HomeMy WebLinkAboutResolutions - 2013.04.17 - 20768MISCELLANEOUS RESOLUTION #13073 April 17, 2013
BY: Finance Committee, Tom Middleton, unairperson
IN RE: RESOLUTION APPROVING ESCROW AGREEMENT FOR THE DEFEASANCE OF ALL OF
THE OUTSTANDING OAKLAND COUNTY BUILDING AUTHORITY REFUNDING BONDS, SERIES
2006 PRIOR TO MATURITY
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS, the Oakland County Building Authority, Michigan (the "Authority"), pursuant to Act No.
31, Public Acts of Michigan, 1948 (First Extra Session), as amended (the "Act"), issued its $8,160,000
Oakland County Building Authority, Building Authority Refunding Bonds, Series 2006 (the "Bonds"); and
WHEREAS, the Emergency Manager of the City of Pontiac has concluded that it is in the best
interest of the City of Pontiac to provide for the defeseance of certain bonds of the City of Pontiac through
Oakland County from the proceeds the City has on hand, thereby providing amounts sufficient to provide
for the payment of the principal of and interest on the Bonds; and
WHEREAS, pursuant to Act No. 202, Public Acts of Michigan, 1943, as amended, in order that
the BONDS TO BE DEFEASED may be properly defeased utilizing proceeds of the bonds, the Authority
must enter into an agreement with a bank or trust company.
NOW THEREFORE, BE IT RESOLVED BY THE COUNTY BOARD OF COMMISSIONERS,
OAKLAND COUNTY, MICHIGAN as follows:
1. The County hereby approves the defeasance of a portion of the Bonds as described in
EXHIBIT A
2. The County further consents to the Authority entering into an escrow agreement attached
hereto EXHIBIT B. dated as of April 30, 2013 (the "Escrow Agreement") with a bank or trust company
designated by the Treasurer.
3. The Authority and Axe & Ecklund, P.C., bond counsel, are instructed to take whatever
steps are necessary to effect the defeasance and call of the BONDS TO BE DEFEASED.
4. All resolutions and parts of resolution, insofar as the same may be in conflict herewith, are
hereby rescinded.
Chairperson, on behalf of the Finance Committee, I move the adoption of the foregoing resolution.
FINA.NCE-COMMITTEE
FINANCE COMMITTEE VOTE:
Motion carried unanimously on a roll call vote with Quarles absent.
CERTIFICATION OF PROCEEDINGS
The undersigned, being the duly qualified and acting Clerk
of the Oakland County, Michigan, hereby certifies that (1) the
foregoing is a true and complete copy of a resolution duly
adopted by this Board of Commissioners at a meeting
held on , 2013, (2) that an original thereof is on
file in the records of my office, (3) the meeting was conducted,
and public notice thereof was given, pursuant to and in full
compliance with the Open Meetings Act (Act No. 267, Public Acts
of Michigan, 1976, as amended) and (4) the minutes of such
meeting were kept and will be or have been made available as
required thereby.
DATED: , 2013
Lisa Brown, Oakland County
Clerk
Dmh/DE-CAK256 (na)
2
EXHIBIT A
$8,160,000
OAKLAND COUNTY BUILDING AUTHORITY
BUILDING AUTHORITY REFUNDING BONDS, SERIES 2006
Dated as of March 1, 2006
Defeasance Date: May 1, 2013
BONDS TO BE DEFEASED
Principal
S225,000
375,000
375,000
375,000
375,000
375,000
375,000
375,000
375,000
375,000
375,000
Rate
4.500%
4.500?/0
4.500%
4.500%
4.500%
4.500%
4.500%
4.500%
4.500%
4.500%
4.500%
CUSIPS*
67277779
672423NZ9
672423NZ9
672423NZ9
672423NZ9
672423NZ9
672423NZ9
672423NZ9*
672423NZ9**
672423NZ9***
672423NZ9****
Maturity Date
May 1,2013
MaS71, 2014
May 1, 2015
May 1, 2016
May 1, 2017
May 1,2018
May 1,2019
May 1,2021
May 1, 2023
May 1,2025
MaS71, 2027
*, **, ***, *** Term Bonds
Bond Registrar and Paying Agent: Huntington National Bank
Corporate Trust - EA4E64
7 Easton Oval
Columbus, OH 43219
Dmh/DF-0AK256(ba)
EXHIBIT B
ESCROW AGREEMENT
OAKLAND COUNTY BUILDING AUTHORITY
This escrow agreement (the "Agreement"), dated as of April
30, 2013, is among the City of Pontiac, a municipal corporation
(the "City"), the Oakland County Building Authority, County of
Oakland, Michigan (the "Authority") and Huntington National Bank,
Grand Rapids, Michigan, as escrow agent (the "Escrow Agent").
