HomeMy WebLinkAboutResolutions - 2003.10.02 - 27307MISCELLANEOUS RESOLUTION 103274 October 2, 2003
BY: FINANCE COMMITTEE, Chuck Moss, Chairperson
In Re: RESOLUTION TO INITIATE ACTION TO REDEEM ALL OF THE OUTSTANDING CALLABLE
COUNTY OF OAKLAND, MICHIGAN, OAKLAND COUNTY KING DRAIN DRAINAGE DISTRICT BONDS
PRIOR TO MATURITY
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS, the City of Troy, Michigan (the " City" ) has previously
requested that the County of Oakland, Michigan (the " County" ), acting through
its Drain Board, to finance the locating, establishing and construction of the
King Drain in the County in the amount of $1,675,000 for that purpose; and
WHEREAS, the City has requested that the County redeem all of such
callable outstanding bonds with maturities and interest rates as set forth in
EXHIBIT A, which as of the date hereof, remain outstanding in the principal
amount of $900,000 (such bonds referred to as the "Bonds to be Redeemed" ); and
WHEREAS, it appears to this Board that the redemption of said bonds is
advisable to save further interest costs; and
WHEREAS, the Board of Commissioners of the County must approve such
redemption;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE COUNTY
OF OAKLAND, MICHIGAN as follows:
1. The Board of Commissioners of the County hereby confirms the request
of the City to call the Bonds to be Redeemed, pursuant to the Resolution To
Initiate Action to Redeem the Oakland County King Drain Drainage District Bonds
Prior to Maturity, adopted by the City Council on June 16, 2003, and recommends
that the Board of Commissioners approve the necessary resolution which is
attached as APPENDIX A.
2. The Chairman of the Board of Commissioners and bond counsel, Axe &
Ecklund, P.C., are instructed to take whatever steps are necessary to call the
Bonds to be Redeemed.
3. All resolutions and parts of resolution, insofar as the same may be
in conflict herewith, are hereby rescinded.
Chairperson, on behalf of the Finance Committee, I move the adoption of
the foregoing resolution.
FINANCE COMMITTEE
FINANCE COMMITTEE:
Motion carried unanimously on a roll call vote.
EXHIBIT A
$1,675,000
OAKLAND COUNTY
KING DRAINAGE DISTRICT DRAIN BONDS
SCHEDULE OF OUTSTANDING BONDS
Redemption Date: November 1, 2003
PRINCIPAL ANNUAL
YEAR DUE MAY 1 RATE PREMIUM (0.0) TOTAL
2004 150,000 4.70% 0 , 150,000
2005 150,000 4.80% 0 - 150,000
2006 200,000 4.90% 0 200,000
2007 200,000 5.00% 0 200,000
2008 200,000 5.10% 0 200,000
TOTAL $900,000 $900,000
Redemption Provisions:
Bonds maturing on and after May 1, 2001, shall be subject to redemption
prior to maturity, at the option of the Drainage District, in any order, on any
one or more interest payment dates on and after May 1, 2000 at par and accrued
interest to the date fixed for redemption, plus a premium as follows:
1/2% of the par value of each bond called for redemption on or after May
1, 2000, but prior to May 1, 2003;
No premium on bonds called for redemption on or after May 1, 2003.
Bond Registrar and Paying Agent:
Standard Federal-Corporate and
Institutional Trust, a division of LaSalle Bank
National Association
(f/k/a) Michigan National Bank
Corporate Trust Dept.
Suite 140
2600 W. Big Beaver Rd.
Troy, MI 48084
dmh.RD-OCD6(dr)
EXHIBIT B
NOTICE OF REDEMPTION
$1,675,000
OAKLAND COUNTY
KING DRAINAGE DISTRICT DRAIN BONDS
Dated as of September 1, 1993
DUE MAY 1, 2004
NOTICE IS HEREBY GIVEN that the County of Oakland, State of Michigan has called for
redemption, on November 1, 2003, (the "Redemption Date"), all of the callable outstanding Oakland County
King Drainage District Drain Bonds (the "Bonds"), bearing the original issue date of September 1, 1993,
maturing in the principal amounts, on the dates, bearing interest at the rates, with the "CUSIP" numbers, as
follows:
Principal Rate CUSIPS* Due
150,000 4T623% 672802AL9 May 1,2004
150,000 4.750% 672802AM7 May 1, 2005
200,000 4.800% 672802AN5 May 1, 2006
200,000 4.900% 672802AP0 May 1, 2007
200,000 5.000% 672802AQ8 May 1, 2008
Said Bond will be redeemed at 100% of the par value thereof.
Said Bonds should be surrendered for redemption to Standard Federal- Corporate and Institutional
Trust, a division of LaSalle Bank National Association, Troy, Michigan. (f/k/a) Michigan National Bank as
paying agent, for payment as of November 1, 2003, after which date all interest on said Bond shall cease to
accrue, whether said Bond is presented for payment or not.
Bond may be surrendered for payment at the office of the bond registrar and paying agent indicated
below. Method of delivery is at the option of the holder, but if by mail, registered mail is suggested.
Standard Federal-Corporate and
Institutional Trust, a division of LaSalle Bank
National Association
(f/k/a) Michigan National Bank
Corporate Trust Dept
Suite 140
2600 W. Big Beaver Rd.
Troy, MI 48084
* No representation is made as to the correctness of the CUSIP numbers either as printed on the
Bonds or as contained herein and reliance may be placed only on them as identification numbers.
Under the provisions of the Interest and Dividend Tax Compliance Act of 1983 and the
Comprehensive National Energy Policy Act of 1992, paying agents making payments of principal on
municipal securities may be obligated to withhold a 31% tax from remittances to individuals who have failed
to furnish the paying agent with a certified and valid Taxpayer Identification Number on a fully completed
Form W-9. Holders of the above described Bonds, who wish to avoid the application of these provisions,
should submit certified Taxpayer Identification Numbers on I.R.S. Form W-9 when presenting their
securities for redemption or for payment at maturity.
Dated: , 2003
COUNTY OF OAKLAND
John P. McCulloch, Drain Commissioner
dmh.RD-OCD6(dr)
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Resolution #03274 October 2, 2003
Moved by Wilson supported by Crawford the resolutions on the Consent Agenda, be adopted (with
accompanying reports being accepted).
AYES: Bullard, Coleman, Coulter, Crawford, Douglas, Gregory, Hatchett, Jamian, Knollenberg,
Long, McMillin, Middleton, Moffitt, Moss, Palmer, Patterson, Potter, Rogers, Scott, Suarez,
Webster, Wilson, Zack. (23)
NAYS: None. (0)
A sufficient majority having voted therefore, the resolutions on the Consent Agenda, were adopted (with
accompanying reports being accepted).
or"-
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
October 2, 2003 with the original record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed th9eal of)iie County of Oakland at
Pontiac, Michigan this 2nd day of October, 2003.
G. William Caddell, County Clerk
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