HomeMy WebLinkAboutResolutions - 2001.05.24 - 26533MISCELLANEOUS RESOLUTION #01135 May 24, 2001
BY: FINANCE COMMITTEE, SUE ANN DOUGLAS, Chairperson
IN RE: TREASURER - BIRMINGHAM CSO DRAINAGE DISTRICT REFUNDING BONDS - FULL
FAITH AND CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS, the Birmingham CSO Drainage District previously has issued its
Drain Bonds, Series 1995C, dated April 1, 1995 (the " Drain Bonds" ), in the
original principal amount of $10,300,000, and this Board of Commissioners
pledged the full faith and credit of the County of Oakland for the prompt
payment of the principal and interest on the Drain Bonds; and
WHEREAS, the Drainage Board for the Birmingham CSO Drain, by resolution
adopted on April 9, 2001, authorized and provided for the issuance by the
Birmingham CSO Drainage District of its Refunding Bonds, Series 2001 (the
" Refunding Bonds" ) in the aggregate principal amount of not to exceed
$9,000,000 to refund the Drain Bonds maturing in the years 2004 through 2016;
and
WHEREAS, the Refunding Bonds will be dated as of such date, will bear
interest at such rates not to exceed 6 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 Drainage
Board at the time of sale; 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 Refunding Bonds; and
WHEREAS, it is in the best interest of the County that the Refunding
Bonds be sold in order to achieve debt service savings for the City of
Birmingham, the County and the State of Michigan.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
COUNTY OF OAKLAND, MICHIGAN, as follows:
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 Refunding Bonds and agrees that, in the
event the City of Birmingham, the County, or the State of Michigan 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.
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.
The County Treasurer, the bond counsel, 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 an
Application for State Treasurer's Approval to Issue Bonds with respect to the
Refunding Bonds.
FINANCE COMMITTEE:
Motion carried unanimously on a roll call vote with Friedman Appel and Melton
absent.
The County Treasurer is authorized to approve the circulation of a
preliminary and final official statement for the Refunding 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 Refunding Bonds.
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 Finance Committee, I move the adoption of
the foregoing resolution.
FINANCE COMMITTEE
2
OAKLAND COUNTY DRAIN COMMISSIONER
BIRMINGHAM CSO DRAINAGE DISTRICT
REFUNDING BONDS, SERIES 2001
Maximum Amount of Bonds: $9,000,000
TIMETABLE
Action Date
City Commission of the City of
Birmingham Approves Refunding April 9, 2001
Drainage Board Approves Refunding Bond
Resolution and Requests County Board
of Commissioners to Pledge Full Faith
and Credit
Oakland County Planning and Building
Committee Waiver Approving Refunding
Oakland County Finance Committee
Approves Refunding
Oakland County Full Board of
Commissioners Approves Pledge of
Full Faith and Credit for Refunding
Order of the Drain Commissioner
Approving the Notice of Sale
Application to State of Michigan for
Approval to Issue Bonds
State Approves Bond Issue
Advertise Bonds for Sale and Mail
Official Statement
Bond Sale
Drainage Board Awards Bonds
Bond Delivery
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April 24, 2001
May 15, 2001
May 17, 2001
May 24, 2001
June 1, 2001
May 28, 2001
June 28, 2001
July 3, 2001
July 17, 2001
July 17, 2001
July , 2001
OAKLAND COUNTY
MEMORANDUM
DRAIN COMMISSIONER
DATE: May 8, 2001
TO: Mr. Charles Palmer, Chairman
Planning & Building Committee
FROM: Kevin R. Larsen, Chief Deputy Drain Commissioner
RE: Birmingham CSO Drainage District Refunding Bonds, Series 2001
The captioned bond issue is being proposed to refund bonds originally issued on April 1,
1995 because interest rates have substantially declined in the last few months. Our financial
Advisory, Municipal Financial Consultants Incorporated, has estimated a net savings after all
costs are paid in excess of $450,000 based upon interest rates prevailing in the market
place in early April.
The City of Birmingham has adopted a resolution approving the refunding. Birmingham is
responsible for 96.86% of the debt on this bond issue.
An approximate timetable for this project is attached.
We request that our resolution be placed on your Planning and Building Committee Agenda
for May 15, 2001. As time is of the essence, it is our intent to request a suspension of the
rules and immediately present the resolution to the Finance Committee on May 17, 2001.
The resolution will then be presented at the May 24, 2001 Board of Commissioners meeting
for approval.
Thank you for your assistance.
cc: Frank Millard, Chairperson, Oakland County Board of Commissioners
Sue Ann Douglas, Chairperson, Finance Committee
OAKLAND COUNTY DRAIN COMMISSIONER
BIRMINGHAM CSO DRAINAGE DISTRICT
REFUNDING BONDS, SERIES 2001
Maximum Amount of Bonds: $9,000,000
TIMETABLE
Action Date
City Commission of the City of
Birmingham Approves Refunding April 9, 2001
Drainage Board Approves Refunding Bond
Resolution and Requests County Board
of Commissioners to Pledge Full Faith
and Credit
Oakland County Planning and Building
Committee Waiver Approving Refunding
Oakland County Finance Committee
Approves Refunding
Oakland County Full Board of
Commissioners Approves Pledge of
Full Faith and Credit for Refunding
Order of the Drain Commissioner
Approving the Notice of Sale
Application to State of Michigan for
Approval to Issue Bonds
April 24, 2001
May 15, 2001
May 17, 2001
May 24, 2001
June 1, 2001
May 28, 2001
State Approves Bond Issue June 28, 2001
Advertise Bonds for Sale and Mail
Official Statement
Bond Sale
Drainage Board Awards Bonds
Bond Delivery
July 3, 2001
July 17, 2001
July 17, 2001
July , 2001
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CITY OF BIRMINGHAM
At a regular meeting of the City Commission of the City of
Birmingham, Michigan, held on the 9th day of April
2001, at 8 :00 p.m., Eastern Time, in the
City Hall, in the City of Birmingham, Michigan there were:
PRESENT: Mayor Lanzetta, Commissioners Carney, Chafetz. DeLaura.