WHEREAS, at the request of the City, the Authority has
previously issued its Oakland County Building Authority, Building
Authority Refunding Bonds, Series 2006, dated March 1, 2006 (the
"Bonds") of which the principal amount listed below remains
outstanding and the - principal amount listed below will be
defeased (referred to as the "BONDS TO BE DEFEASED"):
Bonds
Oakland County
Building Authority,
Building Authority
Refunding Bonds,
Series 2006
Outstanding
Principal
$7,760,000
maturing in
the years
2013 thru 4027
Principal tc
he Defeased
$7,760,000
maturing in
the years
2013 thru 2027
all bearing interest, due as to principal and subject to
defeasance as more fully described in APPENDIX T to this
Agreement.
WHEREAS, for the purpose of calling the BONDS TO BE DEFEASED
the Authority has, pursuant to a resolution adopted on April
2013 (the "Resolution"), authorized the defeasance of said Bonds,
as designated and described in the Resolution; and
WHEREAS, pursuant to the Resolution, the Escrow Agent has
been appointed by the Authority for the purpose of assuring the
payment of the principal of, premium (if any) and interest on the
BONDS TO BE DEFEASED and the Chairperson and Secretary of the
Commission of the Authority have been authorized and directed to
execute this Agreement.
WHEREAS, pursuant to a Resolution approved by the City, the
Emergency Manager of the City has been authorized and directed to
execute this Agreement.
NOW, THEREFORE, in consideration of the premises and. the
mutual covenants and agreements set forth below the Authority and
the Escrow Agent agree as follows for the respective egual and
proportionate benefit and security of the holders of the Bonds;
Section 1. Appointment of Escrow Agent. The Escrow Agent
is hereby appointed and agrees to act in such capacity to comply
with all requirements of this Agreement, and to be custodian of
the escrow fund (the "Escrow Fund"), to perform its duties as
custodian of the Escrow Fund created under this Agreement, but
only upon and subject to the following express terms and
conditions:
(a) The Escrow Agent may perform any of its duties by
or through attorneys, agents, receivers but shall not be
answerable for the conduct of the same if appointed in
accordance with the standards specified in this Agreement
and shall be entitled to advice of counsel concerning all
matters of and the duties under this Agreement, and may in
all cases pay such reasonable compensation to such counsel
and in addition to all such attorneys, agents, receivers and
employees as may reasonably be employed in connection with
the same. The Escrow Agent may act upon the opinion or
advice of any counsel. The Escrow Agent shall not be
responsible for any loss or damage resulting from any action
or non-action taken in good faith in reliance upon such
opinion or advice.
(b) The Escrow Agent shall not be responsible for any
recital in this Agreement or for the validity of the
execution by the Authority of this Agreement or of any
supplements to it or instruments of further assurance. The
Escrow Agent shall not be bound to ascertain or inquire as
to the performance or observance of any covenants,
conditions or agreements on the All of the Authority, except
as set forth in this Agreement. The Escrow Agent shall be
only obligated to perform such duties and only such duties
as are specifically set forth in this Agreement and no
implied covenants or obligations shall be read into this
Agreement against the Escrow Agent.
(c) The Escrow Agent may become the owner of the Bonds
with the same rights which it would have if not Escrow
Agent.
(d) The Escrow Agent shall be protected in acting upon
any notice, request, consent, certificate, order, affidavit,
letter, telex, telegram or other paper or document believed
to be genuine and correct and to have been signed or sent by
the proper person or persons. Any action taken by the
Escrow Agent pursuant to this Agreement upon the request or
consent of any person who at the time of making such request
or consent is the owner of any of said Bonds, shall be
conclusive and binding upon all future owners of the same
Bonds.
