HomeMy WebLinkAboutResolutions - 1994.12.08 - 24040• December 8, 1994
Miscellaneous Resolution No. 94349
BY:
IN RE:
PLANNING AND BUILDING COMMITTEE
CHARLES E. PALMER, CHAIRPERSON
DRAIN COMMISSIONER - CHESTER 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 Chester Drain, by
resolution adopted on November 8, 1994, authorized and provided for
the issuance of Drain Bonds in the aggregate principal amount of
$2,450,000 to defray part of the cost of the Chester Drain; and
WHEREAS, the Drain Bonds will be dated February 1, 1995,
will bear interest at rates not to exceed 8 96 per annum, will mature
in such years and principal amounts, and will be subject to
redemption upon 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 principal of
and interest on the Drain Bonds; and
WHEREAS, the Chester 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 Chester Drainage
District Drain Bonds and agrees that, in the event the City at
Rochester 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 50 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 a Notice of Intent to Issue an Obligation
with respect to the Drain Bonds.
Mr. Chairperson, on behalf of the Planning and Building
Committee, : move adoption of thy- foregoing
ING AND BUILDING COMMITTEE
JAE/09007/0233/11J7/4
-2-
• December 8, 1994
FISCAL NOTE (Misc. 194349)
BY: FINANCE COMMITTEE, John P. McCulloch, Chairperson
IN RE: DRAIN COMMISSIONER - CHESTER 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 # 94349 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 $2,450,000 at an interest rate not to
exceed 8% to be paid back within 20 years.
3) The statutory limit for County debt is $3,118,025,963 (10% of 1994 State
Equalized Value). As of 10131194, the outstanding debt is $348,572,666 or
approximately 1.1% of the S.E.V.
4) Of the total project cost of $2,541,757.44, the County's apportionment is .94%
($23,892.52). The County's share will be paid as a one-time charge against the
Non-Departmental account for Road Commission - Drain Assessments. Funding
is available for this expense. Therefore, no budget amendment is required.
ANCE COMMITTEE
(
FOREGOING RESOLUTION
In Testimony Whereof, I have hereunto set my hand a
County of Oakland at Pontiac, Michigan this 8th da
ffial5r4pe
Zelcob 11
Resolution #94349 December 8, 1994
Moved by Palmer supported by Douglas the resolution be adopted.
AYES: Schmid, Taub, Crake, Dingeldey, Douglas, Garfield, Gosling, Huntoon,
Jensen, Johnson, Kaczmar, Kingzett, Kramer, Law, McCulloch, McPherson, Miltner,
Moffitt, Newby, Oaks, Obrecht, Palmer, Pernick, Powers. (24)
NAYS: None. ;0)
A sufficient majority having voted therefor, the resolution was adopted.
' 01;11
AIIPA -11...Aidge011)911111.11` /2141* . _ Date
1 HERE
Patterwt County Executive
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lynn D. Allen, Clerk of the County of Oakland, do hereby certify that the
foregoing resolut::on is a true and accurate copy of a resolution adopted by the
Oakland County Board of Commissioners on December 8, 1994 with the original
record thereof now remaining in my office
Lynn D. Allen, County Clerk