HomeMy WebLinkAboutResolutions - 2014.07.16 - 21394Miscellaneous Resolution #14140 June 11, 2014
BY: Planning and Building Committee, Jim Runestad, Chairperson
IN RE: WATER RESOURCES COMMISSIONER — RESOLUTION TO AUTHORIZE
OAKLAND COUNTY FARMINGTON HILLS WATER SUPPLY SYSTEM
IMPROVEMENTS BONDS, SERIES 2014 BOND RESOLUTION
To the Oakland County Board of Commissioners
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS, the City of Farmington Hills (the "City") and the County of Oakland (the
"County"), by and through the County Water Resources Commissioner (the "County Agency"),
have entered into the Oakland County — Farmington Hills - 2012 Water Supply System
Improvements Contract dated as of May 1, 2012 (the "Contract"), pursuant to the provisions of
Act 342, Public Acts of Michigan, 1939, as amended ("Act 342), and especially Sections 5a, 5b
and Sc thereof with respect to the acquisition, construction, and financing of facilities
constituting the Oakland County Farmington Hills 2012 Water Supply System (the "Project");
and
WHEREAS, by the terms of Act 342, the County and the City are authorized to enter into
the Contract for the acquisition, construction and financing of the Project to serve the City and
for the payment of the cost thereof by the City, with interest, and the County is then authorized to
issue its bonds in one or more series to provide the funds necessary therefor; and
WHEREAS, on August 1, 2012, the County issued its Oakland County Farmington Hills
Water Supply System Bonds, Series 2012, in the aggregate principal amount of $6,800,000 (the
"Series 2012 Bonds") to defray a part of the cost of the Project; and
WHEREAS, an estimate of the cost of the Project in the amount of $16,900,000 has been
approved by the Board of Commissioners of the County as the cost thereof and 30 years and
upwards has been approved as the period of usefulness thereof; and
WHEREAS, this Board of Commissioners desires to proceed with the financing of those
portions of the Project not financed by the Series 2012 Bonds through the issuance of a second
series of bonds of the County in an aggregate principal amount of not to exceed $10,100,000;
and
"WHEREAS, the County has agreed in a Continuing Covenant Agreement dated as of
September 27, 2013, between the County and Bank of America, N.A. (the "Bank of America
Continuing Covenant Agreement") to provide to Bank of America, N.A. certain information
pursuant to Article VI, Section 6.05 (f) of the Bank of America Continuing Covenant Agreement
which relates to a final official statement or other offering or disclosure document prepared in
connection with an offering of securities by the County.
THEREFORE, BE IT RESOLVED by the Board of Commissioners of the County of
Oakland, Michigan, as follows:
1. AUTHORIZATION OF BONDS — PURPOSE. Bonds of the County aggregating
the principal sum to be determined by the County Agency, but not to exceed Ten Million One
Hundred Thousand Dollars ($10,100,000), shall be issued and sold pursuant to the provisions of
Act 342, and other applicable statutory provisions, for the purpose of defraying part of the cost of
the Project.
PLANNING & BUILDING COMMITTEE
Motion carried unanimously on a roll call vote.
2. BOND DETAILS. The bonds shall be designated "Oakland County Farmington
Hills Water Supply System Improvements Bonds, Series 2014," shall be dated as of the date
approved by the County Agency; shall be numbered from 1 upwards; shall be fully registered;
shall be in the denomination of $5,000 each or any integral multiple thereof not exceeding the
aggregate principal amount for each maturity at the option of the purchaser thereof; shall bear
interest at a rate or rates not exceeding 6% per annum as shall be determined by the County
Agency at the time of sale; shall be payable as to interest on such dates as shall be determined by
the County Agency; and shall be serial bonds and/or term bonds and mature in such amounts and
on such dates and in such years as shall be determined by the County Agency; provided,
however, that the final maturity of a series of bonds shall not be more than 30 years after the date
that such series of bonds is delivered to the initial purchasers thereof.
