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HomeMy WebLinkAboutResolutions - 1994.09.08 - 24306September 8, 1994 MISCELLANEOUS RESOLUTION #94261 TO: OAKLAND COUNTY BOARD OF COMMISSIONERS FROM: PLANNING AND BUILDING COMMITTEE CHARLES E. PALMER, CHAIRPERSON RE: BIRMINGHAM CSO DRAINAGE DISTRICT, DRAIN BONDS FULL FAITH AND CREDIT RESOLUTION Mt. Chairperson, Ladies and Gentlemen: WHEREAS, the Drainage Board for the Birmingham CSO Drainage District, by resolution adopted on August 30, 1994, authorized and provided for the issuance of Drain Bonds, Series 1994A in the aggregate principal amount of not to exceed $24,000,000 and Drain Bonds, Series 1994B and Series 1994C in the aggregate principal amount of not to exceed $11,661,500 to defray part of the cost of the Birmingham CSO Drain; and WHEREAS, the Drain Bonds, Series 1994A, Series 19948 and 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 Birmingham CSO Drainage District; 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, Series 1994B and Series 1994C; and WHEREAS, the Birmingham cS0 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, the Board of Commissioners of the County of Oakland does hereby irrevocably pledge the full faith and credit of the County of Oakland for the prompt payment of the principal of and interest on the Birmingham CSO Drainage District Drain Bonds, Series 1994A, Series 19948 and Series 1994C when due, and pursuant to said pledge, in the event that the City of Birmingham, the County of Oakland or the State of Michigan shall fail or neglect to account to the County Treasurer for the amount of any special assessment installment and interest when due to pay the aforesaid bonds or interest thereon when due, the amount unpaid shall be promptly advanced from County funds as a first budget obligation, and the County Treasurer is directed to immediately make such advancement to the extent necessary. 2. That in the event that pursuant to said pledge of its 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. The Drain Commissioner of the County of Oakland is hereby authorized to notify the Michigan Department of Treasury of the County's intent to pledge its full faith and credit as secondary security for the not to exceed $24,000,000 BIRMINGHAM CSO DRAINAGE DISTRICT, DRAIN BONDS, SERIES 1994A and the not to exceed aggregate $11,661,500 BIRMINGHAM CSO DRAINAGE DISTRICT, DRAIN BONDS, SERIES 19948 and SERIES 1994C and to pay the related fee and to request an order providing an exception for the bonds from prior approval by the Department of Treasury. 4. That all resolutions and parts of resolutions insofar as they conflict with the provisions of this resolution be and the same hereby are rescinded. Mr. Chairperson, on behalf of the Planning and Building Committee, I move adoption of the foregoing resolution. G AND ) BUILDING COMMITTEE DEPS2t3 9944.2SOus426-uumi SPECIAL ASSESSMENT ROLL NO. 1 . FOR. BIRMINGHAM CSO DRAIN (An Intra-County Drain in Oakland County, Michigan) =Ea: To locate, establish and construct the Birmingham CSO Drain EITALLESTIMATED COST: $35,661,500 AMOUNT TO BE ASSE,S1ED: $35,661,500 PUBLIC CORPORATIONS: PERCENTAGES: City County State of of of Birmingham OakIkrld Mirchigui Mull 96.86% 0.29% 2.85% 100.00% AMOUNT ASSESSED: $34,541,728.00 $103,418.35 $1,016,352.70 $35,661,500 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 Birmingham CSO Drain on August 30, 1994. We hereby certify that the foregoing special assessment roll was prepared in accordance with the direction of the Drainage Board for the Birmingham CSO Drain and the statutory provisions applicable thereto. Chairman of Drainage Board Chairman of the Drainage Board Member Member DEPII2U1 9112 . 