HomeMy WebLinkAboutResolutions - 1999.07.15 - 25747Miscellaneous Resolution # 99151 July 15, 1999
BY: FINANCE COMMITTEE, SUE ANN DOUGLAS, CHAIRPERSON
IN RE: TREASURER - LUEDERS DRAINAGE DISTRICT REFUNDING
BONDS — FULL FAITH AND CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS:
Mr. Chairperson, Ladies and Gentlemen
WHEREAS, the Lueders Drainage District previously has issued its Drain Bonds dated
August 1, 1991 (the "Drain Bonds"), in the principal amount of $4,660,000, and this Board of
Commissioners pledged the full faith and credit of the County of Oakland for the prompt payment
of the principal of and interest on the Drain Bonds; and
WHEREAS, the Drainage Board for the Lueders Drain, by resolution adopted on June 22,
1999, authorized and provided for the issuance by the Lueders Drainage District of its Refunding
Bonds, Series 1999 (the "Refunding Bonds") in the aggregate principal amount of not to exceed
$4,095,000 to refund the Drain Bonds maturing in the years 2001 through 2011; and
WHEREAS, the Refunding Bonds will be dated as of such date, will bear interest at such
rates not to exceed 6% per annum, will be in the aggregate principal amount, will mature in such
years and principal amounts, and will be subject to redemption prior to maturity as shall be
determined by the Drainage Board at the time of sale; 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 Refunding Bonds; and
WHEREAS, it is in the best interest of the County that the Refunding Bonds be sold in order
to achieve debt service savings for the City of Rochester Hills. the County and the State of Michigan.
NOW, THEREFORE, BE IT RESOLVED:
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 Refunding Bonds
and agrees that, in the event the City of Rochester Hills, the County, 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.
Finance Committee Vote:
Motion carried unanimously on a roll call vote.
DETROIT 9007-318 143186
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.
The County Treasurer or the financial consultant, Municipal Financial Consultants
Incorporated, is authorized to file with the Department of Treasury of the State of Michigan on
behalf of the County an Application for State Treasurer's Approval to Issue Bonds with respect to
the Refunding Bonds.
The County Treasurer is authorized to approve the circulation of a preliminary and final
official statement for the Refunding 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 Refunding
Bonds.
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 Finance Committee, I move adoption of the foregoing
resolution.
FINANCE COMMITTEE
Resolution #99151 July 15, 1999
Moved by Millard supported by Taub the resolution be adopted.
AYES: Causey-Mitchell, Colasanti, Devine, Dingeldey, Douglas, Garfield,
Gregory, Jensen, Law, McCulloch, McPherson, Melton, Millard, Moffitt, Obrecht,
Palmer, Patterson, Schmid, Sever, Suarez, Taub, Amos. (22)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
" THE
7/2 /C/
Wooks P rook County Executive Date
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 July 15, 1999 with the original record
thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand ai affixed the seal of the
County of Oakland at Pontiac, Michigan this 4th d4 of July, )999.
G. William Caddell, County Clerk