HomeMy WebLinkAboutResolutions - 1999.06.10 - 25765REPORT (Misc. #99125) June 10, 1999
BY: FINANCE COMMITTEE - SUE ANN DOUGLAS, CHAIR
IN RE: MR #99125 - ROAD COMMISSION FOR OAKLAND COUNTY BORROWING
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
The Finance Committee, having reviewed the above referenced
resolution on June 03, 1999, reports that the resolution has no
impact on the County's general fund and recommends its approval.
Chairperson, on behalf of the Finance Committee, I move the
acceptance of the foregoing Report.
FINANCE COMMITTEE
FINANCE COMMITTEE VOTE:
Motion carried unanimously on a roll call vote with Friedman Appel and
Causey-Mitchell absent.
MAY 27, 1999
MISCELLANEOUS RESOLUTION # 99125
BY: GENERAL GOVERNMENT COMMITTEE
Shelley Goodman Taub, Chairperson
RE: ROAD COMMISSION FOR OAKLAND COUNTY BORROWING
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRPERSON, LADIES AND GENTLEMEN:
WHEREAS, the Board of County Road Commissioners of the County of
Oakland, Michigan (the "Issuer") intends to authorize the issuance and sale of its ten-year
Michigan Transportation Fund Notes, pursuant to Act 143, Public Acts of Michigan,
1943, as amended ("Act 143") in an amount not to exceed Nine Million Seven Hundred
Fifty Thousand Dollars ($9,750,000) (the "Notes") in anticipation of, and for the payment
which shall be pledged, future revenues derived from state collected taxes returned to the
County of Oakland (the "County") for County road purposes pursuant to law, for the
purpose of defraying part of the cost of improvement of county highways and general
county road purposes all as more particularly described on Exhibit A attached hereto and
made part hereof and such other or different projects as the Issuer may identify at the
time the Notes are authorized to be issued; and
WHEREAS, pursuant to Section 1 of Act 143, the Oakland County Board of
Commissioners must approve issuance of the Notes by the Issuer before the Notes may
be authorized by the Issuer; and
WHEREAS, the Issuer, by resolution, has previously requested the authorization
of the Oakland County Board of Commissioners to issue the Notes; and
WHEREAS, prior to issuance of the Notes the Issuer must either receive prior
approval of the Notes from the Department of Treasury (the "Department") of the State
of Michigan (the "State") or be exempt from prior approval as provided in Section 1(2) of
Act 143, and Chapter ifi, Section 11 of Act 202, Public Acts of Michigan, 1943, as
amended; and
General Government Committee Vote:
Motion carried unanimously on a roll call vote with Melton absent.
Chairperson, Ctekralqovemment Committee
WHEREAS, in order to be exempt from prior approval, the Issuer must notify the
Department of the Issuer's intent to issue the Notes.
NOW, THEREFORE BE IT RESOLVED THAT:
1. The Board of County Road Commissioners of the County of Oakland be, and
is, hereby authorized to borrow and issue its Notes therefore, in the principal amount of
not to exceed $9,750,000 to provide funds for the purposes described in the preamble to
this resolution, all pursuant to Act 143. The interest rate on the Notes shall not exceed
the maximum rate of interest permitted by law at the time of sale and there shall be
pledged for the payment of such Notes future revenues derived from State collected taxes
returned to the County for County road purposes. The full faith and credit of the County
shall not be pledged for the payment of such notes.
2. The County Treasurer is hereby authorized to execute any and all agreements,
certificates and documents necessary to effectuate issuance of the Notes.
3. The Treasurer is hereby authorized and directed to set aside in a separate fund
from the State collected taxes returned to the County for County road purposes pursuant
to law which have not been theretofore specifically allocated for other purposes in each
year an amount sufficient for the payment of the principal of and interest on the Notes as
the same becomes due.
4. The County Treasurer is hereby authorized, to the extent authorized by law, to
take all actions within the Treasurer's control necessary to maintain the exemption of the
interest on the Notes from general federal income taxation (as opposed to alternative
minimum or other indirect taxation) under the Internal Revenue Code of 1986, as
amended, including but not limited to, actions relating to the rebate of arbitrage earnings,
if applicable, and the expenditure and investment of note proceeds and monies deemed to
be note proceeds.
5. All resolutions and parts of resolutions insofar as they conflict with the
provisions of this resolution be and the same hereby are rescinded.
Mr. Chairperson, on behalf of the,General Government Committee, I move
adoption of the foregoing resolution.
