HomeMy WebLinkAboutResolutions - 2000.07.20 - 26048Miscellaneous Resolution No.: #00188 July 20 ,2000
BY: PLANNING AND BUILDING COMMITTEE
CHARLES E. PALMER, CHAIRPERSON
IN RE: DRAIN COMMISSIONER —
GEORGE W. KUHN 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 George W. Kuhn Drain, by resolution adopted
on June 27, 2000, authorized and provided for the issuance by the George W. Kuhn Drainage
District of its Drain Bonds, Series 2000A in the aggregate principal amount of not to exceed
$30,000,000 and its Drain Bonds, Series 2000B in the aggregate principal amount of not to
exceed $10,000,000 to defray part of the cost of the George W. Kuhn Drain; and
WHEREAS, the Drain Bonds, Series 2000A and the Drain Bonds, Series 2000B will be
dated as of such date, will bear interest at such rates not to exceed 8% 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 Oakland County Drain
Commissioner as Chairman of the Drainage Board for the George W. Kuhn Drain; 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, Series 2000A and the Drain
Bonds, Series 2000B (together, the "Bonds"); and
WHEREAS, the George W. Kuhn Drain is necessary to protect and preserve the public
health and, therefore, it is in the best interest of the County that the 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, Series 2000A and the Drain Bonds, Series 2000B and agrees that, in the event the public
corporations assessed for the cost of the George W. Kuhn Drain shall fail or neglect to account to
the County Treasurer of the County for the amount of any special assessment installment and
Planning and Building Committee Vote:
Motion carried unanimously on a roll call vote with Sever and Schmid absent.
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.
3. 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 Notices of Intent to Issue an Obligation, or in the alternative
Applications for State Treasurer's Approval to Issue Bonds, with respect to the Bonds.
4. The County Treasurer is authorized to approve the circulation of a preliminary
and final official statement for the 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
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 BOTCDING COMMITTEE
DETROIT' 9007-314 529292
6.1597%
4.6354%
5.6249%
9.7655%
2.1407%
3.0633%
10.2920%
12.8161%
1.2710%
28.3157%
7.3234%
2.5019%
1.5761%
0.7944%
1.5265%
2.1934%
FINAL ORDER OF APPORTIONMENT
IN RE
George W. Kuhn DRAIN
In accordance with a resolution adopted by the Drainage Board for the George W.
Kuhn Drain on the 27th day of June, 2000, the apportionments of the cost of the
George W. Kuhn Drain to be borne by the several public corporations are as follows:
City of Berkley
City of Birmingham
City of Clawson
City of Ferndale
City of Hazel Park
City of Huntington Woods
City of Madison Heights
City of Oak Park
City of Pleasant Ridge
City of Royal Oak
City of Southfield
City of Troy
Township of Royal Oak
Village of Beverly Hills
County of Oakland, on account
of drainage to county highways
State of Michigan, on account
of drainage to state highways
DRAINAGE BOARD FOR THE
George W. Kuhn DRAIN
Dated and Filed: June 27, 2000
DETROIT 9007-314 329265
SPECIAL ASSESSMENT ROLL NO. 1
FOR
GEORGE W. KUHN DRAIN
(An Intra-County Drain in Oakland County, Michigan)
SEGMENT I
PROJECT: To locate, establish and construct the George W. Kuhn
Drain
TOTAL ESTIMATED COST: $35,000,000
AMOUNT TO BE ASSESSED: $35,000,000
PUBLIC
CORPORATIONS
PERCENTAGES AMOUNT ASSESSED
City of Berkley 6.1597% $2,155,895
City of Birmingham 4.6354% 1,622,390
City of Clawson 5.6249% 1,968,715
City of Ferndale 9.7655% 3,417,925
City of Hazel Park 2.1407% 749,245
City of Huntington Woods 3.0633% 1,072,155
City of Madison Heights 10.2920% 3,602,200
City of Oak Park 12.8161% 4,485,635
City of Pleasant Ridge 1.2710% 444,850
City of Royal Oak 28.3157% 9,910,495
City of Southfield 7.3234% 2,563,190
City of Troy 2.5019% 875,665
Township of Royal Oak 1.5761% 551,635
Village of Beverly Hills 0.7944% 278,040
County of Oakland,
on account of drainage to
county highways 1.5265% 534,275
State of Michigan,
on account of drainage to
state highways 2.1934% 767.690
100.0000% $35,000,000
The number and amounts of the installments, the due dates of the installments and
the interest on the unpaid installments shall be determined by the Chairman of the
Drainage Board at the time bonds are sold.
