HomeMy WebLinkAboutResolutions - 2021.02.18 - 34160MISCELLANEOUS RESOLUTION #21042 February 18, 2021
BY: Commissioner William Miller, Chairperson, Economic Development and Infrastructure Committee
IN RE: WATER RESOURCES COMMISSIONER —RESOLUTION TO AUTHORIZE OAKLAND
COUNTY FARMINGTON HILLS WATER SUPPLY SYSTEM REFUNDING BONDS, SERIES 2021
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS pursuant to the provisions of Act No. 342, Public Acts of Michigan, 1939, as amended ("Act
342"), the County of Oakland (the "County") has issued its Oakland County Farmington Hills Water
Supply System Bonds, Series 2012, dated August 1, 2012 (the "Series 2012 Bonds"), in the original
principal amount of $6,800,000 and its Oakland County Farmington Hills Water Supply System
Improvements Bonds, Series 2014, dated September 1, 2014 (the "Series 2014 Bonds" and together with
the Series 2012 Bonds, the "Prior Bonds"), in the original principal amount of $8,800,000. The Prior
Bonds were issued to defray the part of the cost of acquiring and constructing water supply facilities
pursuant to the Oakland County Farmington Hills 2012 Water Supply System Improvements Contract,
dated May 1, 2012, between the City of Farmington Hills (the "Municipality") and the County (said contract
hereinafter referred to as the "Contract"); and
WHEREAS the Series 2012 Bonds remain outstanding in the aggregate principal amount of $4,555,000,
mature in various principal amounts on October 1 in the years 2021 through 2034 and bear interest at
rates per annum that vary from 2.00% to 3.125%; and
WHEREAS the Series 2014 Bonds remain outstanding in the aggregate principal amount of $6,725,000,
mature in various principal amounts on October 1 in the years 2021 through 2032 and bear interest at
rates per annum that vary from 2.00% to 3,00%; and
WHEREAS Act No. 34, Public Acts of Michigan, 2001, as amended ("Act 34") authorizes the County to
refund all or any part of the outstanding Prior Bonds; and
WHEREAS the County received a request from the Municipality to refund all or part of the outstanding
Prior Bonds and to pay the costs of issuing the refunding bonds, and the governing body of the
Municipality has adopted a resolution making such request and agreeing to continue to make payments
to the County in accordance with the Contract in amounts sufficient to pay its share of the principal of and
interest on the Refunding Bonds (defined below) and any of the Prior Bonds that are not refunded and all
paying agency fees and other expenses and charges (including the County Agency's administrative
expenses) that are payable on account of the Refunding Bonds and those Prior Bonds that are not
refunded; and
WHEREAS, it is in the best interests of the County and the Municipality that the Prior Bonds be refunded
to achieve initially -estimated debt service savings of approximately $875,000, or such other amount
satisfying the requirements of the County's Debt Management Policy dated as of January, 2004.
NOW THEREFORE BE IT RESOLVED
1. AUTHORIZATION OF BONDS —PURPOSE. Bonds of the County (the "Refunding Bonds")
aggregating the principal sum of not to exceed Eleven Million Three Hundred Twenty -Five
Thousand Dollars ($11,325,000) shall be issued and sold in one or more series pursuant to the
provisions of Act 34, and other applicable statutory provisions, for the purpose of refunding all or
part of the outstanding Prior Bonds.
2. BOND DETAILS. The Refunding Bonds shall be designated "Oakland County Farmington Hills
Water Supply System Refunding Bonds, Series 2021," or as otherwise designated by the
Oakland County Water Resources Commissioner, acting as County Agency for the County under
Act 342 (the "County Agency"), at the time of sale of the Bonds; shall be in the principal amount
and shall be dated as of such date as shall be determined by the County Agency at the time of
sale; shall be numbered from 1 upwards; shall be fully registered; shall be in the denomination of
$5,000 each or any integral multiple thereof not exceeding the aggregate principal amount for
each maturity at the option of the purchaser thereof; shall bear interest at a rate or rates not
exceeding 5% per annum to be determined by the County Agency upon the sale thereof payable
on such dates as shall be determined by the County Agency at the time of sale; and shall mature
on such dates and in such amounts as shall be determined by the County Agency at the time of
sale. If requested by the original purchaser of the bonds and determined by the County Agency,
the bonds may be issued in the form of a single bond with an exhibit containing the principal
maturity amounts and applicable interest rates and due dates.
3. PAYMENT OF PRINCIPAL AND INTEREST. The principal of and interest on the Refunding
Bonds shall be payable in lawful money of the United States. Principal shall be payable upon
presentation and surrender of the bonds to the bond registrar and paying agent as they severally
mature. Interest shall be paid to the registered owner of each bond as shown on the registration
books at the close of business on the fifteenth day of the calendar month preceding the month in
which the interest payment is due. Interest shall be paid when due by check or draft drawn upon
and mailed by the bond registrar and paying agent to the registered owner at the registered
address.
