HomeMy WebLinkAboutResolutions - 1997.07.17 - 25038MISCELLANEOUS RESOLUTION #97142 July 17, 1997
BY: FINANCE AND PERSONNEL, SUE ANN DOUGLAS, CHAIRPERSON
IN RE: BUILDING AUTHORITY - RESOLUTION APPROVING ESCROW AGREEMENT FOR THE
DEFEASANCE OF PART OF THE OUTSTANDING OAKLAND COUNTY BUILDING AUTHORITY
BUILDING AUTHORITY BONDS, SERIES 1992 WEST WING EXTENSION) PRIOR TO MATURITY
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS, the Oakland County Building Authority, County of Oakland, Michigan
(the "Authority"), pursuant to Act No. 31, Public Acts of Michigan, 1948 (First
Extra Session), as amended (the "Act"), issued its $17,000,000 Oakland County
Building Authority, Building Authority Bonds, Series 1992 (West Wing Extension)
(the "Bonds"); and
WHEREAS the Authority has requested that the County authorize the use of
the remaining bond proceeds on deposit in the construction account to defease a
portion of such Bonds with maturities and interest rates as set forth in EXHIBIT
A, (such bonds referred to as the "BONDS TO BE DEFEASED") in an amount not to
exceed $1,300,000 and to pay the costs of the defeasing said Bonds; and
WHEREAS, pursuant to Act No. 202, public Acts of Michigan, 1943, as
amended, in order that the BONDS TO BE DEFEASED may be properly defeased
utilizing bond proceeds currently on deposit in the construction fund, the
authority must enter into an agreement with a bank or trust company.
NOW THEREFORE BE IT RESOLVED by the Oakland County Board of Commissioners
as follows:
1. The County hereby approves the defeasance of a portion of the bonds
as described in EXHIBIT A.
2. The County further authorizes entering into an escrow agreement,
dated as of September 1, 1997 (the "Escrow Agreement") with a bank
or trust company designated by the Treasurer, attached hereto as
EXHIBIT B.
3. The Clerk and Treasurer of the County and John R. Axe and
Associates, bond counsel, are instructed to take whatever steps are
necessary to effect the defeasance and call of the BONDS TO BE
DEFEASED.
4. All resolutions and parts of resolution, insofar as the same may be
in conflict herewith, are hereby rescinded.
Chairperson, on behalf of the Finance and Personnel Committee, I recommend
adoption of the foregoing resolution.
FINANCE AND PERSONNEL COMMITTEE
EXHIBIT A
Date
$17,000,000
OAXIAND COUNTY BUILDING AUTHORITY
BUILDING AUTHORITY BONDS, SERIES 1992
(WEST WING EXTENSION)
Dated as of September 1, 1992
Defeasance Date: September 1, 2002
11121111/11110_4111211181LIZET_SZEYICELiCLIEMELE
Total
Principal Coupon Interest Debt Sex-vice Annual Total
09/01/97 $700.000.00 4.70% 5430.150.00 $1.120.150.00
03/01/98 413.700.00 413,700.00
09/01/98 750,000.00 4.90% 413.700.00 1,163.700.00
03/01/99 395.325.00 395,325.00
09/01/99 750,000.00 5.10% 395,325.00 1.145,325.00
03/01/00 376,200.00 376.200.00
09/01/00 800,000.00 5.30% 376,200.00 1.176.200.00
03/01/01 155,000.00 355.000.00
09/01/01 800,000.00 5.50% 355,000.00 1.155.000.00
03/01/02 333,000.00 333.000.00
09/01/02 850,000.00 5.60% 333,000.00 1.183.000.00
03/01/03 309,200.00 309,200.00
09/01/03 900,000.00 5.70% 309,200.00 1.209.200.00
03/01/04 213,550.00 213.550.00
09/01/04 950,000.00 5.10% 213,550.00 1,233.550.00
03/01/05 256,000.00 256.000.00
09/01/05 1.000.000.00 5.90% 256,000.00 1.256.000.00
03/01/06 226,500.00 226,500.00
09/01/06 1,100.000.00 6.00% 226,500.00 1.326,500.00
03/01/07 193,500.00 193,500.00
09/01/07 1.150,000.00 6.00% 193,500.00 1.343,500.00
03/01/01 159,000.00 159,000.00
01/01/08 1.200,000.00 6.00% 159,000.00 1.359.000.00
03/01/09 123,000.00 123,000.00
09/01/09 1.300,000.00 6.00% 123,000.00 1,423,000.00
03/01/10 14,000.00 $4,000.00
