HomeMy WebLinkAboutResolutions - 1995.03.02 - 24498MISCELLANEOUS RESOLUTION NO. 195052 March 2, 1995
BY: PLANNING AND 3UILDING COMMITTEE, CHARLES E. PALMER. CHAIRPERSON
RE: DRAIN COMMISSIONER - ACACIA PARK CSO DRAIN, DRAIN BONDS - FULL FAITH AND
CREDIT RESOLUTION
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS, the Drainage Board for the Acacia Park 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 $4.400.000
to defray part of the cost of the Acacia Park CSC Drain: and
WHEREAS. the Drain Bonds, Series 1995C 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 Acacia Park CSO Drain; 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 1995C; and
WHEREAS. the Acacia Park CSO Drain is necessary to protect and preserve the
public health, and, therefore, it is in the best interest of the County of
Oakland Oat the said bonds be sold.
NOW THEREFORE BE IT RESOLVED:
1. That pursuart to the authorization provided in Sectior 474 of the
Drain Code of 1956, as amended, the Board of Commissioners 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 Acacia
Park CSO Drainage District Drain Bonds, Series 19950, and agrees that, in the
event the Village of Beverly Hills, the City of Birmingham or the County of
Oakland snail fail or neglect to account to the County Treasurer of the County
of Oakland for the amount of any special assessment ristallment 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 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 benalf of tne County of Oakland, to take all actions and proceedings and
oursue all remedies 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 19950.
Chairperson, on behalf of the Planning and Building Committee, I move the
adoption of the foregoing resolution. ?
P/N, AND BUILDING 90MVITTEE
,
March 2, 1995
FISCAL NCTE (Misc. #95052 )
BY: FINANCE ANL PERSCNNEL COMMII.TEE, John P. McCulloch, Chairperson
IN RE: DRAM COMMISSIONER - ACACIA PARK 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 # 95C52 and finds:
1) Resolution 494071 authorized the issuance of drain bonds for an amount
not to exceed $11,900,000.
2) Resolution #9416C authorized an increase in the bond issue for a total
amount not to exceed $13,750,000 due to a revision in the total estimated
cost of the project.
3) Series 1994A was sold to the Michigan Municipal Bond Authority in the
amount of $9,965,000 and Series 1994B was sold publicly in the amount of
$875,000. Series 1994C was to be sold after October, 1994, for an amount
to be deternined dependent upon further grant commitments,
4) The Drain Commissioner has (-.c-epheri UnitPH qt-AtegEnvironmentA 7
Agency Grants totaling $6,954,812 on behalf of the Acacia Park CSO
Drainage District; reducing the total amount of Lequi=ed.j.wead indebtedness
to $6,910,000.
5) Grant conditions stipulate that the local share cannot be funded by the
Michigan Municipa... Bond Authority, State Revolving Loan Fund. As a
result, the State Revolving Fund, Series 1994A loan was required to be
reduced to $1,635,000. The proposed Series 1995C bond issue of $4,400,000
provides for the local match requirements and the balance of the remaining
project costs.
6) The Series 1995C bond issue in the amount of $4,400,000 will be repaid at
an interest rate not to exceed 8% for a period of 20 years.
7) Of the total bond sale of $6,910,000, the County's apportionment is 3.01%
($207,991), a reduction of $205,884 from the original proposal.
8) 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 $26,000. Therefore, no additional funding is
required. /) 1 j e .„-----
(
FINANCE A 'ND PgRSCNNEL COMMITEH.:E
I
Resolution #95052 March 2, 1955
Moved by Palmer supported by Law the resolution be adopted.
AYES: McPherson, Moffitt, Obrecht, Palmer, Pernick, Powers, Quarles,
Schmid, Taub, Amos, Crake, Devine, Dingeldey, Douglas, Garfield, Huntoon, Jacobs,
Jensen, Johnson, Kaczmar, Kingzett, Law, McCulloch. (23)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
REGO!Nn OLUTIoN
STATE CF 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, I have hereunto set my hand and affixed the seal of the
County of Oakland at Pontiac, Michigan this 2nd day ofik05-ch 41,295.
D. Allen, CounEy Crirk