HomeMy WebLinkAboutResolutions - 1993.07.15 - 22752Chairperson, on behalf of the Planning and Building
I move adoption of the foreggi.rtsrAszolution. Committee,
ING AND BUILDING COMMITTEE
Miscellaneous Resolution No. #93121 July 15, 1993
BY: PLANNING AND BUILDING COMMITTEE CHARLES E. PALMER, CHAIRPERSON
IN RE: DRAIN COMMISSIONER-BISHOP DRAIN BONDS-FULL FAITH AND CREDIT
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen
WHEREAS, the Drainage Board for the Bishop Drain, by resolution
adopted on June 22, 1993, authorized and provided for the issuance of drain
bonds in the aggregate principal amount of $1,425,000 to defray the cost of
the Bishop Drain; and
WHEREAS, the bonds are to be designated Drain Bonds, are to be
dated August 1, 1993, will bear interest at a rate or rates not exceeding 12%,
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 Bishop Drainage
District Drain Bonds and agrees that, in the event the City of Rochester Hills
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 BUMS so paid.
Department
Obligation
That the County Treasurer is authorized to file with the
of Treasury of the State of Michigan a Notice of Intent to Issue an
with respect to the said Drain Bonds.
4
July 15, 1993
FISCAL NOTE
BY: FINANCE COMMITTEE, JOHN P. MCCULLOCH, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - BISHOP DRAIN - DRAIN BONDS- FULL
FAITH AND CREDIT RESOLUTION
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 #93 121 and finds:
1) The resolution authorizes the issuance of drain bonds
with the county pledging full faith and credit with the
City of Rochester Hills as the primary obligor.
2) The principal amount of the bond issue is $1,425,000 at
an interest rate not to exceed 12% 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 $1,431,297.71, the
County's assessment of $6,297.71 will not be part of the
bond issue.
6) The County's share of the assessment will be a one-time
charge in 1993 against the Non-Department account for
Road Commission - Drain Assessments. No additional
funding is recommended at this time.
FINANCE COIMMITTEE
NANC\DRAIN\BISHOPDR.FN
Moved by Palmer supported by Garfield the resolution be adopted.
AYES: McCulloch, McPherson, Miltner, Moffitt, Oaks, Obrecht, Palmer,
Pernick, Powers, Price, Schmid, Taub, Wolf, Aaron, Crake, Dingeldey, Douglas,
Garfield, Gosling, Huntoon, Johnson, Kaczmar. (22)
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 July 15,1993 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 15th. day of July, 1993
nn D. Allen, County Clerk