HomeMy WebLinkAboutResolutions - 2007.02.01 - 28409MISCELLANEOUS RESOLUTION #01015 February 1,2007
BY: GENERAL GOVERNMENT COMMITTEE, Christine Long, Chairperson
IN RE: ROAD COMMISSION FOR OAKLAND COUNTY BORROWING
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
CHAIRPERSON, LADIES AND GENTLEMEN:
WHEREAS, the Board of County Road Commissioners of the County of Oakland,
Michigan (the "Issuer") intends to authorize the issuance and sale of its five-year Michigan
Transportation Fund Notes, pursuant to Act 143, Public Acts of Michigan, 1943, as amended
("Act 143"), in an amount not to exceed Five Million Dollars ($5,000,000) (the "Notes") in
anticipation of, and for the payment which shall be pledged, future revenues derived from state
collected taxes returned to the County of Oakland (the "County") for County road purposes
pursuant to law, for the purpose of defraying part of the cost of improvement of County
highways and general County road purposes, all as more particularly described on Exhibit A, and
such other or different projects as the Issuer may identify at the time the Notes are authorized to
be issued; and
WHEREAS, pursuant to Section 1 of Act 143, the Oakland County Board of
Commissioners must approve issuance of the Notes by the Issuer before the Notes may be
authorized by the Issuer; and
WHEREAS, the Issuer, by resolution, has previously requested the authorization of the
Oakland County Board of Commissioners to issue the Notes.
NOW, THEREFORE BE IT RESOLVED THAT:
1. The Board of County Road Commissioners of the County of Oakland is authorized to
borrow and issue its Notes, in the principal amount of not to exceed $5,000,000, to provide funds
for the purposes described in the preamble to this resolution, all pursuant to Act 143. The interest
rate on the Notes shall not exceed the maximum rate of interest permitted by law at the time of
sale and there shall be pledged for the payment of such Notes future revenues derived from State
collected taxes returned to the County for County road purposes. The ,full faith and credit of the
County shall not be pledged ,for the payment of such Notes.
2. The County Treasurer is authorized to execute any and all agreements,
certificates and documents necessary to effectuate issuance of the Notes.
3. The County Treasurer is authorized and directed in each year to set aside in a
separate fund from the State collected taxes returned to the County for County road purposes
pursuant to law which have not been specifically allocated for other purposes an amount
sufficient for the payment of the principal of and interest on the Notes as the same become due.
4. The County Treasurer is authorized, to the extent authorized by law, to take all
actions within the County Treasurer's control necessary to maintain the exemption of the interest
on the Notes from general federal income taxation (as opposed to alternative minimum or other
indirect taxation) under the Internal Revenue Code of 1986, as amended, including but not
limited to, actions relating to the rebate of arbitrage earnings, if applicable, and the expenditure
and investment of Note proceeds and monies deemed to be Note proceeds.
5. All resolutions and parts of resolutions insofar as they conflict with the provisions
of this resolution be and the same hereby are rescinded.
Chairperson, on behalf of the General Government Committee, I move adoption of the
foregoing resolution.
GENERAL GOVERNMENT COMMITTEE
GENERAL GOVERNMENT COMMITTEE VOTE:
Motion carried unanimously on a roll call vote with Crawford and Nash absent.
Project Name Subdivision Name(*) Mileage Community
Completion of 2006 Projects:
EXHIBIT A
Proposed Road Improvement Program
(2006 Project Completion and 2007 Projects)
Bloomfield Meadows
Beardon
Fox Run Green I & II
Clarendon Crest
New Venice
Deerwood
TaMir
Manderson
2007 SAD Projects:
Cove
Clarkston Gardens
Thread Valley
Thist'midge
Lzkeway
Tryconnel
Sandy Lane
Westwood Village
Kestington II
Deer Lake Estates
Chestershire
Greenbrier
Bloomfield Meadows Sub.
Buckner Ames, Walton Farms
Fox Run Green No.4,5,6,7,8
Lone Pine Ridge
New Venice
Cranberry Lake, Deerwood, Deerwood No. 2
Braemer Estates
Twin Beach Country Club
North Cove
Clarkston Gardens
Groveland Valley Estates
Groveland Valley Estates
Groveland Valley Estates
Pine Lake Estates No. 3
Wing Lake Shores, VVingcroft
Westwood Village
Keatingbn, Kealington Shores, Keatington No. 2,3
Deer Lake estates, Deer Lake Pines
Potomac Village No. 2
Fox Run Green West
West Bloomfield
Orlon
West Bloomlield
Bloomfield
Highland
Independeme
Rose
West Bloomfield
SubTotal Construction Cost
West Bloomfield
Independence
Grove land
Groveland
Groveland
West Bloomfield
Bloomfield
West Bloomfield
Orlon
Independence
West Bloomfield
West Bloomfield
SubTotal Construction Cost
Engineering, Administration and
Contingency
Total Cost
$85,000
$25,000
$670,000
$10,000
$160,000
$350,000
$109,000
$63,000
$1,472,000
$240,000
$226,000
$96,000
$105,000
$12,000
$80,000
$30,000
$580,000
$810,000
$140,000
$150,000
$270,000
$2,739,000
$821,700
$5,032,700
0.88
0.29
1.7
0.48
1.7
1.48
0.51
0.19
0.58
1.43
0.38
0.34
0.04
0.27
0.08
2.18
1.92
0.52
0.35
0.64
Note: Ail streets within the Special Assessment Districts are County roads under the jurisdiction of the Board of
County Road Commissioners for Oakland County.
FISCAL NOTE (MISC. 107015) February 1, 2007
BY: FINANCE COMMITTEE, MIKE ROGERS, CHAIRPERSON
IN RE: ROAD COMMISSION FOR OAKLAND COUNTY BORROWING
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 Board of County Road Commissioners of the County of Oakland,
Michigan intends to authorize the issuance and sale of its
Michigan Transportation Fund Notes, pursuant to Act 143, Public
Acts of Michigan 1943, as amended, in the amount not to exceed
$5,000,000.
2. The issuance and sale of Notes is in anticipation of, and for the
payment which shall be pledged, future revenues derived from
state collected taxes returned to the County of Oakland for
County road purposes.
3. The revenues will be used for the purposes of defraying part of
the cost of construction and improvement of certain local roads
in the County on a special assessment basis.
4. The full faith and credit of the County is not being pledged and
approval of the resolution does not pose any fiscal obligation to
the County.
FINANCE COMMITTEE
FINANCE COMMITTEE
Motion carried unanimously on a roll call vote with Crawford
absent.
Resolution #07015 February 1,2007
Moved by Gregory supported by Long the resolutions (with fiscal notes attached) on the Consent Agenda,
be adopted (with accompanying reports being accepted).
AYES: Burns, Coulter, Crawford, Douglas, Gershenson, Gingen, Gosselin, Gregory, Greimel,
Hatchett, Jacobsen. KowaII, Long, Middleton, Nash, Potter, Potts, Rogers, Scott, Spector,
Suarez, Woodward, Zack, Bullard. (24)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions (with fiscal notes attached) on the Consent
Agenda, were adopted (with accompanying reports being accepted).
Y APPROVE THE MEWING 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 February 1, 2007,
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 February, 2007.
RitF ä ounty Clerk