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HomeMy WebLinkAboutResolutions - 1995.03.02 - 24499ILDING/COMITTEE //, MISCELLANEOUS RESOLUTION NO.95053 March 2, 1995 BY: PLANNING AND BUILDING COMMITTEE, CHARLES E. PALMER, CHAIRPERSON RE: DRAIN COMMISSIONER - BIRMINGHAM CSO DRAIN, DRAIN BONDS, SERIES 1995- FULL FAITH AND CREDIT RESOLUTION To the Oakland County Board of Commissioners Chairperson, Ladies and Gentlemen: WHEREAS, the Drainage Board for the Birmingham CSO Drainage District, by resolution adopted on January 24, 1995, authorized and provided for the issuance of Drain Bonds, Series 1995C, in the aggregate principal amount of not to exceed $10,300,000 to defray part of the cost of the Birmingham CSO Drain; and WHEREAS, the Drain Bonds, Series 1995C, will be dated as of such date, will bear interest at such rates not to exceed 10% 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 Birmingham CSO Drainage District; 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 Birmingham 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 provided in Section 474 of the Drain Code, the Board of Commissioners of the County of Oakland does hereby irrevocably pledge the full faith and credit of the County of Oakland for the prompt payment of the principal of and interest on the Birmingham CSO Drainage District Drain Bonds, Series 1995C when due, and pursuant to said pledge, in the event that the City of Birmingham, the County of Oakland or the State of Michigan shall fail or neglect to account to the County Treasurer for the amount of any special assessment installment and interest when due to pay the aforesaid bonds or interest thereon when due, the amount unpaid shall be promptly advanced from County funds to a first budget obligation, and the County Treasurer is directed to immediately make such advancement to the extent necessary. 2. That in the event that pursuant to said pledge of its 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 behalf of the County of Oakland, to take all actions and proceedings and pursue all remedies permitted or authorized by law for the reimbursement of such sums so paid. 3. The Drain Commissioner of the County of Oakland is hereby authorized to notify the Michigan Department of Treasury of the County's intent to pledge its full faith and credit as secondary security for the not to exceed $10,300,000 BIRMINGHAM CSO DRAINAGE DISTRICT, DRAIN BONDS, SERIES 1995C, and to pay the related fee and to request an order providing an exception for the bonds from prior approval by the Department of Treasury. 4. That all resolutions and parts of resolutions insofar as they conflict with the provisions of this resolution be and the same hereby are rescinded. Chairperson, on behalf of the Planning and Building Commiketee, I move the adoption of the foregoing resolution. March 2, 1995 FISCAL NOTE (Misc. 495053 ) BY: FINANCE AND PERSONNEL COMMITIEE, John P. McCulloch, Chairperson IN RE: DRAIN COMMISSIONER - BIRMINGHAM CSO DRAIN DRAIN BONDS, SERIES 1995 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 4 95053 and finds: 1) Resolution 494261 authorized the issuance of drain bonds to be sold in three series for an amount not tc exceed $35,661,500. 2) Series 1994A was sold to the Michigan Municipal Bond Authority in the amount of $22,805,000 and Series 1994B was sold publicly in the amount of $4,150,000. Series I994C was to be sold after October, 1994, for an amount to be determined dependent upon further grant commitments. 3) The Drain Commissioner has arr-pptpd Tin=tpri ntatp9 Environmental Protection Agency Grants totaling $16,780,976 on behalf of the Birmingham CSO Drainage District; reducing the total amount of required bond indebtedness to $18,800,000. 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 $4,350,000. The proposed Series 1995C bond issue of $10,300,000 provides for the local match requirements and the balance of the remaining project costs. 5) The Series I995C bond issue in the amount of $10,300,000 will be repaid at an interest rate not to exceed 10% for a period of 20 years. 6) Of the total bond sale of $18,800,000, the County's appnrtinnment is .29% ($54,520), a reduction of $48,898 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 - nrAir Aqqpqsmprts" The County's annual payment will be reduced by approximat ly $2,600. Therefore, no additional funding is required. 11141 AN&11§;;ZNEL COMMITTEE In Testimony Whereof, I have hereunto set my hand and aAixed the seal ofh County of Oakland at Pontiac, Michigan this 2nd day of„IW.ch Resolution 495053 March 2, 1995 Moved by Palmer supported by Jensen the resolution be adopted. AYES: Moffitt, Obrecht, Palmer, Pernick, Powers, Quarles, Schmid, Taub, Amos, Crake, Devine, Dingeldey, Douglas, Garfield, Huntoon, Jacobs, Jensen, Johnson, Kaczmar, Kingzett, Law, McCulloch, McPherson. (23) NAYS: None. (0) A sufficient majority having voted therefor, the resolution was adopted. II HERETAPPROV --ti FOREGOINC.= RESOLUTION L. Brool L. 'brooks Patter ,County Executive Date STATE OF MICHIGAN) COUNTY OF OAKLAND) T, 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. LyntlfD. Allen, County Clerk