 342 1 ); and
WHEREAS, the Contract provides for the issuance of bonds
by the County to defray all or part of the cost of permanent
meter and interceptor rehabilitation improvements as set forth in
the Contract (the "Project"), said bonds to be secured by the
contractual obligations of those municipalities on whose behalf
the bonds are issued to pay to the County amounts sufficient to
pay the principal of and interest on the bonds and the pay such
paving agent fees and other expenses as may be incurred on
account of the bonds; and
WHEREAS, the description of the improvements has been
revised to reflect an increase in the number of permanent
sanitary sewage meters as set forth in revised Exhibit C-1 dated
September 14, 1990, attached hereto, and the cost of the improve-
ments described on said revised Exhibit C-1 (the "Project") has
been revised as set forth in revised Exhibits D and E, each of
which is dated September 14, 1990, and is attached hereto; and
WHEREAS, the County has been informed that the City of
Auburn Hills, the Village of Beverly Hills, the Village of
Bingham Farms, the Township of Bloomfield, the City of
Farmington, the City of Keego Harbor, the City of Orchard Lake
Village and the City of Troy will pay their respective shares of
the cost of the Project by cash contributions and the City of
Birmingham, the City of Bloomfield Hills, the City of Farmington
Hills, the Village of Franklin, the City of Lathrup Village, the
City of Southfield and the Township of West Bloomfield
(collectively, the "Obligors") will finance their respective
shares of the cost of the Project through the issuance of County
bonds as hereafter provided; and
WHEREAS, it is in the best interest of the County of
Oakland that the bonds be issued and the Project be acquired and
constructed.
THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF OAKLAND COUNTY, MICHIGAN, as follows:
1. APPROVAL OF REVISED EXHIBITS TO CONTRACT. The
Board of Commissioners hereby approves and adopts revised
Exhibits C-1, D and E, each dated September 14, 1990, in the
forms attached hereto, and approves the total cost estimate of
the Project in the amount of $4,121,163. The revised Exhibits
C-1, D and E replace Exhibits C-1, D and E dated August 21, 1989,
and shall become parts of the Contract. The County Drain
Commissioner, as County Agency, is hereby authorized and directed
to endorse approval on revised Exhibits C-1, D and E as parts of
the Contract in the name and on behalf of the County in as many
counterparts as he deems necessary.
2. AUTHORIZATION OF BONDS -- PURPOSE. Bonds of the
County aggregating the principal sum of One Million Six Hundred
Twenty-Five Thousand Dollars ($1,625,000) shall be issued and
sold pursuant to the provisions of Act 342, and other applicable
statutory provisions, for the purpose of defraying part of the
cost of acquiring and constructing the Project.
3. BOND DETAILS. The bonds shall be designated
Evergreen-Farmington Sewage Disposal system Bonds (Permanent
Meter & Interceptor Rehabilitation); shall be dated December 1,
1990; shall be numbered from 1 upwards; shall be fully regis-
tered; shall be in the denomination of $5,000 each or any
integral multiple thereof not exceeding the aggregate principal
amount for each maturity at the option of the purchaser thereof;
shall bear interest at a rate or rates not exceeding 12% per
annum to be determined upon the sale thereof payable on May 1,
1991, and semiannually thereafter on the first days of May and
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November in each year; and shall mature on May 1 in each year as
follows:
1991 $ 25,000
1992 25,000
1993 50,000
1994 50,000
1995 50,000
1996 75,000
1997 75,000
1998 75,000
1999 75,000
2000 100,000
2001 $100,000
2002 100,000
2003 100,000
2004 100,000
2005 125,000
2006 125,000
2007 125,000
2008 125,000
2009 125,000
4. PAYMENT OF PRINCIPAL AND INTEREST. The principal
of and interest on the bonds shall be payable in lawful money of
the United States. Principal shall be payable upon presentation
and surrender of the bonds to the bond registrar and paying agent
as they severally mature. Interest shall be paid to the regis-
tered owner of each bond as shown on the registration books at
the close of business on the 15th day of the calendar month
preceding the month in which the interest payment is due.