3. PAYMENT OF PRINCIPAL AND INTEREST. The principal of and interest on
the bonds shall be payable in lawful money of the United States. Principal shall be payable upon
presentation and surrender of the bonds to the bond registrar and paying agent as they severally
mature. Interest shall be paid to the registered owner of each bond as shown on the registration
books at the close of business on the 15th day of the calendar month preceding the month in
which the interest payment is due. Interest shall be paid when due by check or draft drawn upon
and mailed by the bond registrar and paying agent to the registered owner at the registered
address.
4. BOOK-ENTRY SYSTEM. Initially, one fully-registered bond for each maturity,
in the aggregate amount of such maturity, shall be issued in the name of Cede & Co., as nominee
of The Depository Trust Company ("DTC") for the benefit of other parties (the "Participants") in
the book-entry-only transfer system of DTC. In the event the County determines that it is in the
best interest of the County not to continue the book-entry system of transfer or that the interests
of the holders of the bonds might be adversely affected if the book-entry system of transfer is
continued, the County may notify DTC and the bond registrar and paying agent, whereupon DTC
will notify the Participants of the availability through DTC of bond certificates. In such event,
the bond registrar and paying agent shall deliver, transfer and exchange bond certificates as
requested by DTC and any Participant or "beneficial owner" in appropriate amounts in
accordance with this Resolution. DTC may determine to discontinue providing its services with
respect to the bonds at any time by giving notice to the County and the bond registrar and paying
agent and discharging its responsibilities with respect thereto under applicable law or the County
may determine that DTC is incapable of discharging its duties and may so advise DTC. In either
such event, the County shall use reasonable efforts to locate another securities depository. Under
such circumstances (if there is no successor securities depository), the County and the bond
registrar and paying agent shall be obligated to deliver bond certificates in accordance with the
procedures established by this Resolution. In the event bond certificates are issued, the
provisions of this Resolution shall apply to, among other things, the transfer and exchange of
such certificates and the method of payment of principal of and interest on such certificates.
Whenever DTC requests the County and the bond registrar and paying agent to do so, the County
and the bond registrar and paying agent shall cooperate with DTC in taking appropriate action
after reasonable notice to make available one or more separate certificates evidencing the bonds
to any Participant having bonds certified to its DTC account or to arrange for another securities
depository to maintain custody of certificates evidencing the bonds.
Notwithstanding any other provision of this Resolution to the contrary, so long as any
bond is registered in the name of Cede & Co., as nominee of DTC, all payments with respect to
the principal of, interest on and redemption premium, if any, on such bonds and all notices with
respect to the bonds shall be made and given, respectively, to DTC as provided in the Blanket
Issuer Letter of Representations relating to the bonds. The County Treasurer and the County
Agency are each authorized to sign the Blanket Issuer Letter of Representations on behalf of the
County, in such form as such officer deems necessary or appropriate in order to accomplish the
issuance of the bonds in accordance with law and this Resolution.
5. PRIOR REDEMPTION. The bonds shall be subject to redemption prior to
maturity upon such terms and conditions as shall be determined by the County Agency.
6. BOND REGISTRAR AND PAYING AGENT. The County Treasurer shall
designate, and may enter into an agreement with, a bond registrar and paying agent for the bonds
which shall be a bank or trust company located in the State of Michigan which is qualified to act
in such capacity under the laws of the United States of America or the State of Michigan. The
County Treasurer from time to time as required may designate a similarly qualified successor
bond registrar and paying agent.
7. EXECUTION, AUTHENTICATION AND DELIVERY OF BONDS. The bonds
shall be executed in the name of the County by the facsimile signatures of the Chairperson of the
Board of Commissioners and the County Clerk and authenticated by the manual signature of an
authorized representative of the bond registrar and paying agent, and the seal of the County (or a
facsimile thereof) shall be impressed or imprinted on the bonds. After the bonds have been
executed and authenticated for delivery to the original purchaser thereof, they shall be delivered
by the County Treasurer to the purchaser upon receipt of the purchase price. Additional bonds
bearing the facsimile signatures of the Chairperson of the Board of Commissioners and the
County Clerk and upon which the seal of the County (or a facsimile thereof) is impressed Of
imprinted may be delivered to the bond registrar and paying agent for authentication and delivery
in connection with the exchange or transfer of bonds. The bond registrar and paying agent shall
indicate on each bond the date of its authentication.
