HomeMy WebLinkAboutResolutions - 2004.09.09 - 27733REPORT (MISC. 104197) September 9, 2004
BY: Finance Committee, Chuck Moss, Chairperson
IN RE: MR #04197 - DRAIN COMMISSIONER - REVISED WATKINS LAKE
AUGMENTATION WELL PROJECT - FULL FAITH AND CREDIT RESOLUTION
To: The Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
The Finance Committee, having reviewed the above-referenced
resolution, reports with the recommendation that the resolution be
amended, NOW THEREFORE BE IT RESOLVED paragraph, paragraph 6, as
follows.
6. This resolution supercedes MR #04056 adopted on
February 2004 and MR #04056 a3 amended in April 22, 2004.
Chairperson, on behalf of the Finance Committee, I move
acceptance of the foregoing report.
FINANCE COMMITTEE
Motion carried unanimously on a roll call vote.
August 26, 2004
MISCELLANEOUS RESOLUTION 104197
BY: Planning and Building Committee, Charles E. Palmer, Chair
IN RE: DRAIN COMMISSIONER - REVISED 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 in the
aggregate principal amount of $595,000 for which bonds are to be
issued; and
WHEREAS, the Drain Commissioner has ordered bonds in an
amount not to exceed $575,000 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 Coleman, Rogers,
and Coulter 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 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, 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.
6. This resolution supercedes MR #04056 adopted in
February 2004 and MR #04056 as amended in April 2004.
Chairperson, on behalf of the Planning and Building
Committee, I move the adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
2
Resolution #04197 August 26, 2004
The Chairperson referred the resolution to the Finance Committee. There were no objections.
FISCAL NOTE (MISC. 104197) September 9, 2004
BY: FINANCE COMMITTEE, CHUCK MOSS, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - REVISED 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 $575,000 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. The statutory limit for County debt is $7,029,699,664 (10%
of current State Equalized Value). As of 08/23/2004, the
outstanding debt is $312,222,336 or approximately .44% of
the S.E.V.
5. 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.
6. Funding for the principal and interest payments will come
from the Watkins Lake special assessment roll that was
established for this project. No General Fund
appropriation is required.
FINANCE COMMITTEE
(/1(--1 4.1
FINANCE COMMITTEE:
Motion carried unanimously on a roll call vote.
September 9, 2004 Resolution #04197
Moved by Palmer supported by Middleton the resolution be adopted.
Moved by Palmer supported by Scott the Finance Committee Report be accepted.
A sufficient majority having voted therefore, the report was accepted.
Moved by Palmer supported by Knollenberg the resolution be amended to coincide with the
recommendation in the Finance Committee Report.
A sufficient majority having voted therefore, the amendment carried.
Vote on resolution, as amended:
AYES: Long, McMillin, Middleton, Moffitt, Moss, Palmer, Patterson, Potter, Rogers, Scott, Suarez,
Webster, Wilson, Zack, Bullard, Coulter, Crawford, Douglas, Gregory, Jamian, Knollenberg,
KowaII, Law. (23)
NAYS: None. (0)
A sufficient majority having voted therefore, the resolution, as amended, was adopted.
APPROVE DE FORE= UM
7 Al
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 September
9th, 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 th County of Oakland at
Pontiac, Michigan this 9th day of September, 2004.
G. William Caddell, County Clerk