(e) As to the existence or non-existence of any fact
or as to the sufficiency or validity of any instrument,
paper or proceeding, the Escrow Agent shall be entitled to
rely upon a certificate of the Authority signed by (i) the
Chairperson of the Commission of the Authority or (ii) any
other duly authorized person as sufficient evidence of the
facts contained in it, but may secure such further evidence
2
deemed necessary or advisable, but shall in no case be bound
to secure the same. The Escrow Agent may accept a
certificate of the Chairperson of the Commission of the
Authority to the effect that a resolution in the form
attached to such certificate has been adopted by the
Authority as conclusive evidence that such resolution has
been duly adopted, and is in full force and effect.
(f) The permissive right of the Escrow Agent to do
things enumerated in this Agreement shall never be construed
as a duty. The Escrow Agent shall only be responsible for
the performance of the express duties outlined in this
Agreement and shall not be answerable for other than its
gross negligence or willful default in the performance of
those express duties.
(g) At any and all reasonable times the Escrow Agent
and its duly authorized agents, attorneys, experts,
accountants and representatives, shall have the right fully
to inspect any and all of the books, papers and records of
the Authority pertaining to the Bonds, and to take such
memoranda from and in regard to the same as may he desired.
(h) The Escrow Agent shall not be required to give any
bond or surety in respect of the execution of the powers
contained in or otherwise in respect to this Agreement.
(i) Before taking any action under this Agreement
(except making investments, collecting investments and
making payments to the paving agents with respect to the
Bonds) the Escrow Agent may require that a satisfactory
indemnity bond be furnished for the reimbursement of al -L
expenses to which it may be put and to protect it against
all liability except liability which is adjudicated to have
resulted from gross negligence or willful default by reason
of any action so taken.
(j) The Escrow Agent shall be, and hereby is
indemnified and saved harmless by the Authority from all
losses, liabilities, costs and expenses, including attorney
fees and expenses, which may be incurred by it as a result
of its acceptance of the Escrow Account or arising from the
performance of its duties hereunder, unless such losses,
liabilities, costs and expenses shall have been finally
adjudicated to have resulted from the bad faith or gross
negligence of the Escrow Agent, and such indemnification
shall survive its resignation or removal, or the termination
of this Agreement.
(k.) The Escrow Agent shall, in the event that (i) any
dispute shall arise between the parties with respect to the
disposition or disbursement of any of the assets held
hereunder or (ii) the Escrow Agent shall be uncertain as to
how to proceed in a situation not explicitly addressed by
the terms of this Agreement whether because of conflicting
3
demands by the other parties hereto or otherwise, be
permitted to interplead all of the assets held hereunder
into a court of competent jurisdiction, and thereafter be
fully relieved from any and all liability or obligation with
respect to such interpleaded assets. The parties hereto
other than the Escrow Agent further agree to pursue any
redress or recourse in connection with such a dispute,
without making the Escrow Agent a party to the same.
(1) The Escrow Agent shall have only those duties as
are specifically provided herein, which shall be deemed
purely ministerial in nature, and shall under no
circumstance be deemed a fiduciary for any of the parties to
this Agreement. The Escrow Agent shall neither be
responsible for, nor chargeable with, knowledge of the terms
and conditions of any other agreement, instrument or
document between the other parties hereto, in connection
herewith. This Agreement sets forth all matters pertinent
to the escrow contemplated hereunder, and no additional
obligations of the Escrow Agent shall be inferred from the
terms of this Agreement or any other Agreement. IN NO EVENT
SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY,
FOR ANY (i) DAMAGES OR EXPENSES ARISING OUT OF THE SERVICES
PROVIDED HEREUNDER, OTHER THAN DAMAGES WHICH RESULT FROM THE
ESCROW AGENT'S FAILURE TO ACT IN ACCORDANCE WITH THE
STANDARDS SET FORTH IN THIS AGREEMENT, OR (ii) SPECIAL OR
CONSEQUENTIAL DAMAGES, EVEN IF THE ESCROW AGENT HAS BEEN
ADVISED OF THE POSSIBILITY OF SUCH DAViAGES.