The foregoing roll was approved by the We hereby certify that the foregoing
Drainage Board for the George W. Kuhn special assessment roll was prepared in
Drain on June 27, 2000 accordance with the direction of the
Drainage Board for the George W. Kuhn
Drain and the statutory provisions
applicable thereto.
k_Le' /ee-tyc-A4sJ
.a,r3
Acting Chairman of the Drainage Board Acting Chairman of &raiziage Boar('
Member
DETROIT 9007-3 13 $29619
Estimate of Project Cost
George W. Kuhn Drain
Segment 1
Estimated Estimated Segment 1
Contract 1 Contract 2 Project Costs
Madison Heights Drains Madison Heights CSO
1) Contracted Services: Construction Cost
(Based Upon Estimates) $20,984,334 $2,195,372 $23,179,706
Total Construction Cost $20,984,334 $2,195,372 $23,179,706
2) Engineering Consultants
Apportionment $69,120 $7,680 $76,800
Project Planning $35,010 $3,890 $38,900
Design Phase $1,000,000 $128,500 $1,128,500 Construction Phase $102,100 $14,300 $116,400
Geotechnical Services $89,600 $37,000 $126,600
Construction Testing $210,000 $34,000 $244,000
Owner Controlled Insurance Program $199,800 $22,200 $222,000
Total Engineering Consultants $1,705,630 $247,570 $1,953,200
3) Legal & Financial
Bond Counsel $67,500 $7,500 $75,000
Legal Counsel $126,000 $14,000 $140,000
Environmental Counsel $90,000 $10,000 $100,000
Local Coordinator $112,500 $12,500 $125,000
Land Appraisals $25,000 $6,000 $31,000
Land Acquisition $3,519,000 $66,000 $3,585,000
Financial Consultant $10,800 $1,200 $12,000
Official Statement $9,000 $1,000 $10,000
Bond Rating Fees $9,000 $1,000 $10,000
Bond Printing $9,000 $1,000 $10,000
Bond Advertisement $9,000 $1,000 $10,000
Bond Discount $67,500 $7,500 $75,000
Total Legal & Financial $4,054,300 $128,700 $4,183,000
3) County Services:
Administration & General $417,600 $46,400 $464,000
Engineering $834,750 $92,750 $927,500 Right-Of-Way $202,000 $16,000 $218,000
Construction Inspection $1,251,720 $139,080 $1,390,800
Survey Crew $312,930 $34,770 $347,700
Soil Erosion Permit $14,600 $3,500 $18,100
Total County Services $3,033,600 $332,500 $3,366,100
4) Contingency $2,086,195 $231,799 $2,317,994
5) Gross Project Cost $31,864,059 $3,135,941 $35,000,000
Prepared By: Philip Sanzica, PE 6/30/00 Gwk
FISCAL NOTE (Misc. #00188) July 20, 2000
BY: FINANCE COMMITTEE, SUE ANN DOUGLAS, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - GEORGE W. KUHN DRAINAGE DISTRICT DRAIN
BONDS - FULL FAITH AND CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
Pursuant to Rule XII-C of this Board, the Finance Committee has
reviewed the above referenced resolution and finds:
1. The Drain Commissioner is requesting authorization from
Oakland County for a Bond Issue pursuant to provisions of
Section 474 of the Drain Code of 1956, as amended.
2. The resolution provides for Oakland County to pledge its
full faith and credit to the George W. Kuhn Drainage
District Drain Bonds, Series 2000A in aggregate sum not to
exceed $30,000,000 and Series 2000B in aggregate sum not to
exceed $10,000,000 for the purpose of constructing the
George W. Kuhn Drain.
3. The total issue of Series 2000A and Series 2000B, however,
shall not exceed $35,000,000.
4. Oakland County, on account of benefit for road drainage, is
responsible for 1.5265% of the total overall Bond Issues
not to exceed $35,000,000.
5. It is anticipated the Series 2000A portion of the issue,
for a maximum of $30,000,000, will be sold in September
2000 to the Michigan Municipal Bond Authority, as part of
their Michigan Water Pollution Control Revolving Loan
Program at an interest rate of 2.5%.
6. It is anticipated the Series 2000B portion of the issue,
for a maximum of $10,000,000, will be sold publicly in
September 2000 as a Drain Bond Issue with the interest rate
to be determined by the market.
7. Based on assumed bond issues of $27,500,000 for Series
2000A and $7,500,000 for Series 2000B, Oakland County's
share would be $419,788 and $114,487 respectively, or
$534,275 in total.
8. The estimated annual County assessment is $26,929 for
Series 2000A and $10,391 for Series 2000B, or $37,320 in
total. This estimate assumes issuance of 20-year bonds,
interest rates of 2.5% for Series 2000A and 6.5% for Series
2000B, and capital recovery factors of .06415 for Series
2000A and .09076 for Series 2000B.
9. Annual County assessment payments are expected to begin
April 2001 with estimated costs of $37,320 in FY 2001 and
FY 2002.
10. Funding is available in the Non-Departmental Current Drain
Assessment account in the FY 2001/2002 Recommended Budget.
11. No additional funding or amendments are required.
F ANCE COMMITTEE
FINANCE COMMITTEE VOTE:
Motion carried unanimously on a roll call vote with Friedman
Appel absent.
Resolution #00188 July 20, 2000
Moved by Palmer supported by Appel the resolution be adopted.
AYES: Gregory, Law, McCulloch, McPherson, Melton, Millard, Moffitt,
Obrecht, Palmer, Schmid, Sever, Suarez, Taub, Amos, Appel, Buckley,
Causey-Mitchell, Coleman, Dingeldey, Douglas, Galloway, Garfield. (22)
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, 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 20, 2000 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 Wth dglef of July, 2000.
G. William Caddell, County Clerk