HomeMy WebLinkAboutResolutions - 1998.07.16 - 25369July 16, 1998
Miscellaneous Resolution No. #98163
BY: CHARLES E. PALMER, CHAIRPERSON
PLANNING AND BUILDING COMMITTEE
IN RE: DRAIN COMMISSIONER - ACACIA PARK CSO 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 Acacia Park CSO Drain, by resolution
adopted on June 9, 1998, authorized and provided for the issuance by the Acacia Park CSO Drain
Drainage District of its Drain Bonds, Series D in the aggregate principal amount of $750,000 (the
"Drain Bonds") to defray part of the cost of the Acacia Park CSO Drain; and
WHEREAS, the Drain Bonds will be dated August 1, 1998, 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 Acacia Park CSO 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 Birmingham, the Village of Beverly Hills 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 the reimbursement of such sums so paid.
Planning and Building Committee Vote:
Motion carried unanimously on a roll call vote.
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 pertains 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
Drain 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 on 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.
dir4 '
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_41. ' 4417, ,
/FANNING AND Irr DfNG COMMITTEE
SPECIAL ASSESSMENT ROLL NO. 2
FOR
ACACIA PARK CSO DRAIN
(An Intra-County Drain in Oakland County, Michigan)
PROJECT: To locate, establish and construct
the Acacia Park CSO Drain
TOTAL ESTIMATED COST: S14,673,479
AMOUNT TO BE ASSESSED - $750,000
PUBLIC AMOUNT TO BE TO BE COLLECTED
CORPORATIONS: PERCENTAGES ASSESSED PREPAID IN INSTALLMENT
City of
Birmingham 28.83% 5216,225 $ -0- $ 216,225
Village of
Beverly Hills 68.16% 511,200 -0- 511,200
County of
Oakland 3.01% 22,575 -0- 22,575
$ 750,000 $ -0- $ 750,000
NUMBER OF ANNUAL INSTALLMENTS: 16, due October 1 of each year,
beginning 1999
INTEREST: Interest on unpaid installments to
begin on August 1, 1998 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, 1999
and thereafter on October 1 of each year.
ainage Board
k-•••n
1
phairman of We Drainage Board
1 iffiLl
Member
LI -iI mber
We hereby certify that the
foregoing special assessment
roll was prepared in accordance
with the directions of the
Drainage Board for the
Acacia Park CSO Drain and the
statutory provisions applicable
thEet
INSTALLMENTS:
Installment
Number City of Village of County of
Due October 1 Birmingham Beverly Hills Oakland TOTAL
1 1999 $ 7,208 S 17,040 S 752 $ 25,000
2 2000 7,208 17,040 752 25,000
3 2001 7,207 17,040 753 25,000
4 2002 , 14,415 34,080 1,505 50,000
5 2003 14,415 34,080 1,505 50,000
6 2004 14,415 34,080 1,505 50,000
7 2005 14,415 34,080 1,505 50,000
8 2006 14,415 34,080 1,505 50,000
9 2007 14,415 34,080 1,505 50,000
10 2008 14,415 34,080 1,505 50,000
11 2009 14,415 34,080 1,505 50,000
12 2010 14,415 34,080 1,505 50,000
13 2011 14,415 34,080 1,505 50,000
14 2012 14,415 34,080 1,505 50,000
15 2013 14,415 34,080 1,505 50,000
16 2014 21,622 51,200 2,258 50,000
$216,225 $511,200 $22,575 $7,500,000
The foregoing roll was approved by
the Drainage Board for the Acacia
Park CSO Drain on June 9, 1998.
