HomeMy WebLinkAboutResolutions - 1995.09.07 - 24634ING AND BUIEDING COMMITTEE
MISCELLANEOUS RESOLUTION #95232 September 7, 1995
BY: PLANNING AND BUILDING COMMITTEE, CHARLES E. PALMER, CHAIRPERSON
RE: DEVELOPMENT AND PLANNING DIVISION RESOLUTION APPROVING THE CONVERSION TO
FIXED RATE BONDS (DETROIT COUNTRY DAY SCHOOL PROJECT) - VILLAGE OF BEVERLY
HILLS
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS The Economic Development Corporation of the County of Oakland (the
"EDC") issued on October 24, 1990, its $7,500,000 Five-Year Convertible Demand
Adjustable Rate Limited Obligation Revenue Bonds (Detroit Country Day School
Project). Series 1990 (the "Bonds"), under the Economic Development Corporations
Act (the ''Act") for the captioned Project, to assist in the financing for the
benefit of Detroit Country Day School (the "Company'r) of a new 66,000 square foot
middle school facility in the Village of Beverly Hills; and
WHEREAS the School has proposed to convert the existing adjustable interest
rate on the $4,500,000 outstanding principal amount of the Bonds on October 1,
1995 to fixed rates, with each present sinking fund payment to be converted to
a new serial maturity with a fixed interest rate, all in accordance with the
Trust Indenture relating to the Bonds; and
WHEREAS the Internal Revenue Code of 1986, as amended, requires that a
public hearing be held with respect to the conversion by reason of the change in
interest rates occasioned thereby; and
WHEREAS the Board of Commissioners has held a public hearing to consider
whether to approve the proposed conversion to fixed rate bonds; and
WHEREAS the Board of Commissioners, following such public hearing, approves
the proposed conversion to fixed rate bonds.
NOW THEREFORE BE IT RESOLVED that the conversion of the adjustable interest
rate on the Bonds to fixed rates as described above is hereby approved; 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.
Chairperson, on behalf of the Planning and Building Committee, I move the
adoption of the foregoing resolution.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the
County of Oakland at Pontiac, Michigan this 7th day,of Septeleaex
Allen, County Clerk
Resolution #95232 September 7, 1995
Moved by Palmer supported by Jensen the resolution be adopted.
AYES: Holbert, Huntoon, Jacobs, Jensen, Johnson, Kaczmar, Kingzett,
McCulloch, McPherson, Moffitt, Obrecht, Palmer, Pernick, Powers, Quarles, Schmid,
Wolf, Amos, Crake, Devine, Dingeldey, Douglas, Garfield. (23)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
L. Brooks Patterson.
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EGOING RESOLyTION
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Date
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 September 7, 1995 with the original
record thereof now remaining in my office.