HomeMy WebLinkAboutResolutions - 1992.03.18 - 20597Miscellaneous Resolution # 92049 March 19 , 1992
BY: PLANNING & BUILDING COMMITTEE
JOHN OLSEN, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - RESOLUTION AUTHORIZING
DECLARATION OF OFFICIAL INTENT ON BEHALF OF
COUNTY TO REIMBURSE PROJECT EXPENDITURES
WITH BOND PROCEEDS
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS, the County of Oakland (the "County") is
requested from time to time by public corporations within the
County to finance on behalf of one or more such public
corporations the acquisition and construction of facilities for
water supply systems and sewage disposal systems (the
"Facilities") under the provisions of Act 342, Public Acts of
Michigan, 1939, as amended ("Act 342"); and
WHEREAS, it is anticipated that the public corpora-
tion(s) requesting assistance and the County will enter into a
contract under Act 342, pursuant to which contract the County
will acquire and construct the requested Facilities 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 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 Drain Commissioner 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 the requirements of the Reimbursement
Regulations;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
COMMISSIONERS OF THE COUNTY OF OAKLAND, as follows:
1. The Drain Commissioner is hereby authorized on
behalf of the County to declare "official intent" within the
meaning of the Reimbursement Regulations with respect to any
Facilities that are financed with the proceeds of Bonds issued by
the County under Act 342 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 of 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.
Mr. Chairperson, on behalf of the Planning and Building
Committee, I move adoption of the foregoing Resolution.
Plan9 and Building Committee
HEREBY APP • OVE THE FOREGOING RES01.17"IN
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aniel 1. Murphy, ounty Exec
Resolution # 92049 March 19, 1992
Moved by Olsen supported by Aaron Vie resolution be adopted.
AYES: McPherson, Millard, Oaks, Obrecht, Olsen, Palmer, Schmid, Serra, Skarritt,
Wolf, Aaron, Bishop, Caddell, Crake, Gosling, Huntoon, Johnson, Krause, McConnell,
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 cf a 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 tf) March, 1992
. Allen, County C Lyn erk