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HomeMy WebLinkAboutResolutions - 2017.05.25 - 22964Commissioner Philip Weipert, District #8 Chairperson, Planning and Building Committee MISCELLANEOUS RESOLUTION #17107 May 10, 2017 BY: Commissioner Philip J. Weipert, Chairperson, Planning and Building Committee IN RE: WATER RESOURCES COMMISSIONER - RESOLUTION DECLARING OFFICIAL INTENT TO REIMBURSE PROJECT EXPENDITURES FROM BOND PROCEEDS AND AUTHORIZING NOTICE OF INTENT TO ISSUE BONDS FOR EVERGREEN AND FARMINGTON SEWAGE DISPOSAL SYSTEMS IMPROVEMENTS To the Oakland County Board of Commissioners Chairperson, Ladies and Gentlemen WHEREAS the County of Oakland (the "County") is in urgent need of sewage disposal facilities constituting a part of the Evergreen and Farmington Sewage Disposal Systems (the "System") as described in the notice attached hereto (sometimes referred to herein as the "Project"), in order to promote the health and welfare of the residents served by the System, which sewage disposal facilities also would benefit the County and its residents, and such facilities can be financed most economically and efficiently by the County through the exercise of the powers conferred by Act 34, Public Acts of Michigan, 2001, as amended ("Act 34"); and WHEREAS the County is authorized pursuant to the terms of Act 34 to issue its tax exempt bonds to finance the cost of the acquisition and construction of the Project, which bonds will be secured by revenues of the System and the County's full faith and credit pledge; and WHEREAS it is anticipated that the County will advance all or a portion of the costs of the Project prior to the issuance of the bonds, such advance to be repaid from proceeds of the bonds upon the issuance thereof; and WHEREAS Section 1.150-2 of the Treasury Regulations on Income Tax (the "Reimbursement Regulations") specifies conditions under which a reimbursement allocation may be treated as an expenditure of bond proceeds, and the County intends by this resolution to qualify amounts advanced by the County to the Project for reimbursement from proceeds of the bonds in accordance with the requirements of the Reimbursement Regulations. NOW THEREFORE, BE IT RESOLVED: 1. DECLARATION OF INTENT TO REIMBURSE PROJECT EXPENDITURES. The County hereby declares its official intent to issue its limited tax general obligation bonds in one or more series in the aggregate principal amount of not to exceed $15,000,000 to finance all or part of the cost of the Project. The County hereby declares that it reasonably expects to seek reimbursement for its advances to the Project as anticipated by this resolution. The bonds shall be authorized by proper proceedings subsequent to this resolution. 2. NOTICE OF INTENT TO ISSUE BONDS. The County Clerk is hereby instructed to publish the notice attached hereto once in a newspaper of general circulation in the County of Oakland, which notice shall not be less than 1/4 page in size in such newspaper, to wit: 3. CONFLICTING RESOLUTIONS. All resolutions and parts of resolutions insofar as they may be in conflict herewith are rescinded. Chairperson, on behalf of the Planning & Building Committ.ee, I move adoption of the foregoing resolution. PLANNING AND BUILDING COMMITTEE Motion carried unanimously on a roll call vote with Berman absent. FISCAL NOTE (MISC. #17107) May 25, 2017 BY: Commissioner Thomas Middleton, Chairperson, Finance Committee IN RE: WATER RESOURCES COMMISSIONER — RESOLUTION DECLARING OFFICIAL INTENT TO REIMBURSE PROJECT EXPENDITURES FROM BOND PROCEEDS AND AUTHORIZING NOTICE OF INTENT TO ISSUE BONDS FOR EVERGREEN AND FARMINGTON SEWAGE DISPOSAL SYSTEMS IMPROVEMENTS 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. This resolution establishes the intent to reimburse project expenditures from bond proceeds for Bonds issued on behalf of the Evergreen and Farmington Sewage Disposal Systems Improvements Project. 2. The Project can be financed most economically and efficiently by the County through the exercise of the powers conferred by Act 34, Public Acts of Michigan, 2001, as amended ("Act 34"). 3. The $15,000,000 Project consists of repairing the collapsed sewer in the City of Southfield, improvements to the Amy Pump Station and Eight-Mile Pump Station, construction of the Eldon Pump Station and other pipe lining projects that will promote the public health and welfare of the residents. 