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HomeMy WebLinkAboutResolutions - 1996.02.01 - 24728Miscellaneous Resolution #96009 February 1, 1996 BY: PLANNING AND BUILDING COMMITTEE, CHARLES E. PALMER, CHAIRPERSON IN RE: DRAIN COMMISSIONER - BLOOMFIELD TOWNSHIP CSO DRAINAGE DISTRICT DRAIN BONDS - FULL FAITH AND CREDIT RESOLUTION TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS Chairperson, Ladies and Gentlemen WHEREAS, the Drainage Board for the Bloomfield Township CSO Drain, by resolution adopted on December 12, 1995, authorized and provided for the issuance by the Bloomfield Township CSO Drainage District of its Drain Bonds in the aggregate principal amount of $2,575,000 fthe "Drain Bonds") to defray the cost of the Bloomfield Township CSO Drain; and WHEREAS, the Drain Bonds will be dated February 1, 1996, will bear interest at rates not to exceed S 5P; per annum, will mature in such years and principal amounts, and will be subject to redemption upon the terms and conditions set forth in the bond resolution; 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 of Oakland (the "County") for the payment of the principal of and interest on the Drain Bonds; and WHEREAS, the Bloomfield Township CSO Drain is necessary to protect and preserve the public health, and, therefore, it is in the best interest of the County that the Drain Bonds be sold. NOW, THEREFORE, BE IT RESOLVED: 1. Pursuant to the authorization provided in Section 474 of the Drain Code of 1956, as amended, the Board of Commissioners of the County hereby pledges irrevocably the full faith and credit of the County for the prompt payment of the principal of and interest on the Drain Bonds and agrees that, in the event the Charter Township of Bloomfield or the County shall fail or neglect to account to the County Treasurer of the County for the amount of any special 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. in the event that, pursuant to the pledge of full faith and credit, the County 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, 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 County Treasurer is authorized to file with the Department of Treasury of the State of Michigan on behalf of the County a Notice of Intent to Issue an Obligation with respect to the Drain Bonds. 4. The County Treasurer is authorized to approve the circulation of a preliminary and final official statement for the Drain Bonds, to cause the preparation of those portions of the preliminary and final official statement that pertain to the County, and to do all other things necessary for compliance with Rule 15c2-12 issued under the Securities Exchange Act of 1934, as amended (the "Rule"). The County Treasurer is authorized to execute and deliver such certificates and to do all other things that are necessary to effectuate the sale and delivery of the County Bonds. 5. The County Treasurer is hereby authorized to execute and deliver in the name and on behalf of the County (i) a certificate of the County to comply with the requirements for the continuing disclosure undertaking of the County pursuant to subsection (b)(5) of the Rule and (ii) amendments to such certificate (the certificate and any amendments thereto are collectively referred to herein as the "Continuing Disclosure Certificate"). The County hereby covenants and agrees that it will comply with and carry out all of the provisions of the Continuing Disclosure Certificate. The remedies for any failure of the County to comply with and carry out the provisions of the Continuing Disclosure Certificate shall be as set forth therein. Chairperson, on behalf of the Planning and Building Committee, I move the adoption of the foregoing resolution. 4. ING AND BUILDING COMMITTEE ' //1 FISCAL NOTE (Misc. #96009) BY: FINANCE AND PERSONNEL COMMITTEE, SUE ANN DOUGLAS, Chairperson IN RE: DRAIN COMMISSIONER - BLOOMFIELD TOWNSHIP CSO DRAINAGE DISTRICT 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 Committee has reviewed Miscellaneous Resolution #96009 and finds: 1) The resolution authorizes the issuance of drain bonds with the County pledging full faith and credit with the Charter Township of Bloomfield as the primary obligor. 2) The principal amount of the bond issue is $2,575,000 at an interest rate not to exceed 8% to be paid back within 20 years. 3) The statutory limit for County debt is $3,321,293,690 (10% of State Equalized Value). As of December 31, 1995, the outstanding debt is $337,644,259 or approximately 1% of the S.E.V. 4) Of the total bond sale of $2,575,000, the County's apportionment is 23,282% ($599,512). 5) On June 27, 1995, the Drainage Board issued Special Assessment Roll No. 1 assessing the County in the amount of $149,005 for the County's share of the first phase of the project. This amount will be reimbursed to the County from the proceeds of the bond sale. 6) 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". No additional funding is requested at this time. FINANCE AND PERSONNEL COMMITTEE c. • • Resolution #96009 February 1, 1996 Moved by Palmer supported by Crake the resolution be adopted. AYES: Huntoon, Jacobs, Jensen, Johnson, Kaczmar, Kingzett, Law, McCulloch, McPherson, Moffitt, Obrecht, Palmer, Pernick, Powers, Quarles, Schmid, Taub, Wolf, Amos, Crake, Devine, Dingeldey, Douglas, Garfield, Holbert. NAYS: None. (0) A sufficient majority having voted therefor, the resolution was adopted. I HEREBY,APPROVEriji FOREGOING RESOLUTION 2-2 -?-‘ L. Brooks Palte(on. County Executive Date STATE OF MICHIGAN) CO71NTY OF OAKLAND) 1, 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 February 1996 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 1st daypf Febru 1996. D. Allen, County Clerk