HomeMy WebLinkAboutResolutions - 2001.06.14 - 26423FISCAL REPORT (M.R. #01148) June 14, 2001
BY: FINANCE COMMITTEE, SUE ANN DOUGLAS, CHAIRPERSON
IN RE: 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, reports that because the full faith and credit of the
County is NOT being pledged to support this issue, there are no
financial implications to the County
Chairperson, on behalf of the Finance Committee, I move
acceptance of the foregoing report.
FINANCE COMMITTE
FINANCE COMMITTEE:
Motion carried unanimously on a roll call vote with Dingeldey absent.
MISCELLANEOUS RESOLUTION #01148 May 24, 2001
BY: GENERAL GOVERNMENT COMMITTEE, William R. Patterson, 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 Eleven Million Nine Hundred Fifty Thousand Dollars
($11,950,000) (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
III, Section 11 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.
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 $11,950,000 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.
GENERAL GOVERNMENT COMMITTEE
Motion carried unanimously on a roll call vote with Law, Webster and McPherson absent.
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.
GENERAL GOVERNMENT COMMITTEE
EXHIBIT A
Proposed 2001 Road Improvement Program
Project Name Township or City Amount
Cooley Lake Road Waterford/West Bloomfield $ 1,000,000
(Williams Lake Road to
Cass Elizabeth Lake Road)
12 Mile Road (Southfield Southfield/Berkley/Lathrup 1,000,000
Road to Coolidge Road) Village
Greenfield Road (South 11 Southfield/Berkley/Royal Oak 1,300,000
Mile Road to 13 Mile Road)
Grand River Avenue (Beck Novi/Wixom 4,900,000
Road to Wixom Road
Grand River Bridge (between Novi 1,500,000
Taft Road and Novi Road)
Dixie Highway (1-75 Springfield 2,250,000
To Davisburg Road)
TOTAL $11,950,000
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 10 th
day of May, 2001, at a.m., local time.
PRESENT: Members •
ABSENT: Members
The following preamble and resolution were offered by Member
and supported by Member
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 Eleven Million Nine Hundred
Fifty Thousand Dollars ($11,950,000) (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 construction and improvement of
certain roads in the County 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, 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 M, Section 11 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 Oakland 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 $11,950,000 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
NAYS: Members
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 10 6 day of
May, 2001, 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
Resolution #01148 May 24, 2001
The Chairperson referred the resolution to the Finance Committee.
There were no objections.
IE FOREGOING RESOLUTION
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brooks Patterson. Cotroty Ex,y;utive Date
Resolution #01148 June 14, 2001
Moved by Palmer supported by Moss the resolutions on the Consent
Agenda, as amended, be adopted (with accompanying reports being accepted and
appointments being confirmed).
AYES: Appel, Brian, Buckley, Causey-Mitchell, Crawford, Dingeldey,
Garfield, Gregory, Law, Melton, Moffitt, Moss, Obrecht, Palmer, Patterson,
Sever, Suarez, Taub, Webster, Amos. (20)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolutions on the
Consent Agenda, as amended, were adopted, with accompanying reports being
accepted and appointments being confirmed.
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 14, 2001 with the original record
thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand andiffixed the seal of the
County of Oakland at Pontiac, Michigan this 1441ay rJune, 2001.
G. William Caddell, County Clerk