HomeMy WebLinkAboutResolutions - 2018.02.01 - 23245MISCELLANEOUS RESOLUTION #18014 February 1, 2018
BY: Commissioner Thomas Middleton, Chairperson, Finance Committee
IN RE: TREASURER/WATER RESOURCES COMMISSIONER — BLOOMFIELD TOWNSHIP CSO
DRAINAGE DISTRICT DRAIN REFUNDING BONDS - FULL FAITH AND CREDIT RESOLUTION
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen
WHEREAS the Bloomfield Township CSO Drainage District issued its Drain Bonds, Series 2010, dated
December 1, 2010 (the "Series 2010 Bonds") on December 16, 2010, in the principal amount of
$3,000,000, to defray part of the cost of acquiring and constructing the Bloomfield Township CSO Drain
Rehabilitation Project, and this Board of Commissioners, by Miscellaneous Resolution No. 10301 adopted
on November 18, 2010, pledged the full faith and credit of the County of Oakland (the "County") for the
prompt payment of the principal of and interest on the Series 2010 Bonds; and
WHEREAS the Drainage Board for the Bloomfield Township CSO Drain (the "Drainage Board"), intends to
issue and sell its bonds, in the aggregate principal amount of not to exceed $2,435,000 (the "Refunding
Bonds") to refund all or a portion of the Series 2010 Bonds maturing in the years 2025 and 2031; and
WHEREAS the Refunding 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 on such dates, not later than
April 1, 2031, and in such principal amounts, and will be subject to redemption prior to maturity, as shall
be determined by order of the Chairperson of the Drainage Board; 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
Refunding Bonds; and
WHEREAS it is in the best interest of the County that the Refunding Bonds be sold in order to achieve
debt service savings for the Charter Township of Bloomfield (the "Township"), and the County.
NOW THEREFORE BE IT RESOLVED.
1. Pursuant to the authorization provided in Section 474 of the Drain Code of 1956, as amended, 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 Refunding Bonds and
agrees that, in the event the Township or the County 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 to approve the circulation of a preliminary and final official
statement for the Refunding 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 Refunding Bonds.
5. The County Treasurer is hereby authorized 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
FINANCE COMMITTEE VOTE:
Motion carried unanimously on a roll call vote with Long absent.
Chairperson, on behalf of the Finance Committee, I move adoption of the for9goin-vesolution.
A
"
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.
Cbmmissioner Thomas Middleton, District #4
Chairperson, Finance Committee
Troy 9007-431 1983122v1
BLOOMFIELD TOWNSHIP CSO DRAINAGE DISTRICT
Bloomfield Township CSO Drain Refunding Bonds, Series 2018
$2,315,000.00
111111111114111111M
• •
in ET E.V.
is pleased to present this refunding analysis to:
BLOOMFIELD TOWNSHIP CSO DRAINAGE DISTRICT
Bloomfield Township CSO Drain Refunding Bonds, Series 2018
Table of Contents
Report
Sources & Uses of Funds
Refunding Summary
Yearly Savings Summary
Refunding Savings Report
Comparative Yield Report
Summary of Refunded Bonds
OAKLAND DR-2018-H I FY: 1 I Mun-EaseElevateMainDb I 16.99v EDi3 I 01/18i2018 1 17:18
Municipal Financial Consultants Inc.
BLOOMFIELD TOWNSHIP CSO DRAINAGE DISTRICT
Bloomfield Township CSO Drain Refunding Bonds, Series 2018
$2,315,000.00
Sources & Uses of Funds
Dated: 02101/2018 Delivered: 02/28/2018
Sources
Par amount of bonds
Accrued interest
Totals:
Uses
Amount of bonds called. . • . . ....................... „ . „
Accrued interest
Underwriter discount ( $7.000)
Other issuance costs.. . . . .......................... .
Contingency fund
Totals:
$2,315,000.00
$3,655.31
$2,318,655.31
$2,235,000.00
$3,655.31
$16,205.00
$60,000.00
$3,795.00
$2,318,655.31
• • • • • • • ..................... • 1 • • • , • •
OAKLAND DR-2018-H I FY: 1 I Mun-EaseElevatelvlainDbI16. 99v ED8 I 0111812018 I 17:18
Municipal Financial Consultants Inc.
