HomeMy WebLinkAboutResolutions - 1998.05.07 - 25457Miscellaneous Resolution # #98108 May 7, 1998
BY: PLANNING AND BUILDING COMMITTEE
CHARLES E. PALMER, CHAIRPERSON
IN RE: DRAIN COMMISSIONER WOLF 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 Wolf Drain, by resolution adopted on April
14, 1998, authorized and provided for the issuance by the Wolf Drainage District of its Drain Bonds
in the aggregate principal amount of $4,680,000 (the "Drain Bonds") to defray the cost of the Wolf
Drain; and
WHEREAS, the Drain Bonds will be dated June 1, 1998, will bear interest at rates
not to exceed 7% 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 Wolf 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 Rochester Hills, the County of Oakland or the State of Michigan
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.
The County Treasurer is authorized to file with the Department of Treasury of the State of
Michigan on behalf of the County a Noti.,:e o..fIrient to Issue an Obligation witlAtspeato 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.
PLANNING AND BUILDING COMMITTEE
FISCAL NOTE (Misc. #98108) May 7, 1998
BY: FINANCE COMMITTEE, SUE ANN DOUGLAS, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - WOLF 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 City of Rochester
Hills as the primary obliger.
2. The principal amount of the bond issue is $4,680,000 at an interest
rate not to exceed 7% to be paid back within 13 years.
3. The statutory limit for county debt is $3,892,568,182 (10% of 1997
State Equalized Value). As of 3/31/98, the outstanding debt is
$294,399,066 or approximately 1% of the S.E.V.
4. Of the total project cost of $4,680,000, the County's apportionment
is 1.66% ($77,688). 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
/Le
FINANCE COMMITTEE VOTE:
Motion carried unanimously on a roll call vote with Taub absent.
or.
maw
Resolution #98108 May 7, 1998
Moved by Palmer supported by Garfield the resolution be adopted.
AYES: Johnson, Kaczmar, Kingzett, McCulloch, McPherson, Millard, Moffitt,
Obrecht, Palmer, Powers, Schmid, Taub, Wolf, Amos, Coleman, Devine, Douglas,
Garfield, Gregory, Huntoon, Jacobs, Jensen. (22)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
I FiERE..- 410.C. E PnREC:.13IN3 RESOLUTIOr
/illy I
—
L Broo s Patterson. County Executive Date
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 May 7, 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 7th day of May 1991,_
Lyn A D. Allen, County Clerk