8. EXCHANGE AND TRANSFER OF BONDS. Any bond, upon surrender thereof
to the bond registrar and paying agent with a written instrument of transfer satisfactory to the
bond registrar and paying agent duly executed by the registered owner or his duly authorized
attorney, at the option of the registered owner thereof, may be exchanged for bonds of any other
authorized denominations of the same aggregate principal amount and maturity date and bearing
the same rate of interest as the surrendered bond.
Each bond shall be transferable only upon the books of the County, which shall be kept
for that purpose by the bond registrar and paying agent, upon surrender of such bond together
with a written instrument of transfer satisfactory to the bond registrar and paying agent duly
executed by the registered owner or his duly authorized attorney.
Upon the exchange or transfer of any bond, the bond registrar and paying agent on behalf
of the County shall cancel the surrendered bond and shall authenticate and deliver to the
transferee a new bond or bonds of any authorized denomination of the same aggregate principal
amount and maturity date and bearing the same rate of interest as the surrendered bond. If, at the
time the bond registrar and paying agent authenticates and delivers a new bond pursuant to this
section, payment of interest on the bonds is in default, the bond registrar and paying agent shall
endorse upon the new bond the following: "Payment of interest on this bond is in default. The
last date to which interest has been paid is [appropriate date to be inserted]."
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The County and the bond registrar and paying agent may deem and treat the person in
whose name any bond shall be registered upon the books of the County as the absolute owner of
such bond, whether such bond shall be overdue or not, for the purpose of receiving payment of
the principal of and interest on such bond and for all other purposes, and all payments made to
any such registered owner, or upon his order, in accordance with the provisions of section 3 of
this Resolution shall be valid and effectual to satisfy and discharge the liability upon such bond
to the extent of the sum or sums so paid, and neither the County nor the bond registrar and
paying agent shall be affected by any notice to the contrary. The County agrees to indemnify
and save the bond registrar and paying agent harmless from and against any and all loss, cost,
charge, expense, judgment or liability incurred by it, acting in good faith and without negligence
hereunder, in so treating such registered owner.
For every exchange or transfer of bonds, the County or the bond registrar and paying
agent may make a charge sufficient to reimburse it for any tax, fee or other governmental charge
required to be paid with respect to such exchange or transfer, which sum or sums shall be paid by
the person requesting such exchange or transfer as a condition precedent to the exercise of the
privilege of making such exchange or transfer.
The bond registrar and paying agent shall not be required to transfer or exchange bonds
or portions of bonds which have been selected for redemption.
9. FORM OF BONDS. The bonds shall be in substantially the following form, with
such additions, deletions and modifications as are approved by the County Agency and
consistent with the terms of this Resolution:
PLANNING AND BUILDING COMMITTEE
Motion carried unanimously on a roll call vote.
[FORM OF BOND]
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY FARMINGTON HILLS
WATER SUPPLY SYSTEM IMPROVEMENTS BOND, SERIES 2014
INTEREST RATE MATURITY DATE DATE OF ORIGINAL ISSUE CUSIP
Registered Owner:
Principal Amount:
The County of Oakland, State of Michigan (the "County") acknowledges itself indebted
to and for value received hereby promises to pay to the Registered Owner identified above, or
registered assigns, the Principal Amount set forth above on the Maturity Date specified above,
unless redeemed prior thereto as hereinafter provided, upon presentation and surrender of this
bond at in the city of
Michigan, the bond registrar and paying agent, and to pay to the Registered Owner, as shown on
the registration books at the close of business on the 15 1h day of the calendar month preceding the
month in which an interest payment is due, by check or draft drawn upon and mailed by the bond
registrar and paying agent by first class mail postage prepaid to the Registered Owner at the
registered address, interest on such Principal Amount from the Date of Original Issue or such
later date through which interest shall have been paid until the County's obligation with respect
to the payment of such Principal Amount is discharged at the rate per annum specified above.
