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HomeMy WebLinkAboutResolutions - 2017.02.15 - 22794MISCELLANEOUS RESOLUTION #17040 February 15, 2017 BY: Planning and Building Committee, Philip J. Weipert, Chairperson IN RE: WATER RESOURCES COMMISSIONER — DAN DEVINE DRAIN 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 280.461 et seq. (the "Drain Code"), and as a matter of public health, the Dan Devine Drain Drainage District was established and the cost of the construction, operation and maintenance of the Dan Devine Drain (the "Drain") was apportioned against the State of Michigan, the County of Oakland (the "County"), and the Charter Township of 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 whole or in part by the issuance of bonds; and WHEREAS, the Drainage Board for the Dan Devine Drain Drainage District proposes that the Dan Devine Drain Drainage District issue its Drain Bonds, Series 2017 (the "Bonds") in the aggregate principal amount of not to exceed $1,975,000 to defray all or 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 6% 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 Bloomfield, the County, or the State of Michigan 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 PLANNING & BUILDING COMMITTEE VOTE: Motion carried unanimously on a roll call vote. 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. Chairperson, on behalf of the Planning and Building Committee, I move adoption of the foregoing resolution. ommissioner Philip Weipert, District #8 hairperson, Planning & Building Committee Form DC-001 OAKLAND COUNTY WATER RESOURCES COMMISSIONER MEMORANDUM TO: Philip J. Weipert, Chairperson, Planning and Building Committee FROM: Sidney Lockhart, RE., Water Resources Commissioner Special Projects Manager SUBJECT: Resolution Authorizing the County Pledge its Full Faith and Credit for Bonds Associated with the Dan Devine Drain DATE: February 7, 2017 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 Dan Devine Drain Bonds in the amount of $1,975,000. In order to resolve flooding problems, the Charter Township of Bloomfield submitted a petition to the Oakland County Water Resources Commissioner's office to construct a county drain in the area shown on the attached map. The Dan Devine Drain incorporates an existing agricultural drain and another water course flowing through the Eastways Farm, Foxhall, and North Bloomfield Hills Subdivisions. The project is necessary to reduce flooding on adjacent properties and includes clean-out, stream-bank stabilization, clearing, and repair of selected reinforced concrete pipes at Severn Lane and Downderry Court. Site restoration and dredging the detention pond at the drain's terminus at the Township's southern border also will be included in the project. The Dan Devine 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 Dan Devine Drain was apportioned on April 28, 2015 by the Drainage Board for the Dan Devine Drain Drainage District as follows: 15.236% County of Oakland 11.471% State of Michigan 73.293% Charter Township of Bloomfield. Bids were received on December 16, 2016. The project is anticipated to be awarded to the low bidder, Inland Lakes Landscaping Corp. from Pontiac, Michigan. State law requires a 2/3 majority vote by the Board of Commissioners for adoption of the proposed resolution. It is our intention to have this matter on the Finance Committee's March 9, 2017 agenda and on the Board of Commissioners' March 15, 2017 agenda. OAKLAND COUNTY WATER RESOURCES COMMISSIONER Page 1 of 1 Rev.: 11105/08 Bloomfield Township xt"'EXT-ENT-OF PROJECr 1A‘ 1 ND 1111111, 111 U141_1111-111TIWATITISK 13 LT046 loomfiepd bsstrIg rrb \T04 13;oomfletd Sub No 2 Clossktg a-4,44 ub No -=-3--er-vAssar. atu-6!45 Hills 9..10144 0 BBIl0000mmffileelldd „ „ 801047 n non-Am, 800 Feet 400 MIN iSsQ41FP- 727G11115-Cror Villager !Cambridge ; Viltage ELT007 Nmmsbditr: WRC WATER—RESOURCES COMMISSIONER Jim NRSII One Public Works [Drive Building 95 West Waterford, Michigan 48328-1907 Ductal-nen Tim Informallan displayed In his map Is complied from recorded deeds, pais. In maps. surveys and other public records. Although this infonnegon is Intended to eodthately relied public inronnatbn r I Is rota legally waded map or survey and Is not Intended In be Used as one. Users should consult prirneryiorrninel Infommtion sources Woos applopriste DAN DEVINE DRAIN PROJECT Legend V Lower Drain Terminus WRC Closed Pipe WRC Open Channel Dan Devine Drain District Boundary M1.11:/r) MI/10(.1: J.; \urownjocrpprgifruP,AlcUff DO (0 \ \ 20 !Mt 77 11001 DeVint, Drainnge Dislfic,/ ZoutnItreid Resolution #17040 February 15, 2017 The Chairperson referred the resolution to the Finance Committee. There were no objections.