HomeMy WebLinkAboutResolutions - 2012.02.16 - 19724Miscellaneous Resolution #12013 February 1,2012
BY: PLANNING AND BUILDING COMMITTEE
DAVID W. POTTS, CHAIRPERSON
IN RE: WATER RESOURCES COMMISSIONER — EVERGREEN-FARMINGTON
SEWAGE DISPOSAL SYSTEM 8 MILE ROAD PUMPING STATION BONDS,
SERIES 2012 BOND RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS, the Board of Commissioners has determined that it is necessary to acquire,
construct, and install sewage disposal system facilities to improve the 8 Mile Pumping Station
and Overflow Chamber and upgrade the 8 Mile Septage Facility (the "Project") to serve users of
the Evergreen-Farmington Sewage Disposal System (the "System") through the issuance of
bonds pursuant to the provisions of Act 34, Public Acts of Michigan, 2001, as amended ("Act
34"); and
WHEREAS. notice of the issuance of the bonds as required by section 517 of Act 34
was published in The Oakland Press on December 11, 2011; and
WHEREAS, the cost of the Project is estimated to be 82,800.000; and
WHEREAS, the Board of Commissioners also has determined to sell the bonds in a
private negotiated sale to the Michigan Finance Authority (the "Authority") as authorized by Act
297, Public Acts of Michigan, 1985, as amended ("Act 227"), in order to enable the Authority to
provide assistance with respect to the Project from the proceeds of the State of Michigan State
Revolving Fund.
THEREFORE, BE IT RESOLVED by the Board of Commissioners of the County of
Oakland, Michigan, as follows:
1. AUTHORIZATION OF BONDS-- PURPOSE. Bonds of the County aggregating
the principal SUM of not to exceed Two Million Eight Hundred Thousand Dollars ($2,800,000)
shall be issued and sold for the purpose of defraying all or part of the cost of the Project,
including the cost of issuing the bonds,
2. BOND DETAILS. The bonds shall be designated "Evergreen-Farmington
Sewage Disposal System 8 Mile Road Pumping Station Bonds, Series 2012"; shall be dated the
date of delivery thereof; shall be numbered rom 1 upwards; shall be fully registered; shall be in
any denomination not exceeding the aggregke principal amount for each maturity at the option
PLANNING & BUILDING COMMITTEE VOTE:
Motion carried unanimously on a roll call vote with Woodward absent.
of the bondholder (provided, however, that so long as the bonds are registered in the name of
the Authority, the bonds may be in the form of a single bend in a denomination equal to the
aggregate outstanding principal amount of the bonds, with an exhibit attached thereto that
identifies the annual maturities for the bonds, and references herein to the "bonds" shall mean
that single bond registered in the name of the Authority); shall bear interest at a rate or rates
not to exceed 2.50 0/0 as determined by the County Water Resources Commissioner, acting as
County Agency for the County (the ''County Agency"), from the date of delivery of the various
principal installments as hereinafter described, payable on such dates as shall be determined
by the County Agency; and shall mature on such dates and in such principal amounts as shall
be determined by the County Agency.
3. The bonds are expected to be delivered to the Authority as the initial purchaser
thereof in installments (the "Installments") equal to the amounts advanced from time to time by
the Authority to the County pursuant to the Purchase Contract and the Supplemental
Agreement (each as hereinafter defined).
4. PAYMENT OF PRINCIPAL AND INTEREST. The principal of, premium, if
any, and interest on the bonds shall be payable in lawful money of the United States. So long
as the bonds are owned by the Authority, the bonds are payable as to principal, redemption
premium, if any, and interest at The Bank of New York Mellon Trust Company, N.A., or at such
other place as shall be designated in writing to the County by the Authority (the "Authority's
Depository"), So long as the Authority is the owner of the bonds, the County agrees that it will
deposit with the Authority's Depository payments of the principal of, premium, if any, and
interest on the bonds in immediately available funds by 12:00 noon at least five business days
prior to the date on which any such payment is due, whether by maturity, redemption or
otherwise. If the bonds are not registered in the name of the Authority, the principal of and
premium, if any, on the bonds are payable upon the surrender thereof at the office of the bond
registrar and paying agent and the interest is payable by check or draft mailed by the bond
registrar and paying agent to the registered owner of the bonds at the address appearing on the
registration books of the County kept by the bond registrar and paying agent as of the 15th day
of the month preceding the month in which an interest payment is due.