Interest is payable on the first day of and in each year, commencing
1, 201_. Principal and interest are payable in lawful money of the United States
of America. Interest shall be computed on the basis of a 360-day year of twelve 30-day months.
This bond is one of a series of bonds aggregating the principal sum of
Dollars ($ ) issued by the County under and
pursuant to and in full conformity with the Constitution and Statutes of Michigan (especially Act
No. 342, Public Acts of 1939, as amended) and a bond authorizing resolution adopted by the
Board of Commissioners of the County (the "Resolution") for the purpose of defraying part of
the cost of acquiring and constructing water supply facilities to improve, enlarge and extend the
Oakland County Farmington Hills 2012 Water Supply System to serve the County and the City
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of Farmington Hills (the "City"). The bonds of this series are issued in anticipation of payments
to be made by the City, in the aggregate principal amount of
Dollars ($ ), pursuant to a contract between the County and the City. The full faith and
credit of the City have been pledged to the prompt payment of the foregoing amount and the
interest thereon as the same become due. As additional security the full faith and credit of the
County have been pledged for the prompt payment of the principal of and interest on the bonds
of this series. Taxes levied by the City and the County to pay the principal of and interest on the
bonds of this series are subject to constitutional, statutory and charter tax limitations.
This bond is transferable, as provided in the Resolution, only upon the books of the
County kept for that purpose by the bond registrar and paying agent, upon the surrender of this
bond together with a written instrument of transfer satisfactory to the bond registrar and paying
agent duly executed by the Registered Owner or his attorney duly authorized in writing. Upon
the exchange or transfer of this bond a new bond or bonds of any authorized denomination, in the
same aggregate principal amount and of the same interest rate and maturity, shall be
authenticated and delivered to the transferee in exchange therefor as provided in the Resolution,
and upon payment of the charges, if any, therein provided. Bonds so authenticated and delivered
shall be in the denomination of $5,000 or any integral multiple thereof not exceeding the
aggregate principal amount for each maturity.
The bond registrar and paying agent shall not be required to transfer or exchange bonds
or portions of bonds which have been selected for redemption.
MANDATORY PRIOR REDEMPTION
Bonds maturing in the year are subject to mandatory prior redemption at par and
accrued interest as follows:
Redemption Date
Principal Amount of
Bonds to be Redeemed
Bonds or portions of bonds to be redeemed by mandatory redemption shall be selected by
lot.
(REPEAT IF MORE THAN ONE TERM BOND)
OPTIONAL PRIOR REDEMPTION
Bonds maturing prior to 1, 20 , are not subject to redemption prior to
maturity. Bonds maturing on and after 1, 20 , are subject to redemption prior to
maturity at the option of the County, in such order as shall be determined by the County, on any
one or more interest payment dates on and after 1, 20 . Bonds of a denomination
greater than $5,000 may be partially redeemed in the amount of $5,000 or any integral multiple
thereof If less than all of the bonds maturing in any year are to be redeemed, the bonds or
portions of bonds to be redeemed shall be selected by lot. The redemption price shall be the par
value of the bond or portion of the bond called to be redeemed plus interest to the date fixed for
redemption and a premium as follows:
of the par value of each bond called for redemption on or after
1, 20 , but prior to 1, 20 ;
of the par value of each bond called for redemption on or after
1, 20 , but prior to 1, 20 •
No premium if called for redemption on or after 1, 20
Not less than thirty days' nor more than sixty days' notice of redemption shall be given to
the holders of bonds called to be redeemed by mail to the registered holder at the registered
address. Bonds or portions of bonds called for redemption shall not bear interest after the date
fixed for redemption, provided funds are on hand with the bond registrar and paying agent to
redeem the same.
It is hereby certified, recited and declared that all acts, conditions and things required to
exist, happen and be performed precedent to and in the issuance of the bonds of this series,
existed, have happened and have been performed in due time, form and manner as required by
law, and that the total indebtedness of the County, including the series of bonds of which this
bond is one, does not exceed any constitutional or statutory limitation.
