HomeMy WebLinkAboutResolutions - 2001.05.24 - 26535MISCELLANEOUS RESOLUTION #01137 May 24, 2001
BY: FINANCE COMMITTEE, SUE ANN DOUGLAS, Chairperson
IN RE: TREASURER - BLOOMFIELD VILLAGE CSO DRAINAGE DISTRICT REFUNDING BONDS,
SERIES 2001B - FULL FAITH AND CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS, the Bloomfield Village CSO Drainage District previously has
issued its Drain Bonds, Series 1995C, dated April 1, 1995 (the " Drain
Bonds" ), in the original principal amount of $9,100,000, 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 Bloomfield Village CSO Drain, by
resolution adopted on April 9, 2001, authorized and provided for the issuance
by the Bloomfield Village CSO Drainage District of its Refunding Bonds, Series
2001B (the " Refunding Bonds" ) in the aggregate principal amount of not to
exceed $8,000,000 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 City of Bloomfield Hills, the Charter Township of Bloomfield,
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 City of Bloomfield Hills, the Charter
Township of Bloomfield, 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.
FINANCE COMMITTEE:
Motion carried unanimously on a roll call vote with Friedman Appel and Melton
absent.
2
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.
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
( a,
3
May 24, 2001
June 1, 2001
May 28, 2001
June 28, 2001
July 12, 2001
July 26, 2001*
July 26, 2001*
August , 2001
OAKLAND COUNTY DRAIN COMMISSIONER
BLOOMFIELD VILLAGE CSO DRAINAGE DISTRICT
REFUNDING BONDS, SERIES 2001B
Maximum Amount of Bonds: $8,000,000
TIMETABLE
Action
City Commission of the City of
Birmingham Approves Refunding
Township Board of the Charter Township
of Bloomfield Approves Refunding
City Commission City of Bloomfield
Hills Approves Refunding
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
If a Special Meeting of the Drainage Board
To Award Bonds is held
Bond Delivery
*If not then the August Drain Board Meeting
Date
April 9, 2001
April 9, 2001
April 10, 2001
April 24, 2001
May 15, 2001
May 17, 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: Bloomfield Village CSO Drainage District Refunding Bonds, Series 2001B
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 $300,000 based upon interest rates prevailing in the market
place in early April.
The City of Birmingham, the City of Bloomfield Hills and the Charter Township of Bloomfield
have adopted resolutions approving the refunding. The City of Birmingham is responsible for
16.750% of the debt on this bond issue. The City of Bloomfield Hills is responsible for
5.143% of the debt on this bond issue and the Charter Township of Bloomfield is
responsible for 60.382% 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.
Enclosure
cc: Frank Millard, Chairperson, Oakland County Board of Commissioners
Sue Ann Douglas, Chairperson, Finance Committee
ABSENT: None
CITY OF BIRMINGHAM
At a ruzxy.d.bA., meeting of the City Commission of th ,==, City c - _ _
Birmingham , Michigan, held on the alb_ day cf
pril , 2001, at JL:_..a.0 R .T., Earn
Time, in the City Hall, in the C i ty of
RIR MINC;HAM , Michigan there were:
PRESENT: Mayor Lanzetta. Commissioners Carney. Chafetz. DeLaura.
Dixon, McKeon and Wooley
The following preambles and resolution were offered by
nn and seconded by MrKern
RESOLUTION TO AUTHORIZE REFUNDING
WHEREAS, pursuant to the provisions of Chapter 20 of Act No.
