HomeMy WebLinkAboutResolutions - 2005.12.08 - 27794Miscellaneous Resolution • #05274 November 10, 2005
BY: PLANNING AND BUILDING COMMITTEE, CHARLES E. PALMER,
CHAIRPERSON
IN RE: DRAIN COMMISSIONER — JACOBS DRAINAGE DISTRICT DRAIN BONDS —
FULL FAITH AND CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS:
Chairperson, Ladies and Gentlemen
WHEREAS, the Drainage Board for the Jacobs Drain, by resolution adopted on
October 18, 2005, authorized and provided for the issuance by the Jacobs Drainage
Districts of its Drain Bonds, Series 2005A (the "Bonds") in the aggregate principal
amount of not to exceed $3,000,000 to defray part of the cost of the Jacobs Drain; 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 at the time of sale by the Oakland County Drain
Commissioner as Chairman of the Drainage Board for the Jacobs Drain; 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 of Oakland
(the "County") for the payment of the principal of and interest on the Bonds (the
"Bonds"); and
WHEREAS, the Jacobs Drain is necessary to protect and preserve the public
health and, therefore, it is in the best interest of the County that the Bonds be sold.
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
West 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.
PLANNING AND BUILDING COMMITTEE:
Motion carried unanimously on a roll call vote with Molnar absent.
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 nearly
final and final official statement for the Bonds, to cause the preparation of those portions
of the nearly final 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 and Building Committee, I move
adoption of the foregoing resolution.
LANNING AND BU ING COMMITTEE
of the Drainage Board
SPECIAL ASSESSMENT ROLL NO. 1
FOR
JACOBS DRAIN
(An Intra-County Drain in Oakland County, Michigan)
PROJECT: To locate, establish and construct the Jacobs Drain
TOTAL ESTIMATED COST: $4,887,235
AMOUNT TO BE ASSESSED: $4,887,235
PUBLIC
CORPORATIONS PERCENTAGES AMOUNT ASSESSED
Charter Township of West Bloomfield
County of Oakland, on account of
drainage to county highways
81.86% $4,000,691
18.14% 886 544
100.0000% $4,887,235
THE NUMBER AND AMOUNTS OF THE INSTALLMENTS, THE DUE DATES
OF THE INSTALLMENTS AND THE INTEREST ON THE UNPAID INSTALLMENTS
SHALL BE DETERMINED BY THE CHAIRPERSON OF THE DRAINAGE BOARD AT
THE TIME BONDS ARE SOLD.
The foregoing roll was approved by the We hereby certify that the foregoing
Drainage Board for the Jacobs Drain on special assessment roll was prepared in
October 18, 2005 accordance with the direction of the
Drainage Board for the Jacobs Drain
and the statutory provisions applicable
there
dirper§ of the Drainage Board
Member
Member
BLOOMFIELD 9007-344 722270v1
JACOBS DRAIN PROJECT #252-852
PRELIMINARY ESTIMATE OF COST (BOND SALE)
10/14/2005
CONTRACTED SERVICES - CONSTRUCTION: Budget
Construction Cost $ 700,000
CONTRACTED SERVICES - PROJECT DEVELOPMENT:
Engineering
Consulting Engineer $ 185,734
Material Testing 8,000
R.P.R. -
Environmental $ 10,000
Subtotal - Engineering & Construction $ 203,734
LEGAL & FINANCIAL
Legal/ Bond Counsel $ 36,000
Financial Consultant $ 20,000
Rating Agency Fees $ 20,000
Bond Prospectus $ 14,000
Printing , Publishing & Legal Notices $ 16,000
Bond Discount $ 140,000
Subtotal - Legal & Financial $ 246,000 •
COUNTY SERVICES - PROJECT MANAGEMENT:
Engineering $ 77,000
Administration $ 28,000
Right-of-Way $ 56,000
Land/Easement Acquisition $ 3,000,000
Appraisals (R.O.W.) $ 28,000
Construction Inspection $ 63,000
Surveying $ 36,000
MDEQ Permit 2,000
Soil Erosion Permit (W.Bloomfield Twp.) 2,000
Subtotal - County Services $ 3,292,000
Sub Total $ 4,441,734
Contingencies (10%) of Project Costs $ 445,501
TOTAL ESTIMATED PROJECT COST: $ 4,887,235
FEDERAL GRANT FUNDING ROUND V: $ 422,235
TOTAL REQUIRED PROJECT FUNDS (Rounded) $ 4,465,000
Prepared by: Sid Lockhart, P.E.
October 14, 2005
JACOBS DRAIN
Pebble Creek Tributary Regional Detention and Enhancement Project 9
Resolution #05274 November 10, 2005
The Chairperson referred the resolution to the Finance Committee. There were no objections.
FISCAL NOTE (M.R. #05274) December 8, 2005
BY: FINANCE COMMITTEE, CHUCK MOSS, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - JACOBS DRAINAGE DISTRICT DRAIN BONDS - 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 Resolution 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 Jacobs Drainage Districts Drain Bonds, Series 2005A.
2. The bond issue is not to exceed $3,000,000 and is to be
used for constructing the Jacobs Drain.
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 October 2, 2005, the
total pledged debt is $324,503,722 or approximately .44% of
the S.E.V.
5. The Public Corporations participating in the Jacobs Drain
construction includes the Charter Township of West
Bloomfield and Oakland County for drainage of county
highways.
6. The bond sale of $3,000,000 will be apportioned with
$2,455,800.00 or 81.86% apportioned to the Charter Township
of West Bloomfield and $544,200.00 or 18.14% apportioned to
Oakland County.
7. The Charter Township of West Bloomfield and Oakland County
will pay for the bonds through a Special Assessment Roll
for the Jacobs Drain.
8. Funding is available in the Non-Departmental Current Drain
Assessment account to cover Oakland County's apportionment
cost of the bond sale.
9. No budget amendment is required.
FINANCE COMMITTEE
FINANCE COMMITTEE
Motion carried unanimously on a roll call vote with Melton and Woodward
absent.
Resolution #05274 December 8, 2005
Moved by Gregory supported by Douglas the resolutions on the Consent Agenda, as amended, be
adopted (with accompanying reports being accepted).
AYES: Crawford, Douglas, Gershenson, Gregory, Hatchett, Jamian, KowaII, Long, Melton,
Molnar, Moss, Nash, Palmer, Patterson, Potter, Rogers, Scott, Suarez, Woodward, Zack, Bullard,
Coulter. (22)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions on the Consent Agenda, as amended, were
adopted (with accompanying reports being accepted).
I HEREBY APPROVE THE FOREGOING RESOLUTION
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 December 8, 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 8th day of December, 2005.
Ruth -Johnsbfi, County Clerk