HomeMy WebLinkAboutResolutions - 1994.03.23 - 24181Miscellaneous Resolution No. 94071 March 24 , 1994
BY: PLANNING AND BUILDING COMMITTEE
CHARLES E. PALMER, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - ACACIA PARK 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 Acacia Park CSO
Drain, by resolutions adopted on March 8, 1994, authorized and
provided for the issuance of Drain Bonds, Series 1994A in the
aggregate principal amount of not to exceed $9,000,000 and Drain
Bonds, Series 19948 in the aggregate principal amount of not to
exceed $2,900,000 to defray part of the cost of the Acacia Park
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 Acacia Park 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 Acacia Park 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 Acacia Park CSO
Drainage District Drain Bonds, Series 1994A and Series 1994B and
agrees that, in the event the Village of Beverly Hills, the City
of Birmingham 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.
Mr. Chairperson, on behalf of the Planning and Building
Committee, I move adoption of th- .r.--.oing re=oluti
411111r
PArsNING AND BUI I NG COMMITTEE
JAE/09007/0259/FT9/1
-2-
PUBLIC
CORPORATIONS:
PERCENTAGES:
AMOUNT ASSESSED:
Village of City of
Beverly Hills Birmingham
28.83%
$3,430,770
County of
Oakland
3.01%
$358,190
Total
100%
$11,900,000
68.16%
$8,111,040
SPECIAL ASSESSMENT ROLL NO. 1
FOR
ACACIA PARK CSO DRAIN
(An Intra-County Drain in Oakland County, Michigan)
PROJECT:
TOTAL ESTIMATED COST:
AMOUNT TO BE ASSESSED:
To locate, establish and
construct the Acacia Park CSO Drain
$11,900,000
$1 1,900 1 000
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 Acacia Park foregoing special assessment
CSO Drain on March 8, 1994 roll was prepared in accordance
with the direction of the Drainage
Board for the Acacia Park CSO Drain
and the statutory provisions
applicable thereto.
hairman o rainage Board Chairman of ikhe Drainage Board
Kembe
Member
JAE/09007/0259/FV2/1
(l a
March 24, 1994
FISCAL NOTE (Misc. #94071)
BY: FINANCE COMMITTEE, JOHN P. MCCULLOCH, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - ACACIA PARK CSO DRAIN, DRAIN BONDS -
FULL FAITH AND CREDIT RESOLUTION, MISCELLANEOUS
RESOLUTION #94
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 #94071 and finds:
1) The resolution authorizes the issuance of drain bonds
with the County pledging full faith and credit with the
Acacia Park CSO Drainage District as the primary obligor.
2) The authorization for the bond issue is for a total
amount of $11,900,000 which is divided into two portions,
Series 1994A and Series 19948.
3) Series 1994A is for a sum not to exceed $9,000,000 and
will be sold to the Michigan Municipal Bond Authority at
an estimated 2% interest per annum. The redemption terms
will be determined by the State.
4) Series 19948 is for a sum not to exceed $2,900,000 to be
repaid within 20 years at an interest rate to be
determined by bid, but not exceeding 8% per annum.
5) Federal participation is anticipated to offset the total
$11,900,000 cost for this project, however, the level of
participation is unknown and the impact on each portion
of the bond issue is unknown.
6) The statutory limit for County debt is $3,008,744,830
(10% of 1993 State Equalized Value). As of February 28,
1994, the outstanding debt is $319,229,031 or
approximately 1.1% of the S.E.V.
7) Of the total project, the County's apportionment is 3.01%
or $358,190. The dollar amount may be reduced with
Federal funding. Assuming the County participates in the
bond issue, the County will not be assessed until
April 1995. Based on the total dollar amount of the
project and assuming no Federal grant will be received,
the County's assessment in 1995 would be $37,768. Since
$40,000 was budgeted in 1995 in anticipation of future
projects, no additional funding is required.
FINAytE COMMITTEE
STEV\DRAIN\ACACIA.FN
Resolution #94071 March 24, 1994
Moved by Palmer supported by Jensen the resolution be adopted.
AYES: Wolf, Aaron, Crake, Dingeldey, Douglas, Garfield, Gosling, Huntoon,
Jensen, Kaczmar, Kingzett, Law, Miltner, Oaks, Obrecht, Palmer, Powers, Schmid. (18)
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 March 24, 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 24th day oOlkirch 1994.
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(
Lyn9(D. Allen, Coun y Cfk