09/01/10 1.350.000.00 6.00% 84,000.00 1.474.000.00
03/01/11 49,500.00 43,500.00
09/01/11 1.450,000.00 6.00% 43,500.00 1.493,500.00
$1.130,150.00
1.577.400.00
1.540.650.00
1.552.400.00
1,510.000.00
1.516.000.00
1.518.400.00
1.517,100.00
1.512,000.00
1.553.000.00
1.537,000.00
1.518.000.00
1.546.000.00
1.518.000.00
1.537,000.00
$15,050,000.00 $7,533,100.00 522.583,100.00 522,513.100.00
(e)
05/13/97
ded\REFUNDkOAK-DEP.NO
Bond Registrar and Paying Agent: Michigan National Bank, 625 Shelby Detroit, MI 48226
Attn: Trust 61 Investment Services
bmp.DF-0AX29
A - 1
Bonds
Oakland County Building
Authority, Building
Authority Bonds, Series 1992
dated December 1, 1994
EXHIBIT B
(FORM OF ESCROW AGREEMENT]
OAKLAND COUNTY BUILDING AUTHORITY
This escrow agreement (the' "Agreement"), dated as of
September 1, 1997, is between the Oakland County Building
Authority, County of Oakland, Michigan (the "Authority") and
Michigan National Bank, Farmington Hills, Michigan, as escrow
agent (the "Escrow Agent").
WHEREAS, the Authority has previously issued its Oakland
County Building Authority, Building Authority Bonds, Series 1992
(West Wing Extension), dated September 1, 1992 (the "Bonds") of
which the principal amount listed below remains outstanding and
the principal amount listed below will be defeased (referred to
as the "BONDS TO BE DEFEASED"):
Outstanding
Principal
$15,050,000
maturing in
the years
1997 thru 2011
Principal to
be Defeased
maturing in
the year
2011
all bearing interest, due as to principal and subject to
defeasance as more fully described in APPENDIX I to this
Agreement and as further identified in APPENDIX II hereto.
WHEREAS, for the purpose of calling the BONDS TO BE DEFEASED
the Authority has, pursuant to a resolution adopted on
, 1997 (the "Resolution"), authorized the defeasance of
said Bonds, as designated and described in the Resolution; and
WHEREAS, pursuant to the Resolution, the Escrow Agent has
been appointed by the Authority for the purpose of assuring the
payment when due of the principal of, redemption premium and
interest on the BONDS TO BE DEFEASED and the Chairperson and
Secretary of the Commission of the Authority have been authorized
and directed to execute this Agreement.
NOW, THEREFORE, in consideration of the premises and the
mutual covenants and agreements set forth below the Authority and
the Escrow Agent agree as follows for the respective equal and
proportionate benefit and security of the holders of the Bonds;
Section 1. Appointment of Escrow Agent. The Escrow Agent
is hereby appointed and agrees to act in such capacity to comply
with all requirements of this Agreement, and to be custodian of
the escrow fund (the "Escrow Fund"), to perform its duties as
custodian of the Escrow Fund created under this Agreement, but
only upon and subject to the following express terms and
conditions:
(a) The Escrow Agent may perform any of its duties by
or through attorneys, agents, receivers or employees but
shall be answerable for the conduct of the same in
accordance with the standards specified in this Agreement
and shall be entitled to advice of counsel concerning all
matters of and the duties under this Agreement, and may in
all cases pay such reasonable compensation to such counsel
and in addition to all such attorneys, agents, receivers and
employees as may reasonably be employed in connection with
the same. The Escrow Agent may act upon the opinion or
advice of any counsel. The Escrow Agent shall not be
responsible for any loss or damage resulting from any action
or non-action taken in good faith in reliance upon such
opinion or advice.
