HomeMy WebLinkAboutResolutions - 2005.03.23 - 27915MISCELLANEOUS RESOLUTION #05054 March 24, 2005
By: Finance Committee, Chuck Moss, Chairperson
IN RE: TREASURER / DRAIN COMMISSIONER — ROBERT A. REID DRAINAGE
DISTRICT REFUND NG BONDS - FULL FAITH AND CREDIT
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen
WHEREAS th;, Robert A. Reid Drainage District previously has issued its Drain Bonds,
dated May 1, 1997 (th:. "Drain Bonds") in the principal amount of $5,555,000, and this Board of
Commissioners, by Resolution No. 97064 adopted on April 10, 1997, pledged the full faith and
credit of the County of Oakland (the "County") for the prompt payment of the principal of and
interest on the Drain Bonds; and
WHEREAS the Drainage Board for the Robert A. Reid Drain (the "Drainage Board"), by
resolution adopted on February 22, 2005, authorized and provided for the issuance by the Robert
A. Reid Drainage District of its Refunding Bonds, Series 2005 (the "Refunding Bonds"), in the
aggregate principal amount of not to exceed $4,000,000 to refund all or a portion of the Drain
Bonds maturing in the years 2006 through 2017; and
WHEREAS, the Refunding 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 an resolution pledging the full faith and credit of the County for the payment of the
principal of and interest on the Refunding Bonds; and
WHEREAS it is in the best interest of the County that the Refunding Bonds be sold in
order to achieve debt service savings for the Charter Township of Bloomfield and the County.
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 Refunding
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.
FINANCE COMMITTEE
Motion carried unanimously on a roll call vote with Melton absent.
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 Refunding 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. 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 Finance Committee, I move adoption of the foregoing
resolution.
( (I( /( (
FINANCE COMMITTEE
Resolution #05054 March 24, 2005
Moved by Moss supported by Gregory the resolutions on the Consent Agenda, be adopted (with
accompanying reports being accepted).
AYES: Coulter, Crawford, Douglas, Gershenson, Gregory, Hatchett, Jamian, KowaII, Melton,
Middleton, Molnar, Moss, Nash, Palmer, Patterson, Potter, 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).
0111..
I HEREBY APPROVE THE FOREGO/4 RESOWTOI
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 24, 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 24th day of March, 2005.
Ruth Johnson, County Clerk