4. BOOK -ENTRY SYSTEM. Initially, one fully -registered bond for each maturity, in the aggregate
amount of such maturity, shall be issued in the name of Cede & Co., as nominee of The
Depository Trust Company ("DTC) for the benefit of other parties (the 'Participants") in the book -
entry -only transfer system of OTC. In the event the County determines that it is in the best
interest of the County not to continue the book -entry system of transfer or that the interests of the
holders of the Refunding Bonds might be adversely affected if the book -entry system of transfer is
continued, the County may notify DTC and the bond registrar and paying agent, whereupon DTC
will notify the Participants of the availability through DTC of bond certificates. In such event, the
bond registrar and paying agent shall deliver, transfer and exchange bond certificates as
requested by DTC and any Participant or 'beneficial owner" in appropriate amounts in
accordance with this Resolution. DTC may determine to discontinue providing its services with
respect to the Refunding Bonds at any time by giving notice to the County and the bond registrar
and paying agent and discharging its responsibilities with respect thereto under applicable law or
the County may determine that DTC is incapable of discharging its duties and may so advise
DTC. In either such event, the County shall use reasonable efforts to locate another securities
depository. Under such circumstances (if there is no successor securities depository), the County
and the bond registrar and paying agent shall be obligated to deliver bond certificates in
accordance with the procedures established by this Resolution. In the event bond certificates are
issued, the provisions of this Resolution shall apply to, among other things, the transfer and
exchange of such certificates and the method of payment of principal of and interest on such
certificates. Whenever DTC requests the County and the bond registrar and paying agent to do
so, the County and the bond registrar and paying agent shall cooperate with DTC in taking
appropriate action after reasonable notice to make available one or more separate certificates
evidencing the Refunding Bonds to any Participant having Refunding Bonds certified to its DTC
account or to arrange for another securities depository to maintain custody of certificates
evidencing the Refunding Bonds.
Notwithstanding any other provision of this Resolution to the contrary, so long as any Refunding
Bond is registered in the name of Cede & Co., as nominee of DTC, all payments with respect to
the principal of, interest on and redemption premium, if any, on such Refunding Bonds and all
notices with respect to the Refunding Bonds shall be made and given, respectively, to DTC as
provided in the Blanket Issuer Letter of Representations between the County and DTC. The
County Agency or the County Treasurer is authorized to sign the Blanket Issuer Letter of
Representations on behalf of the County, in such form as the County Agency or the County
Treasurer deems necessary or appropriate, in order to accomplish the issuance of the Refunding
Bonds in accordance with law and this Resolution.
Notwithstanding any provision of this section to the contrary, if the County Treasurer deems it to
be in the best interest of the County, the Refunding Bonds shall not initially be issued through the
book -entry -only transfer system of DTC.
5. PRIOR REDEMPTION. The bonds may be subject to optional and/or mandatory redemption
prior to maturity upon such terms and conditions as shall be determined by the County Agency.
6. BOND REGISTRAR AND PAYING AGENT. The County Treasurer shall designate, and may
enter into an agreement with, a bond registrar and paying agent for the Refunding Bonds which
shall be a bank or trust company located in the State of Michigan which is qualified to act in such
capacity under the laws of the United States of America or the State of Michigan. The County
Treasurer from time to time as required may designate a similarly qualified successor bond
registrar and paying agent. Notwithstanding any provision of this section to the contrary, if the
County Agency deems it to be in the best interest of the County, the County Treasurer shall serve
as bond registrar and paying agent for the Refunding Bonds.
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7. EXECUTION. AUTHENTICATION AND DELIVERY OF REFUNDING BONDS. The Refunding
Bonds shall be executed in the name of the County by the facsimile signatures of the Chairperson
of the Board of Commissioners and the County Clerk and authenticated by the manual signature
of an authorized representative of the bond registrar and paying agent, and the seal of the County
(or a facsimile thereof) shall be impressed or imprinted on the Refunding Bonds. After the
Refunding Bonds have been executed and authenticated, they shall be delivered by the County
Treasurer to the purchaser upon receipt of the purchase price. Additional Refunding Bonds
bearing the facsimile signatures of the Chairperson of the Board of Commissioners and the
County Clerk and upon which the seal of the County (or a facsimile thereof) is impressed or
imprinted may be delivered to the bond registrar and paying agent for authentication and delivery
in connection with the exchange or transfer of the Refunding Bonds. The bond registrar and
paying agent shall indicate on each Refunding Bond the date of its authentication.
8. EXCHANGE AND TRANSFER OF REFUNDING BONDS. Any Refunding Bond, upon surrender
thereof to the bond registrar and paying agent with a written instrument of transfer satisfactory to
the bond registrar and paying agent duly executed by the registered owner or his duly authorized
attorney, at the option of the registered owner thereof, may be exchanged for Refunding Bonds of
any other authorized denominations of the same aggregate principal amount and maturity date
and bearing the same rate of interest as the surrendered Refunding Bond.
Each Refunding Bond shall be transferable only upon the books of the County, which shall be
kept for that purpose by the bond registrar and paying agent, upon surrender of such Refunding
Bond together with a written instrument of transfer satisfactory to the bond registrar and paying
agent duly executed by the registered owner or his duly authorized attorney.