IN WITNESS WHEREOF, the County of Oakland, Michigan, by its Board of
Commissioners, has caused this bond to be executed in its name by facsimile signatures of the
Chairperson of the Board of Commissioners and the County Clerk and its corporate seal (or a
facsimile thereof) to be impressed or imprinted hereon. This bond shall not be valid unless the
Certificate of Authentication has been manually executed by an authorized representative of the
bond registrar and paying agent.
COUNTY OF OAKLAND
By:
Chairperson, Board of Commissioners
[SEAL]
And:
County Clerk
CERTIFICATE OF AUTHENTICATION
This bond is one of the bonds described in the within mentioned Resolution.
Bond Registrar and Paying Agent
By:
Authorized Representative
AUTHENTICATION DATE:
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
(please print or type name, address and taxpayer identification number of transferee) the within
bond and all rights thereunder and hereby irrevocably constitutes and appoints
attorney to transfer the within bond on the books kept for registration thereof, with full power of
substitution in the premises.
Dated:
Signature Guaranteed:
Signature(s) must be guaranteed by an eligible guarantor institution participating in a
Securities Transfer Association recognized signature guarantee program.
[END OF BOND FORM]
10. SECURITY. The bonds shall be issued in anticipation of payments to be made by
the City pursuant to the Contract. The bonds shall be secured primarily by the full faith and
credit pledge made by the City in the Contract pursuant to the authorization contained in Act
342. As additional and secondary security the full faith and credit of the County are pledged for
the prompt payment of the principal of and interest on the bonds as the same shall become due.
If the City shall fail to make a payment to the County which is sufficient to pay the principal of,
premium, if any, and interest on the bonds as the same shall become due, then an amount
sufficient to pay the deficiency shall be advanced from the general fund of the County. Taxes
imposed by the County shall be subject to constitutional and statutory limitations.
11. DEFEASANCE. In the event cash or direct obligations of the United States or
obligations the principal of and interest on which are guaranteed by the United States, or a
combination thereof, the principal of and interest on which, without reinvestment, come due at
times and in amounts sufficient to pay, at maturity or irrevocable call for earlier optional
redemption, the principal of, premium, if any, and interest on the bonds, or any portion thereof,
shall have been deposited in trust, this Resolution shall be defeased with respect to such bonds,
and the owners of the bonds shall have no further rights under this Resolution except to receive
payment of the principal of, premium, if any, and interest on such bonds from the cash or
securities deposited in trust and the interest and gains thereon and to transfer and exchange bonds
as provided herein.
12. PRINCIPAL AND INTEREST FUND. There shall be established for the bonds a
Principal and Interest Fund which shall be kept in a separate bank account, provided, however,
that such Principal and Interest Fund may be pooled or combined for deposit or investment
purposes with other debt retirement funds created for nonvoted debt of the County (other than
any special assessment debt). From the proceeds of the sale of the bonds there shall be set aside
in the Principal and Interest Fund any premium as determined by order of the County Agency
and any accrued interest received from the purchaser of the bonds at the time of delivery of the
same. All payments received from the City pursuant to the Contract are pledged for payment of
the principal of and interest on the bonds and expenses incidental thereto and as received shall be
placed in the Principal and Interest Fund.
13. CONSTRUCTION FUND. The remainder of the proceeds of the sale of the
bonds shall be set aside in a construction fund for the Project and used to defray the cost of the
Project in accordance with the provisions of the Contract.
14, APPROVAL OF MICHIGAN DEPARTMENT OF TREASURY — EXCEPTION
FROM PRIOR APPROVAL. The issuance and sale of the bonds shall be subject to the County
obtaining qualified status or prior approval from the Department of Treasury of the State of
Michigan pursuant to Act 34, Public Acts of Michigan, 2001, as amended ("Act 34"), and, if
necessary, the County Treasurer and County Agency are each hereby authorized and directed to
make application to the Department of Treasury for approval to issue and sell the bonds as
provided by the terms of this Resolution and by Act 34. The County Treasurer and County
Agency are authorized to pay any filing fees required in connection with obtaining qualified
status or prior approval from the Department of Treasury. The County Treasurer and County
Agency are further authorized to request such waivers of the requirements of the Department of
Treasury or Act 34 as necessary or desirable in connection with the sale of the bonds.
