HomeMy WebLinkAboutResolutions - 1997.04.10 - 24937Miscellaneous Resolution No. 197064 , April 10 , 1997
BY: PLANNING AND BUILDING COMMITTEE
CHARLES E. PALMER, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - ROBERT A. REID 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 Robert A. Reid Drain, by resolution
adopted on March 6, 1997, authorized and provided for the issuance by the Robert A. Reid
Drainage District of its Drain Bonds in the aggregate principal amount of $5,555,000.00 (the
"Drain Bonds") to defray the cost of the Robert A. Reid Drain; and
WHEREAS, the Drain Bonds will be dated May 1, 1997, 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 of the Drain Bonds; and
WHEREAS, the Robert A. Reid 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 of Oakland
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 its 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.
., ALL 4i
• NING AND :UILDING COMMITTEE
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
Certificate shall be as set forth therein.
Mr. Chairperson, on behalf of the Planning and Building Committee, I moV. &adoption of
the foregoing resolution.
PROJECT: To locate, establish and construct
the Robert A. Reid Drain
TOTAL ESTIMATED COST:
AMOUNT TO BE ASSESSED:
PUBLIC
CORPORATIONS: PERCENTAGES
Charter Township
of Bloomfield 62.48%
County of
Oakland 37.52%
SPECIAL ASSESSMENT ROLL NO. 1
FOR
ROBERT A. REID DRAIN
(An Intra-County Drain in Oakland County, Michigan)
NUMBER OF ANNUAL INSTALLMENTS:
INTEREST:
$5,555,000
$5,555,000
AMOUNT TO BE TO BE COLLECTED
ASSESSED PREPAID IN INSTALLMENTS
$ 3,470,764 $ -0- $ 3,470,764
2,084,236 -0- 2,084,236
20, due April 1 of each year,
beginning 1998
Interest on unpaid installments to
begin on May 1,1997 and to
accrue at a rate not to exceed an
amount sufficient to pay the
interest on the bonds. Interest is
payable October 1, 1997 and thereafter
on April 1 of each year.
PREPAYMENTS: None
!--a)
Chairman rainage Board
INSTALLMENTS:
Installment
Number Charter Township County of
Due April 1, of Bloomfield Oakland TOTAL
1 1998 $ 96,844 $ 58,156 $ 155,000
2 1999 124,960 75,040 200,000
3 2000 124,960 75,040 200,000
4 2001 124,960 75,040 200,000
5 2002 124,960 75,040 200,000
6 2003 124,960 75,040 200,000
7 2004 , 124,960 75,040 200,000
8 2005 124,960 75,040 200,000
9 2006 156,200 93,800 250,000
10 2007 . 156,200 93,800 250,000
11 2008 156,200 93,800 250,000
12 2009 156,200 93,800 250,000
13 2010 187,440 112,560 300,000 .
14 2011 187,440 112,560 300,000
15 2012 187,440 112,560 300,000
16 2013 218,680 131,320 350,000
17 2014 218,680 131,320 350,000
18 2015 249,920 150,080 400,000
19 2016 312,400 187,600 500,000
20 2017 312.400 187.600 500.000
53.470,764 52,084,236 $5,555,000
The foregoing roll was approved by
the Drainage Board for the Robert A.
Reid Drain on March 6, 1997.
We hereby certify that the
foregoing special assessment
roll was prepared in accordance
with the directions of the
Drainage Board for the
Robert A. Reid Drain and the
statutory_provisions applicable
there
Chairman of*Tiainige Board
Member
WNIM09001\02921RI.L.SA.doe
4.
ROBERT A. REID DRAIN
APPORTIONMENT ......t.
1. APPORTIONMENT
County of Oakland 37.52%
State of Michigan 0.00% .
Township of Bloomfield 62.48%
TOTAL 100.00%
I ESTIMATED PROJECT COST:
Construction $3,829,870.75
Administration $1,725,129.25
TOTAL ESTIMATED PROJECT COST $5,555,000.00
I APPORTIONED COST .
, County of Oakland $2,084,236.00
State of Michigan $0.00
Township of Bloomfield $3,470,764.00
TOTAL $5,555,000.00
4. BOND SALE:
County of Oakland $2,084,236.00
State of Michigan $0.00
Township of Bloomfield $3,470,764.00
BOND SALE AMOUNT * $5,555,000.00
* Bond Sale Amount of $5,555,000.00 includes an amount to be returned to the
Township of Bloomfield for repayment of funds advanced to the project to construct
Phase 1. •
Prepared by: Michael R. McMahon, P.E.
Project Engineer
Date: February 24, 1997
Date: February 24, 1997 dAmcmahon\rreid\estimatc.rev
ROBERT A. REID DRAIN
REVISED ESTIMATE OF COST
CONTRACTED SERVICES - CONSTRUCTION
, Construction Cost (Based upon bid) $3,829,870.75
Phase I $688,170.75
Phase II $3,141,700.00
CONTRACTED SERVICES - PROJECT DEVELOPMENT
Engineering $384,000.00
Consulting Engineer $288,000.00
Material Testing & Soil Borings $96,000:00
Bond Counsel $25,650.00
Financial Counsel $12,900.00
Rating Agency Fees $10,000.00
Bond Prospectus $5,500.00
Printing & Publishing $3,500.00
Bond Discount (11/2 %) $83,300.00
COUNTY SERVICES - PROJECT MANAGEMENT
Engineering $192,000.00
Administration $38,400.00
rRight of Way (Including Legal) $157,600.00
Construction Inspection $329,600.00
Surveying $96,000.00
Soil Erosion Permit $3,700.00
Contingencies (10%) $382,979.25
TOTAL ESTIMATED PROJECT COST $5,555,000.00 ,
Prepared By: Michael R. McMahon
1) Contracted Services: Construction Contract Cost
Construction Cost - Phase!
