HomeMy WebLinkAboutResolutions - 2005.03.10 - 27898February 17, 2005
MISCELLANEOUS RESOLUTION #05030
BY: PLANNING AND BUILDING COMMITTEE, Charles Palmer,
Chairperson
IN RE: DRAIN COMMISSIONER - FRANKLIN SUBWATERSHED DRAIN
NOTE, 2005 - FULL FAITH AND CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS, the Franklin Subwatershed Drainage District
(the "Drainage District") pursuant to Section 434 of the
Drain Code of 1956, as amended, may borrow money and issue
a drain . note or notes in anticipation of the sale of
property owned by the Drainage District; and
WHEREAS, the Drainage Board for the Franklin
Subwatershed (the "Drain"), by resolution adopted on
January 18, 2005, authorized and provided for the issuance
by the Drainage District of its drain note designated as
Franklin Subwatershed Drain Note, 2005 (the "Note") in the
aggregate principal amount of not to exceed $735,000 which
will mature on March 1, 2008; and
WHEREAS, the Note will be dated as of such date, will
bear interest at such rate or rates not to exceed 4% per
annum payable at maturity, will be in the aggregate
principal amount, will mature in such year or years and
principal amount or amounts, and will be subject to
redemption prior to maturity as shall be determined by the
Chairperson of the Drainage District at the time of award;
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 Note; and
WHEREAS, it is in the best interest of the County that
the Note be sold in order to purchase a piece of property
located within the Drainage District for the purpose of
correcting drainage problems.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
COMMISSIONERS OF THE COUNTY OF OAKLAND, MICHIGAN, as
follows:
I. Pursuant to the authorization provided in Section
276 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 Note and agrees
that, in the event the Drainage District shall fail or
neglect to account to the County Treasurer of the County
for the amount of any principal and/or interest payment
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 a principal payment 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 :ssue the Note with respect to the
Note.
4. 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
Note.
Chairperson, on behalf of the Planning & Building
Committee., I move the adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
Planning & Building Committee Vote:
Motion carried on unanimous roll call vote with Palmer &
Middleton absent
FISCAL NOTE (M.R. #05030) March 10, 2005
BY: FINANCE COMMITTEE, CHUCK MOSS, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - FRANKLIN SUBWATERSHED DRAIN NOTE, 2005 -
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 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 the principal and interest on a drain note designated as
the Franklin Subwatershed Drain Note, 2005.
2. The proceeds from this note are not to exceed $735,000 to
pay for the purchase of property located within this
Drainage District to faCTITEi-t-e—a.--Ploject that will correct
drain problems.
3. The Note will mature on March 1, 2008 with an interest rate
not to exceed 4% per annum payable at maturity, will be in
the aggregate principal amount necessary to cover the cost
of the property, and will be callable prior to maturity as
determined necessary by the Chairperson of the Drainage
District at the time of issue.
4. The statutory limit for County debt is $7,029,699,664 (10%
of State Equalized Value). As of January 31, 2005, the
total pledged debt is $336,133,319 or approximately 0.48 96
of the S.E.V.
5. The municipalities participating in the project include
West Bloomfield and Oakland County for the roads.
6. When the project is completed the property will be sold to
satisfy the drain note.
7. There are no General Fund fiscal implications with this
item and no budget amendment is required.
FINANCE COMMITTEE
Cv(--() FT-
FINANCE COMMITTEE
Motion carried unanimously on a roll call vote.
Resolution #05030 February 17, 2005
The Chairperson referred the resolution to the Finance Committee. There were no objections.
Ruth Johnseti, County Clerk
Resolution #05030 March 10, 2005
Moved by Palmer supported by Gershenson the resolution be adopted.
AYES: KowaII, Long, Melton, Middleton, Molnar, Moss, Nash, Palmer, Patterson, Potter, Rogers,
Scott, Suarez, Wilson, Woodward, Zack, Bullard, Coleman, Coulter, Crawford, Gershenson,
Gregory, Hatchett. (23)
NAYS: Douglas. (1)
A sufficient majority having voted therefore, the resolution was adopted.
"WM
I HEREBY AIM TIE FOOS 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 March 10, 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 10th day of March, 2005.
r/o