HomeMy WebLinkAboutResolutions - 2015.03.18 - 21722Miscellaneous 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 Y4 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. A
LANNING & BUILDING COMMITTEE
PLANNING AND BUILDING COMMITTEE VOTE:
Motion carried unanimously on a roll call vote.
Note: This notice must be not less than -% 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
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Resolution #15025 February 18, 2015
The Chairperson referred the resolution to the Finance Committee. There were no objections.
FISCAL NOTE (MR. #15025) March 18, 2015
BY: FINANCE COMMITTEE, TOM MIDDLETON, 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
Chairperson, Ladies and Gentlemen:
Pursuant to Rule XII-C of this Board, the Finance Committee has reviewed the above
referenced resolution and finds:
1. This resolution establishes the intent to reimburse project expenditures from
bond proceeds for Bonds issued on behalf of the City of Pontiac Water Supply
System Improvements Project.
2. The Project 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").
3. The $22,000,000 Project cost consists of acquiring, constructing, installing water
supply system improvements and facilities to improve the County's City of
Pontiac Water Supply System that will promote the public health and welfare of
the residents.
4. The revenues from the City of Pontiac Water Supply System will pay for the
principal and interest on the bonds.
5. A separate resolution will be forthcoming requesting approval of the issuance of
the bonds and Oakland County's full faith and credit on the bonds.
6. No County general funds shall be appropriated to this project.
FIN CE cesimmw
+
FINANCE COMMITTEE VOTE:
Motion carried unanimously on a roll call vote.
Resolution #15025 March 18, 2015
Moved by Kowall supported by Quarles the resolutions (with fiscal notes attached) on the amended
Consent Agenda be adopted (with accompanying reports being accepted).
AYES: Dwyer, Fleming, Gershenson, Gingeli, Gosselin, Hoffman, Jackson, Kowall, Long, Matis,
McGillivray, Middleton, Quarles, Scott, Spisz, Taub, Weipert, Woodward, Zack, Bowman,
Crawford. (21)
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).
NeREBY 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 March 18,
2015, 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 18th day of March 2015.
Lisa Brown, Oakland County