(b) The Escrow Agent shall not be responsible for any
recital in this Agreement or for the validity of the
execution by the Authority of this Agreement or of any
supplements to it or instruments of further assurance. The
Escrow Agent shall not be bound to ascertain or inquire as
to the performance or observance of any covenants,
conditions or agreements on the part of the Authority,
except as set forth in this Agreement. The Escrow Agent
shall be only obligated to perform such duties and only such
duties as are specifically set forth in this Agreement and
no implied covenants or obligations shall be read into this
Agreement against the Escrow Agent.
(c) The Escrow Agent may become the owner of the Bonds
with the same rights which it would have if not Escrow
Agent.
(d) The Escrow Agent shall be protected in acting upon
any notice, request, consent, certificate, order, affidavit,
letter, telex, telegram or other paper or document believed
to be genuine and correct and to have been signed or sent by
the proper person or persons. Any action taken by the
Escrow Agent pursuant to this Agreement upon the request or
consent of any person who at the time of making such request
or consent is the owner of any of said Bonds, shall be
conclusive and binding upon all future owners of the same
Bonds.
(e) As to the existence or non-existence of any fact
or as to the sufficiency or validity of any instrument,
paper or proceeding, the Escrow Agent shall be entitled to
rely upon a certificate of the Authority signed by (i) the
Chairperson of the Commission of the Authority or (ii) any
other duly authorized person as sufficient evidence of the
facts contained in it, but may secure such further evidence
deemed necessary or advisable, but shall in no case be bound
to secure the same. The Escrow Agent may accept a
certificate of the Chairperson of the Commission of the
Authority to the effect that a resolution in the form .
attached to such certificate has been adopted by the
Authority as conclusive evidence that such resolution has
been duly adopted, and is in full force and effect.
(f) The permissive right of the Escrow Agent to do
things enumerated in this Agreement shall never be construed
as a duty. The Escrow Agent shall only be responsible for
the performance of the express duties outlined in this
Agreement and shall not be answerable for other than its
gross negligence or willful default in the performance of
those express duties.
(g) At any and all reasonable times the Escrow Agent
and its duly authorized agents, attorneys, experts,
accountants and representatives, shall have the right fully
to inspect any and all of the books, papers and records of
the Authority pertaining to the Bonds, and to take such
memoranda from and in regard to the same as may be desired.
(h) The Escrow Agent shall not be required to give any
bond or surety in respect of the execution of the powers
contained in or otherwise in respect to this Agreement.
(i) Before taking any action under this Agreement
(except making investments, collecting investments and
making payments to the paying agents with respect to the
Bonds) the Escrow Agent may require that a satisfactory
indemnity bond be furnished for the reimbursement of all
expenses to which it may be put and to protect it against
all liability except liability which is adjudicated to have
resulted from gross negligence or willful default by reason
of any action so taken.
section 2. escrow Fund. On September 1, 1997 the Authority
will irrevocably deposit with the Escrow Agent for the account of
the Authority from the bond proceeds of its Building Authority
Bonds, Series 1992 (West Wing Extension) that were issued in
anticipation of using said proceeds to construct and equip the
West Wing Extension of the Oakland °County Courthouse, along with
the pro-rata interest earnings on said bond proceeds to establish
an Escrow Fund for the BONDS TO BE DEFEASED in an amount which
together with the investment income therefrom, shall be held in
the Escrow Fund to be maintained by the Escrow Agent and used (i)
to pay the interest on all of the BONDS TO BE DEFEASED when due
from the date hereof to and including September 1, 2002; and (ii)
to redeem principal amounts maturing in the year 2011 at a
redemption price of 101.5% of the principal amount, as set forth
in APPENDIX III.
