HomeMy WebLinkAboutResolutions - 1993.08.26 - 21945Miscellaneous Resolution No. 93143 August 5, 1993
BY: Planning and Building Committee, Charles Palmer, Chairperson
RE: DRAIN COMMISSIONER-KING DRAIN BONDS - FULL FAITH AND CREDIT
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen
WHEREAS, the Drainage Board for the King Drain, by
resolution adopted on July 13, 1993, authorized and provided for
the issuance of drain bonds in the aggregate principal amount of
$1,675,000 to defray part of the cost of the King Drain; and
WHEREAS, the bonds are to be designated Drain Bonds,
are to be dated September 1, 1993, will bear interest at a rate
or rates not exceeding 10%, and will be subject to redemption
prior to maturity in accordance with the terms and conditions set
forth in the bond 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 Drain
Bonds; and
WHEREAS, the said drain project is necessary to protect
and preserve the public health, and, therefore, it is in the best
interest of the County of Oakland that the said bonds be sold.
NOW THEREFORE BE IT RESOLVED 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 King Drainage District Drain Bonds and agrees
that, in the event the City of Troy or the County of Oakland
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.
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.
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MANNING AND B DING COMMITTEE
That the County Treasurer is authorized to file with
the Department of Treasury of the State of Michigan a Notice of
Intent to Issue an Obligation with respect to the said Drain
Bonds.
Chairperson, on behalf of the Planning and Building
Committee, I move adoption of the foregoing resolution.
FISCAL NOTE August 26, 1993
BY: FINANCE COMMITTEE, JOHN P. MCCULLOCH, CHAIRPERSON
IN RE:
DRAIN COMMISSIONER - KING DRAIN BONDS - FULL FAITH AND
CREDIT MISCELLANEOUS RESOLUTION #93143
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 #93143 and finds:
1) The resolution authorizes the issuance of drain bonds
with the county pledging full faith and credit with the
City of Troy as the primary obligor.
2) The principal amount of the bond issue is $1,675,000 at
an interest rate not to exceed 10% to be paid back within
20 years.
4) The statutory limit for County debt is $3,008,744,830
(10% of 1993 State Equalized Value). As of June 30,
1993, the outstanding debt is $351,329,030.83 or
approximately 1.2% of the S.E.V.
5) Of the total project budget of $1,675,000, the County's
apportionment is 3.24% ($145,992.75).
6) The County's share of the assessment will be paid over
the life of the bonds and charged to the General Fund
(Non-Department account titled "Road Commission - Drain
Assessments". No additional funding is recommended at
this time.
0
FINANCE COMMITTEE
,
93143 August 26, 1993
Moved by Palmer supported by Schmid the resolution be adopted.
AYES: Palmer, Pernick, Powers, Price, Schmid, Taub, Wolf, Crake,
Dingeldey, Douglas, Garfield, Gosling, Huntoon, Jensen, Johnson, Kaczmar,
Kingzett, Law, McCulloch, McPherson, Miltner, Moffitt, Obrecht. (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 August 26th., 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 26th. day of August 1993.
Lyn D. Allen, County Clerk