HomeMy WebLinkAboutResolutions - 1993.03.31 - 21672Miscellaneous Resolution No. 93039 March 18, 1993
BY: Planning and Building Committee, Charles Palmer, Chairperson
IN RE: DRAIN COMMISSIONER - EDWARDS RELIEF DRAINS REFUNDING BONDS,
SERIES 1993 - FULL FAITH AND CREDIT RESOLUTION
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS, the Edwards Relief Drains Drainage District previously
has issued its Drain Bonds in the principal amount of $7,000,000 and this
Board of Commissioners pledged the full faith and credit of the County of
Oakland for the prompt payment of the principal of and interest on said Drain
Bonds; and
WHEREAS, the Drainage Board for the Edwards Relief Drains, by
resolution adopted on February 23, 1993, authorized and provided for the
issuance of refunding bonds in the aggregate principal amount of not to exceed
$4,500,000 to refund certain of the aforesaid Drain Bonds;
WHEREAS, the bonds are to be designated Refunding Bonds, Series
1993, are to be dated as of such date as the Drainage Board shall determine at
the time of sale; shall be in such principal amount and mature on such dates
as shall be determined by the Drainage Board at the time of sale; will bear
interest at a rate or rates not exceeding 8% and will be subject to redemption
prior to maturity in accordance with the provisions of the sale resolution;
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 Refunding Bonds, Series 1993; and
WHEREAS, it is appropriate that the Refunding Bonds, Series 1993
be sold in order to achieve debt service savings for the Township of West
Bloomfield and the County of Oakland.
NOW, THEREFORE, BE IT RESOLVED:
1. That pursuant to the authorization provided in Section 474
of the Drain Code of 1956, as amended, the Board of Commissioners of the
County of Oakland hereby pledges irrevocably the full faith and credit of the
County of Oakland for the prompt payment of the principal of and interest on
the Edwards Relief Drains Drainage District Refunding Bonds, Series 1993 and
agrees that, in the event any public corporation assessed shall fail or
neglect to account to the County Treasurer of the County of Oakland 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.
1. That in the event that, pursuant to said pledge of full
faith and credit, the County of Oakland 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 of Oakland, to take all actions and
proceedings and pursue all remedies permitted or authorized by law for the
reimbursement of such sums so paid.
Mr. Chairperson, on behalf of the Plnning and Building Committee,
I move adoption of the foregoing resolution.
PLANNINO BUILDING COMMITTEE
April 1, 1993
FISCAL NOTE (Misc. #93039)
BY: FINANCE COMMITTEE, JOHN P. MCCULLOCH, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - EDWARDS RELIEF DRAINS REFUNDING
BONDS, SERIES 1993 - FULL FAITH AND CREDIT RESOLUTION
MISCELLANEOUS RESOLUTION #93039
To The Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
Pursuant to Rule XI-G of this Board, the Finance Committee has
reviewed Miscellaneous Resolution #93039 and finds:
1) The resolution authorizes the issuance of refunding bonds
with the County pledging its full faith and credit as the
secondary obligator.
2) The aggregate principal amount is not to exceed
$4,500,000 at an interest rate not to exceed 8%.
3) The previous bonds were issued with a principal amount of
$7,000,000 at an average net interest rate of 7.25%.
4) The statutory limit for County debt is $2,814,075,876
(10% of 1992 State Equalized Value). As of February 28,
1993, the outstanding debt is $352,559,474.84 or
approximately 1.3% of the S.E.V. This refunding will
not increase the amount of outstanding debt.
5) The county General Fund non-departmental account, Road
Commission - Drain Assessments will realize a savings of
approximately $53,940 over the next eleven years.
FINANCE COMMI;feEE
NANC\DRAIN\BONDREFU.FN
Resolution # 93039 April 1, 1993
Moved by Palmer supported by Moffitt the resolution be adopted.
AYES: Law, McCulloch, McPherson, Miltner, Moffitt, Oaks, Obrecht, Palmer,
Powers, Price, Schmid, Taub, Wolf, Aaron, Crake, Douglas, Garfield, Gosling,
Huntoon, Jensen, Johnson, Kaczmar, Kingzett. (23)
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 of a resolution adopted by the
Oakland County Board of Commissioners on April 1,1993 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 1st day of April 1993.
Lynn D. Allen, County Clerk
