HomeMy WebLinkAboutResolutions - 1997.09.11 - 25201Miscellaneous Resolution No. 97184 , 9/11 , 1997
BY: PLANNING AND BUILDING COMMITTEE
CHARLES E. PALMER, CHAIRPERSON
IN RE: DRAIN COMMISSIONER JOHN GARFIELD 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 Garfield Drain, by resolution adopted
on August 12, 1997, authorized and provided for the issuance by the John Garfield Drainage
District of its Drain Bonds in the aggregate principal amount of $1,895,000 (the "Drain Bonds")
to defray part of tbe cost of the John Garfield Drain; and
WHEREAS, the Drain Bonds will be dated October 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 on the Drain Bonds; and
WHEREAS, the John Garfield 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 Royal Oak, the City of Southfield or the Village
of Beverly 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
Certificate shall be as set forth therein.
Mr. Chairperson, on behalf of the Planning and Building Committee, I move adoption of
the foregoing resolution.
W Vae9007\270NRES Misc doc
City of
Royal Oak
City of
Southfield
Village of
Beverly Hills
County of
Oakland
State of
Michigan
82.57%
6.56%
5.73%
1.67%
3.47%
SPECIAL ASSESSMENT ROLL NO. 1
FOR
JOHN GARFIELD DRAIN
(An Intra-County Drain in Oakland County, Michigan)
PROJECT: To locate, establish and construct
the John Garfield Drain.
TOTAL ESTIMATED COST: $2,387,730
AMOUNT TO BE ASSESSED: $2,387,730
PUBLIC AMOUNT TO BE TO BE COLLECTED
CORPORATIONS: . PERCENTAGES ASSESSED PREPAID IN INSTALLMENTS
$ 1,971,548 $260,857 $ 1,710,691
156,635 71,775 84,860
136,817 37,368 99,449
39,875 39,875 -0-
82,855 82,855 -0-
$2,387,730 $492,730 $ 1,895,000
NUMBER OF ANNUAL INSTALLMENTS: 20, due October 1 of each year,
beginning 1998
INTEREST: Interest on unpaid installments to
begin on September 1, 1997 and to
accrue at a rate not to exceed an
amount sufficient to pay the
interest on the bonds. Interest is
payable on April 1 and October 1, 1998
and thereafter on October 1 of each year.
INSTALLMENTS:
Installment
Number City of City of Village of
Due October 1 Royal Oak Southfield Beverly Hills TOTAL
1 1998 $ 40,623 $ 2,015 $ 2,362 $ 45,000
2 1999 49,651 2,463 2,886 55,000
3 2000 54,164 2,687 3,149 60,000
4 2001 58,678 "..,911 3,411 65,000
5 2002 58,678 2,911 3,411 65,000
6 2003 63,192 3,135 3,673 70,000
7 2004 67,705 3,359 3,936 75,000
8 2005 72,219 3,582 4,199 80,000
9 2006 76,733 3,806 4,461 85,000
10 2007 81,247 4,030 4,723 90,000
11 2008.. . 85,760 4,254 4,986 95,000
12 2009 90,274 4,478 5,248 100,000
13 2010 94,788 4,702 5,510 105,000
14 2011 99,301 4,926 5,773 110,000
15 2012 103,815 5,150 6,035 115,000
16 2013 108,329 5,374 6,297 120,000
17 2014 117,356 5,822 6,822 130,000
18 2015 121,870 6,045 7,085 135,000
19 2016 130,897 6,493 7,610 145,000
20 2017 . 135,411 6,717 7,872 150,000
$1.710,691 $84.860
The foregoing roll was approved by
the Drainage Board for the John
Garfield Drain on August 12, 1997.
S99,449 51.895.000
We hereby certify that the
foregoing special assessment
roll was prepared in accordance
with the directions of the
Drainage Board for the
John Garfield Drain and the
statutory provisions applicable
thereto.