BLOOMFIELD TOWNSHIP CSO DRAINAGE DISTRICT
Bloomfield Township CSO Drain Refunding Bonds, Series 2018
$2,315,000.00
Refunding Summary
Dated: 02/01/2018 I Delivered: 02/28/2018
Dated date
Delivery date
let coupon date
First principal payment
Last maturity date
02/01/2018
02/28/2018
10/01/2018
04/01/2019
04/01/2031
Net Interest Cost (N IC)
True Interest Cost (TIC)
All-Inclusive TIC:
Arbitrage Net Interest Cost (ANIC)
Arbitrage Yield Limit (AYL)
Total Bond Years (delivery date)
Average Bond Years (delivery date)
Total Bond Years (dated date)
Average Bond Years (dated date)
Average maturity (8038)
2.3562789%
2.3603497%
2.7480946%
2.2670724%
2.2579999%
17,677,208.333
7.6359431
17,850,833.333
7.7109431
7.6359431
Par amount of bonds
$2,315,000.00
$0.00
$2,318,655.31
$404,410.42
$2,719,410.42
Original Issue Premium/Discount
Bond proceeds
Total interest
Total debt service
Underwriter spread; 7.000/$1,000
-$18,205,00
Gross savings
$152,875.05
$131,706.45
5.8929060%
5.6892634%
Present Value Savings:
Discounted savings as a percentage of refunded bonds:
Discounted savings as a percentage of refunding bonds:
OAKLAND DR-2018-H I FY: 1 [ Mun-EaseE1evateMainDb 1 16.99v EDB 101/1812018 117:18
BLOOMFIELD TOWNSHIP CSO DRAINAGE DISTRICT
Bloomfield Township CSO Drain Refunding Bonds, Series 2018
$2,315,000.00
Yearly Savings Summary
Dated: 02/01/2018 Delivered.' 02/28/2018
Fiscal
Year
Calendar
Date
PriOT
Debt Semice
Ili:fort/44
Debt Service
Refund*
Savings
Discounted
Sauinss
2,258000%
2018 10/01/2018 79,821.30 32,491.87 11,074.30 10,900.21
2019 10/01/2019 202,738.18 192,650.00 10,088.18 9,686.65
2020 10/01/2020 203,488.60 190,475.00 13,013.60 12,274.62
2021 10/01/2021 204,072.38 193,075.00 10,997.38 10,130.61
2022 10/01/2022 209,406,18 200,382.50 9,043.67 8,133.60
2023 10/01/2023 209,490.00 197,362.50 12,127.50 10,712.98
2024 10/01/2024 214,323.85 204,062.50 10,261.35
8,858.74
2025 10/01/2025 213,907.73 200,662.50 13,245.23
11,215.04
2026 10/01/2026 217,861.00 200,937.50 10,923.50
9,041.63
2027 10/01/2027 221,078.60 207,831.25 13,247.35 10,748.65
2028 10/01/20213 228,825.20 218,500.00 10,325.20 8,193.54
2029 10/01/2029 231,100.80 218,687.50 12,413.30 9,651.72
2030 10/01/2030 232,999,60 223,437.50 9,562.10 7,276.27
2031 04/01/2031 239,427.40 232,875.00 6,552.40
4,884.19
Total Savings 2,908,540.80 2,719,410.42 162,876.06 131,706.45
1)isconnted ,VapinAs as a Percentage of Relimded Bonds 5.7294 `79 Escrow Yield 2.2585688
Disconnted Sapi, gi. as a Percentage nfReliendingBonds 5.5314 % _Arbitrage Yield Limit (AYL) 2.2579999
OAKLAND DR-2019-H I FY: 1 I ivlun-EaseElevateMeInDb 16.99v EUB I 01119/2019117:19
Municipal Financial Consultants Inc.