(m) Any banking association or corporation into which
the Escrow Agent may be merged converted or with which the
Escrow Agent may be consolidated or any corporation
resulting from any merger, conversion or consolidation to
which the Escrow Agent shall be a party, or any banking
association or corporation to which all or substantially all
of the corporate trust business of the Escrow Agent shall be
transferred, shall succeed to all the Escrow Agent's rights,
obligations and immunities hereunder without the execution
or filing of any paper or any further act on the part of any
of the parties hereto, anything herein to the contrary
notwithstanding.
(n) In the event that any escrow Property shall be
attached, garnished or levied upon by any court order, or
the delivery thereof shall be stayed or enjoined by an order
of a court, or any order, judgment or decree shall be made
or entered by any court order affecting property deposited
under this Agreement, the Escrow Agent is hereby expressly
authorized, it its sole discretion, to obey and comply with
all writs, orders or decrees so entered or issued, which it
is advised by legal counsel of its own choosing is binding
upon it, whether with or without jurisdiction, and in the
event that the Escrow Agent obeys or complies with any such
writ, order or decree it shall not be liable to any of the
parties hereto or to any other person, firm or corporation,
4
by reason of such compliance notwithstanding such writ,
order or decree be subsequently reversed, modified, annulled
set aside or vacated.
Section 2. Escrow Fund. On May 1, 2013 the City will
irrevocably deposit with the Escrow Agent for the account of the
Building Authority the City • will deposit $ to
establish an Escrow Fund for the BONDS TO BE DEFEASED in an
amount which together with the investment income therefrom, shall
be held in the Escrow Fund to he maintained by the Escrow Agent
and used (i) to pay the interest on all of the BONDS TO BE
DEFEASED when due from the date hereof to and including June 1,
2013 (the "Redemption Date"); and (ii) to redeem . on said
Redemption Date the principal amount maturing - in the years 2013
through 2019; the principal amounts maturing in the years 2020
and 2021, maturities which are a term bond maturing in 2021; the
principal amounts maturing in the years 2022 and 2023, maturities
which are a term bond maturing in 2023; the principal amounts
maturing in the years 2024 and 2025, maturities which are a term
bond maturing in 2025; and the principal amounts maturing in the
years 2026 and 2027, maturities which are a term bond maturing in
2027, at a. redemption price of 1001 of the principal amount, as
set forth with Section 3 hereof.
Section 3. Redemotion of th BONDS TO DEFEASED,
Authority will redeem, prior to
TO BE DEFEASED as follows:
Bonds
Oakland County
Building Authority,
Building Authority
Refunding Bonds, Series 2006
ir...sche maturity, DONDE
Principal to
be Defsased
$7,760,000
maturing in
the years
2013 thru 2027
The Authority by execution of this Escrow Agreement, hereby
authorizes the Escrow Agent at the expense of the Authbrity to
give the paying agent for the Bonds irrevocable instructions to
call the BONDS TO BE DEFEASED, The Escrow Agent shall give to
the paying agent for the Bonds such notice not more than sixty
(60) nor less than forty-five (45) days prior to the redemption
date, June 1, 2013, in substantially the form attached to this
Agreement as APPENDIX II. If necessary, the paying agent for the
Bonds shall publish said notice, as set forth in APPEATIK II and
mail such notice to the registered owner or owners at the
addresses listed on the registration books of the Authority
maintained by the paying agent for the Bonds.
Section 4. Investments. As directed by the Author ity, moneys deposited in the Escrow Fund shall be immediately invested
in direct obligations of the United. States of America and/or
obligations the principal of, premium (if any) and interest on
which are fully guaranteed by the United States of America, as
described on APPENDIX III ("Investment Securities"), except for
seventeen cents ($0.17) which will be held in the Escrow Fund as
5
the beginning balance for the BONDS TO BE DEFEASED. The Escrow
Agent agrees to cause to be purchase United States Government
Obligations known as "SLGS" (State and Local Government Series)
from the United States Department of Treasury on the date shown
in APPENDIX III.
The investment income from the Investment Securities in the
Escrow Fund shall be credited to the Escrow Fund and shall not be
reinvested. The Escrow Agent shall not sell any Investment
Securities. All moneys not invested as provided in this
Agreement shall be held by the Escrow Agent as a trust deposit.
Section 5. use_afilsmaL . Except as expressly provided in
this Agreement, no paying agents' fees for the payment of
principal of, redemption premium or interest on the Bonds or
other charges may be paid from the escrowed moneys or Investment
Securities prior to retirement of all of the BONDS TO BE
DEFEASED, and the Authority agrees that it will pay all such fees
from its other legally available funds as such payments become
due prior to such retirement.
