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HomeMy WebLinkAboutResolutions - 2012.05.17 - 20232Miscellaneous Resolution #12138 May 17, 2012 BY PLANNING AND BUILDING COMMITTEE, DAVID W. POTTS, CHAIRPERSON IN RE: WATER RESOURCES COMMISSIONER - CITY OF PONTIAC WASTEWATER TREATMENT FACILITY DRAINAGE DISTRICT DRAIN BONDS - FULL FAITH AND CREDIT RESOLUTION TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS: Mr. Chairperson, Ladies and Gentlemen: WHEREAS, proceedings have been taken by the Drainage Board for the City of Pontiac Wastewater Treatment Facility Drainage District (the "Drainage Board") to locate, establish and construct the City of Pontiac Wastewater Treatment Facility (the "Project") under the provisions of Chapter 20 of the Drain Code of 1956, as amended (the "Drain Code"), pursuant to a petition filed with the Oakland County Water Resources Commissioner; and WHEREAS, in order to pay for all or part of the costs of the Project, the Drainage Board is expected to authorize and provide for the issuance by the City of Pontiac Wastewater Treatment Facility Drainage District (the "Drainage District") of bonds in the aggregate principal amount of not to exceed $61,000,000 and bearing interest at a rate not to exceed 8% per annum (the "Bonds), in anticipation of the collection of an equal amount of special assessments against public corporations in the Drainage District, said special assessments to be duly confirmed as provided in the Drain Code; and WHEREAS, the Drainage Board deems it advisable and necessary to obtain from this Board a resolution pledging the full faith and credit of the County of Oakland (the "County") for the payment of the principal of and interest on the Bonds; and WHEREAS, the Project is necessary to protect and preserve the public health and, therefore, it is in the best interests of the County that the Bonds be sold. NOW, THEREFORE, BE IT RESOLVED: 1. Pursuant to the authorization provided in Section 474 of the Drain Code, and provided that the Bonds are issued within the parameters set forth above, the Board of Commissioners of the County hereby pledges irrevocably the full faith and credit of the County for the prompt payment of the principal of and interest on the Bonds, and agrees that, in the event any public corporation shall fail or neglect to account to the County Treasurer of the County for the amount of any special assessment installment and interest when due, the amount thereof shall be advanced immediately from County funds, and the County Treasurer is directed to make such advancement to the extent necessary. PLANNING & BUILDING COMMITTEE VOTE: Motion carried unanimously on a roll call vote with Nuccio absent. MOTION TO DIRECTLY REFER TO FINANCE: Motion carried on a voice vote. 2. In the event that, pursuant to the pledge of full faith and credit, the County advances out of County funds all or any part of an installment and interest, it shall be the duty of the County Treasurer, for and on behalf of the County, to take all actions and proceedings and pursue all remedies permitted or authorized by law for the reimbursement of such sums so paid. 3. The County Treasurer or the financial consultant for the Bonds, Municipal Financial Consultants Incorporated, is authorized to file with the Department of Treasury of the State of Michigan on behalf of the County an Application for State Treasurer's Approval to Issue Bonds with respect to the Bonds. 4. The County Treasurer is authorized to approve the circulation of a nearly final and final official statement for the Bonds, to cause the preparation of those portions of the nearly final and final official statement that pertain to the County, and to do all other things necessary for compliance with Rule 15c2-12 issued under the Securities Exchange Act of 1934, as amended (the "Rule"). The County Treasurer is authorized to execute and deliver such certificates and to do all other things that are necessary to effectuate the sale and delivery of the Bonds. 5. The County Treasurer is hereby authorized to execute and deliver in the name and on behalf of the County (i) a certificate of the County to comply with the requirements for a continuing disclosure undertaking of the County pursuant to subsection (b)(5) of the Rule and (ii) amendments to such certificate from time to time in accordance with the terms of such certificate (the certificate and any amendments thereto are collectively referred to herein as the "Continuing Disclosure Certificate"). The County hereby covenants and agrees that it will comply with and carry out all of the provisions of the Continuing Disclosure Certificate. The remedies for any failure of the County to comply with and carry out the provisions of the Continuing Disclosure Certificate shall be as set forth therein. Mr. Chairperson, on behalf of the Planning and Building Committee, I move adoption of the foregoing resolution. PLANNING AND BUILDING COMMITTEE 2 FISCAL NOTE (misC. #12138) May 17, 2012 BY: FINANCE COMMITTEE, TOM MIDDLETON, CHAIRPERSON IN RE: WATER RESOURCES COMMISSIONER - CITY OF PONTIAC WASTEWATER TREATMENT FACILITY DRAINAGE DISTRICT DRAIN BONDS - FULL FAITH AND CREDIT 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 for the City of Pontiac Wastewater Treatment Facility Drainage District to locate, establish and construct the City of Pontiac Wastewater Treatment Facility pursuant to the provisions of Chapter 20 of the Drain Code of 1956, as amended. 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 City of Pontiac Wastewater Treatment Facility Drainage District Bonds, 3, The City of Pontiac Wastewater Treatment Facility Bonds will be issued not to exceed $61,000,000 and bear an interest rate not to exceed 8% per annum. 4. The statutory limit for County debt is $5,245,346,034 (10% of State Equalized Value). As of April 26, 2012, the total pledged debt is $284,290,773 or approximately .5420% of the S.E.V. 5. The Public Corporations will pay for the Bonds through a Special Assessment Roll for the City of Pontiac Wastewater Treatment Facility Drainage District. 6. No County general funds shall be appropriated to this Project. FINANCE COMMITTEE FINANCE COMMITTEE Motion carried unanimously on a roll call vote with Quarles absent. CT(mG Resolution #12138 May 17, 2012 Moved by Taub supported by Zack the resolutions (with fiscal notes attached) on the Consent Agenda be adopted (with accompanying reports being accepted). AYES: Covey, Crawford, Dwyer, Gershenson, Gingen, Gosselin, Hoffman, Jackson, Long, Matis, McGillivray, Middleton, Nash, Nuccio, Potts, Quarles, River, Runestad, Scott, Taub, Weipert, Woodward, Zack, Bosnic, (24) 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 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 May 17, 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 17th day of May, 2012. Er/aiz Bill Bullard Jr., Oakland County