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MISCELLANEOUS RESOLUTION #95012 February 9, 1995
BY: FINANCE AND PERSONNEL COMMITTEE, JOHN P. MCCULLOCH,
CHAIRPERSON
IN RE: DEPARTMENT OF INFORMATION TECHNOLOGY - APPROVAL OF LOAN
FROM DELINQUENT TAX REVOLVING FUND TO MAINTAIN INVENTORY POOL OF
OFFICE AUTOMATION EQUIPMENT
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS Information Technology is requesting an additional
loan of $910,653 from the Delinquent Tax Revolving Fund (DTRF) to
provide an inventory of approximately 324 personal computers and
125 printers in order to provide quick response as requests are
approved; and
WHEREAS Information Technology will obtain Finance and
Personnel Committee approval prior to installing any of the
equipment in the user departments and will bring a resolution for
approval by the full Board of Commissioners on a quarterly basis
summarizing the appropriate budget amendments in the Information
Technology and user departments' budgets; and
WHEREAS Information Technology estimates the initial costs to
be $910,653 for capital and $251,454 for start-up expenses,; and
WHEREAS the annual operating cost is estimated to be $189,719
which includes maintenance and depreciation expense; and
WHEREAS the loan will be repaid over a five-year period with
interest expense estimated to be $56,309.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of
Commissioners authorizes the Chairperson of the Board to execute
the attached Borrowing Agreement in the amount of $910,653 with the
County Treasurer as agent of the DTRF.
BE IT FURTHER RESOLVED that principal and interest payments
made to the DTRF in repayment of this agreement will be accounted
for in the Computer Services Operations Fund, fund #63600.
BE IT FURTHER RESOLVED that the 1995 Budget is amended as
follows to appropriate the interest expense:
1925
Gener41 Fund (10100)
Exparidin=Lea
10100-909-01-00-9920 Office Automation $(56,309)
10100-181-01-00-6360 Computer Services 56.309
TOTAL
Computer .rvices Fund (62-60Q1
Revenue
181-01-00-2037 Gov't. Operations 8 56.309
expense
184-01-00-3418 Interest Expense S 56.309
TOTAL 0
Chairperson, on behalf of the Finance and Personnel Committee,
I move the adoption of the foregoing resolution.
FINANCE Ati PERSONNEL COMMITTEE
F
REVOLVING FUND BORROWING AGREEMENT
WHEREAS the County of Oakland is desirous of borrowing monies
from the Oakland County Delinquent Tax Revolving Fund, and
WHEREAS the Delinquent Tax Revolving Fund Agent has determined
sufficient monies are available to loan to the County,
7HEREFORE, in rnnqideratinn of agreements setforth below it is
hereby agreed by and between the parties as follows:
The County will borrow the principal sum of $910,653 from the
Delinquent Tax Revolving Fund to be paid back in annual
principal and interest payments not to exceed five (5) years.
Said payments shall be deducted from the annual Revolving Fund
diqtrihntinn made to the County on or about June 1st of each
year. Interest on each payment will be based on the average
monthly rate -paid during the term of this agreement by the
agent of the Delinquent Tax Revolving Fund for that year's
outstanding borrowing. The schedule of principal payments
will be:
Year Principal
1 $ 182,131
2 182,131
3 182,131
4 182,131
5 182.129
Total $ 910.653
It is further agreed that the County may pay off the loan at
any time plus accrued interest without penalty.
Agent for Revolving Fund rhairperson
Board of Commissioners
S
In Testimony whereof, I have hereunto set my hand and affixed the seal
County of Oakland at Pontiac, Michigan this 9th day of iFebruar-y 1_225,
of the
Resoluton #95012 February 9, 1995
Moved by McCulloch supported by Taub the resolution be adopted.
AYES: Kingzett, Law, McCulloch, McPherson, Moffitt, Obrecht, Palmer,
Powers, Quarles, Schmid, Taub, Wolf, Amos, Crake, Devine, Dingeldey, Douglas,
Garfield, Holbert, Huntoon, Jacobs, Jensen, Johnson, Kaczmar. (24)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
PH7ORFc`ilInr" ';'SOLUTION
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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 February 9, 1995 with the original
record thereof now remaining in my office.
Lyn/D. Allen, County Clerk