Interest shall be paid when due by check or draft drawn upon and
mailed by the bond registrar and paying agent to the registered
owner at the registered address.
5. PRIOR REDEMPTION. Bonds maturing prior to May 1,
2000, shall not be subject to redemption prior to maturity.
Bonds maturing on and after May 1, 2000, shall be subject to
redemption prior to maturity upon the terms and conditions set
forth in the form of bond contained in Section 9 hereof.
6. BOND REGISTRAR AND PAYING AGENT. The County
Treasurer shall designate, and may enter into an agreement with,
a bond registrar and paying agent for the bonds which shall be a
bank or trust company located in the State of Michigan which is
qualified to act in such capacity under the laws of the United
States of America or the State of Michigan. The County Treasurer
may from time to time as required designate a similarly qualified
successor bond registrar and paying agent.
7. EXECUTION, AUTHENTICATION AND DELIVERY OF BONDS.
The bonds shall be executed in the name of the County by the
facsimile signatures of the Chairman of the Board of Commis-
sioners and the County Clerk and authenticated by the manual
signature of an authorized representative of the bond registrar
and paying agent, and the seal of the County (or a facsimile
thereof) shall be impressed or imprinted on the bonds. After the
bonds have been executed and authenticated for delivery to the
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original purchaser thereof, they shall be delivered by the County
Treasurer to the purchaser upon receipt of the purchase price.
Additional bonds bearing the facsimile signatures of the Chairman
of the Board of commissioners and the County Clerk and upon which
the seal of the County (or a facsimile thereof) is impressed or
imprinted may be delivered to the bond registrar and paying agent
for authentication and delivery in connection with the exchange
or transfer of bonds. The bond registrar and paying agent shall
indicate on each bond the date of its authentication.
8. EXCHANGE AND TRANSFER OF BONDS. Any bond, upon
surrender thereof to the bond registrar and paying agent with a
written instrument of transfer satisfactory to the bond registrar
and paying agent duly executed by the registered owner or his
duly authorized attorney, at the option of the registered owner
thereof, may be exchanged for bonds of any other authorized
denominations of the same aggregate principal amount and maturity
date and bearing the same rate of interest as the surrendered
bond.
Each bond shall be transferable only upon the books of
the County, which shall be kept for that purpose by the bond
registrar and paying agent, upon surrender of such bond together
with a written instrument of transfer satisfactory to the bond
registrar and paying agent duly executed by the registered owner
or his duly authorized attorney.
Upon the exchange or transfer of any bond, the bond
registrar and paying agent on behalf of the County shall cancel
the surrendered bond and shall authenticate and deliver to the
transferee a new bond or bonds of any authorized denomination of
the same aggregate principal amount and maturity date and bearing
the same rate of interest as the surrendered bond. If, at the
time the bond registrar and paying agent authenticates and
delivers a new bond pursuant to this section, payment of interest
on the bonds is in default, the bond registrar and paying agent
shall endorse upon the new bond the following: "Payment of
interest on this bond is in default. The last date to which
interest has been paid is ."
The County and the bond registrar and paying agent may
deem and treat the person in whose name any bond shall be
registered upon the books of the County as the absolute owner of
such bond, whether such bond shall be overdue or not, for the
purpose of receiving payment of the principal of and interest on
such bond and for all other purposes, and all payments made to
any such registered owner, or upon his order, in accordance with
the provisions of Section 4 of this resolution shall be valid and
effectual to satisfy and discharge the liability upon such bond
to the extent of the sum or sums so paid, and neither the County
nor the bond registrar and paying agent shall be affected by any
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notice to the contrary. The County agrees to indemnify and save
the bond registrar and paying agent harmless from and against any
and all loss, cost, charge, expense, judgment or liability
incurred by it, acting in good faith and without negligence
hereunder, in so treating such registered owner.