Bonds
Principal to
be Defeased
Section 3. Redemption of BONDS TO BE DEFEASED. The
Authority will redeem, prior to their scheduled maturity, BONDS
TO BE DEFEASED as follows:
Oakland County Building Authority,
Building Authority Bonds, Series maturing in
1992 (West Wing Extension); the year
dated September 1, 1992 _2011
The Authority by execution of this Escrow Agreement, hereby
authorizes the Escrow Agent at the expense of the Authority to
give the paying agent for the Bonds irrevocable instructions to
call the BONDS TO BE DEFEASED. The Escrow Agent shall give to
the paying agent for the Bonds such notice not more than sixty
(60) nor less than forty-five (45) days prior to the redemption
date, September 1, 2002, in substantially the form attached to
this Agreement as APPENDIX II. The paying agent for the Bonds
shall publish said notice in the Detroit Legal News in Detroit,
Michigan, as set forth in APPENDIX II and mail such notice to the
registered owner or owners at the addresses listed on the
registration books of the Authority maintained by the paying
agent for the Bonds.
Section 4. nvestments. As directed by the Authority,
moneys deposited in the Escrow Fund shall be immediately invested
in direct obligations of the United States of America and/or
obligations the principal of and premium, if any, and interest on
which are fully guaranteed by the United States of America, as
described on APPENDIX IV ("Investment Securities").
The investment income from the Investment Securities in the
Escrow Fund shall be credited to the Escrow Fund and shall not be
reinvested. The Escrow Agent shall not sell any Investment
Securities. All moneys not invested as provided in this
Agreement shall be held by the Escrow Agent as a trust deposit.
Section 5. Use of Moneys. Except as expressly provided in
this Agreement, no paying agents' fees for the payment of
principal of, redemption premium or interest on the Bonds or
other charges may be paid from the escrowed moneys or Investment
Securities prior to retirement of all of the BONDS TO BE
DEFEASED, and the Authority agrees that it will pay all such fees
from its other legally available funds as such payments become
due prior to such retirement.
Section 6. Deficiency in Escrow Fund. At such time or
times as there shall be insufficient funds on hand in the Escrow
Fund for the payment of principal of, redemption premium and
interest falling due on the BONDS TO BE DEFEASED, the Escrow
Agent shall promptly notify the Authority of such deficiency.
Section 7. Reports to Authority. The Escrow Agent shall
deliver to the Chairperson of the Commission of the Authority a
semi-annual statement reflecting each transaction relating to the
Escrow Fund; and on or before the first day of February of each
year shall deliver to the Authority a list of assets of the
Escrow Fund as of December 31 of such year and an operating
statement for the Escrow Fund for the year then ended.
Section 8. Fees of Escrow Agent. The Escrow Agent agrees
with the Authority that the charges, fees and expenses of the
Escrow Agent throughout the term of this Agreement shall be the
total sum of Dollars ($
payable on the date of closing, which charges, fees and expenses
shall be paid from monies deposited with the Escrow Agent from
available funds of the Authority.
Section 9. Payments from Escrow Fund. The Escrow Agent
shall without further authorization or direction from the
Authority, collect the principal of and interest on the
Investment Securities promptly as the same shall become due and,
to the extent that Investment Securities and moneys are
sufficient for such purpose, shall make timely payments out of
the Escrow Fund to the proper paying agent or agents or their
successors for the BONDS TO BE DEFEASED, of moneys sufficient for
the payment of the principal of, redemption premium and interest
on such Bonds as the same shall become due and payable, all as
set out in APPENDIX V. The payments so forwarded or transferred
shall be made in sufficient time to permit the payment of such
principal of, redemption premium and interest by such paying
agent or agents without default. The Authority represents and
warrants that the Escrow Fund will be sufficient to make the
foregoing and all other payments required under this Agreement.
The proper paying agent for the Bonds is shown in APPENDIX I.
When the aggregate total amount required for the payment of
principal of, redemption premium and interest on the BONDS TO BE
DEFEASED has been paid to the paying agent as provided above, the
Escrow Agent shall transfer any moneys or Investment Securities
then held under this Agreement for the BONDS TO BE DEFEASED to
the Authority, and this Agreement shall cease.