Dixon, McKeon and Wooley1
ABSENT: None
The following preambles and resolution were offered by
Dixon and seconded by McKeon
RESOLUTION TO AUTHORIZE REFUNDING
WHEREAS, pursuant to the provisions of Chapter 20 of Act No.
40, Public Acts of Michigan, 1956, as amended, the Birmingham CSO
Drainage District has issued its Drain Bonds, Series 19950, dated
April 1, 1995 (the "Prior Bonds"), in the original principal
amount of $10,300,000 to defray part of the cost of acquiring and
constructing the Birmingham CSO Drain in anticipation of the
collection of the several installments against the City of
Birmingham (the "City"), the County of Oakland (the "County") and
the State of Michigan (the "State") on the Special Assessment
Roll for the Birmingham CSO Drain; and
WHEREAS, the City has been advised that conditions in the
bond market have now improved from the conditions which prevailed
at the time the Prior Bonds were sold and that the Prior Bonds
could be refunded at a considerable savings to the City, the
County and the State; and
WHEREAS, it is the determination and judgment of this City
Commission that the Prior Bonds should be refunded to secure for
the City the anticipated savings.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF BIRMINGHAM, MICHIGAN, as follows:
1. The Birmingham CSO Drainage District is requested and
authorized to issue its refunding bonds (the "Refunding Bonds")
pursuant to the provisions of Act No. 202, Public Acts of
Michigan, 1943, as amended, in an amount necessary to refund all
or part of the Prior Bonds (as shall be determined by the
Drainage Board) and paying the costs of issuing the Refunding
Bonds.
2. The proceeds of the Refunding Bonds shall be sufficient
to pay the costs of issuing the Refunding Bonds and to establish
NAYS:
ABSTAINING:
7 ccrow Fund in an amount which will be su"ioi.---nt lo
p-incipal of, the redemption premiums on, and on
'D-ior Bonds that are refunded without further payment
City, the County or the State.
3. The City agrees and consents to the imposition of
special assessments against the City on a refunding bonds special
assessment roll for the payment of the Refunding Bonds.
4. The Clerk, the Treasurer, the Mayor, or the County's
Bond Counsel or Financial Consultant is authorized to file an
Application for State Treasurer's Approval to Issue Bonds with
respect to the Refunding Bonds.
5. The Treasurer is authorized to approve the circulation
of a preliminary and final official statement for the Refunding
Bonds, to cause the preparation of those portions of the
preliminary and final official statement that pertain to the
City, 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 Treasurer is authorized to execute and
deliver such certificates and to do all other things necessary to
effectuate the sale and delivery of the Refunding Bonds.
6. The Treasurer is authorized to execute a certificate of
the City, constituting an undertaking to provide ongoing
disclosure about the City for the benefit of beneficial owners of
the Refunding Bonds as required under paragraph (b) (5) of the
Rule, and amendments to such certificate from time to time in
accordance with the terms of the certificate attached hereto as
Appendix A (the "Continuing Disclosure Certificate"). The City
hereby covenants and agrees that it will comply with and carry
out all of the provisions of the Continuing Disclosure
Certificate.
A ROLL CALL VOTE WAS TAKEN AS FOLLOWS:
YEAS: Mayor Lanzetta, Commissioners Carney, Chafetz, DeLaura
Dixon, McKeon and Wooley
Nnne
Nn e
THE RESOLUTION WAS DECLARED ADOPTED.
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DATED: April 17 , 2001
STATE OF MICHIGAN)
) ss.
COUNTY OF OAKLAND)
The undersigned, being the duly qualified and actina
of the City of Birmingham, hereby ces that the fcrec;oina
a true and complete copy of a resolution duly adopted by the Cty
Commission of the City of Birmingham at its regular meeting h,=,7 d
on the 9thday of April , 2001, at which meeting a
quorum was present and remained throughout and that an oriainal
thereof is on file in the records of the County. I further
certify that the meeting was conducted, and public notice thereof
was given, pursuant to and in full compliance with Act No. 267,
Public Acts of Michigan, 1976, as amended, and that minutes of
such meeting were kept and will be or have been made available as
required thereby.
a. .
cit
\
Clerk
udith A. Benn
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diPPF-iir HE FOREGOING Frv.. UTION
da• _ .S712 5/D _ / son. County Executive Date
Resolution #01135 May 24, 2001
Moved by Palmer supported by Patterson the resolutions on the Consent
Agenda be adopted (with accompanying reports being accepted).
AYES: Appel, Brian, Buckley, Causey-Mitchell, Coleman, Crawford,
Dingeldey, Douglas, Galloway, Garfield, Gregory, Law, McPherson, Millard,
Moffitt, Moss, Obrecht, Palmer, Patterson, Sever, Suarez, Taub, Webster, Amos.
(24)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolutions on the
Consent Agenda were adopted, with accompanying reports being accepted.
I HEREBY
L. Brooks Pa
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 May 24, 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 24 th day pre May, 2001.
William Caddell, County Clerk