HomeMy WebLinkAboutResolutions - 1993.10.21 - 23843Miscellaneous Resolution #93235 October 21, 1993
BY: PLANNING AND BUILDING COMMITTEE CHARLES E. PALMER, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - MINNOW POND DRAIN BONDS - FULL FAITH AND
CREDIT
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen
WHEREAS, the Drainage Board for the Minnow Pond Drain, by
resolution adopted on September 28, 1993, authorized and provided for the
issuance of drain bonds in the aggregate principal amount of $10,040,000 to
defray part of the cost of the Minnow Pond Drain; and
WHEREAS, the bonds are to be designated Drain Bonds, are to be
dated November 1, 1993, will bear interest at a rate or rates not exceeding
10%, and will be subject to redemption prior to maturity in accordance with
the terms and conditions set forth in the bond resolution; 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 Drain Bonds; and
WHEREAS, the said drain project is necessary to protect and
preserve the public health, and, therefore, it is in the best interest of the
County of Oakland that the said bonds be sold.
NOW, THEREFORE, BE IT RESOLVED that pursuant to the authorization
provided in Section 474 of the Drain Code of 1956, as amended, the Board of
Commissioners of the County of Oakland hereby pledges irrevocably the full
faith and credit of the County of Oakland for the prompt payment of the
principal of and interest on the Minnow Pond Drainage District Drain Bonds and
agrees that, in the event the City of Farmington Hills or the County of
Oakland shall fail or neglect to account to the County Treasurer of the County
of Oakland 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.
That in the event that, pursuant to said pledge of full faith and
credit, the County of Oakland 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 of Oakland, to take all actions and proceedings
and pursue all remedies permitted or authorized by law for the reimbursement
of such sums so paid.
That the County Treasurer is authorized to file with the
Department of Treasury of the State of Michigan a Notice of Intent to Issue an
Obligation with respect to the said Drain Bonds.
Mr. Chairperson, on behalf of the Planning and Building,Committee,
I move adoption of the foregoing resolution.
, -
PLANNING AND BUILDING COMI'i
October 21, 1993
FISCAL NOTE (Misc. 193235)
BY: FINANCE COMMITTEE, JOHN P. MCCULLOCH, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - MINNOW POND DRAIN DIN BONDS - FULL
FAITH AND CREDIT RESOLUTION - MISCELLANEOUS RESOLUTION
#93
To The Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
Pursuant to Rule XI-G of this Board, the Finance Committee has
reviewed Miscellaneous Resolution #93235 and finds:
1) The resolution authorizes the issuance of drain bonds
with the county pledging full faith and credit with the
City of Farmington Hills as the primary obligor.
2) The principal amount of the bond issue is $10,040,000 to
be paid back within 20 years at an interest rate to be
determined by bid.
3) The statutory limit for County debt is $3,008,744,830
(10% of 1993 State Equalized Value). As of September 30,
1993, the outstanding debt is $322,644,030.83 or
approximately 1.1% of the S.E.V.
4) Of the total project, the County's apportionment is
2.68%. Funding is recommended in the 1994/1995 County
Executive Recommended Budget.
FINANCE COMITTEE
NANC\DRAIN\MINNOW.FN
October 21, 1993 Resolution #93235
Moved by Palmer supported by Moffitt the resolution be adopted.
AYES: Pernick, Powers, Price, Schmid, Taub, Wolf, Aaron, Crake, Dingeldey,
Douglas, Garfield, Gosling, Huntoon, Jensen, Johnson, Kaczmar, Kingzett,
McCulloch, McPherson, Miltner, Moffitt, Oaks, Obrecht, Palmer. (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 affixed the seal of the
County of Oakland at Pontiac, Michigan this 21st day ol fJctober 1993.
— I D. Allen, County W.erk