Section 6. Deficiency in Escrow Fund. At such time or
times as there shall be insufficient funds on hand in the Escrow
Fund for the payment of principal of, premium (if any and.
interest falling due on the BONDS TO BE DEFEASED, the Escrow
Agent shall promptly notify the Authority of such deficiency, as
provided for under Section 12 below.
Section. 7. Reports to Authori. The Escrow Agent snail
deliver to the Chairperson of the Commission of the Authority a
semi-annual statement reflecting each transaction relating to the
Escrow Fund; and on or before the first day of February of each
year shall deliver to the Authority a list of assets of the
Escrow Fund as of December 31 of such year and an operating
statement for the Escrow Fund for the year then ended.
Section 8. Fees of Escrow Aoent. The Escrow Agent agree s
with the Authority that the charges, fees and expenses of the
Escrow Agent throughout the term of this Agreement shall he the
total sum of Five Hundred Dollars ($500.00) payable on the date
of closing, which charges, fees and expenses shall be paid from
monies deposited with the Escrow Agent from available funds of
the Authority.
Section 9. Payments from Escrow Fund. The Escrow Agent
shall without further authorization or direction from the
Authority, collect the principal of and interest on the
Investment Securities promptly as the same shall become due and,
to the extent that Investment Securities and moneys are
sufficient for such purpose, shall make timely payments out of
the Escrow Fund to the proper paying agent or agents or their
successors for the BONDS TO BE DEFEASED, of moneys sufficient for
the payment of the principal of, premium. (if any) and interest on
such Bonds as the same shall become due and payable, all as set
out in APPENDIX IV and APPENDIX V. The payments so forwarded or
6
transferred shall be made in sufficient time to permit the
payment of such principal of, redemption premium and interest by
such paying agent or agents without default. The Authority
represents and warrants that the Escrow Fund will be sufficient
to make the foregoing and all other payments required under this
Agreement. The proper paying agent for the Bonds is shown in
APPENDIX I.
When the aggregate total amount required for the payment of
principal of, premium (if any) and interest on the BONDS TO BE
DEFEASED has been paid to the paying agent as provided above, the
Escrow. Agent shall transfer any moneys or Investment Securities
then held under this Agreement for the BONDS TO BE DEFEASED to
the Authority, and this Agreement shall cease.
Section 10. interest Bondholders Not Affected, The
Escrow Agent and the Authority recognize that the holders from
time to time of the Bonds have a beneficial and vested interest
in the Investment Securities and moneys to be held by the Escrow
Agent as provided in this Agreement. It is therefore recited,
understood and agreed that this Agreement shall not be subject to
revocation or amendment and no moneys on deposit in the Escrow
Fund for the BONDS TO BE DEFEASED can be used in any manner for
another series.
Section 11. Escrow No.i°. Obliga'rPe. None of the
provisions contained in tnistorment s]s:LI tegvire the Escrow
Agent to use or advance and of Its own moneys or otherwise incur
financial liability in the performance of any of its titles cf
the exercise of any of its rights or powers under this Agreement.
The Escrow Agent shall be under no liability for interest on any
funds or other property received by it under this Agreement,
except as expressly provided.
Section 12. Payment of Other Amounts. The Authority agrees
that it will promptly and without delay remit to the Escrow Agent
such additional sum or sums of money as may be necessary to
assure the payment of any BONDS TO BE DEFEASED and to fully pay
and discharge any obligation or obligations or charges, fees or
expenses incurred by the Escrow Agent in carrying out any of the
duties, terms Cr provisions of this Agreement that are in excess
of the sums provided for under Section 4 and Section 6 above.
Section 13. Seqreation of PrTrlc. The Escrow Agent shall
hold the Investment Securities and all moneys received by it from
the collection of, principal and interest on the Investment
Securities, and all moneys received from the Authority under this
Agreement, in a separate escrow account.