Bloomfield
Bloomfield
Bloomfield
Bloomfield
Commerce
Commerce
Commerce
Highland
Oakland
Oxford
Waterford
Waterford
Waterford
Waterford
Waterford
Waterford
West Bloomfield
West Bloomfield
Bloomfield
Bloomfield
Commerce
Commerce
Highland
Highland
Orion
Springfield
Waterford
Waterford
Waterford
Waterford
West Bloomfield
West Bloomfield
West Bloomfield
White Lake
White Lake
$ 327,000
84,000
46,000
35,000
33,500
272,600
79,000
53,000
227,200
57,100
207,000
180,000
75,000
84,000
74,000
116,300
126,000
595.000
$2,671,700
801.500
$ 57,400
128,700
192,500
22,300
56,700
287,000
297,000
18,100
178,200
74,300
363,300
245,000
40,600
37,100
151,900
61,600
591500
$2,803,200
841.000
3,473,200
3.644.200
$9,517,400
232.600
UM=
Exhibit A
Proposed 1999 Road Improvement Program
Project Name
Primary Road Program:
Mileage Township Amount
Walton Road (Dixie Highway
to Sashabaw Road)
1999 SAD Program:
0.60 Waterford $2,400,000
Eastover Farms 1.67
Hamilton 0.35
Shadow Lane 0.28
West Pemberton 0.14
Gitzen 0.11
Maple Pointe Beach No. 2 2.80
Sundew 0.23
Highland Park Drive 0.19
Greenbrook HIlls 1.92
Hilberg 0.32
Cherokee Hills 0.99
Cheyenne/Oklahoma 0.63
Lessing 0.20
Muskingum 0.30
Silver Sands/Terness 0.44
Swann' Pleasant Lake 0.91
Verona 0.59
West Bloomfield Lake 2.74
Construction Costs
Engineering and Contingency (30%)
2000 SAD Program:
Berkshire 0.39
Gilbert Lake Estates 0.70
Carroll Lake Heights #2 1.30
Greenlawn #2 0.17
Harvey Lake 0.44
New Venice 1.94
Perry Acres 1.98
Shore Drive 0.14
Cheyenne/Oklahoma 0.63
Lessing 0.20
Silver Lake Estates 2.05
Williams Drive 0.47
Hardwoods 0.32
Renshaw 0.13
Savunore Estates 1.17
Steeple Hill 0.42
White Lake Grove 4.00
Construction Costs
Engineering, Administration and Contingency (30%)
Sub Total
Cost of Issuance (estimate)
TOTALS
Sub Total
Cost of Issuance (estimate)
$9,517,400
232.600
TOTALS S2.721.02Q
Exhibit A
Proposed 1999 Road Improvement Program
Project Name _Isitikagg Townibip Amount
Primary Road Program:
Walton Road (Dixie Highway 0.60 Waterford $2,400,000
to Sashabaw Road)
1999 SAD Program:
Eastover Farms 1.67 Bloomfield $ 327,000
Hamilton 0.35 Bloomfield 84,000
Shadow Lane 0.28 Bloomfield 46,000
West Pemberton 0.14 Bloomfield 35,000
Gitzen 0.11 Commerce 33,500
Maple Pointe Beach No. 2 2.80 Commerce 272,600
Sundew 0.23 Commerce 79,000
Highland Park Drive 0.19 Highland 53,000
Greenbrook Mils 1.92 Oakland 227,200
Hilberg 0.32 Oxford 57,100
Cherokee Hills 0.99 Waterford 207,000
Cheyenne/Oklahoma 0.63 Water-ford 180,000
Lessing 0.20 Waterford 75,000
Muskingum 0.30 Waterford 84,000
Silver Sands/Terness 0.44 Waterford 74,000
Swann' Pleasant Lake 0.91 Waterford 116,300
Verona 0.59 West Bloomfield 126,000
West Bloomfield Lake 2.74 West Bloomfield 595.000
Construction Costs $2,671,700
Engineering and Contingency (30%) 801 500 3,473,200
2000 SAD Program:
Berkshire 0.39 Bloomfield $ 57,400
Gilbert Lake Estates 0.70 Bloomfield 128,700
Carroll Lake Heights #2 1.30 Commerce 192,500
Crreenlawn #2 0.17 Commerce 22,300
Harvey Lake 0.44 Highland 56,700
New Venice 1.94 Highland 287,000
Perry Acres 1.98 Orion 297,000
Shore Drive 0.14 Springfield 18,100
Cheyenne/Oklahoma 0.63 Waterford 178,200
Leasing 0.20 Waterford 74,300
Silver Lake Estates 2.05 Waterford 363,300
Williams Drive 0.47 Waterford 245,000
Hardwoods 0.32 West Bloomfield 40.600
Renshaw 0.13 West Bloomfield 37,100
Sagamore Estates 1.17 West Bloomfield 151,900
Steeple Hill 0.42 White Lake 61,600
White Lake Grove 4 00 White Lake 591500
Construction Costs $2,803,200
Engineering, Administration and Contingency (30%) 841.0Q0 3.644.200
RESOLUTION #99125
MOVED BY Taub SUPPORTED BY Galloway the resolution be adopted.