15. SALE, ISSUANCE, DELIVERY, TRANSFER AND EXCHANGE OF BONDS.
The County Agency is hereby authorized to determine the principal amount of the bonds to be
sold and to determine the other bond details as described in section 2 hereof and the terms and
conditions for prior redemption as described in section 5 hereof. In addition, in order to save the
cost of publication of an official notice of sale, the County Agency is hereby authorized to sell
the bonds at a negotiated sale after solicitation of proposals from prospective purchasers by
Municipal Financial Consultants Incorporated, which is hereby appointed as the County's
financial consultant for the bonds. The bonds shall be sold at a price that is not less than 98.5%
of their par value, as determined by the County Agency. The County's financial consultant is
authorized to solicit proposals from at least twenty-five prospective purchasers and to circulate a
request for proposal at least seven days prior to the date fixed for receipt of proposals for the
purchase of the bonds. The request for proposal shall be in the form approved by the County
Agency. The financial consultant is hereby designated to act for and on behalf of the County
Agency to receive proposals for the purchase of the Bonds and to take all other steps necessary
in connection with the sale and delivery thereof The County Agency is hereby authorized to
determine the low proposer on the Bonds and to award the Bonds to such low proposer. The
County Agency is hereby authorized to do all other things necessary to effectuate the sale,
issuance, delivery, transfer and exchange of the Bonds in accordance with the provisions of this
Resolution.
16. REPLACEMENT OF BONDS. Upon receipt by the County Treasurer of proof of
ownership of an unmatured bond, of satisfactory evidence that the bond has been lost, apparently
destroyed or wrongfully taken and of security or indemnity which complies with applicable law
and is satisfactory to the County Treasurer, the County Treasurer may authorize the bond
registrar and paying agent to deliver a new executed bond to replace the bond lost, apparently
destroyed or wrongfully taken in compliance with applicable law. In the event an outstanding
matured bond is lost, apparently destroyed or wrongfully taken, the County Treasurer may
authorize the bond registrar and paying agent to pay the bond without presentation upon the
receipt of the same documentation required for the delivery of a replacement bond. The bond
registrar and paying agent, for each new bond delivered or paid without presentation as provided
above, shall require the payment of expenses, including counsel fees, which may be incurred by
the bond registrar and paying agent and the County in the premises. Any bond delivered
pursuant the provisions of this section 16 in lieu of any bond lost, apparently destroyed or
wrongfully taken shall be of the same form and tenor and be secured in the same manner as the
bond in substitution for which such bond was delivered.
17. OFFICIAL STATEMENT. The County Agency and the County Treasurer are
each authorized to cause the preparation of an official statement for the bonds for the purpose of
enabling compliance with Rule 15c2-12 issued under the Securities Exchange Act of 1934, as
amended (the "Rule") and to do all other things necessary to enable compliance with the Rule.
After the award of the bonds, the County will provide copies of a "final official statement" (as
defined in paragraph (e)(3) of the Rule) on a timely basis and in reasonable quantity as requested
by the successful bidder or bidders to enable such bidder or bidders to comply with paragraphs
(b)(3) and (b)(4) of the Rule and the rules of the Municipal Securities Rulemaking Board.
18. CONTINUING DISCLOSURE. The County Treasurer is authorized to execute a
certificate of the County, constituting an undertaking to provide ongoing disclosure about the
County for the benefit of the holders of the bonds as required under paragraph (b)(5) of the Rule,
and amendments to such certificate from time to time in accordance with the terms of the
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.
19. TAX COVENANT. The County covenants to comply with all requirements of
the Internal Revenue Code of 1986, as amended, necessary to assure that the interest on the
bonds will be and will remain excludable from gross income for federal income tax purposes.
