HomeMy WebLinkAboutResolutions - 2005.09.01 - 27990August 18, 2005
MISCELLANEOUS RESOLUTION 105161
BY: PLANNING AND BUILDING COMMITTEE
CHARLES E. PALMER, CHAIRPERSON
IN RE: DRAIN COMMISSIONER —
GEORGE W. KUHN DRAINAGE DISTRICT DRAIN BONDS —
FULL FAITH AND CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS:
Mr. Chairperson, Ladies and Gentlemen
WHEREAS, the Drainage Board for the George W. Kuhn Drain, by resolution adopted
on July 19, 2005, authorized and provided for the issuance by the George W. Kuhn Drainage
District of its Drain Bonds, Series 2005F in the aggregate principal amount of not to exceed
$2,000,000 to defray part of the cost of the George W. Kuhn Drain; and
WHEREAS, the Drain Bonds, Series 2005F will not exceed in the aggregate $2,000,000,
will be dated as of such date, will bear interest at such rates not to exceed 8% 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 Oakland County Drain
Commissioner as Chairperson of the Drainage Board for the George W. Kuhn Drainage District;
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 Drain Bonds, Series 2005F (the "Bonds"); and
WHEREAS, the George W. Kuhn 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 Drain
Bonds, Series 2005F not to exceed in the aggregate $2,000,000, and agrees that, in the event the
Planning & Building Committee Vote:
Motion carried unanimously on a roll call vote with Woodward absent
Public Corporations Assessed for the cost of the George W. Kuhn Drain 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, is authorized to file with the Department of Treasury of the State of Michigan on
behalf of the County an Application for the 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.
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FISCAL NOTE (M.R. #05161) September 1, 2005
BY: FINANCE COMMITTEE, CHUCK MOSS, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - GEORGE W. KUHN DRAINAGE DISTRICT DRAIN BONDS -
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 George W. Kuhn 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 George W. Kuhn Drainage District Drain Bonds,
Series 2005F.
2. The bond issue is not to exceed $2,000,000 and is to be used for
constructing the George W. Kuhn Drain, Segment 4.
3. The Bonds shall bear an interest rate not to exceed IA 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 (101; of
State Equalized Value). As of July 31, 2005, the total pledged
debt is $326,177,351 or approximately .44% of the S.E.V.
5. The estimated project cost of $2,000,000 will be apportioned to
the following Public Corporations as follows with $123,194 or
6.1597% to the City of Berkley, $92,708 or 4.6354% to City of
Birmingham, $112,498 or 5.6249% to City of Clawson, $195,310 or
9.7655% to City of Ferndale, $42,814 or 2.1407% to City of Hazel
Park, $61,266 or 3.0633% to City of Huntington Woods, $205,840 or
10.2920% to City of Madison Height, $256,322 or 12.8161% to City
of Oak Park, $25,420 or 1.2710% to City of Pleasant Ridge,
$566,314 or 28.3157% to City of Royal Oak, $146,468 or 7.3234% to
City of Southfield, $50,038 or 2.5019%. to City of Troy, $31,522
or 1.5761% to Township of Royal Oak, $15,888 or .7944% to Village
of Beverly Hills, $30,530 or 1.5265% to Oakland County for County
Roads and $43,868 or 2.1934% to State of Michigan for drainage of
state highways.
6. The Public Corporations will pay for the bonds through a Special
Assessment Roll for the George W. Kuhn Drain.
7. Oakland County will pay their cost up front to opt out of the
bond sale and avoid annual bond interest payments.
8. Funding is available in the Non-Departmental Current Drain
Assessment account to cover Oakland County's apportionment cost
of the project.
9. No budget amendment is required.
FINANCE COMMITTEE
(I-1-Z CA ,4r f/
FINANCE COMMITTEE:
Motion carried unanimously on a roll call vote.
Resolution 05161 August 18, 2005
The Chairperson referred the resolution to the Finance Committee. There were no objections.
Resolution #05161 September 1,2005
Moved by Nash supported by Long 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, Rogers, Scott, Suarez, Wilson,
Woodward, Zack, Bullard. (24)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions on the Consent Agenda, were adopted (with
accompanying reports being accepted).
::Y APPROVE TIE RIEG(N REsaunati
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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 September 1, 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 1st day of September, 2005.
1772...67
Ruth Johnson, County Clerk