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HomeMy WebLinkAboutResolutions - 1995.06.22 - 24472Chairperson, on behalf of the Planning and Building Committee, I move the adoption of the foregoing resolution.I, 7—) —ING AND BUILDI'N'G•LCOJITT'EE ,,,„,, • MISCELLANEOUS RESOLUTION 195188 June 22, 1995 BY: PLANNING AND BUILDING COMMITTEE, CHARLES E. PALMER, CHAIRPERSON IN RE: DEVELOPMENT AND PLANNING DIVISION RESOLUTION APPROVING SUPPLEMENTAL BOND AUTHORIZING RESOLUTION (WEST BLOOMFIELD OFFICE COMPLEX PROJECT) - WEST BLOOMFIELD TOWNSHIP To the Oakland County Board of Commissioners Chairperson, Ladies and Gentlemen: WHEREAS in April of 1981, a Project Plan was adopted by The Economic Development Corporation of the County of Oakland (the "EDC") and approved by the Board of Commissioners for the West Bloomfield Office Complex, West Bloomfield Township, and the EDC issued its $2,600,000 Economic Development Corporation of the County of Oakland Limited Obligation Economic Development Revenue Bond (West Bloomfield Office Complex Project) (the "Bonds"); and WHEREAS it is proposed that the Loan Agreement, Promissory Note, Indenture of Trust and Bond Form relating to the Bond be amended in order to modify, among other things, the interest rate, amortization and prepayment terms of the Promissory Note and the Bond (the "Amendments"); and WHEREAS the proposed Amendments are required to be treated as a substitute use of proceeds of the Bonds for purposes of the Internal Revenue Code of 1986, as amended (the "Code"); and WHEREAS in conformity with Act No. 338 and the Code, a Supplemental Bond Authorizing Resolution ("EDC Supplemental Bond Resolution") has been prepared for the purpose of making the Amendments; and WHEREAS on June 22, 1995, in conformity with Act No. 338 and the Code, the Board of Commissioners conducted a public hearing on the Amendments; and WHEREAS it is necessary and appropriate for the Board of Commissioners to ratify and approve the Amendments and the Supplemental Bond Authorizing Resolution heretofore approved by the EDC; NOW THEREFORE BE IT RESOLVED that the EDC Bond Supplemental Resolution, as approved by the EDC, is hereby ratified and approved and the implementation of the Amendments is consented to; and BE IT FURTHER RESOLVED that the County Clerk is hereby directed to provide four certified copies of this resolution to the Assistant Secretary of the Board of the EDC. Exhibit A THE ECONOMIC DEVELOPMENT CORPORATION OF THE COUNTY OF OAKLAND SUPPLEMENTAL BOND AUTHORIZING RESOLUTION (WEST BLOOMFIELD OFFICE COMPLEX PROJECT) Minutes of a Regular meeting of the Board of Directors of The Economic Development Corporation of the County of Oakland (the "Corporation"), held on June 20, 1995 at 8:00 o'clock p.m., Eastern Daylight Time. PRESEgT: Directors ABSENT: Directors The following preamble and resolution were offered by Director • and supported by Director WHEREAS, on January 17, 1981 the Board of Directors of the Corporation adopted a resolution approving a Project Plan for an office facility (the "Project") to be owned by W.B.T. Associates (the "Borrower") and leased to multiple tenants, which Project Plan was subsequently approved by the County Commissioners of the County of Oakland; and WHEREAS, on April 21, 1981 pursuant to the Project Plan, the Board of Directors of the Corporation adopted a Resolution Authorizing the Issuance of a Limited Obligation Economic Development Revenue Bond (West Bloomfield Office Complex Project), in the Principal Amount of $2,600,000 to finance the Project (the "Bond Resolution"); and WHEREAS, pursuant to the Bond Resolution the Corporation and the Borrower entered into a Loan Agreement dated as of April 15, 1981 (the "Loan Agreement") and the bond authorized by the Bond Resolution (the "Bond") was issued under an Indenture of Trust dated as of April 15, 1981 (the "Indenture") and sold to The Aetna Casualty and Surety Company, on , 1981; and WHEREAS, the Aetna Casualty and Surety Company's interest in the Bond was assigned to Unionmutual Stock Life Insurance Co. of America ("Unionmutual") on April 12, 1985; and WHEREAS, Unionmutual's interest in the Bond has been or will be assigned to UA Holdings 1994-3, a Maine corporation, (the "Secured Party"); and WHEREAS, the Borrower has requested and the Secured Party has agreed, to modify certain terms and provisions of the Loan Agreement, Promissory Note, Indenture and Bond Form; NOW, THEREFORE, BE IT RESOLVED, as follows: 1. The form of Amendment to Loan Agreement on file with the Secretary of the Corporation (the "Secretary") is hereby approved. 2. The form of Amendment to Indenture of Trust on file with the Secretary is hereby approved. 3. The Chairman of the Board of Directors of the Corporation (the "Chairman") and the Secretary are hereby authorized and directed to execute and deliver the Amendment to Loan Agreement and the Amendment to Indenture of Trust, with such changes in such documents as may be necessary or desirable, permitted by the Act and not materially adverse to the Corporation. 4. The Chairman and the Secretary are hereby authorized and directed to execute a new Bond in the form provided in the Amendment to Indenture of Trust and to deliver the same to the Secured Party subject to the conditions provided in the Amendment to Indenture of Trust. 5. The Chairman and the Secretary are hereby authorized to execute an assignment of the Note, as modified in accordance with the Amendment to Loan Agreement and to deliver the same to the Trustee, subject to any condition provided in the Amendment to Indenture of Trust. 6. To the extent not modified or amended hereby, the Bond Resolution shall remain in full force and effect. In Testimony Whereof, I have hereunto set my hand and affixed the seal of the County of Oakland at Pontiac, Michigan this 22nd day VS.....-iune D. Allen, County Clerk Resolution #9518B June 22, 1995 Moved by Palmer supported by Taub the resolution be adopted, AYES: Jensen, Johnson, Kaczmar, Kingzett, Law, McCulloch, McPherson, Moffitt, Obrecht, Palmer, Pernik, Powers, Quarles, Schmid, Taub, Wolf, Amos, Crake, Devine, Dingeldey, Douglas, Garfield, Runtoon, Jacobs. (24) NAYS: None. (0; A sufficient majority having voted therefor, the resolution was adopted. STATE OF MICHIGAN) COUNTY OF OAKLAND) I, Lynn D. Allen, Clerk cf 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 an June 22, 1935 with the criinal record thereof now remaining in my office.