HomeMy WebLinkAboutResolutions - 1992.04.16 - 19116MISCELLANEOUS RESOLUTION #92065 April 2 f 1992
BY: PLANNING AND BUILDING COMMITTEE -
JOHN OLSEN, CHAIRPERSON
IN RE: BUILDING AUTHORITY
INTENTION TO REIMBURSE FROM BOND PROCEEDS
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRPERSON, LADIES AND GENTLEMEN:
WHEREAS, the County of Oakland (the "County") has and
will request the Oakland County Building Authority (the
"Authority"), from time to time to finance on behalf of the
County the acquisition, construction, furnishing and
equipping of facilities for County (the "Facilities") under
the provisions of Act 31, Public Acts of Michigan, 1948,
first extra session, as amended ("Act 31"); and
WHEREAS, it is anticipated that from time to time the
Authority and the County will enter into a contract under
Act 31, pursuant to which contract the Authority will
acquire and construct the requested Facilities on behalf of
the County and issue its tax-exempt bonds in one or more
series (the "Bonds") to finance all or part of the cost of
such Facilities; and
WHEREAS, it is anticipated that the County will from
time to time advance all or a portion of the costs of the
Facilities prior to the issuance of the related series of
Bonds, such advance to be repaid without interest from
proceeds of such Bonds of the Authority upon the issuance
thereof; and
WHEREAS, Section 1.103-18 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 authorize the Authority or an
Officer thereof designated by the Authority to take all
actions on behalf of the County that are necessary to
qualify moneys advanced by the County for any Facilities for
reimbursement from proceeds of the related series of Bonds
in accordance with requirements of the Reimbursement
Regulations;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
COMMISSIONERS OF THE COUNTY OF OAKLAND, as follows:
1. The Authority or any Officer thereof authorized by
the Authority is hereby authorized on behalf of the County
to declare "official intent" within the meaning of the
Mr. Chairperson, on behalf of the P;Anning and Building
Committee, I move adoption of the foregoAng Resolution.
P1a004 and Buildin4 Committee
HEP.7" :""IfIVP 7,4 E FOPFMTNG REscumon
Daniel T. Mdrpl* COUCiy EAC;CU e
Reimbursement Regulations with respect to any Facilities
that are financed with the proceeds of Bonds issued by the
Authority on behalf of the County under Act 31 and to take
any and all actions necessary to assure that any moneys
advanced by the County for any Facilities prior to the
issuance of the related series of Bonds are eligible for
reimbursement from the proceeds or such Bonds in accordance
with the requirements of the Reimbursement Regulations.
2. All prior resolutions and parts of resolutions
insofar as they may be in conflict with this resolution are
hereby rescinded.
elk.PLAN-BLD.doc
April 16, 1992
FISCAL NOTE
BY: FINANCE COMMITTEE, DR. G. WILLIAM CADDELL, CHAIRPERSON
IN RE: BUILDING AUTHORITY - INTENTION TO REIMBURSE FROM BOND
PROCEEDS, MISCELLANEOUS RESOLUTION #92065
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 #92065 and finds:
1. The resolution affirms the Building Authority's intention
to reimburse the County for any funds advanced by the
County, prior to the issuance of bonds, from bond
proceeds.
2. The resolution requires no amendments.
3. The Finance Committee recommends the adoption of the
resolution.
FINANCE COMMITTEE
Misc.' Resolution # 92065 April 16, 1992
Moved by Olsen supported by Millard the resolution be adopted.
AYES: McPherson, Millard, Moffitt, Oaks, Olsen, Palmer, Pappageorge,
Pernick, Serra, Skarritt, Wolf, Bishop, Caddell, Crake, Gosling, Huntoon, Jensen,
Johnson, Krause, McCulloch. (20)
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 Aprit,16, 1992
with thg.. 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 16th day of—) April 1992
Lynn/00. Allen, County Clerk