Construction Cost - Phase 2
TOTAL CONSTRUCTION CONTRACT COST
2) Contracted Services: Project Development & Financin
Consulting Engineer
Material Testing & Soil Borings
Bond Counsel
Financial Counsel
Bond Rating Fees
Bond Prospectus
Bond Printing & Publishing
Bond Discount (1.5%)
TOTAL PROJECT DEVELOPMENT & FINANCING I
3) County Services
Administration
Engineering
Right-of-Way
Construction Inspection
Survey
Soil Erosion Permit
TOTAL COUNTY SERVICES
4) CONTINGENCY
TOTAL ESTIMATED PROJECT COST
ROBERT A. REID DRAIN
CONSTRUCTION COST ESTIMATE
COMPARISON
ESTIMATED
POSTBID
COST
$688,170.75
$3,141,700.00
$3,829,870.75
$288,000.00
$96,000.00
$25,650.00
$12,900.00
$10,000.00
$5,500.00
$3,500.00
$83,300.00
$524,850.00
$38,400.00
$192,000.00
$157,600.00
$329,600.00
$96,000.00
$3,700.00
$817,300.00
$382,979.25
$5,555,000.00
ESTIMATED
PREBID
COST
$687,752.75
$3,151,697,25
$3,839,450.00
$288,000.00 I
$96,000.00
$25,650.00;
$12,900.00
$10,000.00 i
$5,500.00
$3,500.00
$86,400.001
$527,950.00
$38,400.00
$192,000.00
$157,600.00
$328,900.00
$96,000.00
$3,700.00
$816,600.00 I
$576,000.00 I
$5,760,000.00 !
POSTBID
VERSUS
PREBID
$418.00
($9,997.25)
($9,579.25)
$0.00 i
$0.00 i
$0.001
$0.001
$0.00
$0.00 i
$0.001
($3,100.001
($3,100.00i
$0.00
$0.00
$0.00
$700.00
$0.00
$0.00
$700.001
4193,020.71
($205,000.00i
Prepared By: M McMahon COSTCOMP.WK4 02/24/97
e)UFGNIAJC7
te›-T. VeTeN-rtoo 5A5N
I I
b
2
L 5
x 1 .1r- t2/70 '
ez-to.o .
4( 0
MArt-e A II
n.-t*11-1.FLAcE _
6x.p5r. \is -1--<=4E-1-4 r7FAIN 1Z-0AP
" A N. a
11
21" ST:14cm 17FAIN
Exisl . MANII-to1-6
Fff-ft2set 1-1
1:73r Ai tn4
(1100EAT A.IiE1P RAW)
DL.e.00ri
6 5 5 34
os t: t-Je L fZ
i27pizt-41 1-J 1-11-.1-4
Ex.(-5-r. coo° I cizoki
SW' F-Kler--.
C • • 'I?
1-AFlet-E, 'VW
14 ILE
t5k.490.4Fiek.12 Tv./ g
exiST.c-t‘C-0 Pi al nleP,
Foit4T ojeieG11,1141%4*
ex sT J Lwr.-Tio
_ exi.5T Wick.lo Ls DitAi psj
DESIGNED BY: BY: GEORGE W. KUHN IDATE: 0>n._ ,Ds
DRAWN BY:
K-evi
OAKLAND COUNTY DRAIN COMMISSIONER
ONE PUBLIC WORKS DRIVE. WATERFORD, MICHIGAN
48328-1907 I OF I I
7-Ev. c)5 14t-J
DRWG. NO. I
(
FISCAL NOTE ( M i sc. #97064)
BY: FINANCE AND PERSONNEL COMMITTEE, SUE ANN DOUGLAS, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - ROBERT A. REID 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 Township of Bloomfield as the primary obligor.
2. The principal amount of the bond issue is $5,555,000 at an interest rate not to exceed 8% to be
paid back within 20 years.
3. The statutory limit for county debt is $3,574,495,398 (10% of 1996 State Equalized Value). As of
2/28/97, the outstanding debt is $330,661,984 or approximately .93% of the S.E.V.
4. Of the total project cost of $5,555,000, the County's apportionment is 37.52% ($2,084,236). The
County's share will be financed with the bond sale.
FINANCE AND PERSONNEL COMMITTEE
Resolution #97064 April 10, 1997
Moved by Palmer supported by Taub the resolution be adopted.
AYES: Huntoon, Jacobs, Jensen, Johnson, Kaczmar, Kingzett, Law, McCulloch,
McPherson, Millard, Moffitt, Obrecht, Palmer, Pernick, Powers, Schmid, Taub,
Wolf, Amos, Coleman, Devine, Dingeldey, Douglas, Garfield, Holbert. (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 April 10, 1997 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 10th day of April j,997.
. D. Allen, County Clerk