10186264031 3 BIRMINGHAM CSO AREA RTB, TUNNEL AND COLLECTOR SEWERS CONSTRUCTION COST ESTIMATE ESTIMATED ESTIMATED POSTBID ] POSTBID PREBID VS COST COST PREBID j 1) Contracted Services: Construction Contract Cost Contract No. 1 - Retention Treatment Basin $12,630,000 $12,500,000 $130,000 Contract No. 2 - Linden - Booth Reach $7,397,072 $8,247,776 - ($850,704) Contract No. 3 - Lincoln - Northiawn & Latham Reaches $2,472,000 $3,457,725 ($985,725) Contract No. 4 - Woodward - Manor & Ouarton Lake Reaches $3,752,990 $5,232,605 ($1,479,615) TOTAL CONSTRUCTION CONTRACT COST $26,252,062 $29,438,106 ($3,186,044 2) Contracted Services: Project Development & Financing Engineering: Project Planning $369,000 I $369,000 $0 Design Phase $1,876,000 $1,876,000 $0 Construction Phase $1,885,000 $1,885,000 $0 ' Project Performance Certification $250,000 $250,000 $0 Bond Counsel . $95,500 $100,000 ($4,500) Financial Consultant $53,000 $57,500 ($4,500) Official Statement $7,500 $7,500 $0 Bond Rating Fees $12,000 $12,000 $0 Bond Printing $6,000 $6,000 $0 Bond Advertisement $6,000 $6,000 $0 Bond Discount $97,500 $117,000 ($19,500 TOTAL PROJECT DEVELOPMENT & FINANCING $4,657,500 $4,686,000 ($28,500) 3) County Services: Administration $264,754 I $294,381 ($29,621 Engineering $525,041 $588,762 ($63,721 Right-Of-Way $694,540 $694,540 $0 Construction Inspection $632,397 $644,588 ($12,191) So a Erosion Permit $10,000 $10,000 $0 TOTAL COUNTY SERVICES $2,126,732 $2,232,271 ($105,539 4) CONTINGENCY (10%) $2,625,206 $2,943,623 ($318,417 TOTAL ESTIMATED PROJECT COST $35,661,500 $39,300,000 _ ($3,638,500 Prepared by: Ben L. Lewis, P.E. 08/13/94 COSICOMP.WK4 FISCAL NOTE (Misc. 194261) " BY: FINANCE COMMITTEE, John P. McCulloch, Chairperson IN RE: DRAIN COMMISSIONER - BIRMINGHAM CSO DRAINAGE DISTRICT, 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 # Q4761 and finds: 1) The resolution authorizes the issuance of drain bonds with the County pledging full faith and credit as secondary security with the City of Birmingham as the primary obligor. 2) Birmingham CSO Drain Bonds will be sold in three series for a total principal amount not to exceed $35,661,500. a) Series 1994A, for a maximum of $24,000,000, will be sold to the Michigan Municipal Bond Authority, as part of their Michigan Water Pollution Control Revolving Loan Program at 2% to be repaid within an estimated 20 years. b) The aggregate principal amount of the Series 1994B and 1994C bond issue shall not exceed $11,661,500 and shall be repaid at an interest rate not to exceed 8% for a period of 20 years. 1) The principal amount of the Series 1994B bond issue will be based on current known federal commitments. 2) Series 1994C will be sold at a later date for an amount to be determined at that time , dependent upon further grant commitments. 3) The statutory limit for County debt is $3,008,744,830 (10% of 1993 State Equalized Value). As of 7131/94, the outstanding debt is $351,882,665.93 or approximately 1.2% of the S.E.V. 4) Of the total bond sale of $35,661,500, the County's apportionment is .29% ($103,418.35). 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. FINANCE COMMITTEE In Testimony Whereof, I have hereunto set my hand andixed the seal of the County of Oakland at Pontiac, Michigan this 8th day of pteilikeLk_094 / Allen, County Clerk Resolution #94261 September 8, 1994 Moved by Palmer supported by Law the resolution be adopted. AYES: Johnson, Kaczmar, Kingzett, Kramer, Law, McCulloch, McPherson, Moffitt, Newby, Oaks, Obrecht, Palmer, Pernick, Powers, Schmid, Taub, Wolf, Crake, Dingeldey, Douglas, Garfield, Gosling, Huntoon. (23) NAYS: None. (0) A sufficient majority having voted therefor, the resolution was adopted. !I HERE )-HE FOPrr '----0'_UTION i 4-5_ i/../...qi_i ooks Patrifson. County Executive Date ierampftreN STATE OF MICHIGAN) COUNTY OF OAKLAND) 1, 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 September 8, 1994 with the original record thereof now remaining in my office.