AYES: Douglas, Galloway, Garfield, Gregory, Jensen, McPherson, Melton,
Millard, Moffitt, Obrecht, Palmer, Patterson, Schmid, Sever, Suarez, Taub, Amos,
Appel, Causey-Mitchell, Colasanti, Coleman, Devine, Dingeldey. (23)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, G. William Caddell, Clerk of the County of Oakland and having a seal,
do hereby certify that I have compared the annexed copy of the attached
resolution, adopted by the Oakland County Board of Commissioners at their regular
meeting held on June 10, 1999 with the original record thereof now remaining on
file in my office, and that it is a true and correct transcript therefrom, and
of the whole thereof.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of
said County at Pontiac, Michigan this 10th day of ,June, 1999.
G. WILLIAM CADDELL,
County Clerk/Register of Deeds
I hereby certify that the foregoing is a true and complete copy of a
resolution adopted by the Board of Commissioners of the County of Oakland, State
of Michigan, at a regular meeting held on June 10, 1999, and that said meeting
was conducted and public notice of said meeting was given pursuant to and in full
compliance with the Open Meetings Act, being Act 267, Public Acts of Michigan,
1976, and that the minutes of said meeting were dytept A will be or have been
made available as required by said Act.
G. WILLIAM CADDELL
County Clerk/Register of Deeds
RESOLUTION REQUESTING AUTHORIZATION OF
COUNTY BOARD OF COMMISSIONERS TO ISSUE
NOTES AND AUTHORIZING APPLICATION TO
MICHIGAN DEPARTMENT OF TREASURY FOR
EXCEPTION FROM PRIOR APPROVAL TO ISSUE NOTES
Board of County Road Commissioners of the
County of Oakland, Michigan
Minutes of a REGULAR Meeting of the Board of County Road Commissioners
of the County of Oakland, Michigan held in the offices of the Commission, on the 29 th
day of April, 1999, at 9:00 a.m., local time.
PRESENT: Members Rudy D. Lozano. Chairman
Larry P. Crake, Vice-Chairman
Richard G. Skarritt, Commissioner
ABSENT: Members None
The following preamble and resolution were offered by Member Richard G.
Skarrift and supported by Member Larry P. Crake
WHEREAS, the Board of County Road Commissioners of the County of
Oakland, Michigan (the "Issuer") intends to authorize the issuance and sale of its
Michigan Transportation Fund Notes, pursuant to Act 143, Public Acts of Michigan,
1943, as amended ("Act 143"), in an amount not to exceed Nine Million Seven Hundred
Fifty Thousand dollars ($9,750,000) (the "Notes") in anticipation of, and for the payment
of which shall be pledged, future revenues derived from state-collected taxes returned to
the County of Oakland (the "County") for County road purposes pursuant to law, for the
purpose of defraying part of the cost of construction and improvement of Walton Road
(from Dixie Highway to Sashabaw Road) and certain local roads on a Special
Assessment basis in the County more particularly described on Exhibit A attached hereto
and made part hereto, and such other or different projects as the Issuer may identify at the
time the Notes are authorized to be issued; and
WHEREAS, prior to issuance of the Notes, the Issuer must either receive prior
approval of the Notes from the Department of Treasury (the 'Department") of the State
of Michigan (the "State"), or be exempt from prior approval as provided in Section 1(2)
of Act 143, and Chapter III, Section II of Act 202, Public Acts of Michigan, 1943, as
amended; and
WHEREAS, in order to be exempt from prior approval, the Issuer must notify the
Department of the Issuer's intent to issue the Notes; and
WHEREAS, pursuant to Section 1 of Act 143, the Oaldand County Board of
Commissioners must approve issuance of the Notes by the Issuer before the notes may be
authorized by the Issuer.
NOW, THEREFORE, BE IT RESOLVED THAT:
1. The Director of Finance of the Issuer is authorized to seek approval of
issuance of the Notes from the Department or to notify the Department of the Issuer's
intent to issue the Notes described in the preamble to this resolution, to pay the related
fee, and to request an order providing an exception for the Notes from prior approval by
the Department and in either case to apply for waivers from such requirements as the
Director of Finance shall determine.
