HomeMy WebLinkAboutResolutions - 1998.11.19 - 25477November 19, 1998
Miscellaneous Resolution No. #98288
BY: PLANNING & BUILDING COMMITTEE
CHARLES E. PALMER, CHAIRPERSON
IN RE: DRAIN COMMISSIONER
VILLAGE OF FRANKLIN SANITARY SEWAGE COLLECTION
DISPOSAL SYSTEM BOND RESOLUTION - SERIES 1998
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS, the Village of Franklin (the "Village") and the County of Oakland (the
"County") have entered into the Village of Franklin Sanitary Sewage Collection and Disposal
System Contract dated December 1, 1993, and a First Amendment thereto (the contract and first
amendment herein referred to as the "Contract"), which Contract provides for the acquisition and
construction of sanitary sewage collection and disposal facilities to serve the Village of Franklin
at an estimated cost of $6,000,000; and
WHEREAS, a Revised Estimate of Cost of the Village of Franklin Sanitary Sewage
Collection and Disposal System (the "Project") in the amount of $7,094,435.38 (the "Revised Cost
Estimate") has been prepared and has been approved by the Village Council of the Village; and
WHEREAS, the Revised Cost Estimate discloses a need for the issuance of bonds to defray
part of the cost of the Project in the amount of $1,500,000, which bonds shall be addition to those
bonds previously issued in the amount of $1,400,000.
THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
OAKLAND COUNTY, MICHIGAN, as follows:
1. APPROVAL OF REVISED ESTIMATE OF COST. The Revised Estimate of Cost
for the Village of Franklin Sewage Collection and Disposal System in the aggregate amount of
$7,094,435.38 is hereby approved and shall be placed on file with the County Agency.
2. AUTHORIZATION OF BONDS - PURPOSE. Bonds of the County aggregating
the principal sum of One Million Five Hundred Thousand Dollars ($1,500,000) shall be issued
and sold pursuant to the provisions of Act 342, and other applicable statutory provisions, for the
purpose of defraying part of the cost of the Project.
3. BOND DETAILS. The bonds shall be designated "Oakland County Sewage
Disposal Bonds (Village of Franklin System), Series 1998; shall be dated December 1, 1998, or
such later date as shall be approved by the County Agency at the time of sale; shall be numbered
from 1 upwards; shall be fully registered; shall be in the denomination of $5,000 each or any
integral multiple thereof not exceeding the aggregate principal amount for each maturity at the
option of the purchaser thereof; shall bear interest at a rate or rates not exceeding 8% per annum
to be determined upon the sale thereof payable on May 1, 1999, and semiannually thereafter; and
shall mature on November 1 in each year as follows:
Planning and Building Committee Vote;
Motion carried unanimously on a roll call vote with Johnson absent.
YEAR PRINCIPAL MATURITY YEAR MINCIPAT, MATURITY
2003 $50,000 2011 $ 95,000
2004 50,000 2012 100,000
2005 50,000 2013 100,000
2006 50,000 2014 120,000
2007 50,000 2015 130,000
2008 60,000 2016 250,000
2009 60,000 2017 250,000
2010 85,000
4. PAYMENT OF PRINCIPAL AND INTEREST. The principal of and interest on
the bonds shall be payable in lawful money of the United States. Principal shall be payable upon
presentation and surrender of the bonds to the bond registrar and paying agent as they severally
mature. Interest shall be paid to the registered owner of each bond as shown on the registration
books at the close of business on the 15 th day of the calendar month preceding the month in which
the interest payment is due. Interest shall be paid when due by check or draft drawn upon and
mailed by the bond registrar and paying agent to the registered owner at the registered address.
5. OPTIONAL PRIOR REDEMPTION. Bonds maturing prior to November 1, 2009,
shall not be subject to redemption prior to maturity. Bonds maturing on and after November 1,
2009, shall be subject to redemption prior to maturity upon the terms and conditions set forth in
the form of bonds contained in Section 9 hereof.
6. BOND REGISTRAR AND PAYING AGENT. The County Treasurer shall
designate, and may enter into an agreement with, a bond registrar and paying agent for the bonds
which shall be a bank or trust company located in the State of Michigan which is qualified to act
in such capacity under the laws of the United States of America or the State of Michigan. The
County Treasurer from time to time as required may designate a similarly qualified successor bond
registrar and paying agent.