Section 10. Interest of Bondholders Not Affected. The
Escrow Agent and the Authority recognize that the holders from
time to time of the Bonds have a beneficial and vested interest
in the Investment Securities and moneys to be held by the Escrow
Agent as provided in this Agreement. It is therefore recited,
understood and agreed that this Agreement shall not be subject to
revocation or amendment and no moneys on deposit in the Escrow
Fund for the BONDS TO BE DEFEASED can be used in any manner for
another series.
Section 11. Escrow Agent Not Obligated. None of the
provisions contained in this Agreement shall require the Escrow
Agent to use or advance and of its own moneys or otherwise incur
financial liability in the performance of any of its duties or
the exercise of any of its rights or powers under this Agreement.
The Escrow Agent shall be under no liability for interest on any
funds or other property received by it under this Agreement,
except as expressly provided.
section 12. Payment of Other Amounts. The Authority agrees
that it will promptly and without delay remit to the Escrow Agent
such additional sum or sums of money as may be necessary to
assure the payment of any BONDS TO BE DEFEASED and to fully pay
and discharge any obligation or obligations or charges, fees or
expenses incurred by the Escrow Agent in carrying out any of the
duties, terms or provisions of this Agreement that are in excess
of the sums provided for under Section 3 and Section 8 above,
including the Escrow Agent's expenses in connection with the
publication of the redemption notice for the BONDS TO BE
DEFEASED.
Section 13. Segregation of Funds. The Escrow Agent shall
hold the Investment Securities and all moneys received by it from
the collection of, principal and interest on the Investment
Securities, and all moneys received from the Authority under this
Agreement, in a separate escrow account.
Section 14. Resignation of Escrow Agent. The Escrow Agent
may resign as such following the giving of thirty (30) days prior
written notice to the Authority. Similarly, the Escrow Agent may
be removed and replaced following the giving of thirty (30) days
prior written notice to the Escrow Agent by the Authority. In
either event, the duties of the Escrow Agent shall terminate
thirty (30) days after the date of such notice (or as of such
earlier date as may be mutually agreeable) and the Escrow Agent
shall then deliver the balance of the Escrow Fund then in its
possession to a successor Escrow Agent as shall be appointed by
the Authority.
If the Authority shall have failed to appoint a successor
prior to the expiration of thirty (30) days following the date of
the notice of resignation or removal, the then acting Escrow
Agent may petition any court of competent jurisdiction for the
appointment of a successor Escrow Agent or for other appropriate
relief and any such resulting appointment shall be binding upon
the Authority.
Upon acknowledgment by any successor Escrow Agent of the
receipt of the then remaining balance of the Escrow Fund, the
then acting Escrow Agent shall be fully released and relieved of
all duties, responsibilities, and obligations under this
Agreement.
Section 15. Benefit. This Agreement shall be for the sole
and exclusive benefit of the Authority, the Escrow Agent and the
holders of the Bonds. With the exception of rights expressly
conferred in this Agreement, nothing expressed in or to be
implied from this Agreement is intended or shall be construed to
give to any person other than the parties set forth above, any
legal or equitable right, remedy or claim under or in respect to
this Agreement.
Section 16. Severability. If any provision of this
Agreement shall be held or deemed to be invalid or shall, in
fact, be illegal, inoperative or unenforceable, the same shall
not affect any other provision or provisions contained in this
Agreement or render the same invalid, inoperative or
unenforceable to any extent whatsoever.
Section 17. Notices. Any notice, request, communication or
other paper shall be sufficiently given and shall be deemed given
when delivered or mailed, by registered or certified mail,
postage prepaid or sent by facsimile transmission, except reports
as required in Section 7 which may be delivered by regular mail,
as follows:
If to the Authority:
Oakland County Building Authority
1200 N. Telegraph, Dept. 479
Pontiac, MI 48341-0479
Attention: Treasurer
FAX: 313-858-1810
Zf to the Escrow Agent:
Michigan National Bank
27777 Inkster Road, Suite 10-76
Farmington Hills, MI 48333
Attention: Corporate Trust Department
FAX: 313-473-3094
The Authority and the Escrow Agent may designate any further
or different addresses to which subsequent notices, requests,
communications or other papers shall be sent and shall be
required to provide written notification of said address change.