BLOOMFIELD TOWNSHIP CSO DRAINAGE DISTRICT
Bloomfield Township CSO Drain Refunding Bonds, Series 2018
$2,315,000,00
Refunding Savings Report
Dated: 02/01/2018 Delivered: 02/28/2018
Calendar Principal Coupon Interest Total Fiscal Total Prior Debt Cumulative
Date Payment Rate Payment Debt Service Debt Service Service Savings Savings
10/01/2018
04/01/2019
10/01/2019
04/01/2020
10/01/2020
04/01/2021
10/01/2021
04/01/2022
10/01/2022
04/01/2023
10/01/2023
04/01/2024
10/01/2024
04101/2025
10/01/2025
04/0112026
10/0112026
04/01/2027
10/01/2027
04/01/2028
10101/2028
04/01/2029
10/01/2029
04/01/2030
10/01/2030
04/01/2031
145,000.00
145,000.00
150,000.00
160,000.00
160,000.00
170,000.00
170,000,00
180,000.00
185,000.00
200,000.00
205,000,00
215,300.00
230,000,30
32,491.67
24,366.75
23,281.25
23,281.25
22,193.75
22,193,75
20,881.25
20,881.25
19,481.25
19,481,25
17,881.25
17,861.25
16,181.25
16181.25
14481.25
14,481.25
12,456.25
12,456.25
10,375.00
10,375.00
8,125,00
8,125,00
.5,562.50
5,562.50
2,875,30
2,875,00
32491,67
169,368 75
23,281.25
166,251.25
22,193.75
172,193.75
20,881.25
180,881.25
19,481.25
179,481.25
17,861.25
187,881.25
16,181.25
186,181.25
14,481:25
194,481 25
12,456.25
197,456.25
10,375.00
210 375 00
6,125.02
213,125.00
5,562,50
220,562.50
2,875.00
232, 575.00
32,491.67
192,650,00
190,475.00
193,075,00
200,362.50
197,362.50
204,062.50
200,662.50
206,937,50
207,831.25
218,500,00
218,687.50
223,437.50
232,875.00
79,821,20
202,738.18
203,488,60
204,072.38
209,436.18
209,490.00
214,323.85
213,907,73
217,861.00
221,078.60
228,825.20
231,100,80
232,999.60
239,427.40
47,329.63
10,088,18
13,013.60
10,997.38
9,043.67
12,127.50
10,261.35
13,246,23
10,923.60
13,247.35
10,325.20
12,413.30
9,562.10
6,552.40
47,329.63
57,417.81
70,431.41
81,428.78
90,472.46
102,699.96
112,861.31
126,106.63
137,030.03
150,277.38
160,602.58
173,015.813
182,577.98
189,130.38
1.530
1.500
1 750
1.750
2.000
2.000
2.000
2,250
2.250
2.250
2.500
2,500
2.500
2,315,000.00 404,410,42 2,719,410.42 2,905,540.80 189,130.38
+ Accrued Interest -3,655.31 3,655.31
Issuer Interest Due 4/1/18 -39,910.64
2,315,000.00 404,410.42 2,715755.11 2,908,540.80 152,875.05
131,706.45 (Net of Accrued Interest)
6.8929 %
5.6893 %
2.2585688
2.2579999
Present Value Savings discounted at 2,2579999 % Equals
Discounted Savings as a Percentage of Refunded Bonds
Discounted Savings as a Percentage of Refanding Bands
Escrow Yield
Arbitrage Yield Limit (AYL)
OAKLAND DR-2018-H I FY 1 I Mun-EaseElevatelvlainDb I 16,99v EDS 1 01/18/2015117118
Municipal Financial Consultants Inc.
