HomeMy WebLinkAboutResolutions - 2005.09.01 - 27991August 18, 2005
MISCELLANEOUS RESOLUTION #05162
By: Planning and Building Committee, Charles E. Palmer, Chairperson
IN RE: DRAIN COMMISSIONER — TRIBUTE 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 Tribute Drainage District was established and the cost of the construction,
operation and maintenance of the Tribute Drain ("Drain") was apportioned against the City of
Wixom, and the County of Oakland (herein, the "Public Corporations"); and,
WHEREAS, there exists a public health necessity to plan, design and construct the
Tribute Drain; and
WHEREAS, it is proposed that the cost of the improvements with respect to the Drain be
financed in part by the issuance of bonds;
WHEREAS the Drainage Board for the Tribute Drain (the "Drainage Board"), by
resolution adopted on July 19, 2005, authorized and provided for the issuance by the Tribute
Drainage District of its Drain Bonds, Series 2005 (the "Bonds"), in the aggregate principal
amount of not to exceed $3,000,000; 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 Public Corporations.
Planning & Building Committee Vote:
Motion carried unanimously on a roll call vote with Woodward absent
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
2. agrees that, in the event the City of Wixom 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.
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.
CANNING AND BUILDING COMMITTEE
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FISCAL NOTE (M.R. #05162) September 1, 2005
BY: FINANCE COMMITTEE, CHUCK MOSS, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - TRIBUTE 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 Tribute Drainage District 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 Tribute Drainage District
Drain Bonds, Series 2005.
2. The bond issue is not to exceed $3,000,000 and is to be
used to plan, design and construct the Tribute 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 July 31, 2005, the total
pledged debt is $326,177,351 or approximately .44% of the
S.E.V.
5. The Public Corporations participating in the Tribute Drain
construction includes the City of Wixom and Oakland County
for drainage of county highways.
6. The estimated project cost is $3,000,000 with $2,832,600 or
94.42% apportioned to the City of Wixom, $167,400 or 5.58%
apportioned to Oakland County.
7. The City of Wixom and Oakland County will pay for the bonds
through a Special Assessment Roll for the Tribute Drain.
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
e
FINANCE COMMITTEE:
Motion carried unanimously on a roll call vote.
Resolution #05162 August 18, 2005
The Chairperson referred the resolution to the Finance Committee. There were no objections.
I ::Y APPROVE TIE *MIX RERUN
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Resolution #05162 September 1, 2005
Moved by Nash supported by Long the resolutions on the Consent Agenda be adopted (with
accompanying reports being accepted).
AYES: Coleman, C oulter, C rawford, Douglas, G ershenson, G regory, Hatchett, Jamian, Kowall,
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).
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.
Ruth Johnstfn, County Clerk