For every exchange or transfer of bonds, the County or
the bond registrar and paying agent may make a charge sufficient
to reimburse it for any tax, fee or other governmental charge
required to be paid with respect to such exchange or transfer,
which sum or sums shall be paid by the person requesting such
exchange or transfer as a condition precedent to the exercise of
the privilege of making such exchange or transfer.
The bond registrar and paying agent shall not be
required to transfer or exchange bonds or portions of bonds which
have been selected for redemption.
9. FORM OF BONDS. The bonds shall be in substantially
the following form:
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
EVERGREEN-FARMINGTON SEWAGE DISPOSAL SYSTEM BONDS
(PERMANENT METER AND INTERCEPTOR REHABILITATION)
INTEREST RATE MATURITY DATE DATE OF ORIGINAL ISSUE
December 1, 1990
Registered Owner:
Principal Amount:
The County of Oakland, State of Michigan (the "County")
acknowledges itself indebted to and for value received hereby
promises to pay to the Registered Owner identified above, or
registered assigns, the Principal Amount set forth above on the
Maturity Date specified above, unless redeemed prior thereto as
hereinafter provided, upon presentation and surrender of this
bond at
in the city of , Michigan, the bond registrar and
paying agent, and to pay to the Registered Owner, as shown on the
registration books at the close of business on the 15th day of
the calendar month preceding the month in which an interest
payment is due, by check or draft drawn upon and mailed by the
bond registrar and paying agent by first class mail postage
prepaid to the Registered Owner at the registered address,
interest on such Principal Amount from the Date of Original Issue
or such later date through which interest shall have been paid
until the County's obligation with respect to the payment of such
Principal Amount is discharged at the rate per annum specified
above. Interest is payable on the first days of May and November
in each year, commencing on May 1, 1991. Principal and interest
are payable in lawful money of the United States of America.
This bond is one of a series of bonds aggregating the
principal sum of One Million Six Hundred Twenty-Five Thousand
Dollars ($1,625,000) issued by the County under and pursuant to
and in full conformity with the Constitution and Statutes of
Michigan (especially Act No. 342, Public Acts of 1939, as
amended) and a bond authorizing resolution adopted by the Board
of Commissioners of the County (the "Resolution") for the purpose
of defraying part of the cost of acquiring and constructing
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permanent meter and interceptor rehabilitation improvements in
the Evergreen-Farmington Sewage Disposal System. The bonds of
this series are issued in anticipation of payments to be made by
the City of Birmingham, the City of Bloomfield Hills, the City of
Farmington Hills, the Village of Franklin, the City of Lathrup
Village, the City of Southfield and the Township of West
Bloomfield (the "Oblicors") in the aggregate principal amount of
One Million Six Hundred Twenty-Five Thousand Dollars ($1,625,000)
pursuant to a contract between the County and the City of Auburn
Hills, the Village of Beverly Hills, the Village of Bingham
Farms, the City of Birmingham, the Township of Bloomfield, the
City of Bloomfield Hills, the City of Farmington, the City of
Farmington Hills, the Village of Franklin, the City of Keego
Harbor, the City of Lathrup Village, the City of Orchard Lake
Village, the City of Southfield, the City of Troy and the Charter
Township of West Bloomfield dated as of September 30, 1989. The
full faith and credit of the Obligors have been pledged to the
prompt payment of the foregoing amount and the interest thereon
as the same become due. As additional security the full faith
and credit of the County have been pledged for the prompt payment
of the principal of and interest on the bonds of this series.
Taxes levied by the County and the Obligors to pay the principal
of and interest on the bonds of this series are subject to
constitutional tax limitations.
This bond is transferable, as provided in the Resolu-
tion, only upon the books of the County kept for that purpose by
the bond registrar and paying agent, upon the surrender of this
bond together with a written instrument of transfer satisfactory
to the bond registrar and paying agent duly executed by the
registered owner or his attorney duly authorized in writing.
Upon the exchange or transfer cf this bond a new bond or bonds of
any authorized denomination, in the same aggregate principal
amount and of the same interest rate and maturity, shall be
authenticated and delivered to the transferee in exchange
therefor as provided in the Resolution, and upon payment of the
charges, if any, therein provided. Bonds so authenticated and
delivered shall be in the denomination of $5,000 or any integral
multiple thereof not exceeding the aggregate principal amount for
each maturity.
