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HomeMy WebLinkAboutResolutions - 2016.10.26 - 22627MISCELLANEOUS RESOLUTION #16294 October 26, 2016 BY: Planning and Building Committee, Philip J. Weipert, Chairperson IN RE: WATER RESOURCES COMMISSIONER — HERON DRAINAGE DISTRICT DRAIN BONDS - FULL FAITH AND CREDIT RESOLUTION To the Oakland County Board of Commissioners Chairperson, Ladies and Gentlemen WHEREAS pursuant to Chapter 20 of Act 40 of the Public Acts of 1956, as amended, MCL 280A61 et seq. (the "Drain Code"), and as a matter of public health, the Heron Drainage District was established and the cost of the construction, operation and maintenance of the Heron Drain (the "Drain") was apportioned against the County of Oakland (the "County") and the Charter Township of West Bloomfield (the "Public Corporations"); and WHEREAS there exists a public health necessity to plan, design and construct the Drain; and WHEREAS it is proposed that the cost of the improvements with respect to the Drain be financed in part by the issuance of bonds; and WHEREAS the Drainage Board for the Heron Drainage District proposes that the Heron Drainage District issue its Drain Bonds, Series 2016 (the "Bonds") in the aggregate principal amount of not to exceed $840,000 to defray part of the cost of the acquisition and construction of improvements to the Drain; and WHEREAS the 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 in such years and principal amounts, and will be subject to redemption prior to maturity as shall be determined by the Drainage Board at the time of sale; 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 Bonds; and WHEREAS it is in the best interest of the County that the Bonds be sold in order to achieve debt service savings for the Public Corporations. NOW THEREFORE BE IT RESOLVED: 1. Pursuant to the authorization provided in Section 474 of the Drain Code, 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 Bonds and agrees that, in the event the Charter Township of West Bloomfield 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, if necessary, to approve the circulation of a preliminary and final official statement for the 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 Bonds. 5. The County Treasurer is authorized, if necessary, 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 (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. PLANNING AND BUILDING COMMITTEE VOTE: Motion carried unanimously on a roll call vote with Dwyer & Crawford absent. Chairperson, on behalf of the Planning and Building Committee, I move adoption of the foregoing resolution. PLANNING AND BUILDING COMMITTEE Form DC-001 OAKLAND COUNTY WATER RESOURCES COMMISSIONER MEMORANDUM TO: Philip J. Weipert, Chairperson, Planning and Building Committee FROM: Sidney Lockhart, P.E., Special Projects Manager SUBJECT: REVISED: Resolution Authorizing the County to Pledge its Full Faith and Credit for Bonds Associated with the Heron Drain DATE: October 18, 2016 Enclosed is a resolution requesting that the Board pledges the full faith and credit of Oakland County for the payment of principal and interest on the Heron Drain Bonds in the amount of $840,000. Background The Heron Drain was established pursuant to Chapter 20 of Act 40 of the Public Acts of 1956, as amended, MCL 280,461 et seq. to protect and promote the public health. The cost of construction, operation and maintenance of the Heron Drain was apportioned on August 23, 2016 by Drain Board for the Heron Drainage District; 36.07% against the County of Oakland and 63.93% to the Charter Township of West Bloomfield. The Heron Drain Improvement Project is located along the east side of Middlebelt Road just north of Long Ridge Court and is intended to reduce flooding on adjacent properties. Construction consists of installing concrete pipe, drainage structures, grading, site restoration and related work. In order to resolve flooding problems noted above, the Charter Township of West Bloomfield submitted a petition to the Oakland County Water Resources Commissioner's office on June 15, 2015 to construct a County Drain in this area. Bids were received on September 19, 2016. The project is anticipated to be awarded to Pamar Enterprises, Inc. from New Haven, Michigan. It is our intention to have this issue on the agenda for the November 10, 2016 Board of Commissioners meeting for approval. In order for the proposed resolution to be adopted, statute requires a 2/3 majority vote by the Board of Commissioners. OAKLAND COUNTY WATER RESOURCES COMMISSIONER Page 1 of 1 Rev.: 11/05/08 tliDg giceD NOT TO "CA' E Legend Heron Drain Centerline Limits of Drainage District WEST BLOOMFIELD TOWNSHIP PROPOSED HERON DRAIN Madam., The SIDITS9LISa pestelded In (Ms system dee Leese aompiled dam recorded deeds, plats, La, maps, sum,. and DM, Obits rardO anal data, It is not a legally rat-steed map or suety est 's del Itaandad to Op used 00000. them attils data ate helely netIlleb that ths Ilderreadon sesame meratmed ahoy, should de tmtaeolei for vorificedon of the Infamnalten. evision Date: I OM/201E DMIZSIMIMINEMZEI Resolution #16294 October 26, 2016 The Vice Chairperson referred the resolution to the Finance Committee. There were no objections,