HomeMy WebLinkAboutResolutions - 2017.09.06 - 23101MISCELLANEOUS RESOLUTION #17257 September 6, 2017
BY: Commissioner Philip Weipert, Chairperson, Planning and Building Committee
IN RE: DEPARTMENT OF ECONOMIC DEVELOPMENT & COMMUNITY AFFAIRS - PLANNING AND
ECONOMIC DEVELOPMENT SERVICES DIVISION RESOLUTION APPROVING THE ISSUANCE OF
REFUNDING BONDS (ORCHARD LAKE SCHOOLS PROJECT) — CITY OF ORCHARD LAKE
VILLAGE
To Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS The Economic Development Corporation of the County of Oakland (the "EDC") has been
requested by Orchard Lake Schools: S.S. Cyril & Methodius Seminary, Saint Mary's Preparatory (the
"Schools") to approve the issuance of refunding bonds in a maximum principal amount of $15,000,000
(the "Bonds") to refinance the bonds issued by the EDC in 2007 for the benefit of the Schools and a term
loan incurred for dormitory improvement under the Economic Development Corporations Act (the "Act");
and
WHEREAS because the Bonds are proposed to include costs of issuing the Bonds, the Internal Revenue
Code of 1986, as amended, requires that the Board of Commissioners (1) hold a public hearing on the
question of whether the Bonds should be issued and (2) following the public hearing, approve the
issuance of the Bonds; and
WHEREAS the Board of Commissioners, following such public hearing, hereby concurs in the
determination of the EDC to issue the Bonds.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of Commissioners hereby
approves the issuance of the Bonds, upon such terms and conditions as the EDC and its bond counsel
determine to be necessary and appropriate under the circumstances.
BE IT FURTHER RESOLVED that the County Clerk is hereby directed to provide four certified copies of
this resolution to the Assistant Secretary of the Board of the EDC.
Chairperson, on behalf of the Planning and Building Committee, I move the adoption of the foregoing
resolution.
bmmissioner Philip Weipert, District #8
Chairperson, Planning and Building Committee
PLANNING AND BUILDING COMMITTEE
Motion carried unanimously on a roll call vote with Jackson absent.
DICKI N SONRIGHTv ac MEMORANDUM
TO: Mary P. Langhauser, Assistant Secretary of
The Economic Development Corporation of the County of Oakland
FROM: Robert L. Schwartz
DATE: August 23, 2017
SUBJECT: Public Hearing Regarding EDC/Orchard Lake Schools Refinancings
The Economic Development Corporation of the County of Oakland (the "EDC") issued
$9,800,000 principal amount of tax-exempt bonds on September 20, 2007, for the benefit of Orchard
Lake Schools: S.S. Cyril & Methodius Seminary, Saint Mary's Preparatory (the "Schools"), for the
purpose of renovating and improving the Schools' educational facilities in the County (the "Bonds").
The Bonds are secured by a letter of credit issued by Comerica Bank (the "Bank"). In addition, the
Bank loaned additional funds to Orchard Lake Schools in 2013 to improve its dormitories (the
"Loan").
The Schools is desirous of refinancing the Bonds and the Loan, and the EDC has
preliminarily approved the issuance of new bonds (the "New Bonds") for the Schools, the proceeds
of which will be used to prepay the Bonds and the Loan and pay bond issuance costs. The Schools
expects that a significant savings will be achieved through the issuance of the New Bonds.
The Internal Revenue Code of 1986, as amended (the "Code '), requires that, if new bonds
are issued to refinance existing bonds, and the principal of the new bonds is larger than the
outstanding principal of the old bonds, a public hearing must be held by the governing body of the
governmental unit in which the economic development corporation is located, and the issuance of the
new bonds must then be approved by such governing body.
In the past, in connection with the EDC's issuance of bonds for new projects, the Board of
Commissioners has always held the public hearing required by the EDC Act and the Code and has
approved the issuance of the bonds by the EDC.
To comply with the requirements of the Code, the EDC is now requesting that the Board of
Commissioners similarly hold a public hearing for the proposed refunding bonds, and approve the
issuance of the bonds by the EDC, as it has in connection with other projects in the past.
Please do not hesitate to contact me if you have any questions regarding the subject matter of
this memorandum or the proposed refinancing.
Respectfully,
Robert L. Schwartz
BLOOMFIELD 9723-23 1892902v1
Resolution #17257 September 6, 2017
Moved by KowaII 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, Jackson, Kochenderfer, KowaII, Long,
McGillivray, Middleton, Quarles, Spisz, Taub, Tietz, Weipert, Woodward, Zack, Berman,
Bowman. (19)
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).
9 REREBY 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 September 6,
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 6 th day of September, 2017.
Lisa Brown, Oakland County