HomeMy WebLinkAboutResolutions - 1993.10.21 - 23776October 21, 1993
MISCELLANEOUS RESOLUTION #93228
BY: FINANCE COMMITTEE, JOHN P. MCCULLOCH, CHAIRPERSON
IN RE: COMPUTER SERVICES - APPROVAL OF LOAN FROM DELINQUENT TAX
REVOLVING FUND TO EXERCISE MOBILE DATA TERMINAL PURCHASE OPTION
To the Oakland County Board of Commissioners
Chairperson, Ladies, and Gentlemen:
WHEREAS the County of Oakland entered into a lease/purchase
agreement with US Leasing International on behalf of the Computer
Services In-Car Terminal Fund at an annual interest rate of 8.30%
for the period November 1, 1988 through November 1, 1995; and
WHEREAS the purchase option on November 1, 1993, will be
$519,793 or $61,241 less than the remaining lease payments over the
next two years which total $581,034; and
WHEREAS the County desires to exercise its purchase option in
the Mobile Data Terminal lease/purchase agreement by borrowing
funds from the Delinquent Tax Revolving Fund (DTRF) and repaying
those funds over two (2) years at the average monthly interest rate
paid by the DTRF, which will fluctuate over the term of the
agreement; and
WHEREAS the County Treasurer as agent for the DTRF has
determined that funds are available and is willing to loan funds,
thereby saving the County approximately $33,085 over the term of
this agreement.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of
Commissioners authorizes the Chairperson of the Board to execute
the attached Borrowing Agreement with the County Treasurer as agent
of the DTRF to exercise the purchase option in US Leasing
International Agreement No. 10008163 in the amount of $519,793.
BE IT FURTHER RESOLVED that principal and interest payments
made to the DTRF in repayment of this agreement will be accounted
for in the In-Car Terminal Fund, fund #63700.
Chairperson, on behalf of the Finance Committee, I move the
adoption of the foregoing resolution.
FINANCE COMMITTEE
REVOLVING FUND BORROWING AGREEMENT
WHEREAS the County of Oakland is desirous of borrowing monies
from the Oakland County Delinquent Tax Revolving Fund, and
WHEREAS the Delinquent Tax Revolving Fund Agent has determined
sufficient monies are available to loan to the County,
THEREFORE, in consideration of agreements setforth below it is
hereby agreed by and between the parties as follows:
The County will borrow the principal sum of $519,793 from
the Delinquent Tax Revolving Fund to be paid back in
annual principal and interest payments not to exceed two
(2) years. Said payments shall be deducted from the
annual Revolving Fund distribution made to the County on
or about June 1st of each year. Interest on each payment
will be based on the average monthly rate paid during the
term of this agreement by the agent of the Delinquent Tax
Revolving Fund for that year's outstanding borrowing.
The schedule of principal payments will be:
Year Principal
1 $259,897
2 259,896
Total $519,793
It is further agreed that the County may pay off the loan
at any time plus accrued interest without penalty.
Agent for Revolving Fund Chairperson
Board of Commissioners
Resolution #93228 October 21, 1993
Moved by McCulloch supported by Huntoon the resolution be adopted.
AYES: Dingeldey, Douglas, Garfield, Gosling, Huntoon, Jensen, Johnson,
Kaczmar, Kingzett, McCulloch, McPherson, Miltner, Moffitt, Oaks, Obrecht, Palmer,
Pernick, Powers, Price, Schmid, Taub, Wolf, Aaron, Crake. (24)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lynn D. Allen, 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 October 21, 1993 with the original
record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and ;f fixed the seal of the
County of Oakland at Pontiac, Michigan this 21st day cf Octohcr 1993.
Lyir. D. Allen, Count Clerk