HomeMy WebLinkAboutResolutions - 1992.04.01 - 19314Miscellaneous Resolution 92050
March 19, 1992
By: John Olsen, Chairperson
Planning and Building Committee
IN RE: Department of Solid Waste Management - Resolution
Declaring Official Intent to Reimburse Project Expendi-
tures with Bond Proceeds
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen:
.wHEREAS, the County of Oakland (the "County") proposes
to issue its tax-exempt bonds (the "Bonds") to finance solid
waste processing and disposal facilities . as hereinafter
described (the "Project"); and
WHEREAS, it is anticipated that the County will advance
all or a .portion of the costs of the Project prior to the issu-
ance of the Bonds, such advance to be repaid from proceeds of the
Bonds 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 qualify moneys advanced by the County to the
Project for reimbursement from proceeds of the Bonds in accor-
dance with the requirements of the Reimbursement Regulations;
•
0. th
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMIS-
SIONERS OF THE COUNTY OF OAKLAND, as follows:
1. The Project shall consist of solid waste processing
and disposal facilities including, but not limited to, a mass-
burn waste-to-energy incinerator, one or more recycling
(materials recovery) facilities, one or more composting facili-
ties, household hazardous waste facilities and a sanitary land-
fill.
2. The maximum principal amount of debt expected to be
incurred for the Project, including issuance costs, is
$500,000,000.
3. The COunty hereby declares its official intent to
issue the Bonds to finance the costs of the Project, and hereby
declares that it reasonably expects to reimburse the County
advances to the Project as anticipated by this resolution.
4. The Bonds shall be authorized by proper proceedings
subsequent to this resolution.
I. It is hereby determined that no funds from sources
other than the Bonds are, or are reasonably expected to be,
reserved, allocated on a long-term basis, or otherwise set aside
-2-
lsen, Chairperson
hing and Building Committee
I HEREBY APPROVE THE FOREGOING RESOLUTION
SENT BY:DICKINSON WRIGHT DET ; 3- 3-92 ; 4:35PM ; 313 778 5636;# 4
by the County, or by any member of the same controlled group (as
defined in Treas. Reg. 51.150-1(f)) as the county, if any,
pursuant to its budget or financial policies with respect to the
expenditures for the Project expected to be reimbursed from
proceeds of the Bonds.
6. The County Clerk is hereby authorized and directed
to make copies of this resolution available for inspection by the
general public at the County's main administrative office located
at 1200 N. Telegraph Road, Pontiac, Michigan, during normal
business hours on every business day of the period beginning
thirty days after the date of adoption of this resolution and
ending on, and including, the date on which the Bonds are issued.
7. All prior resolutions and parts of resolutions
insofar as they may be in conflict with this resolution are
hereby rescinded.
Mr. Chairperson, on behalf of the Planning and Building
Committee, I move the adoption of the foregoing resolution.
Daniel 1. Murphy, Cdufity
) 4
April 2, 1992
FISCAL NOTE
BY: FINANCE COMMITTEE, DR. G. WILLIAM CADDELL, CHAIRPERSON
IN RE: DEPARTMENT OF SOLID WASTE MANAGEMENT - RESOLUTION
DECLARING INTENT TO REIMBURSE PROJECT EXPENDITURES WITH
BOND PROCEEDS - MISCELLANEOUS RESOLUTION #92050
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 #92050 and finds:
1) The recoverable solid waste costs through December 31,
1991 are listed in Attachment A. These amounts are
consistent with Board resolutions indicating the costs to
be recovered.
2) The resolution requires no budget amendments.
3) The resolution reaffirms the County's intent to recover
the costs incurred in the development of the Solid Waste
Management System from the sale of solid waste system
bonds.
The Finance Committee recommends approval of the resolu-
tion.
FINANCE COMMITTEE
I:\dave\solidwas\intent92.fn
$2,609,652
$672,222
$125,544 $65,010 $190,554
$0 $1,500,000 $1,500,000
$125,544 $1,565,010 $1,690,554
$984,591
$2,163,100
$2,568,601
$3,223,100
$253,743 $2,822,344
$196,478 $3,419,578
SUB-TOTAL $2,644,010
REVENUES
NET SERIES B COSTS $2,568,637
$5,791,701
($212,180)
$5, 579522
$450,.221 $6,241,922
($14,932) ($227,112)
$6,G14,810
$3,147,691
($136,807)
$3,010,885
($75,373)
Fund Balance (from
Land Purchase Adv.)
Total
0 62,395
5,539,235 11,366,295
62,875
2,417,268 13,783,563 5,827,060
480 62,395
Prepared by
Department of Management & Budget
Budget Division
Attachment A
Department of Solid Waste Management
Recoverable Project Expenditures
Through December 31, 1991
1990
Expenses
$353,472
$1,536,497
Expenses
thru
12/31/89
$1,364,095
GENERAL SYSTEM DEVELOPMENT COSTS
$539,774
MATERIALS RECOVERY FACILITY
Development Costs $719,683
Asset Acquisitions $0
Expenses
thru
12/31/90
$0 $1,364,095
$801,340
$1,073,155
$1,536,497
Expenses
thru
12/31/91
$0 $1,364,095
$231,022 $1,032,362
$40,222 $1,113,377
$136,102 $1,672,599
M.S.W.B.
$261,566
1991
Expenses
$151,526
$5,724,379
SUB-TOTAL $719,683
L.S.A.C. EFFORTS $577,790
LANDFILL LICENSE EFFORTS
Development Costs $0
Asset Acquisitions $0
SUB-TOTAL $0
COMPOSTING FACILITIES
$57,081
$1,889,969
$94,432
$125,544
$0
$125,544
$94,445
$176,324 $2,785,976
$0 $672,222
$9,144 $160,670
$1,981,500 $7,705,878 TOTAL SERIES A COSTS $3,258,--4237 $2,465,956:
WASTE TO ENERGY FACILITY
Development Costs $1,584,010
Asset Acquisitions $1,060,000
$5,476,840 NET SYSTEM COSTS $5,827,060 $11,303,900 $2,416,788 $13,720,689
03/20/92
09:51 AM
\bondexp4
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the County
of Oakland at Pontiac, Michigan this 2nd day grf) April, 1992
D. Allen, County C Lyn
Resolution # 92050 April 2, 1992 . .
Moved by Olsen supported by Schmid the resolution be adopted.
AYES: McPherson, Millard, Moffitt, Oaks, Obrecht, Olsen, Palmer, Pappageorge,
Pernick, Schmid, Serra, Skarritt, Wolf, Aaron, Bishop, Caddell, Crake, Gosling, Huntoon,
Johnson, Law, McConnell, McCulloch. (23)
NAYS: Krause. (1)
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 April 2, 1992
with the original record thereof now remaining in my office.