The bond registrar and paying agent shall not be
required to transfer or exchange bonds or portions of bonds which
have been selected for redemption.
Bonds maturing prior to May 1, 2000, are not subject to
redemption prior to maturity. Bonds maturing on and after May 1,
2000, are subject to redemption prior to maturity at the option
of the County, in such order as shall be determined by the
County, on any one or more interest payment dates on and after
May 1, 1999. Bonds of a denomination greater than $5,000 may be
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partially redeemed in the amount of $5,000 or any integral
multiple thereof. If less than all of the bonds maturing in any
year are to be redeemed, the bonds or portions of bonds to be
redeemed shall be selected by lot. The redemption price shall be
the par value of the bond or portion of the bond called to be
redeemed plus interest to the date fixed for redemption and a
premium as follows:
1% of the par value if called for redemption
on or after May 1, 1999, but prior to
May 1, 2003;
0.5% of the par value if called for redemption
on or after May 1, 2003, but prior to
May 1, 2006;
No premium if called for redemption on or
after May 1, 2006.
Not less than thirty days' notice of redemption shall be
given to the holders of bonds called to be redeemed by mail to
the registered holder at the registered address. Bonds or
portions of bonds called for redemption shall not bear interest
after the date fixed for redemption, provided funds are on hand
with the bond registrar and paying agent to redeem the same.
It is hereby certified, recited and declared that all
acts, conditions and things required to exist, happen and be
performed precedent to and in the issuance of the bonds of this
series, existed, have happened and have been performed in due
time, form and manner as required by law, and that the total
indebtedness of said County, including the series of bonds of
which this bond is one, does not exceed any constitutional or
statutory limitation.
IN WITNESS WHEREOF, the County of Oakland, Michigan, by
its Board of Commissioners, has caused this bond to be executed
in its name by facsimile signatures of the Chairman of the Board
of Commissioners and the County Clerk and its corporate seal (or
a facsimile thereof) to be impressed or imprinted hereon. This
bond shall not be valid unless the Certificate of Authentication
has been manually executed by an authorized representative of the
bond registrar and paying agent.
COUNTY OF OAKLAND
(SEAL)
By:
County Clerk Chairman
Board of Commissioners
CERTIFICATE OF AUTHENTICATION
This bond is one of the bonds described in the within-
mentioned Resolution.
Bond Registrar and Paying Agent
By:
Authorized Representative
By:
AUTHENTICATION DATE:
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and
transfers unto
(please print or type name, address and taxpayer identification
number of transferee) the within bond and all rights thereunder
and does hereby irrevocably constitute and appoint
attorney to transfer the within bond on the books kept for
registration thereof, with full power of substitution in the
premises.
Dated:
Signature Guaranteed
The signature must be guaranteed by a commercial bank, a trust
company or a brokerage firm which is a member of a major stock
exchange.
10. SECURITY. The bonds shall be issued in anticipa-
tion of payments to be made by the Obligors pursuant to the
Contract. The bonds shall be secured primarily by the full faith
and credit pledge made by the Obligors in the Contract pursuant
to the authorization contained in Act 342. As additional and
secondary security the full faith and credit of the County are
pledged for the prompt payment of the principal of and interest
on the bonds as the same shall become due. If the Obligors shall
fail to make payments to the County which are sufficient to pay
the principal of and interest on the bonds as the same shall
become due, an amount sufficient to pay the deficiency shall be
advanced from the general fund of the County.
11. PR:NCIPAL AND INTEREST FUND. There shall be
established for the bonds a Principal and Interest Fund which
shall be kept in a separate bank account. From the proceeds of
the sale of the bonds there shall be set aside in the Principal
and Interest Fund any premium and accrued interest received from
the purchaser of the bonds at the time of delivery of the same.