Section 14. Resignation of Escrow Agent. The Escrow Agent
may resign as such following the giving of thirty (30) days prior
written notice to the Authority. Similarly, the Escrow Agent may
be removed and replaced following the giving of thirty (30) days
prior written notice to the Escrow Agent by the Authority. In
either event, the duties of the Escrow Agent shall terminate
7
thirty (30) days after the date of such notice (or as of such
earlier date as may be mutually agreeable) and the Escrow Agent
shall then deliver the balance of the Escrow Fund then in its
possession to a successor Escrow Agent as shall be appointed by
the Authority.
If the Authority shall have failed to appoint a successor
prior to the expiration of thirty (30) days following the date of
the notice of resignation or removal, the then acting Escrow
Agent may petition any court of competent jurisdiction for the
appointment of a successor Escrow Agent or for other appropriate
relief and any such resulting appointment shall he binding upon
the Authority.
Upon acknowledgment by any successor Escrow Agent of the
receipt of the then remaining balance of the Escrow Fund, the
then acting Escrow Agent shall he fully released and relieved of
all duties, responsibilities, and obligations under this
Agreement.
Section 15. Benefit. This Agreement shall be for the sole
and exclusive benefit of the Authority, the Escrow Agent and the
holders of the Bonds. With the exception of rights expressly
conferred in this Agreement, nothing expressed in or to be
implied from this Agreement is intended or shall be construed to
give to any person other than the parties set forth above, any
legal or equitable right, remedy or claim under or in respect to
this Agreement.
Section 16. Severabili' . If any provision of ch i n
Agreement shall be held or deemed to be invalid or shall, in
fact, be illegal, inoperative or unenforceable, the same shall
not affect any other provision or provisions contained in this
Agreement or render the same invalid, inoperative or
unenforceable to any extent whatsoever.
Section 17. Notices. Any notice, request, communication or
other paper shall be sufficiently given and shall be deemed given
when delivered or mailed, by registered or certified mail,
postage prepaid or sent by facsimile transmission, except reports
as required in Section 7 which may be delivered by regular mail,
as follows:
C i ty of Pontiac
Emergency Manager
47450 Woodward Avenue
Pontiac, MI 48342
Attn: Louis H. Schimmel
Phone: 248-758-3136
Fax: 248-758-3292
8
If to the Authority:
Oakland County Building Authority
Treasurer
1200 N. Telegraph Dept. 479
Pontiac, MI 48341-0479
Attn: Andrew E. Meisner
Phone; 248-858-0611
Fax: 248-858-1810
If to the Escrow Agent:
Huntington National Bank
50 Monroe Avenue NW
Corporate Trust (M1230)
Grand Rapids, MI 49503
Attn: Ellen Campbell
Phone: 616-235-5941
Fax: 616-771-6314
The Authority, the City and the Escrow Agent may designate
any further or different addresses to which subsequent notices,
requests, communications or other papers shall be sent and shall
be required to provide written notification of said address
change.
Section 18. Costs ot Defasanee. Simultaneously with the
transfer of monies on nand from the City establishing the Escrow .
Fund, sufficient moneys shall be transferred to the Tscrnw Agent
and used to -pay all ef the costs associated with thb dbfbasanse
of the BONDS TO BE DEFEASED including, but not limited to,
financial costs, legal fees, verification fees, printing costs,
application fees and any other fees or costs incurred in
connection with the heretofore mentioned defeasance. All such
costs shall be authorized by the Authority, under the
"Instructions to Escrow Agent for Disbursement of Expenses at
Closing", and shall be paid on May 1, 2013,
Section 19. Governing
governed by and construed in
State of Michigan.
Th.s, Agreement shall be
accordance with the laws of the
IN WITNESS WHEREOF, the parties to this Agreement have duly
executed it by their duly authorized officers as of the date
first above written.
