HomeMy WebLinkAboutResolutions - 2011.11.30 - 18797Miscellaneous Resolution #11268 November 2, 2011
BY: Planning & Building Committee, David W. Potts, Chairperson
IN RE: WATER RESOURCES COMMISSIONER - RESOLUTION DECLARING OFFICIAL
INTENT TO REIMBURSE PROJECT EXPENDITURES FROM BOND PROCEEDS AND
AUTHORIZING NOTICE OF INTENT TO ISSUE BONDS FOR EVERGREEN-FARMINGTON
SEWAGE DISPOSAL SYSTEM 8 MILE PUMPING STATION IMPROVEMENTS
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS, the County of Oakland (the "County") is in urgent need of sewage disposal facilities
constituting a part of the Evergreen-Farmington Sewage Disposal System (the "System") as described in
the notice hereinafter set forth in this resolution (sometimes referred to herein as the "Project"), in order to
promote the health and welfare of the residents served by the System, which sewage disposal facilities
also would benefit the County and its residents, and such facilities can be financed most economically and
efficiently by the County through the exercise of the powers conferred by Act 34, Public Acts of Michigan,
2001, as amended ("Act 34"); and
WHEREAS, the County is authorized pursuant to the terms of Act 34 to issue its tax- exempt
bonds to finance the cost of the acquisition and construction of the Project, which bonds will be secured by
revenues of the System and the County's full faith and credit pledge; and WHEREAS, it is anticipated that
the County will advance all or a portion of the costs of the Project prior to the issuance of the bonds, such
advance to be repaid from proceeds of the bonds upon the issuance thereof; and
WHEREAS, Section 1.150-2 of the Treasury Regulations on income Tax ( the "Reimbursement
Regulations") specifies conditions under which a reimbursement allocation may be treated as an
expenditure of bond proceeds, and the County intends by this resolution to qualify amounts advanced by
the County to the Project for reimbursement from proceeds of the bonds in accordance with the
requirements of the Reimbursement Regulations.
THEREFORE, BE IT RESOLVED by the Board of Commissioners of Oakland County, Michigan,
as follows:
1. DECLARATION OF INTENT TO REIMBURSE PROJECT EXPENDITURES. The County
hereby declares its official intent to issue its limited tax general obligation bonds in one or more series in
the aggregate principal amount of not to exceed $2,800,000 to finance all or part of the cost of the Project.
The County hereby declares that it reasonably expects to seek reimbursement for its advances to the
Project as anticipated by this resolution. The bonds shall be authorized by proper proceedings
subsequent to this resolution.
2. NOTICE OF INTENT TO ISSUE BONDS The County Clerk is hereby instructed to
publish the following notice once in a newspaper of general circulation in the County of Oakland, which
notice shall not be less than I/4 page in size in such newspaper, to wit:
NOTICE OF INTENT TO ISSUE BONDS
BY THE COUNTY OF OAKLAND, MICHIGAN
NOTICE IS HEREBY GIVEN, that the County of Oakland, Michigan, intends to issue bonds in one
or more series in the aggregate principal amount of not to exceed $2,800,000 for the purpose of defraying
all or part of the cost of acquiring, constructing and installing sewage disposal facilities consisting of
improvements to the 8 Mile Pumping Station and Overflow Chamber and upgrades to the 8 Mile Septage
PLANNING & BUILDING COMMITTEE VOTE:
Motion carried unanimously on a roll call vote with Nuccio and Jackson absent.
Facility, which facilities are designated as the "Evergreen-Farmington Sewage Disposal Systems 8 Mile
Pumping Station Improvements," to serve Ire users of the Evergreen-Farmington Sewage Disposal
System (the "System") and the residents r f County of Oakland.
The bonds will bear interest frorr thi date at a rate or rates not exceeding 8% per annum.
The bonds will be issued under and pursuant to the provisions of Act No, 34, Public Acts of
Michigan, 2001, as amended, and the full faith and credit of the County of Oakland will be pledged to pay
the principal of and interest on the bonds as the same shall become due. It is expected that the principal
of and interest on the bonds will be paid from revenues of the System. In addition, the County of Oakland
will be obligated, as a first budget obligation, to advance moneys from its general funds or to levy ad
valorem taxes on all taxable property within its corporate boundaries to pay the principal of and interest on
the bonds as the same shall become due. Taxes levied by the County of Oakland for the payment of such
principal and interest will be subject to applicable constitutional and statutory limitations.