DETROIT 9007-304 349142
1) Contracted Services: Construction Cost
Bid Amount
Work Orders
Total Construction Cost
2) Contracted Services: Project Dev. & Financing
Engineering:
Project Planning & Design Phase
Construction Phase
Project Pert. Certification
14 Mile Road Regulator Study & Design
Bond Counsel
Financial Consultant
Official Statement
Bond Rating Fees
Bond Printing
Bond Advertisement
Bond Discount
Total Project Development & Financing
3) County Services:
Administration
Engineering
Right-Of-Way
Construction Inspection
Soil Erosion Permit
Performance Certification Analytical Expenses
Drain Equipment
SCADA Interface
Total County Services
4) Contingency
Gross Project Cost
Less: Investment Earnings
Net Project Cost
Less: Grants
SRF Funding-Series A
Series B
Series C
Estimate of Project Cost
Acacia Park CSO Drain
Series A,B,C & D
Amount of Bond Issue
Estimated
Series A,B,C,& D
Cost
$10,681,000
$462,165
$11,143,165
$1,178,800
$1,270,000
$200,000
$36,868
$66,000
$35,000
$8,500
$5,720
$2,580
$2,950
$88,200
$2,894,618
$95,000
$154,000
$27,200
$47,000
$7,500
$135,000
$50,000
$35,000
$550,700
$84,996
$14,673,479
$58,667
$14,614,812
$6,954,812
$1,635,000
$875,000
$4,400,000
$750,000
Estimated
Series A,B,&C
Cost
$10,681,000
$0
$10,681,000
$909,000
$980,000
$200,000
$0
$67,100
$31,750
$5,000
$12,000
$5,000
$6,000
$76,625
$2,292,475
$87,000
$174,000
$24,000
$47,000
$7,500
$0
$0
$0
$339,500
$610,504
$13,923,479
$58,667
$13,864,812
$6,954,812
$1,635,000
$875,000
$4,400,000
ST)
Series A,B,C,&D
Vs
Series A,BAC
$0
$462,165
$462,165
$269,800
$290,000
$0
$36,868
($1,100
$3,250
$3,500
($6,280
($2,420
($3,050
$11,575
$602,143
$8,000
($20,000:
$3,200
$0
$0
$135,000
$50,000
$35,000
$211,200
($525,508)
$750,000
$0
$750,000
$0
$0
$0
$0
$750,000 ,
Prepared By: Philip Sanzica, PE 05/28/98 ACACIA2.WK4
July 16, 1998
FISCAL NOTE (Misc. #98163)
BY: FINANCE COMMITTEE, SUE ANN DOUGLAS, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - ACACIA PARK CSO 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 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 Acacia Park CSO Drainage District as the primary obliger.
2. The principal amount of the bond issue is $750,000 at an interest rate not to exceed 8% to be paid
back within 16 years.
3. An additional bond issue of $750,000 is necessary to fund the revised total project amount of
$14,614,812. The increases are comprised primarily of construction, engineering and performance
certification costs required by the regulatory agencies and the communities.
4. The statutory limit for county debt is $3,892,568,182 (10% of 1997 State Equalized Value). As of
5/31/98, the outstanding debt is $269,602,077 or approximately 1% of the S.E.V.
5. Of the total Series D Bond issue of $750,000, the County's apportionment is 3.01% ($22,575).
The County's share will be financed and charged against the Non-Departmental account for Drain
Assessments. Funding is available for this expense. Therefore, no budget amendment is required.
FINANCE COMMITTEE
Finance Committee Vote:
Motion carried on unanimous roll call vote
LIBC7 E FOREGOING RESOLUTION I HEREBY.
L Brookt erson, County Executive Date
Resolution #98163 July 16, 1998
Moved by Palmer supported by Law the resolution be adopted.
AYES: Johnson, Kaczmar, Kingzett, Law, McCulloch, Millard, Moffitt,
Obrecht, Palmer, Schmid, Taub, Wolf, Amos, Coleman, Devine, Dingeldey, Douglas,
Garfield, Gregory, Hoffman, Holbert, Huntoon, Jacobs, Jensen. (24)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
V2-6/5((
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 16, 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 16th day d4diptly 1
Lynn D. Allen, County Clerk