HomeMy WebLinkAboutResolutions - 2004.01.22 - 27513C • .1
MISCELLANEOUS RESOLUTION #04011
By: Finance Committee - Chuck Moss, Chairperson
IN RE: TREASURER/DRAIN COMMISSIONER — ROBERT HUB ER DRAINAGE
DISTRICT REFUNDING BONDS - FULL FAITH AND CREDIT
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen
WHEREAS the Robert Huber Drainage District previously has issued its Drain Bonds,
dated February 1, 1995 (the "Drain Bonds") in the principal amount of $1,430,000, and this
Board of Commissioners, by Resolution No. 94350 adopted on December 8, 1994, 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 1.7or the Robert Huber Drain (the "Drainage Board"), by
resolution adopted on December 16, 2003, authorized and provided for the issuance by the
Robert Huber Drainage District of its Refunding Bonds, Series 2004 (the "Refunding Bonds"), in
the aggregate principal amount of not to exceed $1,300,000 to refund all or a portion of the Drain
Bonds maturing in the years 2005 through 2014; 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 an 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 Rochester Hills and the County.
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 Rochester Hills 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.
FINANCE COMMITTEE
Motion carried unanimously on a roll call, vote with Crawford absent.
January 22, 2004
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 Treasurer 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.
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 thai 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.
7/7--c-f(
FINANCE COMMITTEE
Resolution #04011 January 22, 2004
Moved by Moss supported by Douglas the resolution be adopted.
AYES: Coulter, Crawford, Douglas, Gregory, Hatchett, Jamian, Knollenberg, Kowa11, Law, Long,
McMillin, Middleton, Moffitt, Moss, Palmer, Patterson, Potter, Rogers, Scott, Suarez, Webster,
Wilson, Zack, Bullard, Coleman. (25)
NAYS: None. (0)
A sufficient majority having voted therefore, the resolution was adopted.
I IIEREBY44VROCDIE FOR/GONG RESOLUTION
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
January 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 of the County of Oakland at
Pontiac, Michigan this 22nd day of January, 2004.
G. William Caddell, County Clerk