The County Agency, the County Treasurer, the County Clerk and other appropriate County
officials are authorized to do all things necessary to assure that the interest on the bonds will be
and will remain excludable from gross income for federal income tax purposes.
20. NOTICE OF ISSUANCE OF BONDS. Within thirty (30) days after the issuance
of the bonds, either (1) a copy of the final official statement or other offering or disclosure
document prepared by the County in connection with the issuance of the bonds or (2) notice that
such information has been filed with the Electronic Municipal Market Access system of the
Municipal Securities Rulemaking Board and is publicly available shall be furnished to Bank of
America, N.A. at the following locations:
Bank of America, N.A.
Mail Code: IL4-135-07-28
135 South LaSalle Street
Chicago, IL 60603
Attention: Thomas R. Denes
Bank of America, N.A.
Public Sector Banking Group
Mail Code: MI8-900-02-70
2600W. Big Beaver Road
Troy, MI 48084
Attention: Susan Pendygraft,
Senior Credit Support Association
In accordance with the Bank of America Continuing Covenant Agreement, the notices
provided for above shall be in writing and shall be transmitted by e-mail to the following
addresses: ryan.denesgbaml.com and susan.pendygraft@haml.com .
21. CONFLICTING RESOLUTIONS. All resolutions and parts of resolutions
insofar as they may be in conflict herewith are hereby rescinded.
Mr. Chairperson, on behalf of the Planning and Building Committee, I move adoption of
the foregoing resolution.
Resolution #14140 June 11,2014
The Chairperson referred the resolution to the Finance Committee. There were no objections.
FISCAL NOTE (MISC. #14140) July 16, 2014
BY: FINANCE COMMITTEE, TOM MIDDLETON, CHAIRPERSON
IN RE: WATER RESOURCES COMMISSIONER — RESOLUTION TO AUTHORIZE OAKLAND
COUNTY FARMINGTON HILLS WATER SUPPLY SYSTEM IMPROVEMENTS BONDS, SERIES
2014 BOND 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 authorizes the issuance of the Oakland County Farmington Hills
Water Supply System Improvements Bonds, Series 2014 not to exceed amount of
$10,100,000 in accordance with the provisions of Act 342 of the Public Acts of
1939, as amended.
2. The Farmington Hills Water Supply System project total cost is $16.9 million and
included Miscellaneous Resolution #12144 that issued bonds for Phase I of $6.8
million. Phase ll is not to exceed $10.1 million.
3. Phase II of the project consists of the construction of pressure reducing vaults, 20"
diameter water main, an addition to the City's DPW Building and miscellaneous
improvements for $10,100,000 with a 30 year and upward useful life.
4. The bonds shall be secured primarily by the full faith and credit pledge by the City
of Farmington Hills. The Oakland County Board of Commissioners will pledge the
full faith and credit of the County as secondary obligors for the payment of principal
and interest on the Bonds.
5. The Bonds shall be issued in multiple series, bear an interest rate not to exceed
6% per annum, will be in aggregate principal amounts, will mature in such years
and principal amounts and will be callable prior to maturity as determined
necessary by the County Agency.
6. The statutory limit for County debt is $5,508,460,729 (10% of State Equalized
Value). As of June 2, 2014, the total pledged debt is $701,396,789 or
approximately 1.273% of the S.E.V.
7. The City of Farmington Hills will pay for the bonds through revenues of the water
supply system paid by users of the system.
8. No County general funds shall be appropriated to this Project.
FINANCE COMMITTEE VOTE:
Motion carried unanimously on a roll call vote with Middleton absent.
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Resolution #14140 July 16, 2014
Moved by Weipert 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, Hatchett, Jackson, Long, Matis, McGillivray,
Middleton, Scott, Spisz, Taub, Weipert, Woodward, Zack, Bosnic, Crawford. (18)
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 DEPUTY COUNTY EXECUTIVE
ACTING PURSUANT TO MCL 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 July 16, 2014,
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 16th day of July 2014.
Lisa Brown, Oakland County