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HomeMy WebLinkAboutResolutions - 2015.07.16 - 21906MISCELLANEOUS RESOLUTION NO. #15180 July 16, 2015 BY: Planning and Building Committee, Philip Weipert, Chairperson IN RE: WATER RESOURCES COMMISSIONER — RESOLUTION TO AUTHORIZE ADDITIONAL SERIES OF OAKLAND COUNTY CITY OF PONTIAC WATER SUPPLY SYSTEM BONDS To the Oakland County Board of Commissioners Chairperson, Ladies and Gentlemen: WHEREAS the Board of Commissioners, by Miscellaneous Resolution #15129 adopted on May 21, 2015 (the "Bond Resolution"), authorized the issuance of two or more series of bonds in the aggregate principal amount not to exceed $12,000,000 pursuant to the provisions of Act 34, Public Acts of Michigan, 2001, as amended ("Act 34"), to acquire, construct and install water supply system improvements and facilities to improve the County's City of Pontiac Water Supply System, which improvements are also known as Phase I of the City of Pontiac Water Main and Meter Rehabilitation Program (the "Project"); and WHEREAS on June 25, 2015 the County issued its City of Pontiac Water Supply System Bonds, Series 2015A in the principal amount of $6,850,000 (the "Series 2015A Bonds") pursuant to the Bond Resolution in a private negotiated sale to the Michigan Finance Authority (the "Authority") as authorized by Act 227, Public Acts of Michigan, 1985, as amended ("Act 227"), in order to enable the Authority to provide assistance with respect to the Project from the proceeds of the State of Michigan Drinking Water Revolving Fund; and WHEREAS the Board of Commissioners has now determined to sell an additional series of bonds in a private negotiated sale to the Authority as authorized by Act 227 in order to enable the Authority to provide additional assistance with respect to the Project from the proceeds of the State of Michigan Drinking Water Revolving Fund (such additonal bonds, together with the Series 2015A Bonds, the "DWRF Bonds"); and WHEREAS in order to provide for the additional series of DVVRF Bonds it is necessary to amend the Bond Resolution as hereinafter provided. NOW THEREFORE BE IT RESOLVED by the Board of Commissioners of the County of Oakland, Michigan, as follows: 1. AMENDMENT OF BOND RESOLUTION. The Bond Resolution is hereby amended as follows: (i) section 2 of the Bond Resolution is amended to state that the DVVRF Bonds shall be designated "City of Pontiac Water Supply System Bonds, Series 2015A" and "City of Pontiac Water Supply System Bonds, Series 2015B" and (ii) the form of the DWRF Bonds set forth in section 7 of the Bond Resolution shall reflect such designation of the names of the DWRF Bonds. 2. BOND RESOLUTION IN EFFECT AND CONFLICTING RESOLUTIONS. Except as amended herein, the Bond Resolution shall remain in full force and effect. All other resolutions and parts of resolutions, insofar as they are in conflict with the Bond Resolution, as herein amended, are rescinded. Chairperson, on behalf of the Planning & Building Committee, I move adoption of the foregoing resolution. PLANNING & BUILDING COMMITTEE PLANNING AND BUILDING COMMITTEE VOTE: Motion carried unanimously on a roll call vote. o1(1? :egerld City-Wide Water Meter Replacement Johnson derson Date: 4/17/2015 17616/17630 OCWRC COP DWRF Document Path: L:117500117616 OCWRC COP DwrflGIS\PontiacWReplacementOverview-revise.mxd Form DC-001 OAKLAND COUNTY WATER RESOURCES COMMISSIONER MEMORANDUM TO: Phil Weipert, Chairperson Planning and Building Committee FROM: Sid Lockhart, P.E. Chief Engineer SUBJECT: Intent to Issue Bonds for City of Pontiac Water Supply System Improvements DATE: June 25, 2015 Recently, the Oakland County Board of Commissioners approved the issuance of up to $12M of bonds with the majority of the bonds, roughly $7M, being sold through the State Drinking Water Revolving Fund Loan Program (DWRF) using Public Act 34 of 2001, as amended. The DWRF bonds will have an interest rate of 2.5% with a 20- year term. The DWRF bonds also include principle forgiveness of approximately $1.7M. The remainder of the bonds will be sold on the open market with terms and rates to be determined at the time of sale. The State Revolving Loan Office is issuing the $7M bonds in two series the first being sold in the third quarter and the second sale will be issued in the fourth quarter. Our initial resolution did not anticipate the State's decision to split the bond sales in this manner. Therefore, a new resolution that will authorize the second series of bonds is attached for the Committees and Board of Commissioners approval. The bonds will be used to fund a series of water system improvements that are needed for the City of Pontiac's water infrastructure that the County of Oakland owns and operates through the Water Resources Commissioner's Office. Phase 1 of the project involves the construction of replacement water mains, connecting existing water main networks to improve flow, and also the replacement of approximately 7,000 water meters that will collect and convey billing and other meter data through a wireless communication system. Please refer to the attached map showing the proposed project areas. This portion of the work is scheduled to start in the summer of 2015 and will take about 18 month to complete. We request that this matter be placed on the July 7, 2015 Planning and Building Committee Agenda. Our intent is to present the matter to the Finance Committee on July 23, 2015, and receive approval from the full Board of Commissioners on July 29, 2015. Steve Korth and I will attend these meetings to answer any questions. Thank you for your assistance. Sid Lockhart, P. E. Chief Engineer c: Michael Gingell, Chairperson, Board of Commissioners Thomas Middleton, Chairperson, Finance Committee James VerPloeg, Administrative Director Jim Nash OAKLAND COUNTY WATER RESOURCES COMMISSIONER Page 1 of 1 Resolution #15180 July 16, 2015 The Chairperson referred the resolution to the Finance Committee. There were no objections.