HomeMy WebLinkAboutResolutions - 1995.03.02 - 24497MISCELLANEOUS RESOLUTION NO. 95051 March 2. 1995
BY: PLANNING AND BUILDING COMMITTEE, CHARLES E. PALMER, CHAIRPERSON
RE: DRAIN COMMISSIONER - BLOOMFIELD VILLAGE CSO DRAIN DRAIN BONDS - FULL FAITH
AND CREDIT RESOLUTION
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
5loomfield WHEREAS, the Drainage Board for the Aeaeia-Pafk cso Drain, by resolution
adopted January 24, 1995. authorized and provided for the issuance of Drain
Bonds, Series 1995C in the aggregate principal amount of not to exceed $9,1C0,000
to defray part of the cost of the Bloomfield Vilage CSO Drain; and
WHEREAS, the Drain Bonds, Series 1995C will be dated as of such date, wilT
bear interest at such rates not to exceed 8% per annum, will mature in sucn 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 Boar c for the Bloomfield Village CSO Drain; and
WHEREAS, the Drainage Board deems it advisable and necessary to obtain from
this Board a resolution pledging the full faitn and credit of the County for the
payment of tie princiDal of and interest on tie Drain Bonds, Series 1995C; and
WHEREAS, the Bloomfield Village 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 proviced in Section 474 of the
Drain Code of 1956. as amended. the Board of Comissioners 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 Bloomfield
Village CSO Drainage District Drain Bonds, Series 1995C, and agrees that, in the
event the Charter Township of Bloomfield, the City of Birmingham, the City of
Bloomfield Hills 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 speciaJ
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 OaVand 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 remecies 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 a Notice
of Intent to Issue an Obligation with respect to the Drain Bonds, Series 1995C.
Chairperson, on behalf of the Planning and Building Committee, I move the
adoption of the foregoing resolution.
ND BOLDING COKTIEE
March 2, 1995
FISCAL NOTE (Misc.
BY: FINANCE AND PERSODNEL COMMITTEE, John P. McCulloch, Chairperson
EN RE: DRAIN COMMISSIONER - BLOOMFIELD VILLAGE CSO DRAIN DRAIN BONDS - FULL
FAITH AND CREDIT RESOLUTION
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
Pursuant to Rule XII-G of this Board, the Finance and Personnel Committee has
reviewed Miscellaneous Resolution # 9505_1 and finds:
1) Resolution #94249 authorized the issuance of drain bonds to be sold in
three series for an amount not to exceed $28,850,000.
2) Series 1994A was sold to the Michigan MUnicipal Bond Authority in the
amount of $21,135,000 and Series I994B was sold publicly in the amount of
$2,750,000. Series 1994C was to he sold after October, 1994, for an
amount to be determined dependent upon further grant commitments.
3) The Drain Commissioner has arreptPd nil I- ed States Environmental Protection
Agency Grants totaling $13,908,698 on behalf of the Bloomfield Village CSO
Drainage District; reducing the total amount of required 1-Annri naPhtPdness
to $14,985,C00.
4) Grant conditions stipulate that the local share cannot be funded by the
Michigan Municipal Bond Authority, State Revolving Loan Fund. As a
result, the State Revolving Fund, Series 1994A loan was required to be
reduced to $3,135,000. The propos& Seri Rs 1995C bond issue of $9,100,000
provides for the local match requirements and the balance of the remaining
project costs.
5) The Series 'qgs(' hnnfl iqRuP in the amount of $9,100,000 will be repaid at
an interest rate not to exceed 8 96 for a period of 20 years.
6) Of the total bond sale of $14,985,000, the County's apportionment is
17.725% ($2,656,091), a reduction of $2,457,572 from the original
proposal.
7) 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". The County's annual payment will
be reduced by approximately $120,000. Therefore, no additional funding is
required.
FINANCE AJDIPEPR]e‘l:COMMITTEE
I HEREBY
Resolution 495051 March 2, 1995
Moved by Palmer supported by Jensen the resolution be adopted.
Moved by Palmer supported by Jensen the resolution be amended in the first
line of the first WHEREAS paragraph by changing the words "Acacia Park" to
"Bloomfield village".
A sufficient majority having voted therefor, the amendment carried.
Vote on resolution, as amended:
AYES: McCulloch, Moffitt, Obrecht, Palmer, Pernick, Powers, Quarles,
Schmid, Taub, Amos, Crake, Devine, Dingeldey, Douglas, Garfield, Huntoon, Jacobs,
Jensen, Johnson, Kaczmar, Kingzett, Law. (22)
NAYS; None. (0)
A sufficient majority having voted therefor, the resolution, as amended,
was adopted.
ROVE Ti-frapEorypqr gESOLUTION
ounty Executive Date ......—____
1.-Brooke Patterson punt
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 March 2, 1995 with the original record
thereof now remaining in my office.
In Testimony Whereof, 1 have hereunto set my hand and jeffixed the sfill1,7 4 the
County of Oakland at Pontiac, Michigan this 2nd day o
. Allen, County Clerk