4. The bonds will be repaid through sewer rates of communities that comprise the Evergreen and Farmington Sewage Disposal System and include the following communities: Auburn Hills, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Hills, Bloomfield Township, Farmington, Farmington Hills, Franklin, Keego Harbor, Lathrup Village, Orchard Lake, Southfield, Troy and West Bloomfield. 5. A separate resolution will be forthcoming requesting approval of the issuance of the Bonds and Oakland County's full faith and credit on the Bonds. 6. No County general funds shall be appr4apriated to ts project. omrnissioner Thomas Middleton, District #4 Chairperson, Finance Committee FINANCE COMMITTEE VOTE: Motion carried unanimously on a roll call vote with Woodward and Crawford absent. NOTICE OF INTENT TO ISSUE BONDS BY THE COUNTY OF OAKLAND, MICHIGAN NOTICE IS HEREBY GIVEN, that the County of Oakland, Michigan, intends to issue bonds in one or more series in the aggregate principal amount of not to exceed $15,000,000 for the purpose of defraying all or part of the cost of acquiring, constructing and installing sewage disposal facilities to maintain the capacity and performance of the Evergreen and Farmington Sewage Disposal Systems (the "System") to serve the users of the System and the residents of the County of Oakland. The bonds will bear interest from their date at a rate or rates to be determined at competitive and/or negotiated sales but in no event to exceed such rates as may be permitted by law. The bonds will be issued under and pursuant to the provisions of Act No. 34, Public Acts of Michigan, 2001, as amended, and the full faith and credit of the County of Oakland will be pledged to pay the principal of and interest on the bonds as the same shall become due. It is expected that the principal of and interest on the bonds will be paid from revenues of the System. In addition, the County of Oakland will be obligated, as a first budget obligation, to advance moneys from its general funds or to levy ad valorem taxes on all taxable property within its corporate boundaries to pay the principal of and interest on the bonds as the same shall become due. Taxes levied by the County of Oakland for the payment of such principal and interest will be subject to applicable constitutional and statutory limitations. RIGHT TO PETITION FOR REFERENDUM This notice is given, by order of the Board of Commissioners of the County of Oakland, to and for the benefit of the electors of the County of Oakland in order to inform them of their right to petition for a referendum upon the question of the issuance of the aforesaid bonds. The bonds will be issued, without submitting such a question to a vote of the electors, unless within 45 days after the date of publication of this notice a petition requesting a referendum upon such question, signed by not less than 10% or 15,000 of the registered electors residing within the County of Oakland, whichever is the lesser, shall have been filed with the undersigned County Clerk. In the event that such a petition is filed, the bonds will not be issued unless and until the issuance thereof shall have been approved by the vote of a majority of the electors of the County of Oakland qualified to vote and voting thereon at a general or special election. FURTHER INFORMATION Further information relative to the issuance of said bonds and the subject matter of this notice may be secured at the office of the Clerk of the County of Oakland, 1200 North Telegraph Road, Pontiac, Michigan 48341. This notice is given pursuant to the provisions of Act 34, Public Acts of Michigan, 2001, as amended. LISA BROWN, Clerk County of Oakland BLOOMFIELD 9007-425 1787480v1 Resolution #17107 May 10, 2017 The Chairperson referred the resolution to the Finance Committee. There were no objections. Resolution #17107 May 25, 2017 Moved by Dwyer supported by Bowman the resolutions (with fiscal notes attached) on the amended 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, Weipert, Woodward, Zack, Berman, Bowman. (21) 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 HEREBY APPROVE THIS RESOLUTION 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 May 25, 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 25th day of May, 2017.