Loading...
HomeMy WebLinkAboutResolutions - 2005.08.18 - 27775July 28, 2005 MISCELLANEOUS RESOLUTION #05140 By: Planning and Building Committee, Charles E. Palmer, Chairperson IN RE: DRAIN COMMISSIONER — FRANKLIN SUB WATERSHED DRAINAGE DISTRICT - FULL FAITH AND CREDIT To the Oakland County Board of Commissioners Chairperson, Ladies and Gentlemen WHEREAS, pursuant to Chapter 20 of Act 40 of the Public Acts of 1956, as amended, MCL 280.461 et seq., (hereinafter sometimes referred to as "Drain Code"), and as a matter of public health, the Franklin Subwatershed Drainage District was established and the cost of the construction, operation and maintenance of the Franklin Subwatershed ("Drain") was apportioned against the Charter Township of Bloomfield and the County of Oakland; and, WHEREAS, there exists a public health necessity to plan, design and construct the Franklin and 14 Mile Roads Project of the Franklin Subwatershed; and WHEREAS, it is proposed that the cost of the improvements of the Franklin and 14 Mile Roads Project of the Drain be financed in part by the issuance of bonds; WHEREAS the Drainage Board for the Franklin Subwatershed (the "Drainage Board"), by resolution adopted on June 21, 2005, authorized and provided for the issuance by the Franklin Subwatershed Drainage District of its Drain Bonds, (Franklin and 14 Mile Roads Project), Series 2005 (the "Bonds"), in the aggregate principal amount of not to exceed $1,750,000; and WHEREAS, the 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 a resolution pledging the full faith and credit of 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 achieve debt service savings for the Charter Township of Bloomfield and the County. Planning and Building Committee Vote: Motion carried on unanimous roll call vote with Middleton, Potter and Hatchett absent ANNING BUà171(ctm' ITTEE -2- 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 Bonds and agrees that, in the event the Charter Township of Bloomfield 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 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 Bonds. 4. The County Treasurer is authorized to approve the circulation of a preliminary and final official statement for the 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 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 Planning,an,d Building Committee, I move adoption of the foregoing resolution. FISCAL NOTE (MISC. 105140) August 18, 2005 BY: FINANCE COMMITTEE, CHUCK MOSS, CHAIRPERSON IN RE: DRAIN COMMISSIONER - FRANKLIN SUBWATERSHED DRAINAGE DISTRICT - FULL FAITH AND CREDIT 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 Drainage Board for the Franklin Subwatershed is requesting that the Board of Commissioners pledge the full faith and credit of the County of Oakland for the payment of principal and interest on the Franklin Subwatershed Drainage District Drain Bonds, Franklin and 14 Mile Roads Project, Series 2005. 2. The bond issue is not to exceed $1,750,000 and is to be used for constructing the Franklin and 14 Mile Road Project of the Franklin Subwatershed. 3. The Bonds shall bear an interest rate not to exceed 6% per annum, will be in aggregate principal amounts, will mature in such years and principal amounts and will be callable prior to maturity as determined necessary by the Drainage Board at the time of issue. 4. The statutory limit for County debt is $7,345,918,835 (10% of State Equalized Value). As of June 30, 2005, the total pledged debt is $326,177,351 or approximately .44% of the S.E.V. 5. The Public Corporations participating in the Franklin and 14-Mile Roads project includes the Charter Township of Bloomfield and Oakland County for drainage of county highways. 6. The estimated project cost is $3,233,000 with $2,453,685 or 75.895% apportioned to the Township of Bloomfield, $779,315 or 24.105% apportioned to Oakland County. 7. The Charter Township of Bloomfield will advance part of the cost in the form of a grant with the remaining amount becoming part of the $1,750,000 bond sale to be paid for through a Special Assessment Roll for the Franklin Subwatershed Drain. 8. No budget amendment is required. FINANCE COMMITTEE FINANCE COMMITTEE Motion carried unanimously on a roll call vote with Rogers and Melton absent. Resolution #05140 July 28, 2005 The Chairperson referred the resolution to the Finance Committee. There were no objections. Ruth Johnson, County Clerk Resolution #05140 August 18, 2005 Moved by Coleman supported by Potter the resolutions on the Consent Agenda, be adopted (with accompanying reports being accepted). AYES: Coleman, Coulter, Crawford, Douglas, Gershenson, Gregory, Hatchett, Jamian, KowaII, Long, Melton, Middleton, Molnar, Moss, Nash, Palmer, Patterson, Potter, Rogers, Scott, Suarez, Wilson, Woodward, Zack, Bullard. (25) NAYS: None. (0) A sufficient majority having voted in favor, the resolutions on the Consent Agenda, were adopted (with accompanying reports being accepted). I [I, 4P111111111 FOREGIIING RESOUBOI STATE OF MICHIGAN) COUNTY OF OAKLAND) I, Ruth Johnson, 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 August 18, 2005 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 18th day of August, 2005.