HomeMy WebLinkAboutResolutions - 2013.01.23 - 20678MISCELLANEOUS RESOLUTION 1/13002 January 23, 2013
By: Finance Committee, Thomas F. Middleton, Chairperson
IN RE: TREASURER/WATER RESOURCES COMMISSIONER — JACOBS DRAINAGE
DISTRICT REFUNDING BONDS - FULL FAITH AND CREDIT RESOLUTION
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen
WHEREAS the Jacobs Drainage District previously has issued its Drain Bonds, Series
2005A, dated December 15, 2005 (the "Series 2005A Bonds") in the principal amount of
52,760,000, to defray in part the cost of construction of the Jacobs Drain, and this Board of
Commissioners, by Resolution No. 05274 adopted on December 8, 2005, pledged the full faith
and credit of the County of Oakland (the "County") for the prompt payment of the principal of
and interest on the Series 2005A Bonds; and
WHEREAS the Drainage Board for the Jacobs Drain (the "Drainage Board"), by
resolution adopted on December 18, 2012 authorized and provided for the issuance by the Jacobs
Drainage District of its Jacobs Drain Refunding Bonds, Series 2013 (the "Refunding Bonds"), in
the aggregate principal amount of not to exceed $2,125,000 to refund all or a portion of the
Series 2005A Bonds maturing in the years 2014 through 2025; and
WHEREAS, the Refunding Bonds will be dated as of such date, will bear interest at such
rates not to exceed 6% per annum, will be in the aggregate principal, amount, will mature in such
years and principal amounts, and will be subject to redemption prior to maturity as shall be
determined by order of the Chairperson of the Drainage Board; 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 for the payment of the
principal of and interest on the Refunding Bonds; and
WHEREAS it is in the best interest of the County that the Refunding Bonds be sold in
order to achieve debt service savings for the Charter Township of West Bloomfield and the
County.
NOW THEREFORE BE IT RESOLVED:
1. Pursuant to the authorization provided in Section 474 of the Drain Code of 1956,
as amended, 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 Refunding
FINANCE COMMITTEE VOTE:
Motion carried unanimously on a roll call vote with Woodward and Quarles absent.
Bonds and agrees that, in the event the Charter Township of West Bloomfield or the County 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.
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, Municipal Financial Consultants
Incorporated, is authorized, if necessary to make application to the Department of Treasury for
permission to issue and sell the Bonds.
4. The County Treasurer is authorized to approve the circulation of a preliminary and
final official statement for the Refunding Bonds, to cause the preparation of those portions of the
preliminary and final official statement that pertain to the County, and to do all other things
necessary for compliance with Rule I5c2-12 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
Refunding 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 Finance Committee, I move adoption of the foregoing
resolution.
FINANCE COMMITTEE
$1,950,000
Oakland County - Jacobs Drainage District
Jacobs Drain Refunding Bonds, Series 2012
(Refunds Series 2005A)
NET SOURCES AND USES
Dated Date: 03/01/13
Closing Date. 03/13/13
Sources:
Bond Proceeds $1,950,000.00
Issuer Contribution 0.00
Accrued Interest 1,529.83
$1,951,529.83
Uses:
Escrow Fund $1,885,000.00
Costs of Issuance 45,000.00
Underwriter's Discount (1.0%) 19,500.00
Interest Account 1,529.83
Available Amount 500.00
$1,951,529.83
Net Savings: $163,515.25
Present Value Savings: $140,882.20
Percent of refunded par: 7.474%
Negative Arbitrage: ($2,347.65)
ded\refund\oakland\Jacobs Drain - 2005-2.xis 8/612012
5
2.50802%
Present Value
Debt Service
$26,407.59
158,738.40
20,730.94
158,251.53
18,859.91
148,378.13
17,114.20
166,059.64
15,219.81
156,108.36
13,451.86
146,589.38
11,738.37
141,615.67
9,972.67
153,035.30
7,959.52
147,522.38
5,970.47
138.227.92
4,059.16
133,082.77
2,174.58
150,261.27
Fiscal
Total .