5. PRIOR REDEMPTION. The bonds shall be subject to redemption prior to
maturity upon the terms and conditions set forth in the form of bonds contained in Section 8
hereof.
6. BOND REGISTRAR AND PAYING AGENT. Until a successor is appointed by
the Board, the County Treasurer shall act as 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 manual or facsimile signatures of the
Chairperson of the Board of Commissioners and the County Clerk and authenticated by the
manual signature of the bond registrar and paying agent or 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 Authority as the original purchaser thereof, they shall be delivered by the
County Treasurer to the purchaser upon receipt of the purchase price or upon compliance with
the terms and conditions of the Purchase Contract. Additional bonds bearing the manual or
facsimile signatures of the Chairperson 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, at the option of the
registered owner thereof and 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, 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 [insert applicable date]."
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 3
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 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, with
such changes thereto as necessary to conform to any order of the County Agency issued in
accordance with this Resolution:
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
EVERGREEN-FARMINGTON SEWAGE DISPOSAL SYSTEM
8 MILE ROAD PUMPING STATION BONDS. SERIES 2012
INTEREST RATE MATURITY DATE DATE OF ORIGINAL ISSUE
See Exhibit A , 2012
Registered Owner: Michigan Finance Authority
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 or so much thereof as shall have been advanced to
the County pursuant to a Purchase Contract between the County and the Michigan Finance
Authority (the "Authority") and a Supplemental Agreement by and among the County, the
Authority and the State of Michigan acting through the Department of Environmental Quality on
the maturity dates and in the amounts set forth in Exhibit A attached hereto, unless redeemed
prior thereto as hereinafter provided, the final payment to be made upon presentation and
surrender of this bond at the office of the County Treasurer, County of Oakland, State of
Michigan, the bond registrar and paying agent, or at such successor bond registrar and paying
agent as may be designated pursuant to the Resolution (as hereinafter defined), and to pay to
the Registered Owner, as shown on the registration books at the close of business on the 15'h
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 at the rate per
annum specified above on such Principal Amount, to the extent advanced to the County
pursuant to the Purchase Contract and the Supplemental Agreement until the County's
obligation with respect to the payment of such Principal Amount is discharged. Interest is
payable on the first days of and in each year, commencing on
1, 201_, Principal and interest are payable in lawful money of the United States of
America.
In the event of a default in the payment of principal or interest hereon when due,
whether at maturity, by redemption or otherwise, the amount of such default shall bear interest
(the "additional interest") at a rate equal to the rate of interest that is two percent above the
Authority's cost of providing funds (as determined by the Authority) to make payment on the
bonds of the Authority issued to provide funds to purchase this bond but in no event in excess
_5_
of the maximum rate of interest permitted by law. The additional interest shall continue to
accrue until the Authority has been fully reimbursed for all costs incurred by the Authority (as
determined by the Authority) as a consequence of the County's default. Such additional
interest shall be payable on the interest payment date following demand of the Authority. In the
event that (for reasons other than the default in the payment of any municipal obligation
purchased by the Authority) the investment of amounts in the reserve account established by
the Authority for the bonds of the Authority issued to provide funds to purchase this bond fails to
provide sufficient available funds (together with any other funds that may be made available for
such purpose) to pay the interest on outstanding bonds of the Authority issued to fund such
account, the County shall and hereby agrees to pay on demand only the County's pro rata
share (as determined by the Authority) of such deficiency as additional interest on this bond.
