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MISCELLANEOUS RESOLUTION #96136 June 13, 1996
BY: PLANNING AND BUILDING COMMITTEE, CHARLES E. PALMER, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - JOHN E. OLSEN DRAINAGE DISTRICT DRAIN BONDS - FULL
FAITH AND CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen
WHEREAS, the Drainage Board for the John E. Olsen Drain, by resolution adopted
on May 14, 1996, authorized and provided for the issuance by the John E. Olsen
Drainage District of its Drain Bonds in the aggregate principal amount of $950,000
(the "Drain Bonds") to defray part of the cost of the John E. Olsen Drain; and
WHEREAS, the Drain Bonds will be dated July 1, 1996, will bear interest at
rates not to exceed 8% 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 John E. Olsen 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 City
of Auburn Hills 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 a continuing disclosure undertaking of the County pursuant to
subsection (b)(5) of the Rule and (ii) amendments to such certificate from time to
time in accordance with the terms of 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 Certi21 f . te shall be as-et forth therein.
(
Mr. Chairperson, on behal of t.- P1- n .-i g ad)Building Committee, I move
adoption of the foregoing reso t›.0 ,,
Aird AL.......a.......11 oriFNING AND B liwYDING COMMITTEE
Bendzinsid & Co.
municipal finance advisors
$950,000
JOHN E. OLSEN DRAINAGE DISTRICT
COUNTY OF OAKLAND, STATE OF MICHIGAN
DRAIN BONDS
SCHEDULE OF DEBT SERVICE REQUIREMENTS
Total
Principal
& Interest
Requirements
$106,521
84,313
82,688
81,063
79,438
77,813
76,188
98,750
95,500
92,250
89,000
85,750
82,500
79,250
76,000
96,938
92,063
87,188
82,313
_ 77,438_
Principal Interest
Due Interest Due
Year May 1 Rate May 1 ,
1997 25,000 6.500% $51,458
1998 25,000 6.500% 30,063
1999 25,000 6.500% 29,250
2000 25,000 6.500% 28,438
2001 25,000 6.500% 27,625
2002 25,000 6.500% 26,813
2003 25,000 6.500% 26,000
2004 50,000 6.500% 25,188
2005 50,000 6.500% 23,563
2006 50,000 6.500% 21,938
2007 50,000 6.500% 20,313
2008 50,000 6.500% 18,688
2009 50,000 6.500% 17,063
2010 50,000 6.500% 15,438
2011 50,000 6.500% 13,813
2012 75,000 6.500% 12,188
2013 75,000 6.500% 9,750
2014 75,000 6.500% 7,313
2015 75,000 6.500% 4,875
2016 75,000 6.500% 2,438 _
$412,208 -
Interest
Due
November 1
* $30,063
29,250
28,438
27,625
26,813
26,000
25,188
23,563
21,938
20,313
18,688
17,063
15,438
13,813
12,188
9,750
7,313
4,875
2,438
0
-$60,756
*Bonds dated July 1, 1996, first interest payment due May 1, 1997.
RJB
05/06/96REVISED
96-034DSR
One Kennedy Square, Suite 2130, Detroit, Michigan 48226-3322
PHONE: (313) 961-8222 FAX: (313) 961-8220
The information contained herein was derived from sources generally recognized as reliable and does not
make any representations as to correctness or completeness and has in no way been altered except to the
extent that some information may be summarized, and is in no way intended to be a solicitation for orders.
Or v•-.
FISCAL NOTE ( Mi SC . #96136)
BY: FINANCE AND PERSONNEL COMMITTEE, SUE ANN DOUGLAS, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - JOHN E. OLSEN DRAINAGE DISTRICT DRAIN BONDS - FULL
FAITH AND CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
Pursuant to Rule XII-F of this Board, the Finance and Personnel Committee has reviewed the above
referenced resolution and finds:
1. The resolution authorizes the issuance of drain bonds with the County pledging full faith and
credit with the City of Auburn Hills as the primary obligor.
2. The principal amount of the bond issue is $950,000 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 1995 State Equalized Value). As of
4/30/96, the outstanding debt is $324,651,262 or approximately 1.04% of the S.E.V.
4. Of the total project cost of $1,051,199, the County's apportionment is 3.837% ($40,335). The
County's share will be paid as a one-time charge against the Non-Departmental account for Drain
Assessments. Funding is available for this expense. Therefore, no budget amendment is required.
FINANCE AND PERSONNEL COMMITTEE
Resolution #96136 June 13, 1996
Moved by Palmer supported by Kingzett the resolution be adopted.
AYES: McCulloch, McPherson, Moffitt, Obrecht, Palmer, Pernick, Powers, Quarles,
Schmid, Taub, Wolf, Amos, Crake, Devine, Dingeldey, Douglas, Garfield, Holbert,
Huntoon, Jacobs, Jensen, Johnson, Kaczmar, Kingzett, Law. (25)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
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 June 13, 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 13th day of June 1996.
,
t.
Allen, County Clerk