HomeMy WebLinkAboutResolutions - 1998.08.20 - 25268August 20, 1998
MISCELLANEOUS RESOLUTION #98185
BY: PLANNING AND BUILDING COMMITTEE, CHARLES E. PALMER, CHAIRPERSON
IN RE: DEVELOPMENT AND PLANNING DIVISION RESOLUTION APPROVING ISSUANCE OF EDC
REFUNDING BONDS (CRANBROOK EDUCATIONAL COMMUNITY PROJECT) - CITY OF BLOOMFIELD
HILLS
To Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS in 1994 The Economic Development Corporation of the County of
Oakland (the "EDC") issued its limited obligation economic development revenue
bonds (the "Prior Bonds") for the Cranbrook Educational Community Project (the
"Project") following approval by the Board of Commissioners of a Project Plan
for the Project (which included the issuance of the Prior Bonds for the
Project); and
WHEREAS as authorized by the Economic Development Corporation Act (the
"Act"), the EDC has preliminarily approved the issuance of limited obligation
refunding bonds in the maximum principal amount of $40,000,000 (the "Bonds")
to refund the Prior Bonds for the purpose of achieving substantial debt
service savings for Cranbrook Educational Community, all on the basis that the
issuance of the Bonds will serve the public purposes of the Act; and
WHEREAS as a condition precedent to the issuance of the Bonds, the
Internal Revenue Code requires that the Board of Commissioners approve the
EDC's issuance of the Bonds and hold a public hearing with respect thereto;
WHEREAS the Board of Commissioners has held a public hearing to consider
the issuance of the Bonds by the EDC; and
WHEREAS the Board of Commissioners, following such public hearing
concurs in the determinations of the EDC with respect thereto;
NOW THEREFORE BE IT RESOLVED that the issuance of the Bonds by the EDC
is hereby determined to constitute a public purpose as contemplated by the Act
and is hereby approved; and
BE IT FURTHER RESOLVED that the EDC is hereby authorized to take such
steps as are necessary to issue its limited obligation refunding revenue bonds
as described herein; and
BE IT FURTHER RESOLVED that the County Clerk is hereby directed to
provide four certified copies of this resolution to the Assistant Secretary of
the Board of the EDC.
Chairperson, on behalf of the Planning and Building Committee, I move
the adoption of the foregoing resolution.
G. AND BUILDINU—SDMMITTEE
Planning and Building Committee Vote:
Motion carried unanimously on a roll call vote with Johnson absent.
Dennis M. King
Vice Chairperson
Robert L Schwartz
Legal Counsel
Mary P. Langhauser
Supervisor Financial Services
Rebecca S. Sorensen
Secretary
adg• Economic Develppment Corporation
of the County a Oakland, Michigan
David Potts C. Hugh Dohany Daniel P. Hunter
Chairperson Treasurer Manager
Memo
To: Planning and Building Committee
Board of Commissioners
From: ,ke Mary P. Langhauser
Economic Development Corporation
Date: August 3, 1998
Subject: Cranbrook Educational Community
Resolution Approving Issuance of EDC Refunding Bonds
This memo is to accompany the attached P & B Resolution Approving the Issuance of EDC
Refunding Bonds for the Cranbrook Educational Community. The refunding of the 1994 bonds
issued by the EDC does not require the usual procedures of the preparation of the Project Plan.
Rather the EDC and the County Board of Commissioners need to approve the issuance of the
EDC refunding bonds and a public hearing has to be held.
The public hearing has been set for August 20th and the attached resolution should be approved
by the Board of Commissioners on the same day.
DEVELOPMENT AND PLANNING DIVISION
BURDING 34 EAST
1200 N TELEGRAPH RD DEPT 412 • PONTIAC MI 48341-0412
(248) 858-0724 • FAX (248) 975-9555
Resolution #98185 August 20, 1998
Moved by Palmer supported by Taub the resolution be adopted.
AYES: Coleman, Devine, Dingeldey, Douglas, Garfield, Gregory, Hoffman,
Holbert, Huntoon, Jacobs, Jensen, Johnson, Kaczmar, Kingzett, Law, McCulloch,
McPherson, Moffitt, Obrecht, Palmer, Schmid, Taub, Wolf, Amos. (24)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
L. VA•ook87)a-grsan."7—County Exc.,:utivs
_
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 August 6, 1998 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 6th day osfeust .
LyndrD. Allen, County Clerk
Qc