40, Public Acts of Michigan, 1956, as amended, the Bloomfield
Village CSO Drainage District has issued its Drain Bonds, Series
1995C, dated April 1, 1995 (the "Prior Bonds"), in the original
principal amount of $9,100,000 to defray part of the cost of
acquiring and constructing the Bloomfield Village CSO Drain in
anticipation of the collection of the several installments
against the City of Birmingham, the City of Bloomfield Hills
(together the "Cities"), the Charter Township of Bloomfield (the
"Township"), the County of Oakland (the "County") and the State
of Michigan (the "State") on the Special Assessment Roll for the
Bloomfield Village CSO Drain; and
WHEREAS, the City of Rirmine)arn (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 Cities, the Township, 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 Bloomfield Village 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 Refundina Bonds shall be
to pay costs cf issuinc the Re'undnc L-,onds and to
an Es-row Fund in an amount which will be sunt
trincipal of, the redemption premiums on, and
Prior Bonds that are refunded without further payment by th=„,
Cities, the Township, the County or the State.
3. The City aarees and consents to the imtosit ,on o=
special assessments against the City on a refunding bonds speoi ,1
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 f i le an
Application for State Treasurer's Approval to Issue Bonds with
restect 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.
E. 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 ce ,-r -FHcate 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:
NAYS:
ABSTAINING:
Mayor Lanzetta, Commissioners Carney, Chafetz,
DeLaura, Dixon, McKeon and Wooley
None
None
THE RESOLUTION WAS DECLARED ADOPTED.
Las.rl-oak80
2
S TATE OF MTCHTGAN)
) ss.
COUNTY OF OAKLAND)
The undersigned, beina the duly aualified and attinc C 7 .=-rk
of the City of Rirmingham , hereby certifies that the
foregoing is a true and complete copy of a resolution duly
adopted by the City Commission of the City of
Birmingham at its regn i,r meeting held on the 9th day
of April , 2001, at which meeting a quorum was present
and remained throughout and that an original thereof is on f -IA
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.
(:) LK.kjEtV a—
City Clerk
Ju ith A. Benn
DATED: April 12, , 2001
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CITY OF CLOOMFIELD HILLS
At a regular
Bloomfield Hills
April
Bloomfield Hills
meeting of the City Commission of the City cf
, Michigan, held on the 10th day cz
2001, at 7 : 30 p .m., Eastern
Time, in the CitY-Thall, in the City of
7—Michigan there were:
PRESENT: Ma yor John Davey, Mayor Pro-tern Dale Dawkins_ City Commissioner Benjamin
Hoffi z , City Commissioner Marilynn Varbedian, City Commissioner Michael Zambricki
ABSENT: 0
The following preambles and resolution were offered by
and seconded by Commissioner Varbedian •
RESOLUTION TO AUTHORIZE REFUNDING
WHEREAS, pursuant to the provisions of Chapter 20 of Act No.
40, Public Acts of Michigan, 1956, as amended, the Bloomfield
Village CEO Drainage District has issued its Drain Bonds, Series
1995C, dated April 1, 1995 (the "Prior Bonds"), in the original
principal amount of $9,100,000 to defray part of the cost of
acquiring and constructing the Bloomfield Village CSO Drain in
anticipation of the collection of the several installments
against the City of Birmingham, the City of Bloomfield Hills
(together the "Cities"), the Charter Township of Bloomfield (the
"Township"), the County of Oakland (the "County") and the State
of Michigan (the "State") on the Special Assessment Roll for the
Bloomfield Village CSO Drain; and
WHEREAS, the City of Bloomfield Hills (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 Cities, the Township, 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 BLOOMFIELD HILLS , MICHIGAN, as follows:
1. The Bloomfield Village 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.
Commi ssioner
1
0
2. The proceeds of the Refundina Bonds shall be suff::::
to pay the costs of issuina the Refundina Bonds and to esIatll=
an Escrow Fund in an amount which will be sufficient to pav
principal of, the redemption premiums on, and the interest on Ihe
Prior Bonds that are refunded without further pavmen ,- by toe
Cities, the Township, the County or the State.
3. The City agrees and consents to the imposioion of
special assessments against the City on a refunding bonds speclal
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: Davey, Dawkins, Hoffiz, Varbedian, Zambricki
NAYS:
ABSTAINING:
THE RESOLUTION WAS DECLARED ADOPTED.
Las.rl-oak80
2
STATE OF MICHIGAN)
) ss.