Upon the exchange or transfer of any Refunding Bond, the bond registrar and paying agent on
behalf of the County shall cancel the surrendered Refunding Bond and shall authenticate and
deliver to the transferee a new Refunding Bond or Bonds of any authorized denomination of the
same aggregate principal amount and maturity date and bearing the same rate of interest as the
surrendered Refunding Bond. If, at the time the bond registrar and paying agent authenticates
and delivers a new Refunding Bond pursuant to this section, payment of interest on the
Refunding Bonds is in default, the bond registrar and paying agent shall endorse upon the new
Refunding Bond the following: 'Payment of interest on this bond is in default. The last date to
which interest has been paid is [appropriate date to be inserted]."
The County and the bond registrar and paying agent may deem and treat the person in whose
name any Refunding Bond shall be registered upon the books of the County as the absolute
owner of such Refunding Bond, whether such Refunding Bond shall be overdue or not, for the
purpose of receiving payment of the principal of and interest on such Refunding Bond and for all
other purposes, and all payments made to any such registered owner, or upon his order, in
accordance with the provisions of Section 3 of this Resolution shall be valid and effectual to
satisfy and discharge the liability upon such Refunding Bond to the extent of the sum or sums so
paid, and neither the County nor the bond registrar and paying agent shall be affected by any
notice to the contrary. The County agrees to indemnify and save the bond registrar and paying
agent harmless from and against any and all loss, cost, charge, expense, judgment or liability
incurred by it, acting in good faith and without negligence hereunder, in so treating such
registered owner.
For every exchange or transfer of Refunding Bonds, the County or the bond registrar and paying
agent may make a charge sufficient to reimburse it for any tax, fee or other governmental charge
required to be paid with respect to such exchange or transfer, which sum or sums shall be paid
by the person requesting such exchange or transfer as a condition precedent to the exercise of
the privilege of making such exchange or transfer.
The bond registrar and paying agent shall not be required to transfer or exchange Refunding
Bonds or portions of Refunding Bonds that have been selected for redemption.
9. FORM OF REFUNDING BONDS. The Refunding Bonds shall be in substantially the following
form, with such additions, deletions and modifications as are approved by the County Agency and
consistent with the terms of this Resolution:
[FORM OF BOND]
1911
10. SECURITY. The Refunding Bonds shall be issued in anticipation of the payments to be made by
the Municipality pursuant to the Contract. The Refunding Bonds shall be secured primarily by the
full faith and credit pledge made by the Municipality in the Contract. As additional and secondary
security, the full faith and credit of the County of Oakland are hereby pledged for the prompt
payment of the principal of and interest on the Refunding Bonds as the same shall become due.
If the Municipality shall fail to make payments to the County that are sufficient to pay the principal
of and interest on the Refunding Bonds as the same shall become due, then an amount sufficient
to pay the deficiency shall be advanced from the general fund of the County.
11. DEFEASANCE. In the event cash or direct obligations of the United States or obligations the
principal of and interest on which are guaranteed by the United States, or a combination thereof,
the principal of and interest on which, without reinvestment, come due at times and in amounts
sufficient to pay, at maturity or irrevocable call for earlier optional redemption, the principal of,
premium, if any, and interest on the Refunding Bonds, or any portion of the Refunding Bonds,
shall have been deposited in trust, this Resolution shall be defeased with respect to such
Refunding Bonds, and the owners of the Refunding Bonds shall have no further rights under this
Resolution except to receive payment of the principal of, premium, if any, and interest on the
Refunding Bonds from the cash or securities deposited in trust and the interest and gains thereon
and to transfer and exchange Refunding Bonds as provided herein.
12. PRINCIPAL AND INTEREST FUND. There shall be established for each series of the Refunding
Bonds a Principal and Interest Fund that shall be kept in a separate bank account. From the
proceeds of the sale of each series of the Refunding Bonds, there shall be set aside in the related
Principal and Interest Fund any accrued interest received from the purchaser of the Refunding
Bonds at the time of delivery of the same; provided, however, that the County Agency may
determine that all or any portion of any premium received from the purchaser of the Refunding
Bonds received at the time of such delivery also may be set aside in the related Principal and
Interest Fund. All payments received from the Municipality pursuant to the Contract are pledged
for the payment of the principal of and interest on the Prior Bonds that are not refunded and the
Refunding Bonds and expenses incidental thereto and as received shall be placed in the related
Principal and Interest Fund or the principal and interest funds for the Prior Bonds as appropriate.
The County Agency shall transfer moneys in each Principal and Interest Fund to the bond
registrar and paying agent for the Prior Bonds and the bond registrar and paying agent for the
Refunding Bonds as necessary for the payment of the principal of and interest on the Prior Bonds
that are not refunded and the Refunding Bonds.
