HomeMy WebLinkAboutResolutions - 2001.06.28 - 26443June 14, 2001
MISCELLANEOUS RESOLUTION 65116E-
BY: Planning and Building Committee, Charles E. Palmer, Chair
IN RE: DEPARTMENT OF FACILITIES MANAGEMENT - RESOLUTION
AUTHORIZING THE OAKLAND COUNTY BUILDING AUTHORITY TO FINANCE
BUILDING 52 nd DISTRICT COURT, THIRD DIVISION AND COUNTY SHERIFF
SUBSTATION LOCATED IN THE CITY OF ROCHESTER HILLS, OAKLAND
COUNTY, MICHIGAN
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS, there have been prepared and presented to the Board
of Commissioners (the "Board") of the County of Oakland, Michigan
(the "County"), conceptual documents describing the project to
construct, equip and furnish buildings and appurtenances located
in the County of Oakland (the "Project"), all as more fully
described in EXHIBIT A to the Lease Contract (as hereinafter
defined), and a proposed Lease Contract between the County and
the Oakland County Building Authority (the "Authority") dated as
of July 1, 2001 (the "Lease Contract"), pursuant to which the
Authority will construct, furnish, and equip the Project as
contemplated by the terms of Act No. 31, Public Acts of Michigan,
1948 (First Extra Session), as amended ("Act 31"), and lease the
Project to the County for a term not to exceed 50 years as
permitted by Act 31; and
WHEREAS, it has been estimated that the period of usefulness
of the Project to be not less than 35 years and that the total
cost of equipping the Project (as defined in the Lease Contract)
in an amount not to exceed $23,300,000 of which not to exceed
$23,300,000 will be provided by the proceeds from the sale of
bonds by the Authority pursuant to Act 31; and
WHEREAS, the County proposes to undertake the Project and to
request the Authority to incur taxable or tax-exempt debt (the
"Reimbursement Obligations") to finance all or a portion of the
costs of the Project;
WHEREAS, the County may make certain expenditures for said
Project prior to issuance of the Reimbursement Obligations and
may wish to use the proceeds of the Reimbursement Obligations to
reimburse all or a portion of said expenditures.
WHEREAS, it is in the public interest and for the public
benefit that the County designate an authorized officer for the
purposes of declaring official intent of the County with respect
to expenditures;
Planning & Building Committee Vote:
Motion carried on unanimous roll call vote with Dingeldey and Gregory absent
lab
WHEREAS, there has been prepared and attached hereto as
APPENDIX I a form of Lease Contract and as APPENDIX II a form of
notice entitled "NOTICE OF INTENTION OF THE COUNTY OF OAKLAND TO
ENTER INTO A LEASE CONTRACT WITH THE OAKLAND COUNTY BUILDING
AUTHORITY AND NOTICE OF RIGHT TO PETITION FOR REFERENDUM THEREON"
(the "Notice of Intention");
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF THE COUNTY OF OAKLAND, MICHIGAN, as follows:
1. The conceptual documents and estimates relating to the
Project and identified in EXHIBIT A to APPENDIX I hereto are
hereby approved and ordered filed with the County Clerk.
2. The Lease Contract in the form of APPENDIX I hereto is
hereby approved, and the Chairman of the Board of Commissioners
and the County Clerk are hereby authorized and directed to
execute and deliver the same for and on behalf of the County.
Final plans and project description shall be approved by the
Planning and Building Committee of the Board of Commissioners
before they are attached to the Lease Contract to be executed.
3. It is hereby determined that the Notice of Intention
provides information sufficient to adequately inform the electors
and taxpayers of the County of the nature of the contractual
obligations to be undertaken by the County in the Lease Contract
and of their right under Act 31 to file a petition requesting a
referendum election on the Lease Contract.
4. The form and content of the Notice of Intention are
hereby approved, and the County Clerk is hereby authorized and
directed to cause the Notice of Intention to be published once in
the Oakland Press, Pontiac, Michigan, a newspaper of general
circulation within the County which is hereby determined to be
the newspaper reaching the largest number of electors and
taxpayers of the County. The Notice shall be at least one third
of a page in size.
