HomeMy WebLinkAboutResolutions - 2007.03.08 - 28472h17026 MISCELLANEOUS RESOLUTION March 8, 2007
BY: FINANCE COMMITTEE, Mike Rogers, Chairperson
In Re: RESOLUTION TO INITIATE ACTION TO REDEEM ALL OF THE
OUTSTANDING CALLABLE COUNTY OF OAKLAND, MICHIGAN OAKLAND
COUNTY CITY OF ORCHARD LAKE WATER AND SEWER BONDS PRIOR TO
MATURITY
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS, the City of Orchard Lake, Michigan (the "City") has
previously requested that the County of Oakland, Michigan (the
"County"), acting through its Board of Commissioners, to finance the
acquisition and construction of the City of Orchard Lake Water and
Sewer Bonds to service the City in the following amounts:
Oakland County Water Supply
(LTGO) Bonds (City of
Orchard Lake Village System)
Series 1994-B
dated March 1, 1994
for that purpose; and
$ 255,000
WHEREAS, the City has requested that the County redeem all of
such callable outstanding bonds with maturities and interest rates as
set forth in EXHIBIT A, which as of the date hereof, remain
outstanding in the principal amount of $255,000 (such bonds referred
to as the "Bonds to be Redeemed"); and
WHEREAS, it appears to this Board that the redemption of said
bonds is advisable to save further interest costs; and
WHEREAS, the Board of Commissioners of the County must approve
such redemption;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE COUNTY OF OAKLAND, MICHIGAN as follows:
1. The Board of Commissioners of the County hereby confirms
the request of the City to call the Bonds to be Redeemed, pursuant to
the Resolution To Initiate Action to Redeem the Oakland County and
City of Orchard Lake Water and Sewer Debt Prior to Maturity, adopted
by the City Council on November 20, 2006, and recommends that the
Board of Commissioners approve the necessary resolution which is
attached as APPENDIX A.
2. The Chairman of the Board of Commissioners and bond
counsel, Axe & Ecklund, P.C., are instructed to take whatever steps
are necessary to call the Bonds to be Redeemed.
3. All resolutions and parts of resolution, insofar as the
same may be in conflict herewith, are hereby rescinded.
Chairperson, on behalf of the Finance Committee, I move the
adoption of the foregoing resolution.
FINANCE COMMITTEE
FINANCE COMMITTEE
Motion carried unanimously on a roll call vote with Zack absent.
EXHIBIT A
DEBT SERVICE SCHEDULE OF OUTSTANDING BONDS TO BE REDEEMED
Redemption Date: May 1, 2007
PRINCIPAL ANNUAL
YEAR DUE MAY 1 RATE PREMIUM (0.0) TOTAL
2007 30,000 5.80% 0.00 30,000.00
2008 30,000 5.90% 0.00 30,000.00
2009 35,000 6.00% 0.00 35,000.00
2010 35,000 6.00% 0.00 35,000.00
2011 40,000 6.10% 0.00 40,000.00
2012 40,000 6.10% 0.00 40,000.00
2013 45,000 6.10% 0.00 45,000.00
TOTAL $ 255,000 $0.00 $ 255,000.00
Total interest savings if bonds redeemed on 05/01/2007 is $58,367.50
Prior Redemption: Bonds maturing on or after November 1, 2003,
shall be subject to redemption prior to maturity, at the option of
the County, in any order, on any one or more interest payment dates
on and after November 1, 2002, at par and accrued interest to the
date fixed for redemption, plus a premium as follows:
1.0% of the par value if called for redemption on or after
November 1, 2002, but prior to November 1, 2004;
0.5% of the par value if called for redemption on or after
November 1, 2004;
No premium if called for redemption on or after November 1,
2006.
dmh.RD-OAK180(DW)
EXHIBIT B
NOTICE OF REDEMPTION
$500,000
OAKLAND COUNTY - WATER SUPPLY (LTGO) BONDS
(CITY OF ORCHARD LAKE VILLAGE SYSTEM) SERIES 1994-B
Dated as of March 1, 1994
DUE MAY 1, 2007
NOTICE IS HEREBY GIVEN that the County of Oakland, State of Michigan has called for
redemption, on May 1, 2007. (the "Redemption Date"), all of the callable outstanding Oakland County
Water Supply Bonds (City of Orchard Lake Village System) Series 1994-B (the "Bonds"), pursuant to
the redemption provisions contained in the Bonds, bearing the original issue date of March 1, 1994,
maturing in the principal amounts, on the dates, bearing interest at the rates, with the "CUSIP" numbers,
as follows:
Principal Rate CUSIPS* Due
$ 30,000 706/0 672410Z83 November 1, 2007
30,000 5.90% 672410Z91 November 1, 2008
35,000 6.00% 6724102A4 November 1, 2009
35,000 6.00% 6724102B2 November 1, 2010
40,000 6.10% 6724102C0 November 1,2011
40,000 6.10% 6724102D8 November 1,2012
45,000 6.10% 6724102E6 November 1,2013
Said Bonds will be redeemed at 100.00% of the par value thereof.
Said Bonds should be surrendered for redemption to LaSalle Bank National Association (f/k/a
Standard Federal, a division of LaSalle Bank National Association), Troy, Michigan, as paying agent, for
payment as of May 1, 2007, after which date all interest on said Bonds shall cease to accrue, whether said
Bonds are presented for payment or not.
Bonds may be surrendered for payment as indicated below. The method of delivery is at the
option of the holder, but if by mail, registered mail is suggested.
If by U.S Mail or Otherwise:
LaSalle Bank National Association
f/k/a/ Standard Federal — Corporate & Institutional Trust,
A division of LaSalle Bank National Association
Corporate Trust Department
2600 West Big Beaver Road
Troy, Michigan 48084
Under the provisions of the Interest and Dividend Tax Compliance Act of 1983 and the
Comprehensive National Energy Policy Act of 1992, paying agents making payments of principal on
municipal securities may be obligated to withhold a 31% tax from remittances to individuals who have
failed to furnish the paying agent with a certified and valid Taxpayer Identification Number on a fully
completed Form W-9. Holders of the above described Bonds, who wish to avoid the application of these
provisions, should submit certified Taxpayer Identification Numbers on I.R.S. -Form W-9 when
presenting their securities for redemption.
OAKLAND COUNTY
Patrick M. Dohany, County Treasurer
* No representation is made as to the correctness of the CUSIP numbers either as printed on the
Bonds or as contained herein and reliance may be placed only on the identification numbers.
dmh.RD-OAK I 80(dw)
Resolution #07026 March 8, 2007
Moved by Rogers supported by Gershenson the resolutions (with fiscal notes attached) on the Consent
Agenda be adopted (with accompanying reports being accepted).
AYES: Burns, Coleman, Coulter, Crawford, Douglas, Gershenson, Gingell, Gosselin, Gregory,
Greimel, Hatchett, Jacobsen, KowaII, Long, Middleton, Nash, Potter, Potts, Rogers, Scott,
Spector, Suarez, Woodward, Zack, Bullard. (25)
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).
I HEREBY APPROVE THE FOREGOING RESOLUTION ACTING PURSUANT TO 1973 PA 1$c
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 8, 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 8th day of Marcn, 2007.
RuthtitAkkg, County Clerk