2. The Board of the Issuer respectfully requests authorization from the Oakland
County Board of Commissioners to borrow an amount not to exceed $9,750,000 at an
interest rate not to exceed the maximum rate of interest permitted by law at the time of
sale and to issue its Notes therefore, pursuant to Act 143, pledging for the payment
thereof future revenues derived from State collected taxes returned to the County for
County Road purposes. The full faith and credit of the County shall not be pledged for
payment of any such notes.
3. All resolutions and parts of resolutions insofar as they conflict with the
provisions of this resolution be and the same hereby are rescinded.
AYES: Members Rudy D. Lozano
Larry P. Crake
Richard G. Skarritt
NAYS: Members None
RESOLUTION DECLARED ADOPTED.
I hereby certify that the above is a true and correct copy of
a resolution adopted by the Board of County Road
Commissioners of the County of Oakland, State of
Michigan, at a regular meeting held on the 29 th day of
April, 1999, and that public notice of said meeting was
given pursuant to and in full compliance with Act No. 267,
Public Acts of Michigan, 1976 and that minutes of the
meeting will be kept, and will be or have been made
available as required by said Act.
Deborah Mathews
Deputy/Secretary Clerk of the Board
Proposed 1999 Road Improvement Program
Project Name
Primary Road Program:
Walton Road (Dixie Highway 0.60
to Sashabaw Road)
Exhibit A
Amount
$2,400,000
Mileage Township
Waterford
Bloomfield
Bloomfield
Bloomfield
Bloomfield
Commerce
Commerce
Commerce
Highland
Oakland
Oxford
Waterford
Waterford
Waterford
Waterford
Waterford
Waterford
West Bloomfield
West Bloomfield
$ 327,000
84,000
46,000
35,000
33,500
272,600
79,000
53,000
227,200
57,100
207,000
180,000
75,000
84,000
74,000
116,300
126,000
595.000
$2,671,700
801.500 3,473,200
TOTALS ALM
Sub Total
Cost of Issuance (estimate)
$9,517,400
232.600
=NM
1999 SAD Program:
Eastover Farms 1.67
Hamilton 0.35
Shadow Lane 0.28
West Pemberton 0.14
Gitzen 0.11
Maple Pointe Beach No. 2 2.80
Sundew 0.23
Highland Park Drive 0.19
Greenbrook Hills 1.92
Hi'berg 0.32
Cherokee Hills 0.99
Cheyenne/Oklahoma 0.63
Lessing 0.20
Muskingum 0.30
Silver Sands/Terness 0.44
Swartzs' Pleasant Lake 0.91
Verona 0.59
West Bloomfield Lake 2.74
Construction Costs
Engineering and Contingency (30%)
2000 SAD Program:
Berkshire
Gilbert Lake Estates
Carroll Lake Heights #2
Greenlawn #2
Harvey Lake
New Venice
Perry Acres
Shore Drive
Cheyenne/Oklahoma
Leasing
Silver Lake Estates
Williams Drive
Hardwoods
Renshaw
Sagamore Estates
Steeple Hill
White Lake Grove
Construction Costs
Engineering, Administration and Contingency (30%)
0.39 Bloomfield $ 57,400
0.70 Bloomfield 128,700
1.30 Commerce 192,500
0.17 Commerce 22,300
0.44 Highland 56,700
1.94 Highland 287,000
1.98 Orion 297,000
0.14 Springfield 18,100
0.63 Waterford 178,200
0.20 Waterford 74,300
2.05 Waterford 363,300
0.47 Waterford 245,000
0.32 West Bloomfield 40,600
0.13 West Bloomfield 37,100
1.17 West Bloomfield 151,900
0.42 White Lake 61,600
4.00 White Lake 591500
S2,803,200
841.000 3.644.200
Resolution #99125 May 27, 1999
The Chairperson referred the resolution to the Finance Committee. There
were no objections.
William Caddell, County Clerk
Resolution #99125 June 10, 1999
Moved by Taub supported by Galloway the Finance Committee Report be
accepted.
A sufficient majority having voted therefor, the report was accepted.
Moved by Taub supported by Galloway the resolution be adopted.
AYES: Douglas, Galloway, Garfield, Gregory, Jensen, McPherson, Melton,
Millard, Moffitt, Obrecht, Palmer, Patterson, Schmid, Sever, Suarez, Taub, Amos,
Appel, Causey-Mitchell, Colasanti, Coleman, Devine, Dingeldey. (23)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
REBY A HE OREGOING RESOLUTION
Urooks Patter County Executive
/”1
Date
meataalimmaniora•
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 June 10, 1999 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 10th day of June, 1999.