HomeMy WebLinkAboutResolutions - 1994.05.26 - 24229, 1994 Miscellaneous Resolution No. 44160 May 26
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 and May 10, 1994,
authorized and provided for the issuance of Drain Bonds, Series
1994A in the aggregate principal amount of not to exceed
$10,850,000 and Drain Bonds, Series 1994B and Series 1994C 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, 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 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, the
Drain Bonds, Series 1994B and the Drain Bonds, Series 1994C; 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, Series 1994B and
Series 1994C 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 and the Drain Bonds, Series 1994C.
BE IT FURTHER RESOLVED that the adoption of this resolution does
hereby rescind Miscellaneous Resolution No. 94071.
Mr. Chairperson, on behalf of the Planning and Building
Committee, I move adoption of the_foregoing rgq.kution. 7 - -
f/4e alt.e,-.C.migiLm r ,e.e.L.041it
NING AND LnILDING COMMITTEE
May 26, 1994
FISCAL NOTE (Misc. 194160)
BY: FINANCE COMMITTEE, JOHN P. MCCULLOCH, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - ACACIA PARK CSO DRAIN, DRAIN BONDS -
FULL FAITH AND CREDIT RESOLUTION, MISCELLANEOUS RESOLU-
TION #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 #94160 and finds the following:
1. Resolution # 94071 authorizes the issuance of drain bonds
with the County pledging full faith and credit with
Acacia Park CSO Drainage District as the primary obligor.
2. The original authorization for bond issue (Miscellaneous
Resolution #94071) for a total of $11,900,000 was to be
divided in two portions, Series 1994A and Series 1994B.
3. The estimated cost of the Acacia Park CSO Drain has been
revised for a total of $13,750,000 (an increase of
$1,850,000 over the original estimate).
4. Bond Series 1994A, in aggregate sum not to exceed
$10,850,00, will be sold to the Michigan Municipal Bond
Authority at an estimated 2 9.5 interest per annum. The
redemption terms will be determined by the state.
5. Series 1994B and 1994C, in aggregate sum not to exceed
$2,900,000 will be repaid within 20 years at an interest
rate to be determined by bid, but not to exceed EA per
annum. Series 1994C should have been included in the
initial resolution.
6. The County's total apportionment will increase to
$413,875. The dollar amount may be reduced with Federal
Funding. Based on the total dollar amount of the project
and assuming no Federal grant will be received, the
County's assessment in 1995 will be $43,967 ($36,357 to
the state and $7,610 for the public sale).
7. The 1994/1995 Biennial Budget includes $40,000 for new
Drain Assessments. Therefore, the budget is amended as
follows:
General Fund (10100)
Expenditures 1994 1995
909-01-00-9900 Contingency 0 (3,967)
901-01-00-9121 Current Drain 0 3,967
Assessment
Total Expenditures $ 0 $ 0
FINANCE COMMITTEE
• •
Resolution #94160 May 26, 1994
Moved by Palmer supported by McCulloch the resolution be adopted.
AYES: Pernick, Powers, Schmid, Taub, Aaron, Crake, Dingeldey, Douglas,
Garfield, Gosling, Huntoon, Jensen, Johnson, Kaczmar, Kingzett, McCulloch,
Miltner, Moffitt, Obrecht, Palmer. (20)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
I HEREB),A0VE.T.016dREGOING RESOLUTION
5-h7ny L. Brooks Pattersonncounty 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 May 26, 1994 with the original record
thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and a•Oced he seal of pte
County of Oakland at Pontiac, Michigan this 26th day ot?May 1994. 7-")
Lynn/J. Allen, County Clerk