13.PAYMENT OF ISSUANCE EXPENSES AND PRIOR BONDS THAT ARE REFUNDED -
ESCROW FUND. The remainder of the proceeds of the Refunding Bonds shall be used to pay
the issuance expenses of the Refunding Bonds and to pay the principal of, interest on and
redemption premiums on the Prior Bonds that are refunded. If necessary, after the issuance
expenses have been paid or provided for, the remaining proceeds shall be used to establish an
escrow fund (the "Escrow Fund") consisting of cash and investments in direct obligations of, or
obligations the principal of and interest on which are unconditionally guaranteed by, the United
States of America or other obligations the principal of and interest on which are fully secured by
the foregoing and used to pay the principal of, interest on and redemption premiums on the Prior
Bonds that are refunded. The Escrow Fund shall be held by an escrow agent (the "Escrow
Agent") in trust pursuant to an escrow agreement (the "Escrow Agreement") that irrevocably shall
direct the Escrow Agent to take all necessary steps to pay the interest on the Prior Bonds that are
refunded when due and to call such Prior Bonds for redemption at such time as shall be
determined in the Escrow Agreement. The County Treasurer shall select the Escrow Agent and
enter into the Escrow Agreement with the Escrow Agent on behalf of the County. The amounts
held in the Escrow Fund shall be such that the cash and the investments and the income
received thereon will be sufficient without reinvestment to pay the principal of, interest on and
redemption premiums on the Prior Bonds that are refunded when due at maturity or call for
redemption as required by the Escrow Agreement.
14. APPROVAL OF MICHIGAN DEPARTMENT OF TREASURY —EXCEPTION FROM PRIOR
APPROVAL. The issuance and sale of the Refunding Bonds shall be subject to the County
obtaining qualified status or prior approval from the Department of Treasury of the State of
Michigan pursuant to Act 34, and, if necessary, the County Treasurer and County Agency are
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each hereby authorized and directed to make application to the Department of Treasury for
approval to issue and sell the Refunding Bonds as provided by the terms of this Resolution and
by Act 34. The County Treasurer and County Agency are authorized to pay any filing fees
required in connection with obtaining qualified status or prior approval from the Department of
Treasury. The County Treasurer and County Agency are further authorized to request such
waivers of the requirements of the Department of Treasury or Act 34 as necessary or desirable in
connection with the sale of the bonds.
15. SALE ISSUANCE. DELIVERY. TRANSFER AND EXCHANGE OF REFUNDING BONDS. The
County Agency shall determine the principal amount of the Refunding Bonds to be sold and shall
determine the other bond details as described in Section 2 hereof, the terms and conditions for
optional and/or mandatory redemption, and any premium to be set aside in the Principal and
Interest Fund as described in Section 12 hereof. The Refunding Bonds shall be sold at a
competitive sale in accordance with the provisions of Act 34 and other applicable laws of this
state. In connection therewith, the County Agency shall set the time and date for the sale of the
Refunding Bonds and prescribe the form of notice of sale for the Refunding Bonds and do all
things necessary to effectuate the sale, issuance, delivery, transfer and exchange of the
Refunding Bonds in accordance with the provisions of this Resolution. The Refunding Bonds
shall be sold at a price that is not less than 99% of their par value, as determined by the County
Agency. The County Agency is hereby authorized to approve by written order the interest rates
on the bonds and the winning bidder upon the sale of the bonds. The County Agency, the County
Treasurer, the County Clerk and other County officials and employees are hereby authorized to
do all other things necessary to effectuate the sale, issuance, delivery, transfer and exchange of
the Refunding Bonds in accordance with the provisions of this Resolution.
16. REPLACEMENT OF REFUNDING BONDS. Upon receipt by the County Treasurer of proof of
ownership of an unmatured Refunding Bond, of satisfactory evidence that the Refunding Bond
has been lost, apparently destroyed or wrongfully taken and of security or indemnity that complies
with applicable law and is satisfactory to the County Treasurer, the County Treasurer may
authorize the bond registrar and paying agent to deliver a new executed Refunding Bond to
replace the bond lost, apparently destroyed or wrongfully taken in compliance with applicable law.
In the event an outstanding matured Refunding Bond is lost, apparently destroyed or wrongfully
taken, the County Treasurer may authorize the bond registrar and paying agent to pay the
Refunding Bond without presentation upon the receipt of the same documentation required for
the delivery of a replacement Refunding Bond. The bond registrar and paying agent, for each
new Refunding Bond delivered or paid without presentation as provided above, shall require the
payment of expenses, including counsel fees, that may be incurred by the bond registrar and
paying agent and the County in the premises. Any Refunding Bond delivered pursuant the
provisions of this Section 16 in lieu of any Refunding Bond lost, apparently destroyed or
wrongfully taken shall be of the same form and tenor and be secured in the same manner as the
Refunding Bond in substitution for which such Refunding Bond was delivered.
17. OFFICIAL STATEMENT. The County shall cause the preparation of an official statement for the
Refunding Bonds for the purpose of enabling compliance with Rule 15c2-12 issued under the
Securities Exchange Act of 1934, as amended (the "Rule") and shall do all other things necessary
to enable compliance with the Rule. After the award of the Refunding Bonds, the County will
provide copies of a "final official statement' (as defined in paragraph (f)(3) of the Rule) on a timely
basis and in reasonable quantity as requested by the successful bidder or bidders to enable such
bidder or bidders to comply with paragraph (b)(4) of the Rule and the rules of the Municipal
Securities Rulemaking Board.