Chairman of Drainage Board Chairman of the Drainage Board
Member
Member
W:V4ek90071.270MLL SA.thac
Date: July 24, 1997 d:\korth\jgafiel\estim724.97
JOHN GARFIELD . DRAIN
ESTIMATE OF COST
CONTRACTED SERVICES - CONSTRUCTION
Construction Cost $1,587, 464
CONTRACTED SERVICES - PROJECT DEVELOPMENT
Engineering . $123,500
Consulting Engineer $87,500
Material Testing & Soil Borings $36,000
Bond Counsel . $15,100
Financial Counsel $6,000
Rating Agency Fees $10,000
Bond Prospectus $5,500
Printing & Publishing $3,500
Bond Discount (11/2 %) $33,975
COUNTY SERVICES - PROJECT MANAGEMENT
Engineering , $98,000
Administration $20,000
Right of Way (Including Legal) $43,393
Construction Inspection $154,000
Surveying $45,425
Soil Erosion Permit $3,100
Contingencies (10%) $238,773
TOTAL ESTIMATED PROJECT COST $2,387,730
Prepared By: Steven A. Korth
JOHN GARFIELD DRAIN
APPORTIONED COST/BOND SALE AMOUNT
I. APPORTIONMENT
County of Oakland 1.67
_ State of Michigan 3.47
City of Royal Oak 82.57 _
City of Southfield 6.56
Village of Beverly Hills 5.73
TOTAL 100.00%
2. ESTIMATED PROJECT COST:
Construction $ 1,587,464
Administration $ 800,266
TOTAL ESTIMATED PROJECT COST $ 2,387,730
3. APPORTIONED COST
County of Oakland $ 39,875
State of Michigan $ 82,855
City of Royal Oak $ 1,971,548
City of Southfield $ 156,635
Village of Beverly Hills $ 136,817
TOTAL $ 2,387,730
4. LESS ADVANCE PAYMENTS:
County of Oakland $ 39,875
State of Michigan $ 82,855
City of Royal Oak $ 260,857
City of Southfield $ 71,775
Village of Beverly Hills $ 37,368
TOTAL $ 492,730
5. BOND SALE _
County of Oakland $ 0
State of Michigan $ 0
City of Royal Oak $ 1,710,691
City of Southfield $ 84,860
Village of Beverly Hills $ 99,449
/ BOND SALE AMOUNT $ 1.895.000
Prepared By: Steven A. Korth, P.E., Project Engineer
Date:August 12, 1997 dAkorth\jgarfiehappor729.97
1) Contracted Services: Construction Contract Cost
Construction Cost
TOTAL CONSTRUCTION CONTRACT COST
2) Contracted Services: Project Development & Financing
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
3) County Services
Engineering
Administration
Right-of-Way
Construction Inspection
Survey
Soil Erosion Permit
TOTAL COUNTY SERVICES
4) CONTINGENCY
TOTAL ESTIMATED PROJECT COST
JOHN GARFIELD DRAIN •
CONSTRUCTION COST ESTIMATE
COMPARISON
ESTIMATED
POSTBID
COST
$1,587,464.00
$1,587,464.00
$87,500.00
$36,000.00
S15,100.00
$6,000.00
$10,000.00
$5,500.00
$3,500.00
$33,975.00
$197,575.00
$98,000.00
$20,000.00
$43,393.00
$154,000.00
$45,425,00
$3,100.00
$363,918.00
$238,773.00
$2,387,730.00
ESTIMATED
PREBID
COST
$1,800,550.00
$1,800,550.00
$99,400.00
$36,000.00
$22,250.00
$10,400.00
$10,000.00
$5,500.00
$3,500.00
$40,600.00
$227,650.00
$98,000.00
$20,000.00
$82,000.00
$154,000.00
$45,425.00
$3,100.00
$402,525.00
$270,100.00
$2,700,825.00
POSTBID
VERSUS
PREBID
($213,086.00)
($213,086.00)
($11,900.00)
$0.00
($7,150.00)
' ($4,400.00)
$0.00
$0.00
$0.00
($6,625.00)
($30,075.00)
$0.00
$0.00
($38,607,00)
$0.00
$0.00
$0.00
($38,607.00)
($31,327.00)
($313,095.00)
Prepared By: Steven A. Korth COSTCOMP.WK4 07/24/97
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REV. SECTIONS 6 & 7 CITY OF ROYAL OAK
DATE:1 -6-4)4.1 DRAWN: KW 1 GEORGE W. KUHN •
OAKLAND COUNTY DRAIN COMMISSIONER
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FISCAL NOTE (Misc. #97184) September 11, 1997
BY: FINANCE AND PERSONNEL COMMITTEE, SUE ANN DOUGLAS, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - JOHN GARFIELD 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 Cities of Royal Oak
and Southfield, and the Village of Beverly Hills as the primary
obligors.
2. The principal amount of the bond issue is $1,895,000 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 5k of 1996
State Equalized Value), As of 7/31/97, the outstanding debt is
$315,030,872 or approximately 1.01% of the S.E.V.
4. Of the total project cost of $2,387,730, the County's
apportionment is 1.67% ($39,875), 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
E FOREGOING RESOLUTION
422211.7
Date
HEREEY
L. Brook atterson, County Executive 11--P
Resolution #97184 September 11, 1997
Moved by Palmer supported by Garfield the resolution be adopted.
AYES: Kaczmar, Kingzett, Law, McCulloch, McPherson, Millard, Moffitt,
Obrecht, Palmer, Pernick, Powers, Schmid, Taub, Wolf, Amos, Coleman, Devine,
Dingeldey, Douglas, Garfield, Holbert, Huntoon, Jacobs, Jensen. (24)
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 September 11, 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 11th day of SeptigatiQr 1997.
(204Voymnn1n
0 Lyvin D. Allen, County Clerk