7. EXECUTION, AUTHENTICATION AND DELIVERY OF BONDS The bonds
shall be executed in the name of the County by the facsimile signatures of the Chairman of the
Board of Commissioners and the County Clerk and authenticated by the manual signature of an
authorized representative of the bond registrar and paying agent, and the seal of the County (or
a facsimile thereof) shall be impressed or imprinted on the bonds. After the bonds have been
executed and authenticated for delivery to the original purchaser thereof, they shall be delivered
by the County Treasurer to the purchaser upon receipt of the purchase price. Additional bonds
bearing the facsimile signatures of the Chairman of the Board of Commissioners and the County
Clerk and upon which the seal of the County (or a facsimile thereof) is impressed or imprinted
may be delivered to the bond registrar and paying agent for authentication and delivery in
connection with the exchange or transfer of bonds. The bond registrar and paying agent shall
indicate on each bond the date of its authentication.
8. EXCHANGE AND TRANSFER OF BONDS Any bond, upon surrender thereof
to the bond registrar and paying agent with a written instrument of transfer satisfactory to the bond
registrar and paying agent duly executed by the registered owner or his duly authorized attorney,
at the option of the registered owner thereof, may be exchanged for bonds of any other authorized
denominations of the same aggregate principal amount and maturity date and bearing the same rate
of interest as the surrendered bond.
Each bond shall be transferable only upon the books of the County, which shall be kept for
that purpose by the bond registrar and paying agent, upon surrender of such bond together with
a written instrument of transfer satisfactory to the bond registrar and paying agent duly executed
by the registered owner or his duly authorized attorney.
Upon the exchange or transfer of any bond, the bond registrar and paying agent on behalf
of the County shall cancel the surrendered bond and shall authenticate and deliver to the transferee
a new bond or bonds of any authorized denomination of the same aggregate principal amount and
maturity date and bearing the same rate of interest as the surrendered bond. If, at the time the
bond registrar and paying agent authenticates and delivers a new bond pursuant to this section,
payment of interest on the bonds is in default, the bond registrar and paying agent shall endorse
upon the new bond the following: "Payment of interest on this bond is in default. The last date
to which interest has been paid is
The County and the bond registrar and paying agent may deem and treat the person in
whose name any bond shall be registered upon the books of the County as the absolute owner of
such bond, whether such bond shall be overdue or not, for the purpose of receiving payment of
the principal of and interest on such bond and for all other purposes, and all payments made to any
such registered owner, or upon his order, in accordance with the provisions of Section 4 of this
resolution shall be valid and effectual to satisfy and discharge the liability upon such bond to the
extent of the sum or sums so paid, and neither the County nor the bond registrar and paying agent
shall be affected by any notice to the contrary. The County agrees to indemnify and save the bond
registrar and paying agent harmless from and against any and all loss, cost, charge, expense,
judgment or liability incurred by it, acting in good faith and without negligence hereunder, in so
treating such registered owner.
For every exchange or transfer of bonds, the County or the bond registrar and paying agent
may make a charge sufficient to reimburse it for any tax, fee or other governmental charge
required to be paid with respect to such exchange or transfer, which sum or sums shall be paid by
the person requesting such exchange or transfer as a condition precedent to the exercise of the
privilege of making such exchange or transfer.
The bond registrar and paying agent shall not be required to transfer or exchange bonds
or portions of bonds which have been selected for redemption.
9. FORM OF BONDS. The bonds shall be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY SEWAGE DISPOSAL BOND
(VILLAGE OF FRANKLIN SYSTEM), SERIES 1998
,ILEMal_RSE MATURITY DATE DATE OF ORIGTNAT. ISM TF. CUSIP
, 1998
Registered Owner:
Principal Amount:
The County of Oakland, State of Michigan (the "County") acknowledges itself indebted
to and for value received hereby promises to pay to the Registered Owner identified above, or
registered assigns, the Principal Amount set forth above on the Maturity Date specified above,
unless redeemed prior thereto as hereinafter provided, upon presentation and surrender of this
bond at in the city of
Michigan, the bond registrar and paying agent, and to pay to the Registered Owner, as shown on
the registration books at the close of business on the 15 1 day of the calendar month preceding the
month in which an interest payment is due, by check or draft drawn upon and mailed by the bond
registrar and paying agent by first class mail postage prepaid to the Registered Owner at the
registered address, interest on such Principal Amount from the Date of Original Issue or such later
date through which interest shall have been paid until the County's obligation with respect to the
payment of such Principal Amount is discharged at the rate per annum specified above. Interest
is payable on the first days of May and November in each year, commencing May 1, 1999.
