HomeMy WebLinkAboutResolutions - 2006.02.02 - 28119January 19, 2006
MISCELLANEOUS RESOLUTION 106009
BY: PLANNING AND BUILDING COMMITTEE
CHARLES E. PALMER, CHAIRPERSON
IN RE: DRAIN COMMISSIONER —
FRANKLIN SUBWATERSHED DRAINAGE DISTRICT DRAIN BONDS —
FULL FAITH AND CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS:
Chairperson, Ladies and Gentlemen
WHEREAS, the Drainage Board for the Franklin Subwatershed, by resolution
adopted on December 13, 2005, authorized and provided for the issuance by the
Franklin Subwatershed Drainage District of its Drain Bonds, Series 2006 (the "Bonds")
in the aggregate principal amount of not to exceed $1,344,073 to defray part of the cost
of the Ten Hill Road and Wallbrook Court Project of the Franklin Subwatershed; 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 at the time of sale by the Oakland County Drain
Commissioner as Chairman of the Drainage Board for the Franklin Subwatershed; 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 Bonds (the
"Bonds"); and
WHEREAS, the Ten Hill Road and Wallbrook Court Project of the Franklin
Subwatershed 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 Bonds, and agrees that, in the event the Charter Township of
West 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.
NING AND BUILDING COMMITT
Planning & Building Committee Vote
Motion carried on unanimous roll call vote with Hatchett absent
6—)
Resolution #06009 January 19, 2006
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 nearly
final and final official statement for the Bonds, to cause the preparation of those portions
of the nearly final 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.
The Chairperson referred the resolution to the Finance Committee. There were no objections.
FISCAL NOTE (MISC. 106009) February 2, 2006
BY: FINANCE COMMITTEE, CHUCK MOSS, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - FRANKLIN SUBWATERSHED DRAINAGE DISTRICT
DRAIN BONDS - 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 Resolution 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 Franklin Subwatershed Drainage District Drain Bonds,
Series 2006.
2. The bond issue is not to exceed $1,344,073 and is to be
used for constructing the Ten Hill Road and Wallbrook Court
Project of the Franklin Subwatershed.
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 Oakland
County Drain Commissioner as Chairman of the Drainage Board
for the Franklin Subwatershed.
4. The statutory limit for County debt is $7,345,918,835 (10%
of State Equalized Value). As of December 31, 2005, the
total pledged debt is $340,410,000 or approximately .46% of
the S.E.V.
5. The Public Corporations participating in the Ten Hill Road
and Wallbrook Court Project of the Franklin Subwatershed
construction includes the Charter Township of West
Bloomfield and Oakland County for drainage of county
highways.
6. The bond sale of $1,344,073 will be apportioned with
$948,445.12 or 70.565% apportioned to the Charter Township
of West Bloomfield and $395,627.88 or 29.435% apportioned
to Oakland County.
7. The Charter Township of West Bloomfield and Oakland County
will pay for the bonds through a Special Assessment Roll
for the Franklin Subwatershed Ten Hill Road and Wallbrook
Court Project.
8. Funding is available in the Non-Departmental Current Drain
Assessment account to cover Oakland County's apportionment
cost of the bond sale.
9. No budget amendment is required.
FINANCE COMMITTEE
FINANCE COMMITTEE
Motion carried unanimously on a roll call vote with Palmer and Crawford absent.
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Resolution #06009 January 19, 2006
The Chairperson referred the resolution to the Finance Committee. There were no objections.
,11n•
Resolution #06009 February 2, 2006
Moved by Zack supported by Scott the resolutions on the Consent Agenda be adopted (with
accompanying reports being accepted).
AYES: Coleman, Coulter, Douglas, Gershenson, Gregory, Hatchett, Jamian, KowaII, Long,
Melton, Molnar, Nash, Patterson, Potter, Rogers, Scott, Suarez, Wilson, Woodward, Zack,
Bullard. (21)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions on the Consent Agenda were adopted (with
accompanying reports being accepted).
I HEREBY APPROVE THE FOIEGOING RESOLUTION
-277/ ot
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 February 2, 2006,
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 2nd day of February, 2006.
Ruth JohnsonliCounty Clerk