HomeMy WebLinkAboutResolutions - 1995.06.22 - 24470..• S.
MISCELLANEOUS RESOLUTION 195186 June 22, 1 995 BY: FINANCE AND PERSONNEL COMMITTEE, JOHN P. MCCULLOCH, CHAIRPERgOIN - --. -
IN RE: 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
$612,665 from the Delinquent Tax Revolving Fund (DTRF) to provide an inventory
of approximately 214 personal computers and 80 printers in order to provide
quick response as requests are approved; and
WHEREAS Information Technology will obtain Finance 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'Technclogy and user departments budgets; and
WHEREAS Information Technology estimates the initial costs to be
$612,665 for capital and $462,719 for start-up expenses,; and
WHEREAS the annual operating cost is estimated to be $76,583 for 1995
and $196,775 for 1996, which includes maintenance and depreciation expense;
and
WHEREAS the loan will be repaid over a five-year period with interest
expense estimated to be $21,443 for 1995 and $37,883 for 1996.
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 $612,665 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 Information
Technology Operations Fund, fund *63600.
BE IT FURTHER RESOLVED that the 1994/95 Biennial Budget is amended as
follows to appropriate the interest expense:
1995
Gpneral Fund (10100)
Expenclitures
10100-909-01-00-9920 Office Automation
:0100-181-01-00-5360 Information Technology
TOTAL
$ (91,31:1
L.
-3418 Interest Expense
-3128 Professional Services
Trifcirinttr Technolpoy Fund (6360O
Revenue
181-01-00
Expense
184-01-DO
132-01-00
$ 21,443
.69. S67
TOTAL
-2037 Gov't. Operations $ 91.31C
Chairperson, on behalf of the Finance and Personnel Committee, I move
the adoption of the foregoing resolution.
FINANCE AND PERSONNEL COMMITTEE
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,
THEREFORE, in consideration of agreements setforth below it is hereby
agreed by and between the parties as follows:
The County will borrow the principal sum of $612,665 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 distribution made to the County on or
about dune 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 ELinaiDA.1
1 $ 122,533
2 122,533
3 122,533
4 122,533
5 122.533
Total $ 6l2665
It is further agreed that the County may pay off the loan at any time
plus accrued interest without penalty.
Agent for Revolving Fund Chairperson
Board of Commissioners
(-
Resolution 495186 June 22, 1995
Moved by McCulloch supported by Powers the resolution be adopted.
AYES: Douglas, Garfield, Holbert, Huntoon, Jacobs, Jensen, Johnson,
Kaczmar, Kingzett, Law, McCulloch, Moffitt, Obrecht, Palmer, Pernick, Powers,
Quarles, Schmid, Taub, Wolf, Amos, Crake, Devine, Dingeldey. (24)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
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 resoluton adopted by the
Oakland County Board of Commissioners on June 22, 1995 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 22nd dayLpf-,JuneS95.
D. Allen, County Clerk