Principal and interest are payable in lawful money of the United States of America.
This bond is one of a series of bonds aggregating the principal sum of One Million Five
Hundred Thousand Dollars ($1,500,000) issued by the County under and pursuant to and in full
conformity with the Constitution and Statutes of Michigan (especially Act No, 342, Public Acts
of 1939, as amended) and a bond authorizing resolution adopted by the Board of Commissioners
of the County (the "Resolution'') for the purpose of defraying part of the cost of acquiring and
constructing sewage collection and disposal facilities to serve the Village of Franklin (the
"Village"). The bonds of this series are issued in anticipation of payments to be made by the
Village, in the aggregate principal amount of One Million Five Hundred Thousand Dollars
($1,500,000), pursuant to a contract between the County and the Village. The full faith and credit
of the Village have been pledged to the prompt payment of the foregoing amount and the interest
thereon as the same become due. As additional security the full faith and credit of the County
have been pledged for the prompt payment of the principal of and interest on the bonds of this
series. Taxes levied by the Village to pay the principal of and interest on the bonds of this series
may be imposed without limitation as to rate or amount. Taxes imposed by the County to pay the
principal of and interest on the bonds of this series are subject to constitutional tax limitations.
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This bond is transferable, as provided in the Resolution, only upon the books of the County
kept for that purpose by the bond registrar and paying agent, upon the surrender of this bond
together with a written instrument of transfer satisfactory to the bond registrar and paying agent
duly executed by the Registered Owner or his attorney duly authorized in writing. Upon the
exchange or transfer of this bond a new bond or bonds of any authorized denomination, in the
same aggregate principal amount and of the same interest rate and maturity, shall be authenticated
and delivered to the transferee in exchange therefor as provided in the Resolution, and upon
payment of the charges, if any, therein provided. Bonds so authenticated and delivered shall be
in the denomination of $5,000 or any integral multiple thereof not exceeding the aggregate
principal amount for each maturity.
The bond registrar and paying agent shall not be required to transfer or exchange bonds
or portions of bonds which have been selected for redemption.
Bonds maturing prior to November 1, 2009, are not subject to redemption prior to
maturity. Bonds maturing on and after November 1, 2009, are subject to redemption prior to
maturity at the option of the County, in such order as shall be determined by the County, on any
one or more interest payment dates on and after November 1, 2008. Bonds of a denomination
greater than $5,000 may be partially redeemed in the amount of $5,000 or any integral multiple
thereof. If less than all of the bonds maturing in any year are to be redeemed, the bonds or
portions of bonds to be redeemed shall be selected by lot. The redemption price shall be the par
value of the bond or portion of the bond called to be redeemed plus interest to the date fixed for
redemption without premium.
Not less than thirty days notice of redemption shall be given to the holders of bonds called
to be redeemed by mail to the registered holder at the registered address. Bonds or portions of
bonds called for redemption shall not bear interest after the date fixed for redemption, provided
funds are on hand with the bond registrar and paying agent to redeem the same.
It is hereby certified, recited and declared that all acts, conditions and things required to
exist, happen and be performed precedent to and in the issuance of the bonds of this series,
existed, have happened and have been performed in due time, form and manner as required by
law, and that the total indebtedness of the County, including the series of bonds of which this bond
is one, does not exceed any constitutional or statutory limitation.
IN WITNESS WHEREOF, the County of Oakland, Michigan, by its Board of
Commissioners, has caused this bond to be executed in its name by facsimile signatures of the
Chairman of the Board of Commissioners and the County Clerk and its corporate seal (or a
facsimile thereof) to be impressed or imprinted hereon. This bond shall not be valid unless the
Certificate of Authentication has been manually executed by an authorized representative of the
bond registrar and paying agent.
COUNTY OF OAKLAND
. By:
Chairman, Board of Commissioners
[SEAL] And:
County Clerk
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CERTIFICATE OF AUTHENTICATION
This bond is one of the bonds described in the within mentioned Resolution.
Bond Registrar and Paying Agent
By:
Authorized Representative
AUTHENTICATION DATE:
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
(please print or type name, address and taxpayer identification number of transferee) the within
bond and all rights thereunder and hereby irrevocably constitutes and appoints
attorney to transfer the within bond on the books kept for registration thereof, with full power of
substitution in the premises.
Dated:
Signature Guaranteed:
Signature(s) must be guaranteed by an eligible guarantor institution participating in a
Securities Transfer Association recognized signature guarantee program.