RIGHT TO PETITION FOR REFERENDUM
This notice is given, by order of the, Board of Commissioners of the County of Oakland, to and for
the benefit of the electors of the County of Oakland in order to inform them of their right to petition for a
referendum upon the question of the issuance of the aforesaid bonds. The bonds will be issued, without
submitting such a question to a vote of the electors, unless within 45 days after the date of publication of
this notice a petition requesting a referendum upon such question, signed by not less than 10% or 15,000
of the registered electors residing within the County of Oakland, whichever is the lesser, shall have been
filed with the undersigned County Clerk. In the event that such a petition is filed, the bonds will not be
issued unless and until the issuance thereof shall have been approved by the vote of a majority of the
electors of the County of Oakland qualified to vote and voting thereon at a general or special election.
l'URTHER INFORMATION
Further information relative to the issuance of said bonds and the subject matter of this notice
may be secured at the office of the Clerk of the County of Oakland, 1200 North Telegraph Road, Pontiac,
Michigan 48341.
This notice is given pursuant to the provisions of Act 34, Public Acts of Michigan, 2001, as
amended.
BILL BULLARD JR., Clerk
County of Oakland
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 & Building Committee, I move adoption of the
foregoing resolution.
PLANNING & BUILDING COMMITTEE
Resolution #11268 November 2, 2011
The Chairperson referred the resolution to the Finance Committee. There were no objections.
FISCAL NOTE (MISC. #11268) November 30, 2011
BY: FINANCE COMMITTEE, TOM MIDDLETON, CHAIRPERSON
IN RE: WATER RESOURCES COMMISSIONER - RESOLUTION DECLARING OFFICIAL
INTENT TO REIMBURSE PROJECT EXPENDITURES FROM BOND PROCEEDS AND
AUTHORIZING NOTICE OF INTENT TO ISSUE BONDS FOR EVERGREEN-FARMINGTON
SEWAGE DISPOSAL SYSTEM 8 MILE PUMPING STATION IMPROVEMENTS
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
Pursuant to Rule XII-C of this Board, the Finance Committee has reviewed the above
referenced resolution and finds:
1. This resolution establishes the intent to reimburse project expenditures from
bond proceeds for Bonds issued on behalf of the Evergreen-Farmington Sewage
Disposal System 8 Mile Pumping Station Improvement Project.
2. The Project can be financed most economically and efficiently by the County
through the exercise of the powers conferred by Act 34, Public Acts of Michigan,
2001, as amended ("Act 34").
3. The $2,800,000 Project cost consists of acquiring, constructing and installing
sewage disposal facilities that are a part of the Evergreen-Farmington Sewage
Disposal System that will promote the public health and welfare of the residents.
4. The revenues from the Evergreen-Farmington Sewage Disposal System will pay
for the principal and interest on the Bonds.
5, A separate resolution will be forthcoming requesting approval of the issuance of
the Bonds and Oakland County's full faith and credit on the Bonds.
6. No County general funds shall be appropriated to this Project.
FINANCE COMMITTEE
FINANCE COMMITTEE
Motion carried unanimously on a roll call vote with Long and Runestad absent.
Resolution #11268 November 30, 2011
Moved by Weipert supported by Quarles the resolutions (with fiscal notes attached) on the Consent
Agenda be adopted (with accompanying reports being accepted).
AYES: Covey, Crawford, Dwyer, Gershenson, Gingell, Gosselin, Greimel, Hoffman, Jackson,
Long, Matis, McGillivray, Middleton, Nash, Nuccio, Potts, Quarles, Runestad, Scott, Taub,
Weipert, Zack, Bosnic. (23)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions (with fiscal notes attached) on the Consent
Agenda were adopted (with accompanying reports being accepted).
I HEREBY APPROVE THE FOREGOING RESOLUTION
ACTING PURSLANT TO 1973 PA 139
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Bill Bullard Jr., 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 November
30, 2011, with the original record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the County of Oakland at
Pontiac, Michigan this 30th day of November, 2011.
E}I_LE ‘24,
Bill Bullard Jr., Oakland County