HomeMy WebLinkAboutResolutions - 2004.04.22 - 27398April 22, 2004
REPORT (MISC. 104056)
BY: PLANNING & BUILDING COMMITTEE, CHARLES E. PALMER, CHAIRPERSON
RE: DRAIN COMMISSIONER — WATKINS LAKE AUGMENTATION WELL PROJECT — FULL
FAITH AND CREDIT RESOLUTION
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
The Planning & Building Committee having reconsidered MR #04056 on April 6, 2004 Reports
to the Board with the recommendation the Resolution be adopted.
Chairperson, on behalf of the Planning & Building Committee, I move the acceptance of the foregoing
Report.
PLANNING & BUILDING COMMITTEE
Planning & Building Committee Vote:
Motion carried on unanimous roll call vote.
REPORT (MISC. 104056) April 22, 2004
BY: FINANCE COMMITTEE, CHUCK MOSS, CHAIRPERSON
:N RE: DRAIN COMMISSIONER - WATKINS LAKE AUGMENTATION WELL PROJECT -
FULL FAITH AND CREDIT RESOLUTIONS
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
The Finance Committee, having reviewed the above-referenced
resolution, reports in concurrence with the Planning and Building
Committee's action. There are no changes in the Fiscal Note.
Chairperson, on behalf of the Finance Committee, I move the
acceptance of the foregoing report.
FINANCE COMMITTEE
FINANCE COMMITTEE
Motion carried on a roll call vote with Bullard, Jamian, Knollenberg
and Zack absent.
MISCELLANEOUS RESOLUTION #04056
BY: Planning and Building Committee, Charles E. Palmer, Chairperson
IN RE: DRAIN COMMISSIONER - WATKINS LAKE AUGMENTATION WELL PROJECT -
FULL FAITH AND CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS, by order of the Oakland County Circuit Court dated October
29, 2003, the Watkins Lake Special Assessment District (the "District") was
continued for the purpose of maintaining the summer height and level and
establishing the winter height and level in Watkins Lake known as the
Watkins Lake Augmentation Well Project (the "Project") and the Oakland
County Drain Commissioner (the "Drain Commissioner") as earlier authorized
by a resolution of the Oakland County Board of Commissioners as the
"Delegated Authority" for the District; and
WHEREAS, the Drain Commissioner has held a hearing on the Project
Costs and Special Assessment Roll for the Project for which bonds are to be
issued in the aggregate principal amount of not to exceed $520,000; and
WHEREAS, the Drain Commissioner has ordered bonds to be issued for
the Project in the District which bonds are to be called Watkins Lake Level
Bonds, Series 2004 (the "Bonds") which Bonds will be dated as of such date,
will bear interest at such rates not to exceed 7% per annum, will be in the
aggregate principal amount necessary to construct the Project, will mature
in such years and principal amounts, and will be subject to redemption
prior to maturity as shall be determined by the Order of the Drain
Commissioner at the time of sale; and
WHEREAS, the Drain Commissioner 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 Bonds; and
WHEREAS, it is in the best interest of the County that the Bonds be
sold in order to defray the cost of construction of the Project.
Planning & Building Committee Vote:
Motion carried on unanimous roll call vote with Palmer and Long absent
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
COUNTY OF OAKLAND, MICHIGAN, as follows:
1. Pursuant to the authorization provided in Section 3075 of Act
No. 451 of the Public Acts of Michigan of 1994, 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 Bonds and agrees that, in the event the property owners on
the Special Assessment Roll shall fail or neglect to account to the County
Treasurer 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
SUM8 so paid.
2 . The County Executive, if necessary, 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 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. All activities involved in the planning and construction of this
Project under this resolution shall comply with the standing rules of the
Board of Commissioners.
Chairperson, on behalf of the Planning and Building Committee, I
move the adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
FISCAL NOTE (M.R. #04056) April 22, 2004
BY: FINANCE COMMITTEE, CHUCK MOSS, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - WATKINS LAKE AUGMENTATION WELL PROJECT -
FULL FAITH AND CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
Pursuant to Rule XII-C of this Board, the Finance Committee has
reviewed the above referenced resolution and finds:
1. The Drain Commissioner is requesting that the Board of
Commissioners pledge the full faith and credit of the
County of Oakland for the payment of the principal and
interest on the Bonds called Watkins Lake Level Bonds,
Series 2004 for the Watkins Lake Augmentation Well Project.
2. The Bonds are not to exceed $520,000.00 to pay for the
construction of the augmentation well and drain outlet for
maintaining the normal summer and winter height of Watkins
Lake.
3. The Bonds will bear an interest rate not to exceed 7% per
annum, will be in an aggregate principal amount necessary
to cover the construction cost of the Project, and will be
callable prior to maturity as determined necessary by the
Drain Commissioner at the time of issue.
4. An assessment roll was established to pay for all the cost
of the Project by all the benefiting property owners within
the special assessment district.
5. There are no General Fund fiscal implications with this
item and therefore, no budget amendment is required.
FINANCE COMMITTEE
FINANCE COMMITTEE
Motion carried on a roll call vote with Bullard, Jamian, Knollenberg
and Zack absent.
Resolution #04056 March 4, 2004
The Chairperson referred the resolution to the Finance Committee. There were no objections.
2
Resolution #04056 April 22, 2004
Moved by Palmer supported by Wilson the resolution be adopted.
Moved by Palmer supported by Bullard the Planning and Building Committee Report be accepted.
A sufficient majority having voted therefore, the report was accepted.
Moved by Palmer supported by Suarez the Finance Committee Report be accepted.
A sufficient majority having voted therefore, the report was accepted.
Vote on resolution:
AYES: Long, McMillin, Middleton, Moffitt, Moss, Palmer, Patterson, Potter, Rogers, Scott, Suarez,
Webster, Wilson, Zack, Bullard, Coleman, Coulter, Crawford, Douglas, Gregory, Hatchett,
Jamian, Knollenberg, KowaII. (24)
NAYS: None. (0)
A sufficient majority having voted therefore, the resolution was adopted.
I INIEBY ME THE FOREGOING RESOLUTION
3i 2 e°/
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 22, 2004
with the original record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed the seal
Pontiac, Michigan this 22nd day of April, 2004.
f the colunty of Oakland at
G. William Caddell, County Clerk