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HomeMy WebLinkAboutResolutions - 2001.08.02 - 26322August 2, 2001 Miscellaneous Resolution #01201 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: Chairperson, Ladies and Gentlemen WHEREAS, the Drainage Board for the George W. Kuhn Drain, by resolution adopted on June 19, 2001, authorized and provided for the issuance by the George W. Kuhn Drainage District of its Drain Bonds, Series 2001C in the aggregate principal amount of not to exceed $105,000,000 its Drain Bonds Series 2001D in the aggregate principal amount of not to exceed $50,000,000; and its Drain Bonds, Series 2001E in the aggregate principal amount of not to exceed $50,000,000 to defray part of the cost of the George W. Kuhn Drain; and WHEREAS, the Drain Bonds, Series 2001C, the Drain Bonds, Series 2001D and the Drain Bonds, Series 2001E will not exceed in the aggregate $110,000,000, 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 2001C, the Drain Bonds, Series 2001D and the Drain Bonds, Series 2001E (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 2001C, the Drain Bonds, Series 2001D and the Drain Bonds, Series 2001E (such Series 2001C Drain Bonds, Series 2001D Drain Bonds and Series 2001E Drain bonds not to exceed in the aggregate $110,000,000), 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 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. Planning and Building Committee Vote: Motion carried on unanimous roll call vote with Brian absent 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. Chairperson, on behalf of the Planning and Building Committee, I move adoption of the foregoing resolution. id .4( 411111 PLANNING AND BUILDING COMMITTEE FISCAL NOTE (MISC. #01201) August 2, 2001 BY: FINANCE COMMITTEE, SUE ANN DOULGLAS, CHAIRPERSON IN RE: DRAIN COMMISIONER - GEORGE W. KUHN DRAIN, 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. Oakland County Drain Commissioner is requesting $110,000,000 to secure three bond issues for the George W. Kuhn Drain. 2. The approval for the adoption of the Resolution is for the full faith and credit of Oakland County for payment of the principal and interest on the George W. Kuhn Drain. 3. There will be three Series of Drain Bonds issued 2001C, 2001D AND 2001E in the total aggregate principal amount not to exceed $110,000,000. 4. Series 2001C and 2001D will be sold to the Michigan Municipal Bond Authority, as in the past of the Michigan Water Pollution Control Revolving Loan Program at 2.5%. 5. The Series 2001E will be sold publicly as a normal Drain Bond Issue with the interest rate to be determined by the market. 6. Oakland County will be responsible for road drainage for 1.5265% of the total project (not to exceed $110,000,000) in the amount of $1,679,150. 7. Oakland County is coordinating the George W. Kuhn Drain Project for the local CVT's within the district. FINANCE COMMITTEE FINANCE COMMITTEE: Motion carried unanimously on a roll call vote. L. Brooks HEREBY 01112 OrSW2A ersca. County Executive PRO THE FOREGOING RESOLUTION Date crec.46164.„ Gf William Caddell, County Clerk Resolution #01201 August 2, 2001 Moved by Palmer supported by Coleman the resolution be adopted. AYES: Douglas, Galloway, Garfield, Gregory, Law, McPherson, Melton, Millard, Moffitt, Moss, Obrecht, Palmer, Patterson, Sever, Suarez, Taub, Webster, Amos, Appel, Brian, Buckley, Causey-Mitchell, Coleman, Crawford, Dingeldey. (25) 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 August 2, 2001 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 2nd day (4, August, 2001.