HomeMy WebLinkAboutResolutions - 1994.07.28 - 24113July 28, 1994
Miscellaneous Resolution # 94230
BY: PLANNING AND BUILDING COMMITTEE
CHARLES E. PALMER, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - CADDELL DRAIN
DRAIN BONDS - FULL FAITH AND CREDIT
RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen
WHEREAS, the Drainage Board for the Caddell Drain, by
resolution adopted on July 12, 1994, authorized and provided for
the issuance of drain bonds in the aggregate principal amount of
$2,730,000 to defray part of the cost of improvements to the
Caddell Drain; and
WHEREAS, the bonds are to be designated Drain Bonds,
Series 1994 are to be dated September 1, 1994, will bear interest
at a rate or rates not exceeding n, and will be subject to
redemption prior to maturity in accordance 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,
Series 1994; 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:
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 Caddell Drainage
District Drain Bonds, Series 1994, and agrees that, in the event
the City of Farmington Hills, the City of Farmington, the City of
Novi, the State of Michigan, 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 the County funds, and the County Treasurer is directed to make
such advancement to the extent necessary.
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2. 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.
3. 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.
Chairperson, on behalf of the Planning and Building
Committee, I move adoption of the foregoing resolution.
ING AND BUILDING COMMITTEE
JAE/09007/0249/GP7
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• July 28, 1994
FISCAL NOTE (Misc. 194230)
BY: FINANCE COMMITTEE, JOHN P. McCULLOCH, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - CADDELL 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 # 94230 and finds:
1) The resolution authorizes the issuance of drain bonds with the County pledging
full faith and credit with the Cities of Farmington Hills, Farmington, and Novi, the
State of Michigan and the County of Oakland as the primary obligor.
2) The principal amount of the bond issue is $2,730,000 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 June 30, 1994, the outstanding debt is $370,692,665.93
or approximately 1.2% of the S.E.V.
4) Of the total bond sale of $2,730,000, the County's apportionment is 5.6%
($162,400).
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.
Resolution #94230 July 28, 1994
Moved by Palmer supported by Wolf the resolution be adopted.
AYES: McCulloch, McPherson, Miltner, Moffitt, Newby, Oaks, Obrecht,
Palmer, Pernick, Powers, Schmid, Taub, Wolf, Crake, Dingeldey, Douglas, Garfield,
Gosling, Huntoon, Jensen, Johnson, Kaczmar, Kingzett, Law. (24)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
HEREB
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L. Brool‘Patterson. County Executive Date
THE FOREGOING RESOLUTION
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 July 28, 1994 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 28th day off..-Olu1y-La4.4,.
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D. Allen, County Clerk