HomeMy WebLinkAboutResolutions - 1992.03.18 - 20552BY:
RE:
TO:
DATE March 19, 1992 MISCELLANEOUS RESOLUTION # 92041
FINANCE COMMITTEE - DR. G. WILLIAM CADDELL, CHAIRPERSON
AUTHORIZATION TO REFUND BUILDING AUTHORITY BONDS
THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRPERSON, LADIES AND GENTLEMEN:
WHEREAS, pursuant to the provisions of Act No. 31, Public
Acts of Michigan, 1948, extra session, as amended, ("Act 31") the
Oakland County Building Authority (the "Authority") and the
County of Oakland (the "County"), have entered into various
Contracts of Lease (as listed in Appendix A) (the "Contracts");
and
WHEREAS, pursuant to the Contracts the Building Authority
has issued various series of its bonds as listed in Appendix B
(the "Bonds") to defray the cost of acquiring and constructing
various projects for the County; and
WHEREAS, the Bonds remain outstanding in various aggregate
principal amounts which mature in various principal amounts in
various years and bear interest at various rates per annum which
rates of interest are higher than those now prevailing; and
WHEREAS, Act 31 authorizes the Authority to refund all or
any part of its indebtedness; and
WHEREAS, the County has determined that a significant cost
savings can be achieved by refunding outstanding Bonds in whole
or in part; and
WHEREAS, in order for any. Of these Bonds to be refunded, it
is necessary that this resolution be adopted in order to give
permission to the Authority to proceed with such refundingn as
may be possible and this Board of Commissioners has determined
that it is in the best interest of the Authority and the County
that such refundings be undertaken.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF THE COUNTY OF OAKT.ANII:
1. The Authority is authorized to proceed to refund any or
all of the Bonds described in Appendix B in whole or in part, on
such terms and conditions as will result in a lower total
indebtedness on such issue.
I HEREBY APPROVE THE FOREGOING RESOLUTION
Denrei T. Murphy, untr ewe Date
2. All of the Contracts of Lease described in Appendix A
shall remain in full force and effect with such changes required
by any adjustments in the date of payments and amount of payments
which are required because of the issuance of the refunding bonds
for any such project.
3. After any refunding bonds are issued, the Authority
shall report to the County Executive on the new debt service
schedule and the savings in total principal and interest.
4. The County Clerk or Treasurer, or either of them are
authorized to execute any and all documents required for approval
of any such refundings by the State of Michigan or any agency
thereof.
5. All resolutions and parts of resolutions insofar as
they may be in conflict herewith are hereby rescinded.
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Resolution #92041 Date: March 19, 1992
Moved by Caddell
Resolution be adopted.
supported by McConnell the
AYES: Bishop, Caddell, Crake, Ferrens, Gosling, Huntoon, Jensen, Johnson, Krause,
Law, McConnell, McCulloch, McPherson, Millard, Moffitt, Oaks, Obrecht, Olsen. Palmer,
Pernick, Price, Schmid, Serra, Skarritt, Wolf, Aaron. (26)
NAYS: None. (0)
A sufficient majority having voted therefor, the
Resolution was adopted.
STATE OF MICHIGAN )
ss
COUNTY OF OAKLAND )
, Lynn D. Allen Clerk of the County of Oakland,
do hereby certify that the foregoing Resolution is a true and
accurate copy of the Resolution adopted by the Oakland County
Board of Commissioners on March 19 , 1992 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 19th day of March
, l99.:7457
Oakrand County Clerk
[SEAL]
las.BC-OAKRF.doc
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APPENDIX A
Oakland County Building Authority - $16,625,000 Building
Authority Bonds, Series 1987 - FULL FAITH AND CREDIT GENERAL
OBLIGATION LEASE CONTRACT MADE AS OF DECEMBER 1, 1986
Oakland County Building Authority - $10,250,000 Building
Authority Bonds, Series 1990 - FULL FAITH AND CREDIT GENERAL
OBLIGATION LEASE CONTRACT MADE AS OF APRIL 1, 1990
las.BC-OAKRF.doc
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t • '
Authority - $16,625,000 Building
Authority - $10,250,000 Building
APPENDIX B
Oakland County Building
Authority Bonds, Series 1987
Oakland County Building
Authority Bonds, Series 1990
las.BC-OAKRF.doc
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