BLOOMFIELD TOWNSHIP CSO DRAINAGE DISTRICT
PAPCI
Bloomfield Township CSO Drain Refunding Bonds, Series 2018
$2,315,000.00
Comparative Yield Report
Dated: 02/01/2018 I Delivered: 02/28/2018
"44"4444**4" Disomted Debi .rereire
Colon
Period Dale
2 10/1/2018
3 4/1/2019 145,000.00
4 1011/2019
5 4/1/2020 145,00100
6 10/1/2020
7 411/2021 150,00100
8 10/1/2021
9 4/1/2022 161000.00
10 10/1/2022
11 4/112023 160,000,00
12 10/1/2023
13 4/1/2024 170,000.00
14 10/1/2024
15 4/1/2025 170,000,00
16 10/1/2025
17 4/1/2026 180,000,110
18 10/1/2026
19 4/112027 185,000.00
N 10/1/2027
21 4/1/2028 200,000.00
22 10/1/2028
23 4/1/2029 205,000.00
24 10/1/2029
25 4/1/2030 215,090.00
26 10/1/2030
27 4/1/2031 230,000.00
$2,315,000.00
32,491.67
24,368.75
23,281.25
23,281.25
22,193.75
22,193,75
20,881.25
NM .25
19,481.25
19,401.2$
17,881.25
17,881.25
16,181.25
16,181.25
14,48125
14,481.25
12,456.25
12,456.25
10,375.00
10,375.00
8,125,00
8,125,00
5,562,50
5,562.50
2,875.00
2,875.00
$404,410.42
32,491.67
169,368,75
23,281.25
168,281.25
22,193 75
172,193.75
20,881.25
180,88125
19,481.25
179,481.25
17,881,25
187,881.25
16,181.25
186,181.25
14,481.25
194,481.25
12,456.25
197,456.25
10,375,00
210,375.00
8,125.00
213,125.00
5,562.50
220,562.50
2,875.00
232,875.00
$2,719,410.42
By 77C
2.3603497
32,043.69
165,085.25
22,427.76
160,221.16
20,884.27
160,144.00
19,193.51
164,322.10
17,491.37
159,268.79
15,682,45
162,856,15
13,862.37
157,639.78
12,118.27
160,848.41
10,181.95
159,521.44
8,284.01
166,016.58
6,337.02
164,286.12
4,237.81
166,076,16
2,139,53
171,280.39
$2,302,450.34
By All-ln TIC
2.7480946
31,971.18
164,39671
22,291,50
158,943,22
20,678,08
158,259.61
18,931.39
161,768.03
17,186.57
156,194,11
15,350.29
159,101,93
13,516.91
153,417.31
11,771,12
155,941,82
9,852,48
154,064.35
7,985.33
159,724.61
6,085.19
157,455.75
4,053.85
158,563.14
2,038.83
162,907.04
$2,242,450.34
By An.
2.2579999
32,062.88
165,267.70
22,463.91
160,560.61
20,939.11
160,645,75
19,263.39
165,003.81
17,572,82
160,091.43
15,771,43
163,863,04
13,955.13
158,774.99
12,211.71
162,170.72
10,270.85
160,995.66
8,364.80
167,72644
6,405.30
166,140,24
4,287.80
168,120.51
2,166.96
173,564.32
$2,318,655.31
1.500
1.500
1.750
1,750
2.000
2.000
2.000
2.250
2.250
2.250
2.500
2.500
2.500
Principal
Coupon Tnterest Debi
Pomo), Rae Payment Setviee
TIC l'aget AII-In Ta7i /1YT ,Tar,get
Face value of bond issue
Accrued interest (4)
Original issue premium/discount
Underwriter discount (*)
Lump sum credit enhancements (-)
Other TIC Costs (-)
Transferred Proceeds Penalty . .
Bond Surety Fee (-)
= Target Value
82,315,000.00
$3,655.31
$0.00
(516,205.00)
0.00
N/A
N/A
N/A
2,302,450.31
$2,315,000.00
$3,655.31
mon
(816,205.00)
$0.01)
860,009.00
N/A
N/A
2,242,450.31
$2,315,000.00
$3,055.31
$0.00
N/A
$0.00
N/A
$0.00
0.00
2,318,655.31
OAKLAND DR-2018-11 I FY: 1 I Mun-EaseElevaleMainDb I 16.904 EDB 1 01/18/2018 1 17:18
Municipal Financial Consultants Inc.