$189,719.58
188,095.00
180,195.00
202,395.00
194,095.00
185,895.00
182,640.00
199,075.00
194,700.00
185,150.00
180,560.00
205,800.00
ded\refunthoakland\Jacobs Drain - 2005-2.xls 8/6/2012
$1,950,000
Oakland County - Jacobs Drainage District
Jacobs Drain Refunding Bonds, Series 2012
Date
10/01/13
04/01/14 $140,000.00 2.000%
10/01/14
04/01/15 145,000.00 2.000%
10/01/15
04/01/16 140,000.00 2.000%
10/01/16
04/01/17 165,000.00 2.000%
10/01/17
04/01/18 160,000.00 2.000%
10/01/18
04/01/19 155,000.00 2.100%
10/01/19
04/01/20 155,000.00 2.300%
10/01/20
04/01/9 1 175,000.00 2.500%
10/01/21
04/01/22 175,000.00 2.600%
10/01/22
04/01/23 170,000.00 2.700%
10/01/23
04/01/24 170,000.00 2.800%
10/01/24
04/01/25 200,000.00 2.900%
$1,950,000.00
NEW DEBT SERVICE
Total
Debt Service
$26,772.08 $26,772.08
22,947.50 162,947.50
21,547.50 21,547.50
21,547.50 166,547.50
20,097.50 20,097.50
20,097.50 160,097.50
18,697.50 18,697.50
18,697.50 183,697.50
17,047.50 17,047.50
17,047.50 177,047.50
15,447.50 15,447.50
15,447.50 170,447.50
13,820.00 13,820.00
13,820.00 168,820.00
12,037.50 12,037.50
12,037.50 187,037.50
9,850.00 9,850.00
9,850.00 184,850.00
7,575.00 7,575.00
7,575.00 177,575.00
5,280.00 5,280.00
5,280.00 175,280.00
2,900.00 2,900.00
2,900.00 202,900.00
Principal Coupon Interest
$3383j2.5$ $2.288.319.58 $2,288,319,58 $1,951,529.83
Dated Date: 03/01/13
Closing Date: 03/13/13
Principal:
Accrued Interest:
Credit Enhancement:
Orig Issue Prem/(Disc):
$1,950,000.00
1,529.83
0.00
0.00
$1,951,529.83
6
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$1,950,000
Oakland County - Jacobs Drainage District
Jacobs Drain Refunding Bonds, Series 2012
NET PRESENT VALUE SAVINGS ANALYSIS
Net Present Value Savings/(Loss): $140,882.20
Remaining Fiscal 2.50802%
Outstanding Non-Refunded New Net Net Present Value
Date Debt Service Debt-Service Debt Service Savings/(Loss) Savings/(Loss) Savingst(Loss)
04/01/13 $166,945.00 $166,945.00 $0.00 $0.00 $0.00 $0.00
10/01/13 39,570.00 25,242.25 * 14,327.75 14,153.51
04/01/14 164,570.00 162,947.50 1,622.50 15,950.25 1,580.59
10/01/14 37,132.50 21,547.50 15,585.00 14,994.39
04/01/15 162,132.50 166,547.50 (4,415.00) 11,170.00 (4,195.08)
10/01/15 34,632.50 20,097.50 14,535.00 13,639.94
04/01/16 159,632.50 160,097.50 (465.00) 14,070.00 (430.96)
10/01/16 32,132.50 18,697.50 13,435.00 12,297.33
04/01/17 182,132.50 183,697.50 (1,565.00) 11,870.00 (1,414.74)
10/01/17 29,095.00 17,047.50 12,047.50 10,755.87
04/01/18 179,095.00 177,047.50 2,047.50 14,095.00 1,805.35
10/01/18 26,020.00 15,447.50 10,572.50 9,206.65
04/01/19 176,020.00 170,447.50 5,572.50 16,145.00 4,792.50
10/01/19 22,907.50 13,820.00 9,087.50 7,718.70
04/01/20 172,907.50 168,820.00 4,087.50 13,175.00 3,428_82
10/01/20 19,757.50 12,037.50 7,720.00 6,395.76
04/01/21 194,757.50 187,037.50 7,720.00 15,440.00 6,316.55
10/01/21 16,038.75 9,850.00 6,188.75 5,000.96
04/01/22 191,038.75 184,850.00 6,188.75 12,377,50 4,939.03
10/01/22 12,276.25 7,575.00 4,701.25 3,705.44
04/01/23 187,276.25 177,575.00 9,701.25 14,402.50 7,551.65
10/01/23 8,470.00 5,280.00 3,190.00 2,452.41
04/01/24 183,470.00 175,280.00 8,190.00 11,380.00 6,218.32
10/01/24 4,620.00 2,900.00 1,720.00 1,289.75
04/01/25 214,620.00 202,900.00 11,720.00 13,440.00 8,679.46
$2,617,250.00 $166,945.00 $2,286,789.75 $153,515.25 $163,515.25 .$140,882.20
* Less accrued interest.