All payments received from the Obligors pursuant to the Contract
as amended are pledged for payment of the principal of and
interest on the bonds and expenses incidental thereto and as
received shall be placed in the Principal and Interest Fund.
12. CONSTRUCTION FUND. The remainder of the proceeds
of the sale of the bonds shall be set aside in a construction
fund and used to acquire and construct permanent meter and inter-
ceptor rehabilitation improvements in the Evergreen-Farmington
Sewage Disposal System in accordance with the provisions of the
Contract.
13. APPROVAL OF MICHIGAN DEPARTMENT OF TREASURY --
EXCEPTION FROM PRIOR APPROVAL. The issuance and sale of the
bonds shall be subject to permission being granted therefor by
the Department of Treasury of the State of Michigan or an
exception from prior approval being granted by the Department of
Treasury and the County Drain Commissioner and the County
Treasurer are each hereby severally authorized to file with the
Department of Treasury a Notice of Intent to Issue an Obligation
with respect to the bonds and to pay, upon the filing of said
notice, the filing fee of $400. If an exception from prior
approval is not granted the County Drain Commissioner or the
County Treasurer shall make application to the Department of
Treasury for permission to issue and sell the bonds as provided
by the terms of this resolution and for approval of the form of
Notice of Sale.
14. REDUCTION OF PRINCIPAL AMOUNT OF BOND ISSUE. If
the County Drain Commissioner shall determine that it is not
necessary to sell bonds in the principal amount of One Million
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ROVE THE FOREGOING RESOLUTION
Dal 'lei T. Murphy; Cour* ExecutIvefi Date
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Six Hundred Twenty-Five Thousand Dollars ($1,625,000), he may by
order reduce the principal amount of bonds to be sold to that
amount deemed necessary. In the event the principal amount of
the bond issue is reduced pursuant to this section, the County
Drain Commissioner shall reduce the amount of bonds maturing in
any one or more years as necessary.
15. SALE, ISSUANCE, DELIVERY, TRANSFER AND EXCHANGE OF
BONDS. The County Drain Commissioner is authorized to prescribe
the form of notice of sale for the bonds, to sell the bonds at
not less than 98% of par plus accrued interest in accordance with
the laws of this state and to do all things necessary to effectu-
ate the sale, issuance, delivery, transfer and exchange of the
bonds in accordance with the provisions of this resolution.
The County Drain Commissioner is authorized to cause the
preparation of an official statement for the bonds for purposes
of compliance with Rule 15c2-12 issued under the Securities
Exchange Act of 1934, as amended (the "Rule") and to do all other
things necessary to comply with the Rule. After the award of the
bonds, the County will provide copies of a "final official state-
ment" (as defined in paragraph (e)(3) of the Rule) on a timely
basis and in reasonable quantity as requested by the successful
bidder or bidders to enable such bidder or bidders to comply with
paragraph (b)(4) of the Rule and the rules of the Municipal
Securities Rulemaking Board.
16. TAX COVENANT. The County covenants to comply with
all requirements of the Internal Revenue Code of 1986, as
amended, necessary to assure that the interest on the bonds will
be and will remain excludable from gross income for federal
income tax purposes. The County Drain Commissioner and other
appropriate County officials are authorized to do all things
necessary (including the making of covenants of the County) to
assure that the interest on the bonds will be and will remain
excludable from gross income for federal income tax purposes.
17. CONFLICTING RESOLUTIONS. All resolutions and parts
of resolutions insofar as they may be in conflict herewith are
rescinded.
Mr. Chairperson, on behalf of the Planning and Building
Committee, I move the adoption of the/foregoing resolution.
PMW/09192/0044/AR0/1
-- £ANNIN9/AND BUILDING COMMITTEE
EVERGREEN-FARMINGTON SEWAGE DISPOSAL SYSTEM
POLLUTION CONTROL FACILITIES
PERMANENT METER INSTALLATIONS & INTERCEPTOR REHABILITATION
PROJECT DESCRIPTION
PERMANENT METER INSTALLATION
Install permanent sanitary sewerage meters at sixty-five (65)
select locations within the Everareen-Farmington Sewage Disposal
System to provide perpetual and continuous flow monitoring for
total community capacity verification and project performance
certification. In addition to the meter installations, the
project will provide a central computer and associated equipment,
software, software licenses and operator training.