18. CONTINUING DISCLOSURE. The County Treasurer is authorized to execute and deliver in the
name and on behalf of the County with respect to the Refunding Bonds (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.
In
19, TAX COVENANT. The County covenants to comply with all requirements of the Code, necessary
to assure that the interest on the Refunding Bonds will be and will remain excludable from gross
income for federal income tax purposes. The County Agency, the County Treasurer, the County
Clerk and other County officials and employees are authorized to do all things necessary to
assure that the interest on the Refunding Bonds will be and will remain excludable from gross
income for federal income tax purposes.
20. NOT QUALIFIED TAX-EXEMPT OBLIGATIONS. The Refunding Bonds are not designated as
Qualified Tax -Exempt Obligations as described in Section 265(b)(3)(B) of the Code.
21. NOTICE OF ISSUANCE OF BONDS. Within thirty (30) days after the issuance of the Refunding
Bonds, either (1) a copy of the final official statement or other offering or disclosure document
prepared by the County in connection with the issuance of the Refunding Bonds or (2) notice that
such information has been filed with the Electronic Municipal Market Access system of the
Municipal Securities Rulemaking Board and is publicly available shall be furnished to Bank of
America, N.A. at the following locations:
Bank of America, N.A.
Mail Code: I1-4-135-07-28
135 South LaSalle Street
Chicago, IL 60603
Attention: Thomas R. Denes
Bank of America, N.A.
Public Sector Banking Group
Mail Code: MI8-900-02-70
2600 W. Big Beaver Road
Troy, MI 48084
Attention: Susan Molnar,
Senior Credit Support Association
In accordance with the Bank of America Continuing Covenant Agreement, the notices provided
for above shall be in writing and shall be transmitted by e-mail to the following addresses:
rvan.denesna bofa.com and susan.molnar(obofa.com.
22. CONFLICTING RESOLUTIONS. All resolutions and parts of resolutions insofar as they may be
in conflict herewith are hereby rescinded.
BE IT FURTHER RESOLVED that no budget amendment is required.
Chairperson, on behalf of the Economic Development and Infrastructure Committee, I move the adoption
of the foregoing resolution.
Commissioner William Miller, District #14
Chairperson, Economic Development and
Infrastructure Committee
ECONOMIC DEVELOPMENT AND INFRASTRUCTURE COMMITTEE VOTE:
Motion carried unanimously on a roll call vote.
FINANCE COMMITTEE VOTE:
Motion carried unanimously on a roll call vote.
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY FARMINGTON HILLS WATER SUPPLY
SYSTEM REFUNDING BOND, SERIES 2021
INTEREST RATE MATURITY DATE DATE OF ORIGINAL ISSUE CUSIP
Registered Owner:
Principal Amount:
The County of Oakland, State of Michigan (the "County"), acknowledges itself indebted to, and for
value received, hereby promises to pay to the Registered Owner identified above, or registered assigns,
the Principal Amount set forth above on the Maturity Date specified above, unless redeemed prior thereto
as hereinafter provided, upon presentation and surrender of this bond at
, the bond registrar
and paying agent, or at such successor bond registrar and paying agent as may be designated pursuant
to the Resolution, and to pay to the Registered Owner as shown on the registration books at the close of
business on the 15th day of the calendar month preceding the month in which an interest payment is due,
by check or draft drawn upon and mailed by the bond registrar and paying agent by first class mail
postage prepaid to the Registered Owner at the registered address, interest on such Principal Amount
from the Date of Original Issue, or such later date through which interest has been paid until the County's
obligation with respect to the payment of such Principal Amount is discharged, at the rate per annum
specified above. Interest is payable on the first day of and in each year,
commencing on 1, — Principal and interest are payable in lawful money of the United
States of America. [Interest shall be computed on the basis of a 360-day year of twelve 30-day months.
This bond is one of a series of bonds aggregating the principal sum of
Dollars ($ ) issued by the County under and pursuant to and in
full conformity with the Constitution and Statutes of Michigan (especially Act No. 34, Public Acts of 2001,
as amended) and a resolution adopted by the Board of Commissioners of the County (the "Resolution")
and an order of the Water Resources Commissioner of the County as County Agency for the purpose of
refunding the outstanding Oakland County Farmington Hills Water Supply System Bonds, Series 2012,
dated August 1, 2012, maturing in the years through [and the Oakland County Farmington
Hills Water Supply System Improvements Bonds, Series 2014, dated September 1, 2014, maturing in the
years through . The bonds of this series are issued in anticipation of, and the principal of
and interest on the bonds are payable from, moneys to be received by the County from the City of
Farmington Hills (the "Municipality") in payment of its obligations under a certain contract dated as of May
1, 2012, between the Municipality and the County. The full faith and credit of the Municipality have been
pledged for the making of such payments. As additional security for the payment of the principal of and
interest on the bonds of this series the full faith and credit of the County have been pledged. Taxes
imposed by the Municipality and the County are subject to constitutional, statutory and charter tax rate
limitations, as applicable.