Page 6
BLOOM FIELD TOWNSHIP CSO DRAINAGE DISTRICT
Bloomfield Township CSO Drain Refunding Bonds, Series 2018
$2,315,000.00
Summary of Refunded Bonds
Dated: 02/01/2018 Delivered: 02/28/2018
Mattirify Coupan Ala!Jelly Call Gill
1:1P, Principal Kale Dale Price Called? Dale
100.000
100.000
100.000
100.000
100,000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100,000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
OAKLAND DR-2010-C
Serial Bath 1
2
3
4
5
6
7
8
9
10
11
13
14
15
16
17
18
19
20
100,000.00
105,000,00
105,000.00
110,000.00
110,000.00
115,000.00
1201000.00
125,000.00
130,000.00
135,000.00
145,000.00
150,000.00
160,000.00
165,000.00
175,000.00
185,000.00
200,000.00
210,000,00
220,000.00
235,000.00
4/1/2012
4/1/2013
4/1/2014
4/1/2015
4/1/2016
4/1/2017
4/1/2018
4/1/2019
4/1/2020
4/1/2021
3,333 4/1/2022
3.333 4/1/2023
3.333 4/1/2024
3.333 4/1/2025
3.768 4/1/2026
3.768 4/1/2027
3.768 4/1/2028
3.768 4/1/2029
3,768 4/1/2030
3.768 4/1/2031
04/01/2018
04/01/2018
04/01/2018
04/01/2018
04/01/2018
04/01/2018
04/01/2018
04/01/2018
04/01/2018
04/01/2018
04/01/2018
04/01/2018
04/01/2018
125,000.00
130,000.00
135,000.00
145,000.00
150,000.00
160,000.00
165,000.00
175,000.00
185,000,00
200,000.00
210,000.00
220,000.00
235,000.00
0.957
1.159
1.420
1.652
2.000
2.203
2.580
3.333
3.333
3.333
Bond Rawls: 3,000,000.00 2,236,000.00
Grand Totals: 3,000,000.00 2,235,000,00
OAKLAND DR-2018-H I FY: 1 I Mun-EaseElevateMainDb I 16.99v ED8 01/18/2018117:10
Municipal Financial Consultants Inc.
MR MUNICIPAL FINANCIAL
MVSZ CONSULTANTS
INCORPORATED
MEMORANDUM
TO: Jim Nash
Oakland County Water Resources Commissioner
FROM: Steven A. Burke, CFA
Municipal Financial Consultants Incorporated
DATE: December 21, 2017
RE: Bloomfield Township CSO Drainage District, Bloomfield Township CSO Drain
Bonds, Series 2010
County of Oakland, State of Michigan Evergreen-Farmington Sewage Disposal
System Bonds, Series 2010
Due to the continuation of low interest rates, we have reviewed the County's outstanding
debt and have found that it will be possible to issue refunding bonds to refund both of the
captioned bonds maturing in the years 2019 through 2031 on April 1, 2018. This will result in
an estimated net savings of at least $400,000 and at least 7.5% of the par value of the bonds to be
refunded. This is well within the County's policy for refundings.
As you know these bonds are apart of the Recovery Zone Economic Development
Program. This program was designed to give the County a rebate of 45% of the interest paid on
these bonds. Due to the ongoing sequester, this rate was set at 42.03% for fiscal year 2018. By
refunding these bonds the County will no longer have the payment uncertainty that has
surrounded this program.
Attached hereto please find a copy of our refunding analysis showing the details of the
savings.
Please let me know if the County would like to issue these refunding bonds and we can
put together a timetable for the refunding.
If you have any questions, please feel free to call me.
Enclosures
cc: Anne Vaara, Chief Deputy Water Resources Commissioner
Steven Korth, P.E., Manager
Sid Lockhart, RE., Chief Engineer
OaklandDrain-RefundingMemo-EvergFarm,Bloomfield.docx
Resolution #18014 February 1,2018
Moved by Fleming supported by Zack the resolutions (with fiscal notes attached) on the amended
Consent Agenda be adopted (with accompanying reports being accepted).
AYES: Crawford, Fleming, Gershenson, Gingell, Hoffman, Kochenderfer, Long, McGillivray,
Middleton, Quarles, Spisz, Taub, Tietz, Weipert, Woodward, Zack, Berman, Bowman. (18)
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 APPROVI 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 February 1,
2018, 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 1 st day of February, 2018.
Lisa Brown, Oakland County