HomeMy WebLinkAboutResolutions - 1994.08.18 - 24010I.
Miscellaneous Resolution No. 94250 / AUG. 18, 1994
BY: PLANNING AND BUILDING COMMITTEE
CHARLES E. PALMER, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - KORZON 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 Korzon Drain, by
resolution adopted on August 2, 1994, authorized and provided for
the issuance of Drain Bonds, Series 1994 in the aggregate
principal amount of not to exceed $465,000 to defray part of the
cost of the Korzon Drain; and
WHEREAS, the Drain Bonds, Series 1994 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 Korzon 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 1994; and
WHEREAS, the Korzon 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 Korzon Drainage
District Drain Bonds, Series 1994 and agrees that, in the event
the Charter Township of Bloomfield 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.
i
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
with the Department of
behalf of the County of
Obligation with respect
County Treasurer is authorized to file
Treasury of the State of Michigan on
Oakland a Notice of Intent to Issue an
to the Drain Bonds, Series 1994.
Mr. Chairperson, on behalf of the Planning and Building
Committee, I move adoption of th.---4o;egoing resolution.
NING AND BU'nING COMMITTEE
JAE/0900 7 /02 65/GS9/1
SPECIAL ASSESSMENT ROLL NO. 1
FOR
KORZON DRAIN
(An Intra-County Drain in'Oakland County, Michigan)
PROJECT: To locate, establish and
construct the Korzon Drain
TOTAL ESTIMATED COST: $465,000
AMOUNT TO BE ASSESSED: $465,000
Charter County
PUBLIC Township of of
CORPORATIONS: Bloomfield Oakland Total
PERCENTAGES: 86.176% 13.824% 100.000%
AMOUNT ASSESSED: $400,718 $64,282 $465,000
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 Korzon
Drain on August 2, 1994
We hereby certify that the
foregoing special assessment
roll was prepared in accordance
with the direction of the Drainage
Board for the Korzon Drain and the
statutorkpr °visions applicable
thereto/
Chairman of Chairma of/he Drainage Board
/ 1+1.----
7&,
Memb-e r
JAE/09007/0265/GU1
Estimate of Project Cost
Korzon Drain
1) Contracted Services:Construction Cost (Based Upon Bids)
Sewer Separation Div. C
Sub-Total
$338,864
$338,864
2) Contracted Services: Project Development & Financing
Engineering: Const. Phase $25,000
Bond Counsel $4,000
Financial Consultant $4,500
Bond Discount $6,975
Sub-Total $40,475
3) County Services:
Administration $3,389
Engineering $6,777
Right-Of-Way $19,977
Construction Inspection $20,332
Soil Erosion Permit $800
Sub-Total
4) Contingency (10%)
Total Estimated Project Cost
$51,275
$34,386
$465.000
Prepared By: Philip Sanzica ,P.E.
July 29, 1994
August 18, 1994
FISCAL NOTE (Misc. #94250)
BY: FINANCE COMMITTEE
IN RE: DRAIN COMMISSIONER - KORZON 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 # _94250 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 and County of
Oakland as the primary obligor.
2) The principal amount of the bond issue is $465,000 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 7/31194, the outstanding debt is $351,882,665.93 or
approximately 1.2% of the S.E.V.
4) Of the total bond sale of $465,000, the County's apportionment is 13.824%
($64,282).
5) 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 at this time.
ANCE COMMITTEE
Resolution #94250 August 18, 1994
Moved by Palmer supported by Kramer the resolution be adopted.
AYES: Palmer, Pernick, Powers, Schmid, Taub, Wolf, Crake, Douglas,
Garfield, Gosling, Huntoon, Jensen, Johnson, Kaczmar, Kingzett, Kramer, Law,
McCulloch, McPherson, Moffitt, Newby, Oaks, Obrecht. (23)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
r-
HERE51 013E -1}-1E FOPEC'"H':-:; i :ON
2,21514
L. E-1-r;cirtters0n. 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.
In Testimony Whereof, I have hereunto set my hand and a 'xed the seal of ...t
)410 County of Oakland at Pontiac, Michigan this 18th day of gus
A -d '''(..C.C.i....t re (17 er/
74.)"
D. Allen, County Clerk