HomeMy WebLinkAboutResolutions - 2002.02.21 - 26787$1,000,000
$1,000,000
0
NANCE COMMITTEE
FINANCE COMMITTEE
Motion carried unanimously on a roll call vote with Palmer an
absent.
brecht
• •
MISCELANEOUS RESOLUTION # 02019 February 21, 2002
BY: FINANCE COMMITTEE, SUE ANN DOUGLAS, CHAIRPERSON
IN RE: DEPARTMENT OF MANAGEMENT & BUDGET/ DRAIN COMMISSIONER -
APPROPRIATION LONG TERM REVOLVING FUND FOR WATER & SEWER PROJECTS FOR LOCAL
UNITS OF GOVERNMENTS
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairman, Ladies and Gentlemen:
WHEREAS, pursuant to Act 342 of the Public Acts of 1939, as amended,
("Act 342"), the County, and local units of governments are authorized to
enter into contracts for The acquisition, construction and financing of
public works projects; and
WHEREAS Act 342 authorizes Oakland County to lend money to local units
for such projects without selling bonds, which reduces the local unit's costs
for the various improvements; and
WHEREAS, pursuant to M. R. #92252, the Oakland County Board of
Commissioners established a Long Term Revolving Fund for the purpose of
assisting Oakland County communities for funding for certain projects,
including water & sewer projects; and
WHEREAS Miscellaneous Resolution #89276 provides that interest on loans
and or advances on such projects should be computed and compounded quarterly.
The rate of interest on the loans or advances should be at an interest rate
no less than the prevailing six-month Treasury Rill rate; and
WHEREAS requests by the local units for assistance of this type will be
submitted by the Drain Commissioner and brought, with the terms of the loan,
to the Oakland County Board of Commissioners for approval; and
WHEREAS funds are available in the General Fund designated fund balance
for drain records conversion (account #9407 76000).
NOW THEREFORE BE IT RESOLVED the Oakland County Board of Commissioners
affirms its commitment to assist local units of government by offering loans
from the County's Long Term Revolving Fund to finance water or sewer projects
that do not require the issuance of bonds.
BE IT FURTHER RESOLVED that each project loan shall not exceed $150,000
for each project requested.
BE IT FURTHER RESOLVED that the loan shall be evidenced by a inter-
governmental agreement contract between Oakland County end the local unit of
government that shall h),, approved by the Department of Corporation Counsel,
and subject to approval of the Board of Commissioners.
BE IT FURTHER RESOLVED that one million dollars be transferred from the
designated General Fund Balance for drain records to the Long Term Revolving
Fund for approved water and sewer contracts for local improvements by the
Oakland County Board of Commissioners.
BE IT FURTHER RESOLVED that the FY 2002 Budget is amended as follows:
GENERAL FUND
Revenue
90-190000-14000-1582 Prior Years Balance $1,000,000
Expenditures
90-310000-21000-8001 Operating Transfer Out $1,000,000
0
DRAIN COMMISSIONER - LONG TERM REVOLVING FUND
Revenue
61-311397-10000-1701 Operating Transfer In
Equity
61-311397-10000-8005 Changes in Fund Equity
Chairperson, on behalf of the Finance Committee, I move the adoption of
the foregoing resolution.
G. William Caddell, County Clerk
Resolution #02019 February 21, 2002
Moved by Douglas supported by Taub the resolution be adopted.
AYES: Brian, Buckley, Causey-Mitchell, Coleman, Crawford, Dingeldey, Douglas, Galloway,
Garfield, Gregory, Law, McPherson, Melton, Middleton, Moffitt, Moss, Obrecht, Patterson, Sever,
Suarez, Taub, Webster, Amos, Appel. (24)
NAYS: None. (0)
A sufficient majority having voted therefore, the resolution was adopted.
' 'T F8 < 7,4 ...-,;144, THE FOREGOING Fr- 1...UTION
.9----; -7 — o 2—
BrOOK -glow, Qounty Executive Date . ..
siVISMIINIMMO
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
February 21, 2002 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 21st day of February, 2002.