HomeMy WebLinkAboutResolutions - 1998.08.06 - 25286MISCELLANEOUS RESOLUTION #98114
BY: Finance Committee, Sue Ann Douglas, Chairperson
IN RE: THE NORTH ARM RELIEF DRAIN DRAINAGE—Revolving Fund Borrowing Agreement
(Amendment to )R#98164)
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS pursuant to Act 40 of the Public Acts of 1956, as amended
[hereinafter referred to as the Drain Code], the Cities of Birmingham and Royal
Oak have petitioned the Drain Commissioner's office to construct the North Arm
Relief Drain to reduce basement flooding; and
WHEREAS pursuant to Chapter 20 of the Drain Code, the Drainage Board,
having determined that a drainage project is necessary for the public health, and
further determined that drainage facilities be located, established and
constructed with the costs thereof to be assessed wholly against the public
corporations (as defined by the Drain Code] benefiting from said project; and
WHEREAS recognizing the urgent need for said drainage facilities to
alleviate flooding thereby promoting the health and welfare of the residents
located within the North Arm Relief Drain Drainage District [hereinafter referred
to as the Drainage District], the Oakland County Board of Commissioners adopted
Miscellaneous Resolution #98164, entitled THE NORTH ARM RELIEF DRAIN DRAINAGE
DISTRICT: EXECUTION OF THE INTERLOCAL AGREEMENT; EXECUTION OF CONTRACT TO
ADVANCE AND REPAY FUNDS NOT TO EXCEED THREE MILLION TWO HUNDRED EIGHTY-SIX
THOUSAND FIVE HUNDRED TWENTY-EIGHT ($3,286,528.00) DOLLARS; AUTHORIZATION FOR
COUNTY OF OAKLAND TO PAY ITS ASSESSMENT FOR COUNTY ROADS LOCATED WITHIN DRAINAGE
DISTRICT; and
WHEREAS to facilitate the loan from the Delinquent Tax Revolving Fund to
the General Fund approved in MR #98164, inclusion of the attached Revolving Fund
Borrowing Agreement is required.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of Commissioners
hereby approves the attached Revolving Fund Borrowing Agreement, and amends MR
98164 to include said Agreement; and
BE IT FURTHER RESOLVED that the attached Revolving Fund Borrowing Agreement
supersedes the Borrowing Agreement which was attached to the Fiscal Note
accompanying MR#98164.
Chairperson, on behalf of the Finance Committee, I move the adoption of the
foregoing resolution.
FINANCE COMMITTEE
Sue Ann Douglas, Chairperson
ATTACHMENT TO FISCAL NOTE
REVOLVING FUND BORROWING AGREEMENT
WHEREAS the County of Oakland is desirous of borrowing monies from the Oakland
County Delinquent Tax Revolving Fund, and
WHEREAS the Delinquent TWA Revolving Fund Agent has determined sufficient monies
are available to loan to the County,
THEREFORE, in consideration of agreements set forth below it is hereby agreed by and
between the parties as follows:
The County General Fund will borrow the principal sum of $3,286,528 from the
Delinquent Tax Revolving Fund to be paid back in one lump sum, principal and interest. Said
payment shall be made 6 months after the outcome of the Litigation. Interest on the payment
will be based on the 6 month Treasury during the term of this agreement. The rate will be
changed every 6 months and interest will be compounded quarterly.
AGENT FOR REVOLVING FUND CHAIRPERSON-BOARD OF COMMISSIONERS
1 1-1FREFr\,'
L. Brooks Patterson. County ExKutive
7/41,
Date
ESOLUTIOr
Resolution #98174 August 6, 1998
Moved by Douglas supported by Jensen the resolution be adopted.
AYES: Douglas, Garfield, Gregory, Hoffman, Holbert, Huntoon, Jacobs,
Jensen, Johnson, Kaczmar, Kingzett, Law, McCulloch, McPherson, Millard, Moffitt,
Obrecht, Palmer, Schmid, Taub, Wolf, Amos, Coleman, Dingeldey. (24)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
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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 o A.gust 8.
D. Allen, County Clerk