HomeMy WebLinkAboutResolutions - 2017.03.15 - 22808MISCELLANEOUS RESOLUTION 1117040 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.
Uornrnissioner 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, P.E., 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
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Resolution #17040 February 15, 2017
The Chairperson referred the resolution to the Finance Committee. There were no objections.
FISCAL NOTE (MISC. #17040) March 15, 2017
BY: Commissioner Thomas Middleton, Chairperson, Finance Committee
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:
Pursuant to Rule XII-C of this Board, the Finance Committee has reviewed the above-referenced
resolution and finds:
1. The Drainage Board for the Dan Devine Drain Drainage District is requesting that
the Board of Commissioners pledge the full faith and credit of the County of
Oakland for the payment of principal and interest on the Dan Devine Drain
Drainage District Drain Bonds, Series 2017, pursuant to the authorization
provided in Section 474 of the Drain Code.
2, The bond issue is not to exceed $1,975,000 and is to be used to defray all or part
of the cost of the acquisition and construction of improvements to the drain.
3. The Bonds shall be secured primarily by the full faith and credit pledged by the
Dan Devine Drain Drainage District and the Oakland County Board of
Commissioners will pledge the full faith and credit of the County as secondary
obligors for the payment of principal and interest on the Bonds.
4. The bond issue shall bear an interest rate not to exceed 6% per annum, will be in
aggregate principal amounts, will mature in such years and principal amounts
and will be callable prior to maturity as determined necessary by the Drainage
Board at the time of sale.
5. The statutory limit for County debt is $6,508,485,111 (10% of State Equalized
Value). As of February 15, 2017, the total pledged debt is $743,601,515 or
approximately 1.14251% of the S.E.V.
6. The project cost of $1,975,000 will be apportioned to the following Public
Corporations as follows with $1,447,537 or 73.293% to the Charter Township of
Bloomfield, $226,552 or 11.471% to the State of Michigan and $300,911 or
15.236% to the County of Oakland.
7. The Public Corporations will pay for the bonds through a Special Assessment
Roll for the Dan Devine Drain.
8. The Oakland County portion of the debt service payments will be included in the
Non-Departmental current drain assessments account.
9. No budget amendment is r_e_quired.
ommissioner Thomas Middleton, District #4
chairperson, Finance Committee
FINANCE COMMITTEE VOTE:
Motion carried unanimously on a roll call vote with Crawford absent.
Resolution #17040 March 15, 2017
Moved by Fleming supported by Bowman the resolutions (with fiscal notes attached) on the Consent
Agenda be adopted (with accompanying reports being accepted).
AYES: Crawford, Dwyer, Fleming, Gershenson, Gingell, Hoffman, Jackson, Kochenderfer,
KowaII, Long, McGillivray, Middleton, Quarles, Spisz, Taub, Tietz, VVeipert, Woodward, Zack,
Bowman. (20)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions (with fiscal notes attached) on the Consent
Agenda were adopted (with accompanying reports being accepted).
HEREBY APPROVE THIS HESOLUTION
CHIEF DEPUTY COUNTY EXECUTIVE
ACTING PURSUANT TO MCL 45.55gA (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 March 15,
2017, 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 March, 2017.
Lisa Brown, Oakland County
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