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HomeMy WebLinkAboutResolutions - 2003.04.17 - 27033MISCELLANEOUS RESOLUTION #03071 April 17, 2003 BY: FINANCE COMMITTEE, CHUCK mu8S, CHAIRPERSON IN RE: TREASURER / DRAIN COMMISSIONER — PEBBLE CREEK DRAINAGE DISTRICT REFUNDING BONDS - FULL FAITH AND CREDIT TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS Chairperson, Ladies and Gentlemen WHEREAS the Pebble Creek Drainage District previously has issued its Drain Bonds, dated November 1, 1991 (the "Drain Bonds") in the principal amount of $3,540,000, and this Board of Commissioners, by Resolution No. 91210 adopted on September 26, 1991, pledged the full faith and credit of the County of Oakland (the "County") for the prompt payment of the principal of and interest on the Drain Bonds; and WHEREAS the Drainage Board for the Pebble Creek Drain (the "Drainage Board"), by resolution adopted on February 25, 2003, authorized and provided for the issuance by the Pebble Creek Drainage District of its Refunding Bonds, Series 2003 (the "Refunding Bonds"), in the aggregate principal amount of not to exceed $2,450,000 to refund all or a portion of the Drain Bonds maturing in the years 2004 through 2011; and WHEREAS the Refunding Bonds will be dated as of May 1, 2003, 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 Board of Commissioners, by Resolution No. 03033 adopted on March 6, 2003, pledged the full faith and credit of the County of Oakland for the prompt payment of the principal of and interest on the Refunding Bonds; and WHEREAS, it is necessary to amend Resolution No. 03033 in order to provide for the irrevocable pledge of the full faith and credit of the County for the prompt payment of the principal of and interest on the Refunding Bonds, and to agree that, in the event the City of Farmington Hills, the State of Michigan or the County shall fail or neglect to account to the County Treasurer of the County for the amount of any special assessment and interest when due, the amount shall be advanced immediately from County funds; and WHEREAS the Drainage Board deems it advisable and necessary to obtain from this Board an amended resolution pledging the full faith and credit of 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 Farmington Hills, the State of Michigan and the County. FINANCE COMMITTEE Motion carried unanimously on a roll call vote. NOW THEREFORE BE IT RESOLVED: 1. 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 Farmington Hills, the State of Michigan or the County 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. 2. 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. 3. The County Executive is authorized and directed, if necessary, to file an application to the Department of Treasury of the State of Michigan on behalf of the County for permission to issue and sell the Refunding Bonds. 4. 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. 5. 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. Mr. Chairperson, on behalf of the Finance Committee, I move adoption of the foregoing resolution. FINANCE COMMITTEE ' i HEREFIVAPPFir 't - • t 0 ):()REGOwri P-...Q `'''' #. 4.. Crooks Patterson. County Executive Date Resolution #03071 April 17, 2003 Moved by Bullard supported by Coulter the resolutions on the Consent Agenda, as amended, be adopted (with accompanying reports being accepted). AYES: Coleman, Coulter, Crawford, Douglas, Gregory, Jamian, Knollenberg, Law, Long, McMillin, Moffitt, Moss, Palmer, Patterson, Potter, Rogers, Scott, Suarez, Zack, Bullard. (20) NAYS: None. (0) A sufficient majority having voted therefore, the resolutions on the Consent Agenda, as amended, were adopted (with accompanying reports being accepted). 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 April 17, 2003, 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 17th day of April, 2003.