HomeMy WebLinkAboutResolutions - 2005.06.30 - 27879June 16, 2005
MISCELLANEOUS RESOLUTION #05115
By: Planning and Building Committee, Charles E. Palmer, Chairperson
IN RE: DRAIN COMMISSIONER — REWOLD 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 Rewold Drainage District was established and the cost of the construction,
operation and maintenance of the Rewold Drain ("Drain") was apportioned against the City of
Rochester Hills, the County of Oakland and the State of Michigan (herein, the "Public
Corporations"); and,
WHEREAS, there exists a public health necessity to plan, design and construct the
Rewold Drain; and
WHEREAS, it is proposed that the cost of the improvements with respect to Phase II of
the Drain be financed in part by the issuance of bonds;
WHEREAS the Drainage Board for the Rewold Drain (the "Drainage Board"), by
resolution adopted on May 17, 2005, authorized and provided for the issuance by the Rewold
Drainage District of its Drain Bonds, Phase II Drain Improvements, Series 2005 (the "Bonds"),
in the aggregate principal amount of not to exceed $3,340,000: 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 City of Rochester Hills. the County and the State of
Michigan.
Planning & Building Committee Vote:
Motion carried on a unanimous roll call vote
ANNING AND BUILDING COMMITTEE
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 City of Rochester Hills, the County or the State of Michigan 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 and Building Committee, I move adoption of
the foregoing resolution.
John P.
—
011ach, Chairperson
By:
FINAL ORDER OF APPORTIONMENT
IN RE
REWOLD DRAIN
In accordance with a resolution adopted by the Drainage Board for the
Rewold Drain on the 22nd day of February, 2005, the apportionments of the cost
of the Rewold Drain to be borne by the several public corporations are as follows:
City of Rochester Hills
County of Oakland, on account of
drainage to county highways
State of Michigan, on account of drainage
to state highways
96.81%
1.79%
1.40%
DRAINAGE BOARD FOR THE
REWOLD DRAIN
Dated and Filed: February 22, 2005
BLOOMFIELD 9007=174 6/2462v•
REWOLD DRAIN - PHASE II
ESTIMATE OF PROJECT COST
May 5, 2005
CONTRACTED SERVICES - CONSTRUCTION:
Construction Cost (Based upon Bids) $ 2,046,138
CONTRACTED SERVICES - PROJECT DEVELOPMENT:
Engineering
Consulting Engineer $ 271,825
Construction Materials Testing $ 25.000
Environmental $ 10,725
Subtotal - Engineering & Construction $ 307,550
LEGAL & FINANCIAL
Legal Counsel $ 16,680
Financial Consultant $ 13,270
Bond Printing Expense 710
Official Statement Expense $ 7,000
Bond Rating Expense $ 17,000
Publishing Legal Notices $ 2,457
Bond Discount (1 1/2%) $ 66,900
Subtotal - Legal & Financial $ 124,017
COUNTY SERVICES - PROJECT MANAGEMENT:
Engineering $ 112,500
Administration $ 32,500
Right-of-Way (including Legal) $ 304,000
Construction Inspection $ 163,700
Surveying $ 43,495
MDEQ Permit $ 1,500
Subtotal - County Services $ 657,695
Contingencies (10%) of Construction Costs
$ 3,135,400
$ 204,600
Sub Total
TOTAL ESTIMATED PROJECT COST: $ 3,340,000
Prepared by: Michael R. McMahon, RE.
tog
Resolution #05115 June 16, 2005
The Chairperson referred the resolution to the Finance Committee. There were no objections.
FISCAL NOTE (M.R. #05115) June 30, 2005
BY: FINANCE COMMITTEE, CHUCK MOSS, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - REWOLD 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 Rewold Drain 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 Rewold Drain Bonds, Phase II Drain
Improvements, Series 2005.
2, The bond issue is not to exceed $3,340,000 and is to be
used for acquiring and constructing the Rewold Drain Phase
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 $7,029,699,664 (10%
of State Equalized Value). As of May 28, 2005, the total
pledged debt is $325,492,351 or approximately .46% of the
S.E.V.
5. The Public Corporations participating in the Rewold Drain
project includes the City of Rochester Hills, Oakland
County for drainage of county highways and the State of
Michigan for drainage of state highways.
6. The estimated project cost is $3,340,000 with $3,233,454 or
96.81% apportioned to the City of Rochester Hills, $46,760
or 1.40% apportioned to the State of Michigan and $59,786
or 1.79% apportioned to Oakland County.
7. The project cost to the City of Rochester Hills will be
part of a bond sale to be paid for through a Special
Assessment Roll for the Rewold Drain.
8. The State of Michigan and Oakland County will pay their
cost up front to opt out of the bond sale and avoid annual
bond interest payments.
9. Funding is available in the Fiscal Year 2005 Non
Departmental Current Drain Assessment account to cover
Oakland County's apportionment cost of the project.
10. No budget amendment is required.
FINANCE COMMITTEE
Oftr-u-sa
FINANCE COMMITTEE
Motion carried unanimously on a roll call vote with Long absent.
7/i /0 s -
Resolution #05115 June 30, 2005
Moved by Gershenson supported by Palmer the resolutions on the Consent Agenda, be adopted (with
accompanying reports being accepted).
AYES: Coulter, Crawford, Douglas, Gershenson, Gregory, Hatchett, Jamian, KowaII, Long,
Melton, Middleton, Molnar. Moss, Nash, Palmer, Patterson, Rogers, Scott, Suarez, Wilson,
Woodward, Zack, Bullard. (23)
NAYS: None. (0)
A sufficient majority having voted therefore, the resolutions on the Consent Agenda were adopted (with
accompanying reports being accepted).
I liRSY APPROVE_Tit FOREGOING RESETLIN
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 June 30, 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 30th day of June, 2005,
County - Ruth Jonnson, Liounty Clerk
qe4t__