This bond is transferable, as provided in the Resolution, only upon the books of the County kept
for that purpose by the bond registrar and paying agent, upon the surrender of this bond together with a
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written instrument of transfer satisfactory to the bond registrar and paying agent duly executed by the
registered owner or his attorney duly authorized in writing. Upon the exchange or transfer of this bond a
new bond or bonds of any authorized denomination, in the same aggregate principal amount and of the
same interest rate and maturity, shall be authenticated and delivered to the transferee in exchange
therefor as provided in the Resolution, and upon payment of the charges, if any, therein provided. Bonds
so authenticated and delivered shall be in the denomination of $5,000 or any integral multiple thereof not
exceeding the aggregate principal amount for each maturity.
The bond registrar and paying agent shall not be required to transfer or exchange bonds or
portions of bonds which have been selected for redemption.
MANDATORY PRIOR REDEMPTION
Bonds maturing in the year _ are subject to mandatory prior redemption at par and accrued
interest as follows:
Principal Amount of
Redemption Date Bonds to be Redeemed
Bonds or portions of bonds to be redeemed by mandatory redemption shall be selected by lot.
(REPEAT IF MORE THAN ONE TERM BOND)
OPTIONAL PRIOR REDEMPTION
Bonds maturing prior to 1, 20_, are not subject to redemption prior to maturity. Bonds
maturing on and after 1, 20_, are subject to redemption prior to maturity at the option of the
County, in such order as shall be determined by the County, on any date on and after 1, 20_
Bonds of a denomination greater than $5,000 may be partially redeemed in the amount of $5,000 or any
integral multiple thereof. If less than all of the bonds maturing in any year are to be redeemed, the bonds
or portions of bonds to be redeemed shall be selected by lot. The redemption price shall be the par value
of the bond or portion of the bond called to be redeemed plus interest to the date fixed for redemption.
Not less than thirty nor more than sixty days' notice of redemption shall be given by first-class
mail to the registered owners of bonds called to be redeemed at their registered addresses. Failure to
receive notice of redemption shall not affect the proceedings for redemption. Bonds or portions of bonds
called for redemption shall not bear interest after the date fixed for redemption, provided funds are on
hand with the bond registrar and paying agent to redeem the same.
It is hereby certified, recited and declared that all acts, conditions and things required to exist,
happen and be performed precedent to and in the issuance of the bonds of this series, existed, have
happened and have been performed in due time, form and manner as required by law, and that the total
indebtedness of the County, including the series of bonds of which this bond is one, does not exceed any
constitutional or statutory limitation.
IN WITNESS WHEREOF, the County of Oakland, Michigan, by its Board of Commissioners, has
caused this bond to be executed in its name by facsimile signatures of the Chairperson of the Board of
Commissioners and the County Clerk and its corporate seal (or a facsimile thereof) to be impressed or
imprinted hereon. This bond shall not be valid unless the Certificate of Authentication has been manually
executed by an authorized representative of the bond registrar and paying agent.
COUNTY OF OAKLAND
161
[SEAL]
0
Chairperson, Board of Commissioners
And:
County Clerk
CERTIFICATE OF AUTHENTICATION
This bond is one of the bonds described in the within mentioned Resolution.
Bond Registrar and Paying Agent
0
Authorized Representative
AUTHENTICATION DATE:
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
(please print or type name, address and taxpayer identification number of transferee) the within bond and
all rights thereunder and hereby irrevocably constitutes and appoints
attorney to transfer the within bond on the books kept for registration thereof, with full power of
substitution in the premises.
Dated:
Signature Guaranteed:
Signature(s) must be guaranteed by an eligible guarantor institution participating in a Securities
Transfer Association recognized signature guarantee program.
[END OF BOND FORM]
In
MEMORANDUM
TO: Jim Nash, Oakland County Water Resources Commissioner
Steve Korth, Manager, Oakland County Water Resources
Sid Lockhart, Special Projects Manager, Oakland County Water Resources
Andy Meisner, Oakland County Treasurer
Jody Weissler DeFoe, Oakland County Chief Deputy Treasurer
Natalie Neph, Oakland County Investment Administrator
Lynn Sonkiss, Oakland County, Fiscal Services Officer
Sean Carlson, Oakland County Deputy Administrator
Eric McGlothlin, Dickinson Wright, PLLC
Laura Bassett, Dickinson Wright, PLLC
FROM: Steven A. Burke, CFA, MFCI, LLC
DATE: January 14, 2021
RE: Oakland County Water Resources Commissioner 2021 Financing Plan
Oakland County Water Resources Commissioner Working Group:
The Oakland County Water Resources Commissioner is preparing to refund three outstanding bond issues
and issue one new money issue in 2021. Two of the refunding issues will be sold in late March, one
refunding issue in July/August, and one new money issue in October/November. The total estimated present
value savings of the refunding issues, at current interest rates, is greater than $5,700,000. The current plan
is to sell two refunding issues at competitive sales the week of March 22, one refunding issue in July or
August, and new money bonds in October or November.
