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Home My WebLink AboutResolutions - 2015.02.18 - 21669Miscellaneous Resolution #15025 February 18, 2015 BY: PLANNING & BUILDING COMMITTEE, PHILIP J. WEIPERT, CHAIRPERSON IN RE: WATER RESOURCES COMMISSIONER - RESOLUTION DECLARING OFFICIAL INTENT TO REIMBURSE PROJECT EXPENDITURES FROM BOND PROCEEDS AND AUTHORIZING NOTICE OF INTENT TO ISSUE BONDS FOR CITY OF PONTIAC WATER SUPPLY SYSTEM IMPROVEMENTS TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS Mr. Chairperson, Ladies and Gentlemen: WHEREAS, the County of Oakland (the "County") is in urgent need of water supply system facilities constituting a part of the County's City of Pontiac Water Supply System (the "System") as described in the notice attached hereto (sometimes referred to herein as the "Project"), in order to promote the health and welfare of the residents served by the System, which water supply system facilities also would benefit the County and its residents, and such facilities can be financed most economically and efficiently by the County through the exercise of the powers conferred by Act 34, Public Acts of Michigan, 2001, as amended ("Act 34"); and WHEREAS, the County is authorized pursuant to the terms of Act 34 to issue its tax- exempt bonds to finance the cost of the acquisition and construction of the Project, which bonds will be paid from revenues of the System and further secured by the County's full faith and credit pledge; and WHEREAS, it is anticipated that the County will advance all or a portion of the costs of the Project prior to the issuance of the bonds, such advance to be repaid from proceeds of the bonds upon the issuance thereof; and WHEREAS, Section 1.150-2 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 qualify amounts advanced by the County to the Project for reimbursement from proceeds of the bonds in accordance with the requirements of the Reimbursement Regulations. THEREFORE BE IT RESOLVED by the Board of Commissioners of Oakland County, Michigan, as follows: 1. DECLARATION OF INTENT TO REIMBURSE PROJECT EXPENDITURES. The County hereby declares its official intent to issue its limited tax general obligation bonds in one or more series in the aggregate principal amount of not to exceed $22,000,000 to finance all or part of the cost of the Project. The County hereby declares that it reasonably expects to seek reimbursement for its advances to the Project as anticipated by this resolution. The bonds shall be authorized by proper proceedings subsequent to this resolution. 2. NOTICE OF INTENT TO ISSUE BONDS The County Clerk is hereby instructed to publish the notice attached hereto once in a newspaper of general circulation in the County of Oakland, which notice shall not be less than 1/4 page in size in such newspaper. 3. CONFLICTING RESOLUTIONS. All resolutions and parts of resolutions insofar as they may be in conflict herewith are rescinded. Mr. Chairperson, on behalf of the Planning & Building Committee, I move adoption of the foregoing resolution. jILANNING & BUILDING COMMITTEE PLANNING AND BUILDING COMMITTEE VOTE: Motion carried unanimously on a roll call vote. Note: This notice must be not less than i/4 page in size in the newspaper. NOTICE OF INTENT TO ISSUE BONDS BY THE COUNTY OF OAKLAND, MICHIGAN NOTICE IS HEREBY GIVEN that the County of Oakland, Michigan (the "County"), intends to issue a series of limited tax general obligation bonds in the aggregate principal amount of not to exceed $22,000,000 for the purpose of acquiring, constructing, and installing water supply system improvements and facilities to improve the County's City of Pontiac Water Supply System (the "System") in accordance with the System's capital improvement plan, including but not limited to (i) replacement of residential water meters and appurtenances and installation of a data collector network for meter reading and real time alarm notification; (ii) replacement of over five miles of high-priority water mains in the City of Pontiac; and (iii) installation of energy transfer recovery systems through the use of turbines and related appurtenances at various water supply system facilities in the City of Pontiac. The bonds will bear interest from their date at a rate or rates to be determined at competitive and/or negotiated sales but in no event to exceed such rates as may be permitted by law. The bonds will be issued under and pursuant to the provisions of Act No. 34, Public Acts of Michigan, 2001, as amended, and the principal of and interest on the bonds are expected to be paid from revenues of the System. In addition, the full faith and credit of the County will be pledged to pay the principal of and interest on the bonds as the same shall become due. The County will be obligated, as a first budget obligation, to advance moneys from its general funds or to levy ad valorem taxes on all taxable property within its corporate boundaries to pay the principal of and interest on the bonds as the same shall become due to the extent that the revenues of the System are not sufficient for such purpose; provided, however, that the ability of the County to raise such moneys is subject to applicable constitutional and statutory limitations on the taxing power of the County. RIGHT TO PETITION FOR REFERENDUM This notice is given, by order of the Board of Commissioners of the County, to and for the benefit of the electors of the County in order to inform them of their right to petition for a referendum upon the question of the issuance of the aforesaid bonds. The bonds will be issued, without submitting such a question to a vote of the electors, unless within 45 days after the date of publication of this notice a petition requesting a referendum upon such question, signed by not less than 10% or 15,000 of the registered electors residing within the County, whichever is the lesser, shall have been filed with the undersigned County Clerk. In the event that such a petition is filed, the bonds will not be issued unless and until the issuance thereof shall have been approved by the vote of a majority of the electors of the County qualified to vote and voting thereon at a general or special election. FURTHER INFORMATION Further information relative to the issuance of said bonds, the project and the subject matter of this notice may be secured at the office of the County Clerk, 1200 North Telegraph Road, Pontiac, Michigan 48341. This notice is given pursuant to the provisions of Act 34, Public Acts of Michigan, 2001, as amended. Lisa Brown, Clerk County of Oakland BLOOMFIELD 9007-410 1461921v1 7 t)411i(SL • 1H1: hA •i:: - I -- 1;1 6=3•=m • 4'00. .11 .11 Lgke„,-;‘, I! 3k -11 _ - ,! • , .:11:759,iJI1759B 9P1NR.0 Cit./ Of PilrAac Ii1/1/PT Piajd4 F*n ypcial.e \GIS E, Johns Legend derson 1-lou tt 2016 Project Plan (Total Scope) ExhibitA Date: 21212016 17616 Pontiac Water Main Irnprovernent niinnn.Ri .PmP°0!4**TI:016 rr$FM:10:frkent4rEi!s Water MOT Repla:6061RIniAiii geitutr:Catatur4R4P!it • •.: • 5ist1ii4*tenipirt' iii; 5,' T :1;" qnillOr rid ' - :, F7v- • --,=-••='•••(": —i :1 :vit;no:st 11767: .11 d1•01L4.1n . E1E E; • ,E.E-t. E.‘,..nitinE • ':11 • •s" : •Innloa Gents' 0.40inn REI -1 op .e' FL 'ILI ogi „ Alolit,sp 1%=isorrik.4000, 4AtrrAg wg,i, I 5r. "=111"1141* rarE D 1 N'd ; ,11'1 \ $11101111311141 11."1111PIP 44941,11/ 11111*44 StitteAk* .44111P1177lAt# I , 1 1 1414111hr1/40161111‘11166211 111:211 t .4b Nik Tie 1 .ziti,..16.4.7call'141:741i111-1-"41:1:1313111 '" Vreml" 4%4115 r Jr B;o:milue I "VP 1 Fibitii " irieg VIONI 10',WIPM1.1111 ! 11 1/ IS Pit ogrip W '11421111suipain ‘1,V11.v,4:1:FaiiiMio b KING ARTIN siiimm okiso,47.1421:7607-7.41 • 411, Eparbires' Resolution #15025 February 18, 2015 The Chairperson referred the resolution to the Finance Committee, There were no objections.