COUNTY OF OAKLAND)
The undersigned, being the duly dualified and actind Clerk
of the City of Bloomfield Hills , hereby certifies that the
foregoing is a true and complete copy of a resolution duly
adopted by the City Commission of the City of
Bloomfield Hills at its regular meeting held on thelOth day
of April , 2001, at which meeting a quorum was present
and remained throughout and that an original thereof is on fi 7 e
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 them-ft-14y.
C2.--7 Clerk Charles on,
DATED: April 16 , 2001
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CHARTER TOWNSHIP OF BLOOMFIELD
BOARD OF TRUSTEES
APRIL 9, 2001
PAGE -1-
PRESENT: Payne, Cotton, Devine, Tobias, Yaw, Stefanes, Roncelli
ABSENT: None
MOTION WAS MADE by Tobias and supported by Stefanes to APPROVE the following
Resolution to Authorize Refunding of CSO Drainage District Drain Bonds Series 1995C,
dated April 1, 1995:
RESOLUTION TO AUTHORIZE REFUNDING
WHEREAS, pursuant to the provisions of Chapter 20 of Act No. 40, Public Acts
of Michigan, 1956, as amended, the Bloomfield Village CSO Drainage District has
issued its Drain Bonds, Series 19950, dated April 1, 1995 (the "Prior Bonds"), in the
original principal amount of $9,100,000 to defray part of the cost of acquiring and
constructing the Bloomfield Village CSO Drain in anticipation of the collection of the
several installments against the City of Birmingham, the City of Bloomfield Hills
(together the "Cities"), the Charter Township of Bloomfield (the "Township"), the County
of Oakland (the "County") and the State of Michigan (the "State") on the Special
Assessment Roll for the Bloomfield Village CSO Drain; and
WHEREAS, the Township 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
Cities, the Township, the County and the State; and
WHEREAS, it is the determination and judgment of this Township Board that the
Prior Bonds should be refunded to secure for the Township the anticipated savings.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWNSHIP BOARD OF THE
CHARTER TOWNSHIP OF BLOOMFIELD, MICHIGAN, as follows:
1. The Bloomfield Village 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
CHARTER TOWNSHIP OF BLOOMFIELD
BOARD OF TRUSTEES
APRIL 9, 2001
PAGE -2-
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 an Escrow Fund in an amount which
will be sufficient to pay the principal of, the redemption premiums on, and the interest on
the Prior Bonds that are refunded without further payment by the Cities, the Township,
the County or the State.
3. The Township agrees and consents to the imposition of special
assessments against the Township on a refunding bonds special assessment roll for the
payment of the Refunding Bonds.
4. The Clerk, the Treasurer, the Supervisor, 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 Clerk, the Treasurer or the Supervisor 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 Township, 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 Clerk, the Treasurer or the Supervisor 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 Clerk, the Treasurer or the Supervisor is authorized to execute a
certificate of the Township, constituting an undertaking to provide ongoing disclosure
about the Township 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 Township hereby covenants and
agrees that it will comply with and carry out all of the provisions of the Continuing
Disclosure Certificate.
YEAS: Payne, Cotton, Devine, Tobias, Yaw, Stefanes, Roncelli
NAYS: None
CHARTER TOWNSHIP OF BLOOMFIELD
BOARD OF TRUSTEES
APRIL 9, 2001
PAGE -3-
RESOLUTION DECLARED ADOPTED.
I, WILMA S. COTTON, TOWNSHIP CLERK of the Charter Township of
Bloomfield, County of Oakland, Michigan, do hereby certify the foregoing is a true and
correct copy of a resolution adopted by the Board at their regular meeting held on April
9,2001.
C . / • .
WILMA S. COTTON
TOWNSHIP CLERK
mjg
Resolution #01137 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 I HEM' '0 41HE FOREGOING RESOLUTION
ftillibn — ../2—f/0/
ooks Patte .on, County Executive Date 7
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'day le May, 2001.
G.I4 William Caddell, County Clerk