Refunding Bonds
Week of March 22, 2021:
• Oakland County — City of Pontiac Wastewater Treatment Facility Drainage District Drain
Bonds Series 2012A (Taxable)
o Refunded Par Amount: $38,595,000
o Estimated PV Savings at current interest rates: about $4,900,000
• Oakland County Farmington Hills Water Supply System Bonds, Series 2012
o Refunded Par Amount: $4,555,000
o Estimated PV Savings at current interest rates: about $350,000
July/August 202 1:
• Oakland County Farmington Hills Water Supply System Improvement Bonds, Series 2014
o Refunded Par Amount: $6,325,000
o Estimated PV Savings at current interest rates: about $525,000
New Monev Bonds
October/November 2021:
• Evergreen -Farmington Sanitary Drain Drainage District Bonds, Series 2021
o Estimated Par Amount: $32,000,000-$35,000,000
MFCI, LLC 1 01/14/2021
The authorizing resolutions for the refunding bonds will be submitted for consideration to the Oakland
County Finance Committee on February 10, and the full Board of Commissioners on February 18. The
authorizing resolutions for the new money bonds will be submitted at a to be determined later date.
The Refunding Bonds will be rated together by Moody's and S&P Global. Our working group will work
with the County Treasurer's Office and Administration to schedule the Bond Rating calls at a mutually
agreeable date and time. Our current timeline schedules the rating calls the week of February 22, but we do
have some flexibility to accommodate the County's schedule as needed. The rating agencies have indicated
they will need only an abbreviated contact with the County to issue the July/August bond issue rating. We
will reach out to discuss the bond rating plan within the coming week.
A preliminary refunding timetable and estimated refunding analysis are attached to this memo. The
timetable will be updated and expanded once firm dates for the bond rating have been established.
Please let me know any questions at this time.
Sincerely,
mto
Steven Burke, CFA
MFCI, LLC
MFCI, LLC 2 01/14/2021
Oakland County - Farmington Hills Water Supply
RF Bonds, Series 2021A
$4,180,000
Table of Contents
Report
Refunding Summary
Sources & Uses
Debt Service Comparison
Debt Service Schedule
Pricing Summary
1
2
3
4
5
Current Refunding Escrow 6
Detail Costs Of Issuance 7
Sensitivity Summary of Savings by Maturity 8
Fannlogton HIIIs 342 RF 2 1 SINGLE PURPOSE 1 1/6/2021 1 10:04 AM
Oakland County - Farmington Hills Water Supply
RF Bonds, Series 2021A
$4,180,000
Refunding Summary
Dated 04114/2021 1 Delivered 04/14/2021
Sources Of Funds
Paz Amount of Bonds _
Reoffering Premium
Transfers from Ptim issue Debt Scrvme Funds
Total Sources
Uses Of Funds
Total Underwriter's Discount It 000%
Costs of Issuance
_Deposit to Current Refunding Fund
Rounding Amount
Total Uses
Flow of Funds Detail
State and Local Government Series (SLGS) rates for
Date ofOMP Candidates
Current Refunding Escrow Solution Method
Total Cost of Investments
ToblEggivols
Issues Refunded And Call Dates
Farrmn on Hills 342 2012
PV Analysis Summary (Net to Net)
Net PV Cashtlow Savings Co? 1 499%(AiC)
Transfrs from Prior Issue Debt Service Fund
Contingency or Rounding Amount
Net Present Value Benefit
Net PV Benefit / Refunded Principal
Net PV Benefit / Refunding Principal
Average Annnal Cash Now Savings
Total New Net D/S _
Total Prior D/S
Total CashOow Savings
Bond Statistics
Average Life _
Average Coupon
Net Interest Cost(N1C)
Bond Yield for Arbitrage Purposes_
True interest Cost (TIC)
All Inclusive Cost (AIC)
Farmington Hills 342 RF 2151NGLE PURPOSE 11161202111004 AM
$4,180,000.00
470,528 60
10,323.96
$4,660,852.56
41,800 00
52,186 00
_4,565 323.96
1,542,60
$4,660,852.56
12/10/2020
Net Funded
$4,565,323.96
$4,565,323.9b
5/01/2021
396,904 80
(10,323.96)
1,54260
$37$123.44
8301%
9 04fi os
34,486 73
4,981,229 07
5,395,069.70
413,840.72
6.402 Years
3 0000000%
L3978187%
1.0736717%
1,3052193%
1.4992546%
Oakland County - Farmington Hills Water Supply
RF Bonds, Series 2021A
$4,180,000
Sources & Uses
Dated 04114/2021 1 Delivered 04/1412021