[END OF BOND FORM]
10. SECURITY. The bonds shall be issued in anticipation of payments to be made by
the Village pursuant to the Contract. The bonds shall be secured primarily by the full faith and
credit pledge made by the Village in the Contract pursuant to the authorization contained in Act
342. As additional and secondary security the full faith and credit of the County are pledged for
the prompt payment of the principal of and interest on the bonds as the same shall become due.
If the Village shall fail to make a payment to the County which is sufficient to pay the principal
of, premium, if any, and interest on the bonds as the same shall become due, then an amount
sufficient to pay the deficiency shall be advanced from the general fund of the County. Taxes
imposed by the County shall be subject to constitutional limitations.
11. DEFEASANCE. In the event cash or direct obligations of the United States or
obligations the principal of and interest on which are guaranteed by the United States, or a
combination thereof, the principal of and interest on which, without reinvestment, come due at
times and in amounts sufficient to pay, at maturity or irrevocable call for earlier optional
redemption, the principal of, premium, if any, and interest on the bonds, or any portion thereof,
shall have been deposited in trust. this Bond Resolution shall be defeased with respect to such
bonds, and the owners of the bonds shall have no further rights under this Bond Resolution except
to receive payment of the principal of, premium, if any, and interest on such bonds from the cash
or securities deposited in trust and the interest and gains thereon and to transfer and exchange
bonds as provided herein.
12. PRINCIPAL AND INTEREST FUND. There shall be established for the bonds
a Principal and Interest Fund which shall be kept in a separate bank account. From the proceeds
of the sale of the bonds there shall be set aside in the Principal and Interest Fund any premium and
accrued interest received from the purchaser of the bonds at the time of delivery of the same. All
payments received from the Village pursuant to the Contract are pledged for payment of the
principal of and interest on the bonds and expenses incidental thereto and as received shall be
placed in the Principal and Interest Fund.
13. CONSTRUCTION FUND. The remainder of the proceeds of the sale of the bonds
shall be set aside in a construction fund for the Project and used to defray the cost of the Project
in accordance with the provisions of the Contract.
14. APPROVAL OF MICHIGAN DEPARTMENT OF TREASURY - EXCEPTION
FROM PRIOR APPROVAL. The issuance and sale of the bonds shall be subject to permission
being granted therefor by the Department of Treasury of the State of Michigan or an exception
from prior approval being granted by the Department of Treasury and the County Agency or the
County Treasurer are authorized to file with the Department of Treasury a Notice of Intent to Issue
an Obligation with respect to the bonds and to pay, upon the filing of the notice, the filing fee of
$400. If an exception from prior approval is not granted the County Agency shall make
application to the Department of Treasury for permission to issue and sell the bonds as provided
by the terms of this resolution and for approval of the form of Notice of Sale.
15. SALE. ISSUANCE. DELIVERY. TRANSFER AND EXCHANGE OF BONDS.
The County Agency shall prescribe the form of notice of sale for the bonds and is authorized to
sell the bonds at not less than 98.75% of par and accrued interest in accordance with the laws of
this state and to do all things necessary to effectuate the sale, issuance, delivery, transfer and
exchange of the bonds in accordance with the provisions of this resolution.
16. REPLACEMENT OF BONDS. Upon receipt by the County Treasurer of proof
of ownership of an unmatured bond, of satisfactory evidence that the bond has been lost,
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apparently destroyed or wrongfully taken and of security or indemnity which complies with
applicable law and is satisfactory to the County Treasurer, the County Treasurer may authorize
the bond registrar and paying agent to deliver a new executed bond to replace the bond lost,
apparently destroyed or wrongfully taken in compliance with applicable law. In the event an
outstanding matured bond is lost, apparently destroyed or wrongfully taken, the County Treasurer
may authorize the bond registrar and paying agent to pay the bond without presentation upon the
receipt of the same documentation required for the delivery of a replacement bond. The bond
registrar and paying agent, for each new bond delivered or paid without presentation as provided
above, shall require the payment of expenses, including counsel fees, which may be incurred by
the bond registrar and paying agent and the County in the premises. Any bond delivered pursuant
the provisions of this Section 16 in lieu of any bond lost, apparently destroyed or wrongfully taken
shall be of the same form and tenor and be secured in the same manner as the bond in substitution
for which such bond was delivered.