9
CITY OF PONTIAC
By:
Louis H. Schimmel
Its: Emergency Manager
OAKLIND COUNTY BUILDING AUTHORITY
By:
Joel Garrett
Its: Chairperson
By:
Jay Shah
HUNTINGTON NATIONAL BANK,
as Escrow Agent
By:
Dmh/DF-05K256(ba)
10
APPENDIX I
S8,160,000 OAKLAND COUNTY BUILDING AUTHORITY BUILDING AUTHORITY REFUNDING BONDS, SERIES 2006
Dated as of March 1,2006
REMAINING ORIGINAL DEBT SERVICE SCHEDULE
Total Fiscal
Date Principal Coupon interest Debt Service Total
06/01/13
12/01/13
06/01/14
12/01/14
06/01/15
12/01/15
06/01/16
12/01/16
06/01/17
12/01/17
06/01/18
12/01/18
06/01/19
12/01/19
06/01/20
12/01/20
06/01/2
12/01/21
06/01/22
12/01/22
06/01/23
12/01/23
06/01/24
12/01/24
06/01/25
12/01/25
06/01/26
12/01/26
06/01/27
$385,000.00
405,000,00
420,000.00
440,000.00
455,000.00
475,000.00
500,000.00
520,000.00 A
5413,000.00 A
565,000.00 B
590,000.00 B
620,000.00 C
650,000.00
675,000.00 D
520,000.00 D
3.700%
3.800%
3.850%
3.875%
4.000%
4.000%
4.150%
4.200%
4.700%
4.250%
4.250%
4.750%
4.750%
5.000%
5.000%
$167,243.75
160,121.25
160,121.25
152,426.25
152,426.25
144,341.25
144,341.25
135,816.25
135,816.25
126,716.25
126,716.25
117,216.25
117,216.25
106,841.25
105,841.25
95,921.25
84,581.25
2,4,531.25
72,575.00
72,575.00
60,037.50
60,037.50
45,312.50
45,312.50
29,875.00
29,375.00
13,000.00
13,000.00
FL...,_356,..8.05 .25
$552,243.75
160,121.25
565,121.25
152,426.25
572,426.25
144,341.25
584,341.25
135,816.25
590,816.25
126,716.25
601,716.25
117,216.25
617,216.25
106,
C.
84,58 .25
649,
77,575.00
662,575.00
60,037.50
680,037.50
45,312.50
695,312.50
29,875.00
704,875.00
13,000.00
533,000.00
$10 616 8.0f-,;.:.5
$552,243.75
725,242.50
724,852..50
723,682.50
726,632.50
728,433,513
734,432.51
731,84L0E.0
734,165.5C
735,150.00
740,075.013
74 0, R9.5.00
734,750.00
546,000.00
no AIL
A, B, C & D — Term Bonds
Redemption Provisions: Bonds maturing prior to June 1,2014, shall not be subject to redemption prior to maturity. Bonds maturing on and after
June 1, 2014 shall be subject to redemption in whole or in part on any interest payment date on and after June 1, 2013, and in any order, at the
option of the Authority, at par, plus accrued interest to the date fixed for redemption.
Bond Registrar and Paving Agent: Huntington National Bank
Corporate Trust - EA4E64
7 Easton Oval
Columbus, OFI 43219
Diph/RD-0AK256(ba)
APPENDIX II
58,160,000
OAKLAND COUNTY BUILDING AUTHORITY
BUILDING AUTHORITY REFUNDING BONDS, SERIES 2006
Dated as of March 1, 2006
Due May 1, 20134
NOTICE IS HEREBY GIVEN that the Oakland County Building Authority. County of
Oakland, State of Michigan has called for redemption, on May 1, 2015, (the 'Redemption
Date"), Part of the callable outstanding Oakland County Building Authority, Building Authority
Refunding Bonds, Series 2006 (the "Bonds"), pursuant to the redemption provisions contained in
the Bonds, bearing the original issue date of March 1, 2006, maturing in the principal amount, on
the date, bearing interest at the rate, with the "CUSIP" number, as follows:
Principal
S385,000
405,000
420,000
440,000
455,000
475,000
500,000
1,060,000
1,155,000
1,270,000
1,195,000
Rate
3.700%
3.800%
3.850%
3.875%
4.000%
4.000%
4.150%
4.200%
4.250%
4.750%
5.000%
CUSIPS*
67747;75
672423LU2
672423LVO
672423LW8
672423LX6
672423LY4
672423LZI
672423MB3*
672423MD9**
672423M174***
672423MH0****
Maturity Date
June 1,2013
June 1, 2014
June 1, 2015
June 1,2016
June 1,2017
June 1.2018
June 1, 2019
June 1,2021
June I, 2023
June 1,2025
June 1, 20 7 7
** *** '''Term Bonds
Said Bonds will be redeemed at 100.0% of the par value thereof.
Said Bonds should be surrendered for redemption to
BANK, as paying agent, for payment as of May 1, 2013. after
Bonds shall cease to accrue, vihetner said Bonds are presented for
HUNTINGTON NA:TIONAh
which dare all interest on saic
payment or not.