During the time funds are being drawn down by the County under this bond, the
Authority periodically will provide the County a statement showing the amount of principal that
has been advanced and the date of each advance, which statement shall constitute prima facie
evidence of the reported information; provided that no failure on the part of the Authority to
provide such a statement or to reflect a disbursement or the correct amount of a disbursement
shall relieve the County of its obligation to repay the outstanding principal amount actually
advanced, all accrued interest thereon, and any other amount payable with respect thereto in
accordance with the terms of this bond.
This bond is issued by the County under and pursuant to and in full conformity with the
Constitution and Statutes of Michigan (especially Act No. 34, Public Acts of 2001, as amended)
and a bond authorizing resolution adopted by the Board of Commissioners of the County (the
"Resolution") and an order of the Water Resources Commissioner of the County, as County
Agency, for the purpose of defraying all or part of the cost of acquiring, constructing, and
installing sewage disposal system facilities to improve the 8 Mile Pumping Station and Overflow
Chamber and upgrade the 8 Mile Septage Facility to serve users of the Evergreen-Farmington
Sewage Disposal System in the County of Oakland, Michigan (the "System").
The County has authorized the revenues of the System to be used to pay the principal
of and interest on the bonds when due. In addition, the County has irrevocably pledged its full
faith and credit for the prompt payment of the principal of and interest on the bonds as the
same become due. The principal of and interest on the bonds are payable as a first budget
obligation of the County from its general funds. The ability of the County to raise such funds is
subject to applicable statutory and constitutional limitations on the taxing power of the County.
The amount of taxes necessary to pay the principal of And interest on the bonds, together with
the taxes levied for the same year, shall not exceed the limit authorized by law.
This bond is transferable, as provided in the Resolution, 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 of 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 any denomination not exceeding the aggregate principal amount for
each maturity.
The bond registrar and paying agent shall not be required to transfer or exchange this
bond or any portion of this bond that has been selected for redemption.
This bond is subject to redemption prior to maturity at the option of the County and with
the prior written consent of and upon such terms as may be required by the Authority. That
portion of the bond 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.
Notwithstanding any other provision of this bond, so long as the Authority is the owner of
this bond, (a) this bond is payable as to principal, premium, if any, and interest at The Bank of
New York Trust Company, N.A., or at such other place as shall be designated in writing to the
County by the Authority (the "Authority's Depository"): (b) the County agrees that it will deposit
with the Authority's Depository payments of the principal of, premium, if any, and interest on this
bond in immediately available funds by 12:00 noon at least five business days prior to the date
on which any such payment is due whether by maturity, redemption or otherwise; in the event
that the Authority's Depository has not received the County's deposit by 12:00 noon on the
scheduled day, the County shall immediately pay to the Authority as invoiced by the Authority
an amount to recover the Authority's administrative costs and lost investment earnings
attributable to that late payment: and (c) written notice of any redemption of this bond shall be
given by the County and received by the Authority's Depository at least 40 days prior to the date
on which redemption is to be made.
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 this bond, existed, have
happened and have been performed in due time, form and manner as required by law, and that
the total indebtedness of the County, including this bond, does not exceed any constitutional or
statutory limitation.
IN WITNESS WHEREOF, the County of Oakland. State of Michigan, by its Board of
Commissioners, has caused this bond to be executed in its name by the manual or facsimile
signatures of its Chairperson of the Board of Commissioners and County Clerk and its 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 the bond registrar and paying
agent or an authorized representative of the bond registrar and paying agent.
COUNTY OF OAKLAND
By:
Chairperson of the Board of Commissioners
(SEAL)
And:
County Clerk
CERTIFICATE OF AUTHENTICATION
This bond is one of the bonds described in the within-mentioned Resolution.
By:
Treasurer, County of Oakland
Bond Registrar and Paying Agent
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 hereby irrevocably constitutes and appoints
attorney to transfer the within bond on the books kept for registration thereof, with full power
of substitution in the premises.
Dated:
Signature Guaranteed:
Signature(s) must be guaranteed by an eligible guarantor institution participating in a
Securities Transfer Association recognized signature guarantee program.