deckrefunthoakland\Jacobs Drain - 2005-2.xls 8/6/2012
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$2,760,000
Oakland County - Jacobs Drainage District
Jacobs Drain Bonds, Series 2005A
REMAINING ORIGINAL DEBT SERVICE SCHEDULE
2.50802%
Total Fiscal Present Value
Principal Coupon Interest Debt Service Total Debt Service
04/01/13 $125,000.00 3.800% $41,945.00 $166,945.00 $166,945.00 $166,737.08
10/01/13 39,570.00 39,570.00 39,031.26
04/01/14 125.000.00 3.900% 39,570.00 164,570.00 204,140.00 160,318.99
10/01/14 37,132.50 37,132.50 35,725.33
04/01/15 125,000.00 4.000% 37,132.50 162,132.50 199,265.00 154,056.45
10/01/15 34,632.50 34,632.50 32,499.85
04/01/16 125,000.00 4.000% 34,632.50 159,632.50 194,265.00 147,947.16
10/01/16 32,132.50 32,132.50 29,411,53
04/01/17 150,000.00 4.050% 32,132.50 182,132.50 214,265.00 164,644.91
10/01/17 29,095.00 29,095.00 25,975.68
04/01/18 150,000.00 4.100% 29,095.00 179,095.00 208,190.00 157,913.71
10/01/18 26,020.00 26,020_00 22,658.51
04/01/19 150,000.00 4.150% 26,020.00 176,020.00 202,040.00 151,381.88
10/01/19 22,907.50 22,907.50 19,457.07
04/01/20 150,000.00 4.200% 22,907.50 172,907.50 195,815.00 145,044.49
10/01/20 19,757.50 19,757.50 16,368.43
04/01/21 175,000.00 4.250% 19,757.50 194,757.50 214,515.00 159,351.85
10/01/21 16,038.75 16,038.75 12,960.48
04/01/22 175,000.00 4.300% 16,038.75 191,038.75 207,077.50 152,461.40
10/01/22 12,276.25 12,276.25 9,675.91
04/01/23 175,000.00 4.350% 12,276.25 187,276.25 199,552.50 145,779.57
10/01/23 8,470.00 8,470.00 6,511.56
04/01/24 175,000.00 4.400% 8,470.00 183,470.00 191,940.00 139,301.10
10/01/24 4,620.00 4,620.00 3,464.33
04/01/25 210,000.00 4.400% 4,620.00 214,620.00 219,240.00 158,940.72
$2010.,000,00 $607,250.00 $2,617,250.00 $2,617,250.00 $2,257.812
Date
ded refuncRoakiand \Jacobs Drain - 2005-2.xls 8/6/2012
8
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$2,760,000
Oakland County - Jacobs Drainage District
Jacobs Drain Bonds, Series 2005A
REMAINING NON-REFUNDED ORIGINAL DEBT SERVICE SCHEDULE
2.50802%
Total Fiscal Present Value
Date Principal Coupon Interest Debt Service Total Debt Service
04/01/13 $125,000.00 3.800% $41,945.00 $166,945.00 $166,945.00 $166,737.08
$125,000.00 $41,°45.00 $166,945.00 $166.945.00 $166,737.08
dethrefund\oakiand\Jacobs Drain - 2005-2.xls 8/6/2012
9
$2,760,000
Oakland County - Jacobs Drainage District
Jacobs Drain Bonds, Series 2005A
REDEMPTION SCHEDULE
Redemption Premium: 0.00%
Redeemed Redemption Total Fiscal 2.50802%
Date Principal Interest Principal Premium Debt Service Total Present Value
04/01/13 $0.00 $1,885,000.00 $0.00 $1,885,000.00 $1,885,000.00 $1,882,652.35
ELE), $1,885,000.00 $0.00 $1,885,000.00 11,1185,0Q0..12.0
8/6/2012
10
ded\refund\oaklanci\Jacobs Drain - 2005-2.xls
03/13/13 $1,885,000.00
04/01/13 1,885,000.00 $0.00 0.000% $0.00 $0.00 $1,885,000.00
$1,885,000.00
0.00 $0.00
111111111111AMMUM NENNIIrjr".1.1111 = = -n
$2,760,000
Oakland County - Jacobs Drainage District
Jacobs Drain Bonds, Series 2005A
ESCROW CASH FLOW ANALYSIS
March 13, 2013 Beginning Cash Balance: $1,885,000.00 *
Beginning Ending
Cash SLGS SLGS SLGS SLGS Debt Service Cash 0.00000%
Date Balance Principal Rate Interest Total Defeasance Balance Present Value
$0.00. $0.00 $1,885,000.00 $0.00
Total Cost of Escrow Securities $1,885,000.00
* Non-Interest bearing cash deposit with Huntington National Bank, Escrow Agent.
ded\refund\oakland\Jacobs Drain - 2005-2.xls 8/6/2012
11
Resolution #13002 January 23, 2013
Moved by Dwyer supported by McGillivray the resolutions on the amended Consent Agenda be adopted.
AYES: Dwyer, Gershenson, Gingell, Gosselin, Hatchett, Hoffman, Jackson, Matis, McGillivray,
Middleton, Quarles, Runestad, Scott, Taub, Weipert, Woodward, Zack, Bosnic, Crawford. (19)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions on the amended Consent Agenda were
adopted.
I HEREal A'PROVE THIS RESOLUTION
CHIEF DEPUTY COUNTY EXECUTIVE
ACTING PURSUANT TO MCL 4E559A (7)
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lisa Brown, 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 January 23,
2013, 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 23 rd day of January, 2013.
Lisa Brown, Oakland County