Bonds may be surrendered for payment at the office of the bond registrar and paying
agent indicated. below. Method of delivery is at the option of the holder, but if by mail,
registered mail is suggested.
Huntington National Bank
Corporate Trust - EA4E64
7 Easton Oval
Columbus, OH 43219
* No . representation is made as to the correctness of the CUSIP number either as printed
on the Bonds or as contained herein and reliance may be placed only on the identincation
number.
Under the provisions of the Interest and Dividend Tax Compliance Act of 1983 and the
Comprehensive National Energy Policy Act of 1992, paying agents making payments of
principal on municipal securities may be obligated to witnhold a 31% tax from remittances to
individuals who have failed to furnish the paying annt with a certified and valid Taxpayer
Identification Number on a fully completed Form W-9.. Holders of the above described Bonds, who wish to avoid the application of these provisions, should submit certified Taxpayer
Identification Numbers on I.R.S. Form W-9 when presenting their securities for redemption or
for payment at maturi
OAKLAND COUNTY BUILDING AUTHORITY
Andrew E. Meisner, Treasurer
Dmh/DF-CAK256(ba)
APPENDIX III
58,160,000
OAKLAND COUNTY BUILDING AUTHORITY
BUILDING AUTHORITY REFUNDING BONDS, SERIES 2006
Dated as of March 1, 2006
Investment Securities to be Acquired Pu
to the Escrow Agreement
Purchase
Date
05-01-13
Investment
Amount
$7,926,705.00
Rate Maturity
0.080% 06-01-13
Investment Type
SLC-Cerificate
0.17 Uninvested Cash
$7,926,705.17 Total Escrow Requirement
Tirth / 0Aa2 E 6 (La )
APPENDIX IV
8,160,000
OAKLAND COUNTY BUILDING AUTHORITY
BUILDING AUTHORITY REFUNDING BONDS, SERIES 2006
Dated as of March 1,2006
REDEMPTION SCHEDULE
Redemption Date: June 1, 2013
REDEMPTION SCHEDULE
Redemption Pre 0.00%
Redeemed Redemption Total
Annual
Date Principal Interest Principal Premium Debt Service Total
06/01/1 $7,375,000.0
3 3385,000.00 $167,24375 0
z7,37,5_„000.o
I5,D.0_0_0_0 1167.243.75
37 9.1 '7 7
dr.h.DF-O2K2561ba)
APPEND TX V $8.11,0,000 OAKLAND COUNTY Iti.ji.,DING AUTHORITY - BUILDING AUTHORITY REllii\ PING BONDS, SERIES 2006 Datul as of fl1eh1, 2006 DEFEASANCE May 1,2013 Berlimiirt9 Elala.nce: $0.17 Beginning Ending Cash SLGS :SLGS Rates Debt Service Net Cash 1,00960% Date Balance Principal Rate Available " Total Defeasance Cash Flow Balance Present Value 05/01/13 $0.17 $0.17 06/01/13 0.17 $7,926,705.00 0.080% 0.080% $538,58 $7,927,243.58 $7,927,243.75 -$0.17 0.17 $7,926,705.00 $7 926.705.00 p r'T.7,92.L2_43„5ii M221_24115 $7,926.705 00 Arbitrage Yield: 4.1634% * March 12, 2013 SLGS Rate Table. Total Cost of Escrow Securities: 1/ dmh.DF-0A?:256ft6)
Resolution #13073 April 17, 2013
Moved by Dwyer supported by Jackson the resolutions (with fiscal notes attached) on the amended
Consent Agenda be adopted (with accompanying reports being accepted).
AYES: Dwyer, Gershenson, Gingell, Gosselin, Hoffman, Jackson, Long, Matis, McGillivray,
Middleton, Quarles, Runestad, Scott, Spisz, Taub, Weipert, Woodward, Zack, Bosnic,
Crawford. (20)
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 reports being accepted).
I HEREBY APPROVE THIS RESOLUTION
CHIEF N.PUTY COUNTY EXECUTIVE
ACTIP:r: '7 TO MCI 45.559A (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 April 17, 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 17th day of April, 2013.
X-e4-cf/
Lisa Brown, Oakland County