INTERCEPTOR REHABILITATION - OAKLAND COUNTY INTERCEPTORS
(System-wide)
Removal of inflow in the County Interceptors is detailed in the
Sewer System Evaluation Survey Report of May 1989, as amended,
prepared for Oakland County by Hubbell, Roth & Clark, Inc.,
Consulting Engineers. Rehabilitation, repair and associated work
will be performed at 315 manhole locations within the county
interceptor system.
9-14-90 EXHIBIT C-I
(Revised)
EVERGREEN-FARMINGTON SEWAGE DISPOSAL SYSTEM
POLLUTION CONTROL FACILITIES
PERMANENT METER INSTALLATIONS & INTERCEPTOR REHABILITATION
ESTIMATE OF COST
(Based on Construction Bids)
PERMANENT METER INSTALLATIONS
CONTRACTED SERVICES - CONSTRUCTION - METER INSTALLATIONS
65 Meter installations, complete with
base station computer and software
license.
= $2,950,500.00
CONTRACTED SERVICES - PROJECT DESIGN, MANAGEMENT & INSPECTION
Engineering - Meter Installations
Consulting Engineer-Design(Step II) $212,578.00
Consulting Engineer-Const.(Step III) 270,000.00
CONTRACTED SERVICES - LEGAL & FINANCIAL
= $ 482,578.00
Bond Counsel = $ 11,810.00
Financial Advisor = 11,929.00
Bond Prospectus = 5,692.00
Bond Printing = 949.00
Bond Rating = 4,743.00
Bond Advertisement = 759.00
Bond Discount = 30,830.00
COUNTY SERVICES - PROJECT MANAGEMENT
Engineering = $ 88,515.00
Administration = 14,753.00
Right-of-Way (Including Legal) 10,000.00
CONTINGENCY = $ 283,247.00
SUB-TOTAL, ESTIMATED PROJECT COST = $3,896,304..00
Less: Federal Grants (Estimated) C26 2912 04 = $1,909,538.00
SUB-TOTAL, ESTIMATED LOCAL SHARE = $1,986,716.00
Page 1 of 2 9-14-90 EXHIBIT D
(Revised)
EVERGREEN-FARMINGTON SEWAGE DISPOSAL SYSTEM
POLLUTION CONTROL FACILITIES
PERMANENT METER INSTALLATIONS & INTERCEPTOR REHABILITATION
ESTIMATE OF COST
(Based on Construction Bids)
INTERCEPTOR REHABILITATION
CONTRACTED SERVICES - CONSTRUCTION - INTERCEPTOR REHABILITATION
Manhole Rehabilitation, complete = $ 159,819.00
with all incidental work.
