HomeMy WebLinkAboutResolutions - 1993.09.09 - 23946Miscellaneous Resolution #93184 September 9, 1993
BY:
IN RE:
PLANNING AND BUILDING COMMITTEE, CHARLES E. PALMER, CHAIRPERSON
DRAIN COMMISSIONER - McINTYRE DRAIN BONDS - FULL FAITH AND CREDIT
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen
WHEREAS, the Drainage Board for the McIntyre Drain, by resolution
adopted on August 10, 1993, authorized and provided for the issuance of drain
bonds in the aggregate principal amount of $1,230,000 to defray part of the
cost of the McIntyre Drain; and
WHEREAS, the bonds are to be designated Drain Bonds, are to be
dated September 1, 1993, will bear interest at a rate or rates not exceeding
7%, and will be subject to redemption prior to maturity in accvdance 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 McIntyre Drainage District Drain Bonds and agrees that, in the event the
City of Rochester 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 9i i.he Planning and —ritshilding Committee, I move adoption of the foregoing resoldtic ,n
BUILRING COMMITTEE
September 9, 1993
FISCAL NOTE (Misc. 93184)
BY: FINANCE COMMITTEE, JOHN P. MCCULLOCH, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - McINTYRE DRAIN - DRAIN BONDS - FULL
FAITH AND CREDIT RESOLUTION
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 #93184 and finds:
1) The resolution authorizes the issuance of drain bonds
with the county pledging full faith and credit with the
City of Rochester Hills as the primary obligor.
2) The principal amount of the bond issue is $1,230,000 at
an interest rate not to exceed 7% to be paid back within
20 years.
3) The statutory limit for County debt is $3,008,744,830
(10% of 1993 State Equalized Value). As of July 31,
1993, the outstanding debt is $337,494,030.83 or
approximately 1.1% of the S.E.V.
4) Of the total bond sale of $1,230,000, the County's
apportionment is 1.19% ($15,577.90).
5) The County's share of the assessment will be paid over
the life of the bonds and charged to the General Fund
Non-Department account titled "Road Commission - Drain
Assessments". Funding is requested in the 1994/1995
Budget request.
FINANCE COWYETTEE
NANC\DRAIN\MCINTYRE.FN
Resolution #93184 September 9, 1993
Moved by Palmer supported by Taub the resolution be adopted.
AYES: Kingzett, Law, McCulloch, McPherson, Miltner, Moffitt, Obrecht,
Palmer, Pernick, Powers, Schmid, Taub, Aaron, Crake, Douglas, Garfield, Gosling,
Huntoon, Jensen, Johnson, Kaczmar. (21)
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 September 9th. 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 9th.daY of September 1993.
Lynn D. Allen, Oui:4 Clerk