5. The Treasurer of the County is hereby authorized to
declare official intent of the County with respect to
reimbursement.
6. Each declaration of official intent shall be
substantially in the form set forth in APPENDIX III attached
hereto and by this reference incorporated herein, and said form
may be modified from time to time on the advice of bond counsel
to the County and as necessary to conform to requirements of our
reimbursement regulations as the same may be adopted by the
Internal Revenue Service or amended from time to time, or with
the requirements of applicable rulings or regulations relating to
tax-exempt borrowings.
APPENDIX II
NOTICE OF INTENTION OF THE COUNTY OF OAKLAND
TO ENTER INTO A LEASE CONTRACT WITH THE
OAKLAND COUNTY BUILDING AUTHORITY AND NOTICE
OF RIGHT TO PETITION FOR REFERENDUM THEREON
TO ALL ELECTORS AND TAXPAYERS OF
THE COUNTY OF OAKLAND:
NOTICE IS HEREBY GIVEN that the Board of Commissioners of
the County of Oakland, Michigan (the "County"), has authorized
the execution of a full faith and credit general obligation lease
contract (the "Lease") between the County and the Oakland County
Building Authority (the "Authority"). The Lease provides, among
other things, for the following purposes: See Exhibit A to be
located at: See Exhibit A (the "Project"). The Lease provides
further that the Authority will finance all or a portion of the
total cost of the Project by the issuance of one or more series
of building authority bonds (the "Bonds") pursuant to the .
provisions of Act No. 31, Public Acts of Michigan, 1948 (First
Extra Session), as amended ("Act 31"), in anticipation of the
receipt of cash rental payments to be made by the County to the
Authority pursuant to the Lease. The maximum amount of bonds to
be issued in one or more series shall not exceed $23,300,000, the
term of the Lease shall not exceed 35 years and the Bonds shall
bear interest at a rate or rates that will result in a net
interest cost of not more than 8% per annum.
FULL FAITH AND CREDIT AND TAXING POWER OF
THE COUNTY OF OAKLAND WILL BE PLEDGED
NOTICE IS FURTHER GIVEN that in the Lease the County will
obligate itself to make cash rental payments to the Authority in
amounts sufficient to pay the principal of and interest on the
Bonds. The full faith and credit of the County will be pledged
for the making of such cash rental payments. Pursuant to such
pledge of its full faith and credit, the County will be obligated
to levy such ad valorem taxes upon all taxable property in the
County as shall be necessary to make such cash rental payments,
which taxes, however, will be subject to applicable statutory and
constitutional limitations on the taxing power of the County. In
addition to its obligation to make cash rental payments, the
County will agree in the Lease to pay all costs and expenses of
operation and maintenance of the Project and all expenses of the
Authority incidental to the issuance and payment of the Bonds, to
the extent such expenses are not payable from the proceeds of the
Bonds.
RIGHT TO PETITION FOR REFERENDUM
NOTICE IS FURTHER GIVEN to the electors and taxpayers of the
County to inform them of the right to petition for a referendum
on the question of entering into the Lease. The County intends
to enter into the Lease without a vote of the electors thereon,
but the Lease shall not become effective until 60 days after
publication of this notice. If, within 45-days after publication
of this notice, a petition for referendum requesting an election
on the Lease, signed by not less than 10% or 15,000 of the
registered electors of the County, whichever is less, has been
filed with the County Clerk, the Lease shall not become effective
unless and until approved by a majority of the electors of the
County voting thereon at a general or special election.
This notice is given by order of the Board of Commissioners
pursuant to Act 31. Further information may be obtained at the
office of the Oakland County Clerk, County Service Center, 1200
N. Telegraph Rd., Pontiac, Michigan 48341.
G. William Caddell
Oakland County Clerk
DATED: [Date of Publication]
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