CONTRACTED SERVICES - PROJECT DESIGN, MANAGEMENT & INSPECTION
= $ 42,083.00 Engineering - Manhole Rehabilitation
Consulting Engineer-Design(Step II) $ 17,088.00
Consulting Engineer-Const.(Step III) 25,000.00
CONTRACTED SERVICES - LEGAL & FINANCIAL
Bond.Counsel = $ 640.00
Financial Advisor = 646.00
Bond Prospectus . 308.00
Bond Printing = 51.00
Bond Rating = 257.00
Bond Advertisement = 41.00
Bond Discount = 1,670.00
COUNTY SERVICES - PROJECT MANAGEMENT
Engineering
Administration
CONTINGENCY
SUB-TOTAL, ESTIMATED PROJECT COST
Less: Federal Grants (Estimated) C26 2912 04
SUB-TOTAL, ESTIMATED LOCAL SHARE
TOTAL ESTIMATED PROJECT COST
$ 3,196.00
799.00
= $ 15,343.00
= $ 224,859.00
= $ 108,570.00
= $ 116,289.00
= $4,121,163.00
Less: Federal Grants (Estimated) C26 2912 04 = $2,018,158.00
Less: Cash Payments, Local Share = $ 478,005.00
TOTAL BOND ISSUE, LOCAL SHARE = $1,625,000.00
Prepared by: Oakland County Drain Commissioner
Page 2 of 2 9-14-90 EXHIBIT D
(Revised)
COMMUNITY
Auburn Hills
Beverly Hills
Bingham Farms
Birmingham
Bloomfield Hills
Bloomfield Township
Farmington
Farmington Hills
Franklin
Keego Harbor
Lathrup Village
Orchard Lake Village
Southfield
Troy
West Bloomfield Township
(Includes Portion of
Sylvan Lake)
EVERGREEN-FARMINGTON SEWAGE DISPOSAL SYSTEM
POLLUTION CONTROL FACILITIES
PERMANENT METER INSTALLATIONS & INTERCEPTOR REHABILITATION
PROJECT COST SHARES BY COMMUNITY (LOCAL SHARES)
PROJECT COST ESTIMATED ESTIMATED TOTAL CASH TOTAL
ALLOCATION BY PROJECT FINANCING PAYMENT BONDED
PERCENTAGE COST SHARE COST SHARE COST SHARE COST SHARE
.873 $ 18,146 $ 18,146
4.435 90,998 90,998
.556 11,679 11,679
3.557 72,476 $ 2,849 $ 75,325
2.031 41,512 1,498 43,010
10.763 220,412 220,412
.689 14,390 14,390
23.916 485,531 20,867 506,398
.750 15,523 364 15,887
.893 18,562 18,562
1.710 34,987 1,213 36,200
.699 14,597 14,597
30.770 624,601 26,934 651,535
4.348 89,221 89,221
14.010 284,545 12,100 296,645
100.000 $2,037,180 65,825 478,005 $1,625,000
Prepared by: Oakland County Drain Commissioner
EXHIBIT E
(Revised)
9-14-90
October 11, 1990
FISCAL NOTE (Misc. 90249)
BY: FINANCE COMMITTEE, DR. G. WILLIAM CADDELL, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - RESOLUTION TO AUTHORIZE THE ISSUANCE OF
BONDS TO DEFRAY PART OF THE COST OF EVERGREEN - FARMINGTON SEWAGE
DISPOSAL SYSTEM POLLUTION CONTROL FACILITIES - PERMANENT METER
INSTALLATION AND INTERCEPTOR REHABILITATION IMPROVEMENTS,
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 #90249 and finds:
1) The resolution authorizes the issuance of tax-exempt Act 342
bonds with the County pledging its limited full faith and credit
as the secondary obligor.
2) The City of Birmingham, the City of Bloomfield Hills, the City of
Farmington Hills, the Village of Franklin, the City of Lathrup
Village, the City of Southfield, and the Township of West
Bloomfield are the primary obligors pledging limited full faith
and credit.
3) The principal amount of the bond issuance is $1,625,000 at an
interest rate not to exceed 12%.
4) The statutory limit for County debt is $2,576,598,537 (10% of
1990 State Equalized Value). As of September 30, 1990, the
outstanding debt is $332,324,002 or approximately 1.3% of the
S.E.V.
5) No budget amendments are necessary.
FINANCE COMMITTEE
1441(.—
LV7/oc9002fn
Resolution # 90249 October 11, 1990
Moved by Crake supported by Calandro the resolution be adopted.
AYES: McConnell, McPherson, Moffitt, Oaks, Pappageorge, Pernick, Price,
Rewold, Skarritt, Aaron, Bishop, Calandro, Chester, Crake, Ferrens, Gosling,
Huntoon, Jensen, Johnson, R. Kuhn, Luxon. (21)
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, do hereby certify that the foregoing
resolution is a true and accurate copy of a resolution adopted by the Oakland County
Board of Commissioners on October 11. 199Q
with the original record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set py hand and affixed the seal of the County
of Oakland at Pontiac, Michigan this 11th day of/ a October -- All 1991!
-- Lynn b,:.: Allen, County Clerk
i