EXHIBIT A
The principal amounts and maturity dates applicable to the bond to which this Exhibit A
is attached are as follows:
MATURITY DATE
PRINCIPAL MATURITY
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
Based on the schedule provided above, unless revised as provided in this paragraph,
repayment of principal of this bond shall be made until the full amount advanced to the County
is repaid. In the event the Order of Approval issued by the Department of Environmental
Quality (the "Order") approves a principal amount of assistance less than the amount of this
bond, the Authority shall only disburse principal up to the amount stated in the Order. In the
event (1) that the payment schedule described above provides for payment of a total principal
amount greater than the amount of assistance approved by the Order or (2) that less than the
principal amount of assistance approved by the Order is disbursed to the County by the
Authority, the Authority shall prepare a new payment schedule that shall be effective upon
receipt by the County.
[END OF BOND FORM]
10. DEBT SERVICE FUND. There shall be established for the bonds a debt
service 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 debt service fund any premium and accrued interest
received from the purchaser of the bonds at the time of delivery of the bonds. Funds of the
County to be used to pay the principal and interest on the bonds when due shall be placed in
the debt service fund and so long as the principal or interest on the bonds shall remain unpaid,
no moneys shall be withdrawn from such debt service fund except to pay principal and interest
on the bonds.
11. CONSTRUCTION FUND. The remainder of the proceeds of the sale of the
bonds shall be set aside in a construction fund and used solely to defray the cost of acquisition,
construction and installation of the Project. Any unexpended balance of the proceeds of the
sale of the bonds remaining in the construction fund after completion of the Project shall be
deposited in the debt service fund established in section 9 hereof.
12. SECURITY. It is expected that the principal of and interest on the Bonds will
be paid from revenues of the System, and such revenues are hereby authorized to be used for
such purpose. In addition, the full faith and credit of the County are pledged hereby to the
payment of the principal and interest on the Bonds authorized by this Resolution. Each year
the County shall include in its budget as a first budget obligation an amount sufficient to pay
such principal and interest as the same shall become due. The ability of the County to raise
such funds is subject to applicable constitutional and statutory limitations on the taxing power of
the County. The amount of taxes necessary to pay the principal of and interest on the Bonds,
together with the taxes levied for the same year, shall not exceed the limit authorized by law.
To the extent that the revenues of the System are insufficient to pay the principal of and interest
on the Bonds, the proceeds of such taxes (both current and delinquent) shall be deposited as
collected into the debt service fund established in section 9 hereof, and until the principal of and
the interest on the Bonds are paid in full. such proceeds shall be used only for payment of such
principal and interest.
13. ESTIMATES OF PERIOD OF USEFULNESS AND COST. The estimated
period of usefulness of the Project is hereby determined to be not less than thirty (30) years
and upwards, and the plans for and estimated cost of the Project in the amount of $2,800,000
are hereby approved and adopted.
14. TAX COVENANT. The County covenants to comply with all requirements of
the Internal Revenue Code of 1986, as amended (the "Code") necessary to assure that the
interest on the bonds will be and will remain excludable from gross income for federal income
tax purposes.
15. DEFEASANCE. In the event cash or direct obligations of the United States or
obligations the principal of and interest on which are guaranteed by the United States, or a
combination thereof, the principal of and interest on which, without reinvestment, come due at
times and in amounts sufficient to pay, at maturity or irrevocable call for earlier optional
redemption, the principal of and interest on the bonds, shall have been deposited in trust, this
-12-
Resolution shall be defeased and the owners of the bonds shall have no further rights under
this Resolution except to receive payment of the principal of and interest on the bonds from the
cash or securities deposited in trust and the interest and gains thereon and to transfer and
exchange bonds as provided herein.
