HomeMy WebLinkAboutResolutions - 1994.08.18 - 24009Miscellaneous Resolution No. 94249 , AUG. 18 , 1994
BY: PLANNING AND BUILDING COMMITTEE
CHARLES E. PALMER, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - BLOOMFIELD VILLAGE 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 Village
CSO Drain, by resolution adopted on August 2, 1994, authorized
and provided for the issuance of Drain Bonds, Series I994A in the
aggregate principal amount of not to exceed $22,100,000 and Drain
Bonds, Series 1994B and Series 1994C_in the aggregate principal
amount of not to exceed $6,750,000 to defray part of the cost of
the Bloomfield Village CSO Drain; and
WHEREAS, the Drain Bonds, Series 1994A, the Drain Bonds,
Series 1994B and the Drain Bonds Series 1994C 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 Village 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, the
Drain Bonds, Series 1994B and the Drain Bonds, Series 1994C; and
WHEREAS, the Bloomfield Village 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
•
Village CSO Drainage District Drain Bonds, Series 1994A, Series
1994B and Series 1994C and agrees that, in the event the Charter
Township of Bloomfield, the City of Birmingham, the City of
Bloomfield 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.
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 and the Drain Bonds, Series 1994C.
Mr. Chairperson, on behalf of the Planning and Building
Committee, I move adoption of t4e - foregoing resolut4on.
NING AND ILD e„tsL=i,„L,L, NG COMMITTEE
JAE/09007/0260/GS2/2
-2-
SPECIAL ASSESSMENT ROLL NO. 1
FOR
BLOOMFIELD VILLAGE CSO DRAIN
(An Intra-County Drain in'Oakland County, Michigan)
PROJECT: To locate, establish and
construct the Bloomfield Village CSO Drain
TOTAL ESTIMATED COST: $28,850,000
AMOUNT TO BE ASSESSED: $28,850,000
Charter City of County
PUBLIC Township of City of Bloomfield of
CORPORATIONS: Bloomfield Birmingham Hills Oakland Total
PERCENTAGES: 60.3822 16.7502 5.1432 17.7251 100.0002
AMOUNT ASSESSED: $17,420,207 $4,832,375 $1,483,756 $5,113,662 $28,850,000
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
the Drainage Board for the Bloomfield
Village CSO Drain on August 2, 1994
./
/Chairman of
We hereby certify that the
foregoing special assessment
roll was prepared in accordance
with the direction of the Drainage
Board for the Bloomfield Village
CSO Drain and the statutory
provisions applicable thereto. _--?
he Drainage Board ainage Board
Hem
ember
JAE/09007/0260/GT1/4
Estimate of Project Cost
Bloomfield Village CSO Drain
1) Contracted Services:Construction Cost
Sewer Separation Div. A (Based Upon Bids) $708,393
Sewer Separation Div. B (Based Upon Bids) $1,131,742
Retention Treatment Basin (Based Upon Bids) $20,153,610
Rehabilitation $400,000
Sub-Total $22,393,745
2) Contracted Services: Project Development & Financing
Engineering:
Project Planning $241,500
Design Phase $1,143,550
Construction Phase $1,530,000
Project Performance Certification $250,000
$3,165,050
Bond Counsel $75,000
Financial Consultant . $30,000
Official Statement $7,500
Bond Rating Fees $10,000
Bond Printing $2,500
Bond Advertisement $2,500
Bond Discount $50,000
Sub-Total $3,342,550
3) County Services:
Administration $208,888
Engineering $447,875
Right-Of-Way $600,000
Construction Inspection $110,408
Soil Erosion Permit $11,000
Sub-Total $1,378,171
4) Contingency:
(7.5% of RTB, 10% of Separation/Rehabilitation) $1,735,534
Total Estimated Project Cost $28.850 000
Prepared By: Philip Sanzica ,P.E.
July 29, 1994
L IP
ANCE COMMITTEE
August 18, 1994
FISCAL NOTE (Misc . 194249)
BY: FINANCE COMMITTEE, John P. McCulloch, Chairperson
IN RE: DRAIN COMMISSIONER- BLOOMFIELD VILLAGE 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 # 94249 and finds:
1) The resolution authorizes the issuance of drain bonds with the County pledging
full faith and credit with the Charter Township of Bloomfield, the Cities of
Birmingham and Bloomfield Hills and the County of Oakland as the primary
obligor.
2) Bloomfield Village CSO Drain Bonds will be sold in three series for a total not to
exceed $28,850,000.
a) Series 1994A, for a maximum of $22,100,000, will be sold to the Michigan
Municipal Bond Authority, as part of their Michigan Water Pollution Control
Revolving Loan Program at 2% to be paid back within 10 years.
b) The aggregate principal amount of the Series 1994B and 1994C bond
issue shall not exceed $6,750,000 and shall be repaid at an interest rate
not to exceed 8% for a period of 20 years.
1) The principal amount of the Series 1994B bond issue will be based
on current known federal commitments.
2) Series 1994C will be sold at a later date for an amount to be
determined at that time dependent upon further grant
commitments.
4) 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.
5) Of the total bond sale of $28,850,000, the County's apportionment is 17.725%
($5,113,662.50).
6) The County's share of the assessment will be paid over the life of the bonds and
charged to the General Fund Non-Departmental account titled "Road Commission
- Drain Assessments". No additional funding is requested for the 1994 budget
year. Funding for the 1995 estimated assessment of $540,410.08 will be included
as part of the 1995 budget amendment process.
the resolution be adopted.
Powers, Schmid, Taub, Wolf, Crake,
Johnson, Kaczmar, Kingzett, Kramer,
(23)
In Testimony Whereof, I have hereunto set my hand and"fixed the seal odf, the
A. County of Oakland at Pontiac, Michigan this 18th day A'hugu
smir-
D. Allen, County Clerk
Resolution #94249 August 18, 1994
Moved by Palmer supported by Kingzett
AYES: Oaks, Obrecht, Palmer, Pernick,
Douglas, Garfield, Gosling, Huntoon, Jensen,
Law, McCulloch, McPherson, Moffitt, Newby.
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
L. Brook's"
7________7,_.._..,_........--...... I HEREB • Pr 8 HE FOREGOING / RES LUTION
,lore/AINIftilin_ i Z2-*
awn, County Executive Date
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.