HomeMy WebLinkAboutResolutions - 1994.08.18 - 24008Miscellaneous Resolution No. 94248 AUG. 18 1994
BY: PLANNING AND BUILDING COMMITTEE
CHARLES E. PALMER, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - BLOOMFIELD HILLS CSO DRAIN
DRAIN BONDS - FULL FAITH AND CREDIT
RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen
WHEREAS, the Drainage Board for the Bloomfield Hills CSO
Drain, by resolution adopted on August 2, 1994, authorized and
provided for the issuance of Drain Bonds, Series 1994A in the
aggregate principal amount of not to exceed $1,300,000 and Drain
Bonds, Series 19943 in the aggregate principal amount of not to
exceed $1,135,000 to defray part of the cost of the Bloomfield
Hills CSO Drain; and
WHEREAS, the Drain Bonds, Series 1994A and the Drain
Bonds, Series 1994B will be dated as of such date, will bear
interest at such rates not to exceed 8% per annum, will mature in
such years and principal amounts, and will be subject to
redemption upon such terms and conditions as shall be determined
by the Oakland County Drain Commissioner as Chairman of the
Drainage Board for the Bloomfield Hills CSO Drain; 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 Drain Bonds, Series 1994A and
the Drain Bonds, Series 1994B; and
WHEREAS, the Bloomfield Hills CSO Drain 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:
1. 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 Bloomfield Hills
CSO Drainage District Drain Bonds, Series 1994A and Series 1994B
and agrees that, in the event the City of Bloomfield Hills 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.
2. That in the event that, pursuant to the 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.
3. That the County Treasurer is authorized to file
with the Department of Treasury of the State of Michigan on
behalf of the County of Oakland Notices of Intent to Issue an
Obligation with respect to the Drain Bonds, Series 1994A and the
Drain Bonds, Series 1994B.
Mr. Chairperson, on behalf of the Planning and Building
Committee, I move adoption of t4eirregoing resolution.
"
Ae
AMNING AND BO DING COMMITTEE
JAE/09007/0238/GS8/2
-2-
4
Chairman of' Diainage Board Chairman cCkhe Drainage Board
SPECIAL ASSESSMENT ROLL NO. 1
FOR
BLOOMFIELD HILLS CSO DRAIN
(An Intra-County Drain in'Oakland County, Michigan)
PROJECT: To locate, establish and
construct the Bloomfield Hills CSO Drain
TOTAL ESTIMATED COST: $2,435,000
AMOUNT TO BE ASSESSED: $2.435,000
City
PUBLIC Bloomfield
CORPORATION: Hills
PERCENTAGE: 100.000%
AMOUNT ASSESSED: $2,435,000
The number and amounts of the installments, the due dates of the
installments and the interest on the unpaid installments shall be determined by
the Chairman of the Drainage Board at the time bonds are sold.
The foregoing roll was approved by We hereby certify that the
the Drainage Board for the Bloomfield foregoing special assessment
Hills CSO Drain on August 2, 1994 roll was prepared in accordance
with the direction of the Drainage
Board for the Bloomfield Hills CSO
Drain and the statutory
provisions applicable thereto.
JAE/09007/0238/GT9/1
Estimate of Project Cost
Bloomfield Hills CSO Drain
1) Contracted Services: Construction Cost (Based Upon Bids)
Sewer Separation
Repaving Cost
$1,392,227
$159,450
Sub-Total $1,551,677
2) Contracted Services: Project Development & Financing
Engineering:
Project Planning $71,100
Design Phase $132,993
Construction Phase $82,027
$286,120
Bond Counsel $22,500
Financial Consultant $10,500
Official Statement $10,000
Bond Rating Fees $20,000
Bond Printing $3,000
Bond Advertisement $2,000
Bond Discount $33,225
Sub-Total $387,345
3) County Services:
Administration $15,517
Engineering $31,034
Right-Of-Way $200,000
Construction Inspection .$90,885
Soil Erosion Permit $3,100
Sub-Total $340,535
4) Contingency (10%)
Total Estimated Project Cost
Prepared By: Philip Sanzica ,RE.
July 29, 1994
$155,442
August 18, 1994
FISCAL NOTE (Misc. #94248)
BY: FINANCE COMMITTEE
IN RE: DRAIN COMMISSIONER - BLOOMFIELD HILLS CSO 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 # 94248 and finds:
1) The resolution authorizes the issuance of drain bonds with the County pledging
full faith and credit with the City of Bloomfield Hills as the primary obligor.
2) The principal amount of the bond issue is $2,435,000 at an interest rate not to
exceed 8% 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 7/31/94, the outstanding debt is $351,882,665.93 or
approximately 1.2% of the S.E.V.
4) Of the total bond sale of $2,435,000, the County's apportionment is 0%.
ANCE COMMITTEE
Resolution #94248 August 18, 1994
Moved by Palmer supported by Law the resolution be adopted.
AYES: Oaks, Obrecht, Palmer, Pernick, Powers, Schmid, Taub, Crake,
Douglas, Garfield, Gosling, Huntoon, Jensen, Johnson, Kingzett, Kramer, Law,
McCulloch, McPherson, Moffitt, Newby. (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 August 18, 1994 with the original record
thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and f ixed the seal of -.the
County of Oakland at Pontiac, Michigan this 18th day o --Augu ikst-9-9-4. .h .4-cue x.). , 'f'--• ...n
D. Allen, County Clerk