16. REPLACEMENT OF BONDS. Upon receipt by the County Treasurer of proof
of ownership of an unmatured bond, of satisfactory evidence that the bond has been lost,
apparently destroyed or wrongfully taken and of security or indemnity which complies with
applicable law and is satisfactory to the County Treasurer, the County Treasurer may authorize
the bond registrar and paying agent to deliver a new executed bond to replace the bond lost,
apparently destroyed or wrongfully taken in compliance with applicable law. In the event an
outstanding matured bond is lost, apparently destroyed or wrongfully taken, the County
Treasurer may authorize the bond registrar and paying agent to pay the bond without
presentation upon the receipt of the same documentation required for the delivery of a
replacement bond. The bond registrar and paying agent, for each new bond delivered or paid
without presentation as provided above, shall require the payment of expenses, including
counsel fees, which may be incurred by the bond registrar and paying agent and the County in
the premises. Any bond delivered pursuant the provisions of this section in lieu of any bond
lost, apparently destroyed or wrongfully taken shall be of the same form and tenor and be
secured in the same manner as the bond in substitution for which such bond was delivered.
17. SALE, ISSUANCE, DELIVERY, TRANSFER AND EXCHANGE OF BONDS.
The bonds shall be sold at a private, negotiated sale to the Authority, as authorized by Act 227.
It is hereby determined that this method of sale is in the best interests of the County and is
calculated to provide the County with the lowest cost of borrowing money. The sale shall be
made pursuant to the terms and conditions to be set forth in a Purchase Contract (the
"Purchase Contract") and a Supplemental Agreement (the "Supplemental Agreement"). The
County Agency is authorized to execute and deliver the Supplemental Agreement and the
Purchase Contract in such forms as shall be approved by the County Agency, with such
approval to be evidenced by the County Agency's signature thereon. Notwithstanding any other
provision of this Resolution, the bonds shall be initially sold to the Authority as one bond,
numbered 1 in the full aggregate principal amount of the bonds. The County Agency is
authorized to execute one or more written orders (i) containing the determinations that the
County Agency is authorized to make as provided in this Resolution and (ii) making such
changes in the provisions of the bonds or this Resolution to comply with the requirements of the
Authority or otherwise to enable the bonds to be sold to the Authority. In addition, the
Chairperson of the Board of Commissioners, the Clerk, the Treasurer, the County Agency and
other County employees and officials are authorized to execute and deliver to the Authority the
Issuer's Certificate and any such certificates and documents as the Authority or bond counsel
shall require and to do all other things necessary to effectuate the sale, issuance, delivery,
transfer and exchange of the bonds in accordance with the provisions of this Resolution.
18. REDUCTION OF PRINCIPAL AMOUNT OF BOND ISSUE. If the County
Agency shall determine that it is not necessary to sell bonds in the principal amount stated in
Section 1 of this Resolution. the County Agency by written order may reduce the principal
amount of bonds to be sold to that amount deemed necessary.
19. CONFLICTING RESOLUTIONS. All resolutions and parts of resolutions,
insofar as they are in conflict herewith, are rescinded.
STATE OF MICHIGAN
) ss
COUNTY OF OAKLAND)
the undersigned, the Clerk of the County of Oakland, County of Oakland, Michigan, do
hereby certify that the foregoing is a true and correct copy of a resolution adopted at a regular
meeting of the Board of Commissioners of said County held on the 16th day of February, 2012,
the original of which resolution is on file in my office. I further certify that notice of said meeting
was given in accordance with the provisions of the Open Meetings Act, MCL 15.261 et. seq.
IN WITNESS WHEREOF, I have hereunto affixed my official signature this day of
February, 2012,
Clerk, County of Oakland
BLOOMFIELD 9007-390 1164958v1
Resolution #12013 February 1, 2012
Moved by Taub supported by Covey the resolutions (with fiscal notes attached) on the amended Consent
Agenda be adopted (with accompanying reports being accepted).
AYES: Dwyer, Gershenson, Gingell, Gosselin, Greimel, Hatchett, Hoffman, Jackson, Long, Matis,
McGillivray, Middleton, Nash, Nuccio, Potts, Quarles, Runestad, Scott, Taub, Weipert, Woodward,
Zack, Bosnic, Covey, Crawford. (25)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions (with fiscal notes attached) on the amended
Consent Agenda were adopted (with accompanying report being accepted).