Section 18. Governing Law. This Agreement shall be
governed by and construed in accordance with the laws of the
State of Michigan.
Section 19. . Execution in Counterparts. This Agreement may
be executed in several counterparts, each of which shall be an
original and all of which shall constitute but one and the same
instrument.
IN WITNESS WHEREOF, the parties to this Agreement have duly
executed it by their duly authorized officers as of the date
first above written.
OAKLAND. COUNTY BUILDING AUTHORITY
By:
Its: Treasurer
MICHIGAN NATIONAL BANK, as Escrow Agent
By:
Its:
bmp.DF-0AK29
Principal Coupon
Total
Interest Debt Service Annual Total Data
APPENDIX I
$17,000,000
OAKLAND COUNTY BUILDING AUTHORITY
BUILDING AUTHORITY BONDS, SERIES 1992
(WEST WING EXTENSION)
Dated as of September 1, 1992
RENA/BING ORIGINAL DEBT SERVICE SCHEDULE
4.70%
4.90%
5.10%
5.30%
5.50%
5.30%
5.70%
5.10%
5.90%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
09/01/97
03/01/90
09/01/91
03/01/99
09/01/99
03/01/00
09/01/00
03/01/01
09/01/01
03/01/02
09/01/02
03/01/03
09/01/03
03/01/04
09/01/04
03/01/05
09/01/05
03/01/06
09/01/06
03/01/07
09/01/07
03/01/08
09/01/01
03/01/09
09/01/09
03/01/10
09/01/10
03/01/11
09/01/11
3700.000.00
750.000.00
750,000.00
100.000.00
100.000.00
150.000.00
900.000.00
950.000,00
1.000.000.00
1,100.000,00
1.150,000,00
1,200.000.00
1.300,000,00
1.350.000.00
1.450,000.00
315.050.000.00
3430.150.00
413.700.00
4 13.700 -00
395.325.00
395.325.00
376.200.00
376.200.00
355.000.00
355.000.00
333,000.00
333.000.00
309.200.00
309,200.00
213.550.00
213,550.00
256,000.00
256,000.00
226,500.00
226,500.00
193.500.00
193.500.00
159,000.00
159.000.00
123,000.00
123.000.00
14,000.00
$4.004.00
43,500.00
43,500.00
37.533.100.00
51.130.150.00
413.700.00
1.163.700.00
395,325.00
1.145.325.00
376.200.00
1.176.200.00
355.000.00
1.155,000.00
333.000.00
1,113,000.00
309.200.00
1.209.200.00
213.550.00
1.233.550.00
256.000.00
1.256.000.00
226,500.00
1,326.500.00
193,500.00
1,343.500.00
159.000.00
1.359.000.00
123,000.00
1,423,000.00
14,000.00
1.434.000.00
43.500.00
1.493,500.00
31430.150.00
1.577.400.00
1.540.650.00
1.552.400.00
1.510,000.00
1.516.000.00
1,511.400.00
1,517.100.00
1,512.000.00
1,553.000.00
1.537.000.00
1.511.000.00
1,543.000.00
1,511.000.00
1.537.000.00
322.513.100.00 $22.513,100.00
(e)
05/13/97
ded\RE7U2ID\OAX-DEF.MX3
Bond Registrar and Paying Agent: Michigan National Bank, 625 Shelby Detroit. MI 48226
Attn: Trust A Investment Services
bmp.DF-OAX29
itrincisal Bat mums
APPENDIX II
[FORM OF NOTICE OF REDEMPTION]
TO THE HOLDERS OF
• $17,000,000
OAKLAND COUNTY BUILDING AUTHORITY
OAKLAND COUNTY, MICHIGAN
BUILDING AUTHORITY BONDS, SERIES 1992
(WEST WING EXTENSION)
Dated as of September 1, 1992
DUE SEPTEMBER 1, 2011
NOTICE IS HEREBY GIVEN that the Oakland County Building Authority. County of Oakland, State of Michigan has called for
redemption, on September 1, 2002 (the "Redemption Date), part of the callable outstanding Oakland County Building Authority, Building
Authority Bonds, Series 1992 (West Wing Extension) (the "Sonde), pursuant to the redemption provisions contained in the Bonds, bearing the
original issue date of September I. 1992, maturing in the principal amount, on the date, bearing interest at the rate, with the "CUSIP" number,
as follows:
September 1,
Said Bonds will be redeemed at 101.5% of the par value thereof
Said Bonds should be surrendered for redemption to Michigan National Bank, as paying agent, for payment as of September I.
