HomeMy WebLinkAboutResolutions - 2016.01.20 - 22158MISCELLANEOUS RESOLUTION #16000 January 20, 2016
BY: Finance Committee, Tom Middleton, Chairperson
IN RE: TREASURER/WATER RESOURCES COMMISSIONER — GEORGE W. KUHN DRAINAGE
DISTRICT DRAIN REFUNDING BONDS - FULL FAITH AND CREDIT RESOLUTION
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen
WHEREAS the George W. Kuhn Drainage District issued its Drain Refunding Bonds, Series 2007, dated
August 1, 2007 (the "Series 2007 Bonds") on August 9, 2007, in the principal amount of $12,460,000, to
refund the George W. Kuhn Drainage District Drain Bonds, Series 2000B dated October 1, 2000, maturing
in the years 2010 through 2022, and Drain Bonds, Series 2001E, dated January 1, 2002, maturing in the
years 2013 through 2024, and this Board of Commissioners, by Miscellaneous Resolution No. 07140
adopted on June 14, 2007, pledged the full faith and credit of the County of Oakland (the "County") for the
prompt payment of the principal of and interest on the Series 2007 Bonds; and
WHEREAS the Drainage Board for the George W. Kuhn Drain (the "Drainage Board"), intends to issue
and sell its bonds, in the aggregate principal amount of not to exceed $8,000,000 (the "Refunding Bonds")
to refund all or a portion of the Series 2007 Bonds maturing in the years 2017 through 2024; and
WHEREAS, the Refunding Bonds will be dated as of such date, will bear interest at such rates not to
exceed 5% per annum, will be in the aggregate principal amount, will mature on such dates, not later than
April 1, 2024, and in such principal amounts, and will be subject to redemption prior to maturity as shall be
determined by order of the Chairperson of the Drainage Board; 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 principal of and interest on the
Refunding Bonds; and
WHEREAS it is in the best interest of the County that the Refunding Bonds be sold in order to achieve
debt service savings for the City of Berkley, the City of Birmingham, the City of Clawson, the City of
Ferndale, the City of Hazel Park, the City of Huntington Woods, the City of Madison Heights, the City of
Oak Park, the City of Pleasant Ridge, the City of Royal Oak, the City of Southfield, the City of Troy, the
Township of Royal Oak and the Village of Beverly Hills (collectively the "Municipalities"), and the County.
NOW THEREFORE BE IT RESOLVED:
1. Pursuant to the authorization provided in Section 474 of the Drain Code of 1956, as amended, the
Board of Commissioners of the County hereby pledges irrevocably the full faith and credit of the
County for the prompt payment of the principal of and interest on the Refunding Bonds and
agrees that, in the event any of the Municipalities or the County shall fail or neglect to account to
the County Treasurer 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.
2. In the event that, pursuant to the pledge of full faith and credit, the County 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, to take all actions and proceedings and pursue all remedies
permitted or authorized by law for the reimbursement of such sums so paid.
3. The County Treasurer or the financial consultant, Municipal Financial Consultants Incorporated, is
authorized, if necessary to make application to the Department of Treasury for permission to issue
and sell the Bonds.
4. The County Treasurer is authorized to approve the circulation of a preliminary and final official
statement for the Refunding Bonds, to cause the preparation of those portions of the preliminary
and final official statement that pertain to the County, and to do all other things necessary for
compliance with Rule 15c2-12 issued under the Securities Exchange Act of 1934, as amended
(the "Rule"). The County Treasurer is authorized to execute and deliver such certificates and to
do all other things that are necessary to effectuate the sale and delivery of the Refunding Bonds.
5. The County Treasurer is hereby authorized to execute and deliver in the name and on behalf of
the County (i) a certificate of the County to comply with the requirements for a continuing
disclosure undertaking of the County pursuant to subsection (b)(5) of the Rule and (ii)
amendments to such certificate from time to time in accordance with the terms of such certificate
FINANCE COMMITTEE VOTE:
Motion carried unanimously on a roll call vote with Long and Quarles absent.
(the certificate and any amendments thereto are collectively referred to herein as the "Continuing
Disclosure Certificate"). The County hereby covenants and agrees that it will comply with and
carry out all of the provisions of the Continuing Disclosure Certificate. The remedies for any
failure of the County to comply with and carry out the provisions of the Continuing Disclosure
Certificate shall be as set forth therein.
Mr. Chairperson, on behalf of the Finance Committee, I move adoption of the foregoing resolution.
Resolution #16000 January 20, 2016
Moved by Kochenderfer supported by Quarles the resolutions (with fiscal notes attached) on the amended
Consent Agenda be adopted (with accompanying reports being accepted).
AYES: Fleming, Gershenson, Gingell, Gosselin, Hoffman, Jackson, Kochenderfer, KowaII, Long,
McGillivray, Middleton, Quarles, Scott, Spisz, Taub, Weipert, Zack, Bowman, Crawford,
Dwyer. (20)
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).
I HEREBYAPPROVE THIS PESOLU11ON
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 January 20,
2016, 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 20th day of January, 2016.
/:__
Lisa Brown, Oakland County