17. OFFICIAL STATEMENT. The County Agency is authorized to cause the
preparation of an official statement for the bonds for the purpose of enabling compliance with Rule
15c2-12 issued under the Securities Exchange Act of 1934, as amended (the "Rule") and to do all
other things necessary to enable compliance with the Rule. After the award of the bonds, the
County will provide copies of a "final official statement" (as defined in paragraph (e)(3) of the
Rule) on a timely basis and in reasonable quantity as requested by the successful bidder or bidders
to enable such bidder or bidders to comply with paragraph (b)(4) of the Rule and the rules of the
Municipal Securities Rulemaking Board.
18. CONTINUING DISCLOSURE. The County Treasurer is authorized to execute
a certificate of the County, constituting an undertaking to provide ongoing disclosure about the
County for the benefit of the holders of the County Bonds as required under paragraph (b)(5) of
the Rule, and amendments to such certificate from time to time in accordance with the terms of
the 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.
19. TAX COVENANT. The County covenants to comply with all requirements of the
Internal Revenue Code of 1986, as amended, necessary to assure that the interest on the bonds will
be and will remain excludable from gross income for federal income tax purposes. The County
Agency and other appropriate County officials are authorized to do all things necessary to assure
that the interest on the bonds will be and will remain excludable from gross income for federal
income tax purposes.
20. REDUCTION OF PRINCIPAL AMOUNT OF BOND ISSUE. If the County
Agency shall determine that it is not necessary to sell bonds in the principal amount of One Million
Five Hundred Thousand Dollars ($1,500,000), he may by order reduce the principal amount of
bonds to be sold to that amount deemed necessary. In the event the principal amount of the bond
issue is reduced pursuant to this section, the County Agency shall reduce the amount of bonds
maturing in any one or more years as necessary.
21. CONFLICTING RESOLUTIONS. All resolutions and parts of resolutions insofar
as they may be in conflict herewith are hereby rescinded.
Chairperson, on behalf of the Planning and Building Committee, I move the adoption of
the foregoing resolution.
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STATE OF MICHIGAN )
)ss
COUNTY OF OAKLAND )
I hereby certify that the foregoing is a true and complete copy of a resolution duly adopted
by the Board of Commissioners of the County of Oakland at a regular meeting held on
, 1998, the original of which resolution is on file in my office. I further certify that
notice of said meeting was given in accordance with the provisions of the open meetings act.
Clerk, County of Oakland
DETROIT 9007-310 374753
Less Anticipated Construction Fund Earnings
Financing to date including 1996 Bond Issue
$ 173,166.82
$5,421,268.56
VILLAGE OF FRANKLIN
SANITARY SEWAGE COLLECTION AND DISPOSAL SYSTEM
Revised Estimate of Cost
Costs Expended to Date $5,763,760.66
Contracts Awarded 259,573.46
Grinder Pumps — Unawarded 438,000.00
Street Pipe — Unawarded 160,000.00
Engineering Inspection, etc. 420,101.26
Bond Issuance Costs — 1998 Bonds 53,000.00
TOTAL PROJECT COST $7,094,435.38
1998 Bonds $1,500,000.00
August 15, 1998
DETROIT 9007-310 368114
LEGEND
EXISTING SEWER
FOURTEEN MILE ROAD
NOTE:
UNAWARDED GRINDER PUMP
AND STREET PIPE INSTALLATION
AT VARIOUS LOCATIONS
THROUGHOUT THE VILLAGE.
VILLAGE OF FRANKLIN
SANITARY SEWAGE COLLECTION AND DISPOSAL SYSTEM
DATE: 10-14-98
SCALE: 1" =1500'
EXHIBIT A
C.+, • • VI I 11 1. • I 1
Special Village Council Meeting August 26, 199g
SEWER BOND AUTHORIZATION FOR OAKLAND COUNTY
Trustee McElroy informed Council of the approval of a revised estimate of cost and warmest as the
issuance of additional bonds for the sewer.
98-160
RESOLUTION by McElroy, seconded by Coyer.
WHEREAS, the Village of Franklin and the County of Oakland have entered into the Village of
Franklin Sanitary Sewage Collection and Disposal System Contract dated December I, 1993, and
a Fine Amendment thereto (the contract and firm arnendment herein refeered to as the 'Contract"),
which Contract provides for the acquisition and construction of sanitary sewage collection and
disposal facilitates to serve the Village of Franklin at an estimate cost of S6,000,000; and
WHEREAS, a Revised Estimate of Cost of the Village of Franklin Sanitary Sewage Collection
and Disposal System in the amount of 57,094,43531 (the "Revised Cost Estimate") has been
prepared and presented to this Village Council; and
WHEREAS, the Revised Cost Estimate discloses a need for the issuance of hoods to defray pert of
the coat of the project in the amount of $1,500,000. which bonds shall be addition to those bands
previously issued in the amount of $1,400,000.