2002. alter which date all interest on said Bonds shall cease to accrue, whether said Bonds are presented for payment or not.
Bonds may be surrendered for payment at the office or the bond registrar and paying agent indicated below. Method of delivery is
at the option of the holder, but if by mail, registered mail is suggested.
Michigan National Bank
625 Shelby
Detroit, MI 48226
Ann: Trust & Investment Services
• No representation is made as to the correctness of the CUSIP number either as printed on the Bonds or as contained herein and
reliance may be placed only on the identification number.
Under the provisions of the Interest and Dividend Tax Compliance Act of 1983 and the Comprehensive National Energy Policy Act
of 1992, paying agents making payments of principal on municipal securities may be obligated to withhold a 31% tax from remittances to
individuals who have failed to furnish the paying agent with a certified and valid Taxpayer Identification Number on a fully completed Form
W-9. Holders of the above described Bonds, who wish to avoid the application of these provisions, should submit certified Taxpayer
Identification Numbers on I.R.S. Form W-9 when presenting their securities for redemption or for payment at maturity.
COUNTY OF OAKLAND
C. Hugh Doltany, Treasurer
Dated: 1997
bmp.DP-0A1C29
APPENDIX III-I
$17,000,000
OAKLAND COUNTY BUILDING AUTHORITY
BUILDING AUTHORITY BONDS, SERIES 1992
(WEST WING EXTENSION)
Dated as of September 1, 1992
Sources.of Funds
Issuer Bond Proceeds
Issuer Contribution
Interest Earnings
TOTAL
Uses of Funds
Escrow Fund
Escrow Agent Fees
Legal Fees 2,500.00
Verification Report 500.00
TOTAL
bap.01,-0Al2,
APPENDIX III-2
$17,000,000
OAKLAND COUNTY BUILDING AUTHORITY
BUILDING AUTHORITY BONDS, SERIES 1992
(WEST WING EXTENSION)
Dated as of September 1, 1992
SCHEDULE OF ESCROW FUND CASH FLOW
bmp.01,-011.0,
APPENDIX IV
. $17,000,000
OAKLAND COUNTY BUILDING AUTHORITY
BUILDING AUTHORITY BONDS, SERIES 1992
(WEST WING EXTENSION)
Dated as of September 1, 1992
GL_AINAUSZI
to the Escrow Agreement
Purchase Investment
Date Amount Rate Maturity Investment Type
TOTAL ESCROW REQUIREMENT
Im9.DIP-OAX211
APPENDIX V
$17,000,000
OAKLAND COUNTY BUILDING AUTHORITY
BUILDING AUTHORITY BONDS, SERIES 1992
(WEST WING EXTENSION)
Dated as of September 1, 1992
REDEMPTION SCHEDULE
Redemption Date: September 1, 2002
bmp.01P.OAX2,
L. Broo Patterson. County Executive
HE FOREGOING RESOLUM
7/d
Date
dill•Worteite.
Resolution #97142 July 17, 1997
Moved by Douglas supported by Jacobs the resolution be adopted.
AYES: Devine, Dingeldey, Douglas, Garfield, Huntoon, Jacobs, Jensen,
Johnson, Kaczmar, Kingzett, Law, McCulloch, McPherson, Millard, Moffitt, Obrecht,
Palmer, Pernick, Powers, Schmid, Taub, Wolf, Amos. (23)
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 July 17, 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 17th dax wpl, Julysre
/ - Lynn D. Allen, County Clerk