I IMBY APPROVTOREGOING RESOLUTION
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 February
1, 2012, 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 1 st day of February, 2012.
R,La_ e
Bill Bullard Jr., Oakland County
FISCAL NOTE (MISC. #12013) February 116, 2012
BY: FINANCE COMMITTEE, TOM MIDDLETON, CHAIRPERSON
IN RE: WATER RESOURCES COMMISSIONER - EVERGREEN-FARMINGTON SEWAGE
DISPOSAL SYSTEM 8 MILE ROAD PUMPING STATION BONDS, SERIES 2012 BOND
RESOLUTION
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. The resolution provides for the authorization of bonds
pursuant to the provisions of Act 34 of the Public Acts of
Michigan 2001, as amended, for the purpose of acquiring,
constructing, and installing sewage facilities to improve
the Evergreen-Farmington Sewage Disposal System.
2. The Board of Commissioners will pledge the full faith and
credit of the County of Oakland for the payment of
principal and interest on the Evergreen-Farmington Sewage
Disposal System 8 Mile Road Pumping Station Bonds, Series
2012.
3. The Bonds are to be sold in a private negotiated sale to
the Michigan Finance Authority as authorized by Act 227,
Public Acts of Michigan, 1985 as amended in order to
utilize proceeds of the State of Michigan State Revolving
Fund.
4. The bond issue is not to exceed $2,800,000, shall bear an
interest rate not to exceed 2.5% per annum, will be in
aggregate principal amounts, will mature in such years and
principal amounts and will be callable prior to maturity as
determined necessary by the County Agency at the time of
issue.
5. The statutory limit for County debt is $5,245,346,034 (10%
of State Equalized Value). As of January 26, 2012, the
total pledged debt is $317,094,154 or approximately .6045%
of the S.E.V.
6. The revenues from the Evergreen-Farmington Sewage Disposal
System will pay for the principal and interest on the
Bonds.
7. No County general funds shall be appropriated to this
Project.
FINANCE COMMITTEE
FINANCE COMMITTEE
Motion carried unanimously on a roll call vote.
Resolution #12013 February 16, 2012
Moved by Woodward supported by Middleton to reconsider Miscellaneous Resolution #12013 - Water
Resources Commissioner — Evergreen-Farmington Sewage Disposal System 8 Mile Road Pumping
Station Bonds, Series 2012 Bond Resolution.
Vote on reconsideration:
AYES: Hoffman, Jackson, Long, Matis, McGillivray, Middleton, Nash, Nuccio, Potts, Quarles,
Runestad, Scott, Taub, Weipert, Woodward, Zack, Bosnic, Covey, Crawford, Dwyer,
Gershenson, Gingell, Gosselin, Greimel, Hatchett. (25)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolution was before the Board for reconsideration.
Moved by Potts supported by Woodward to include the Fiscal Note with previously adopted
Miscellaneous Resolution #12013 - Water Resources Commissioner — Evergreen-Farmington Sewage
Disposal System 8 Mile Road Pumping Station Bonds, Series 2012 Bond Resolution.
Vote on resolution, with fiscal note:
AYES: Jackson, Long, Matis, McGillivray, Middleton, Nash, Nuccio, Potts, Quarles, Runestad,
Scott, Taub, Weipert, Woodward, Zack, Bosnic, Covey, Crawford, Dwyer, Gershenson, Gingell,
Gosselin, Greimel, Hatchett, Hoffman. (25)
NAYS: None. (0)
A sufficient majority having voted in favor, to include the Fiscal Note, with previously adopted
Miscellaneous Resolution #12013 — Water Resources Commissioner — Evergreen-Farmington Sewage
Disposal System 8 Mile Road Pumping Station Bonds, Series 2012 Bond Resolution was adopted.
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 February
16, 2012, 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 16th day of February, 2012.
KaiL ,94,
Bill Bullard Jr., Oakland County