THEREFORE, BE IT RESOLVED by the Village Council of the Village of Franldin (the
"Village") as follows;
1. The Revised Cost Estimate is hereby approved.
2. The Village hereby agrees that the County of Oakland shall issue its bonds in the argil:local
amount of not to exceed 51,500,000 (the "County Bonds") to defray part of the cost of the Village
of Franklin Sanitary Sewage Collection and Disposal System.
3. The Village hereby agrees that it will make additional payments to the County to pay the
principal of and interest on the County Bonds and all other bonds issued by the County to defray
the cost of the Village of Franklin Sanitary Sewage Collection and Disposal System.
4. The Clerk is authorized and directed to execute and file with the Michigan Department of
Treasury a notice of intent to issue an obligation in connection with the County Bonds or, if
necessary, to file an application for approval of the County Bonds.
5. The Clerk is authorized to approve the circulation of a preliminary and final official scatement
for the County Bonds, to cause the preparation of those portions of the preliminary and final
official statement that pertain to the Village, and to do all other things nec=sary for compliance
with Rule 15c2-12 issued under the Securities Exchange Act of 1934, as amended (the "Rule").
The Clerk is authorized to execute and deliver such certificaes and to do all other things that are
necessary to effectuate the sale and delivery of the County Bends.
6. The Clerk is authorized to execute a certifitate of the Village, constituting an =deeing to
provide ongoing disclosure about the Village for the benefit of thc holders of the Couaty Bonds as
required under paragraph (b) (5) of the Rule, and amendments to such certificate front dune to
time in accordance with the terms of the cenificate (the certificate and any amendmean thereto
are collectively referred to herein as the "Continuing Disclotarre Certificate"). The Village
covenants and agrees that it will comply with and carry out all of the provisions of the Coatanzing
Disclosure Certificate.
Resolution unanimously adopted_
meeting of the Village Council of the Village held on the .4-44-day of Lla , 1998, the
STATE OF MICHIGAN )
COUNTY OF OAKLAND )
I, the undersigned Village Clerk of the Village of Franklin, Oakland County, Michigan,
hereby certify that the foregoing is a true and complete copy of a resolution adopted at a regular
original of which resolution is on file in my office and is available to the public. Public notice of
said meeting was given to and in compliance with Act 267, Public Acts of Michigan, 1976.
Clerk, Village of Franklin (?7"
DETROIT 9007-310 368121
FISCAL NOTE (Misc. #98288) November 19, 1998
BY: FINANCE COMMITTEE, SUE ANN DOUGLAS, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - VILLAGE OF FRANKLIN SANITARY SEWER COLLECTION AND
DISPOSAL SYSTEM BOND RESOLUTION - SERIES 1998
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
Pursuant to Rule XII-F of tnis 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 Village of Franklin
as the primary obligor.
2. The principal amount of the bond issue is $1,500,000 at an interest
rate not to exceed 8% to be paid back within 20 years.
3. An additional bond issue of $1,500,000 is necessary to fund the
revised total project amount of $7,094,435.38. The increases are
comprised primarily of construction, engineering and performance
certification costs required to enlarge the sewer disposal system
over the original scope of the project.
4. The statutory limit for County debt is $4,305,683,429 (10% of 1998
State Equalized Value. As of 8/31/98, the outstanding debt is
$292,988,125 or approximately 1% of the S.E.V.
5. There is no County apportionment of the bond sale. The entire cost
to repay the Bond issue is the respo-Isibility of the Village of
Franklin, as the primary obligee.
FINANCE COMMITTEE
litC /•%/"1.4/9
FINANCE COMMITTEE VOTE:
Motion carried unanimously on a roll call vote.
L Bmwpx atterson. County Executive Date
Resolution #98288 November 19, 1998
Moved by Palmer supported by Obrecht the resolution be adopted.
AYES: Gregory, Hoffman, Holbert, Huntoon, Jensen, Johnson, Kaczmar,
Kingzett, Law, McCulloch, McPherson, Millard, Moffitt, Obrecht, Palmer, Taub,
Wolf, Amos, Coleman, Dingeldey, Douglas, Garfield. (22)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
E FOREGO V; PFS.OUITION
5,
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, G. William Caddell, 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 November 19, 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 1/9th day of November 1998.
G. William Caddell, County Clerk