Sources Of Funds
Par Amount of Bonds _
$4,180,000.00
Reoffering Premium _
_ 4.70,52860
Transfers from Prior Issue Debt Service Funds
10,323.96
Total Sources
$4,660,852.56
Uses Of Funds
Total Underwriter's Discount (1000%)
41,800.00
Costs of issuance _
52,196 00
Deposit to Current Refunding Fund _ _
_ 4,565 323.96
Rounding Amount
1,542,60
Total Uses $4,660,852.56
Farmington Hills 342 RF21 SINGLEPURPOSE 11/6/2021 11o04AM
Oakland County - Farmington Hills Water Supply
RF Bonds, Series 2021A
$4,180,000
Debt Service Comparison
Date Total P+I
Net New D/S
Old Net D/S
Savings
10/01/2021 343,171.67
341,629.07
366,61979
24,990.72
10/01/2022 406,850.00
406,850.00
442,58750
35,737.50
10/01/2023 413,150,00
413,150,00
446,087.50
32,93750
10/01/2024 414,000.00
414,000,00
449,550,00
34,550.00
10/01/2025 _ 414,550 00
414,550.00_
449,925.00
_ 35,375
00
10/01/2026 419,800.00
419,800.00
456,050,00
36,250.00
10/01/2027 419,600,00
419,600 00
455,875.00
36,275
00
10/01/2028 424,100.00
424,100.00
459,47500
35,375.00
10/01/2029 428,15000
428,15000
462,625.00
34,47500
10/01/2030 431,750.00 _
431,750.00
46532500
33,575.00
10/01/2031 42990000
429,90000
467,575.00
37,67500
10/01/2032 437,75000
437,750.00
474,37500
36,62500
Total $4,982,771.67
$4,981,229.07
$5,395,069.79
$413,840.72
PV Analysis Summary (Net to Net)
Gross PV Debt Service Savings
386,904,80
Net PV CashFlow Savings @d 1,499%(ATC)
386,904
80
Transfers from P1 for Issue Debt Service Fund
_
(10_,3_23
96)
Contingency or Rounding Amount
_
1,542.60
Net Present Value Benefit
$378,123.44
Net PV Benefit / $4,555,000 Refunded Principal
Net PV Benefit / $4,180,000 Refunding Principal ,
Refunding Bond Information
Refunding Dated Date
Refunding Delivery Date
Farmington Hills 342 RF 21 SINGLE PURPOSE 11/6/2021 110.04 AM
8,301%
9.046%
4/14/2021
-- - - 4/14/2021
Oakland County - Farmington Hills Water Supply
RF Bonds, Series 2021A
$4,180,000
Debt Service Schedule
Date
Principal
Coupon
Interest
Total P+I
10/01/2021
285,00000
3000%
58,171.67
343,171.67
10/01/2022
290,000.00
3.000%
116,85000
406,85000
10/01/2023
305,00000
3000%
108,150.00
413,150.00
10/01/2024
315,000m
3000%
99,00000
414,00000
10/01/2025
325,000.00
3000'%
_ 89,550.00 _
414,550.00
10/01/2026
340,000.00
3.000%
79,800.00
419,80000
10/01/2027
350,000.00
3000%
69,60000
419,600.00
10/01/2028
365,000.00
3.000%
59,10000
424,100.00
10/01/2029
380,00000
3,000%
49,150.00
428,150.00
10/01/2030
395,000.00
3,000%
36,75000
431,750,00
10/01/2031
405,000 00
3000%
24,900.00
429,900 00
10/01/2032
425,000.00
3,000%
12,750,00
437,750,00
Total
$4,180,000.00
-
$802,771.67
$47982.771.67
Yield Statistics
Bond Year Dollars
- -
-
$26,759.06
Average Life
6,402 Years
Average Coupon
_
3 0000000%
Net Interest Cost (N1C)
_ 1 3978187%
True interest Cost (TIC)
1.3052193%
Yield for ArbiVage Purposes
1.0736717%
_Bond
All Inclusive Cost (AIC)
1,4992546°7
IRS Form 8038
Net Interest Cost
1.0951621%
Weighted Average Maturity
6 523 Years
Farmington Hills 342 RE 2 1 SINGLE PURPOSE 1 1/ 6I2021 1 10.04 AM
Oakland County - Farmington Hills Water Supply
RF Bonds, Series 2021A
$4,180,000
Pricing Summary
of
Maturity
Maturity
Type
Bond
Coupon
Yield
Par
Value
10/O1/2021
Serial
Coupon
3.000%
0300%
100.000%
285,000.00
10/01/2022
Senal
Coupon
3000%
0350%
100000%
290,00000
10/012023
Serial
Coupon
3,000%
0.450%
100000%
30500000
10/01/2024
Serial
Coupon
3.0005'.
0.550%
100000%
315,000.00
10/O1/2025
Senal
Coupon
3000%
0.630%
100000%
325,00000
111/012026
Serial
Coupon
3.000%
0.740%
100.000%
340,000.00
IW01/2027
Sena]
Coupon
3,000%
0870%
100,000%
350,000.00
10/01/2028
Serial
Coupon
3.000%
1 000%
100.000%
365,000.00
10/O1/2029
Senal
Coupon
3000%
1110%
100.000%
380,000.00
10/01/2030
Serial
Coupon
_ 3000%
1.260%
100000%
_ 395,00000
_
10/010031
Serial
Coupon
3.000°/
l 350%
166.0M
405,000.00
IO/OlUO32
Senn[
Coupon
3,000%
1.450%
I00000%
425,00000
Total
-
-
-
-
-
$4,180,000.00
Bid Information
Par Amount of Bonds
Reoffering Premium_o_ i (Discount)
Gross Production
Total Underwriter's Dlscowt (1.000%1
Bid (110,257%)
Total Purchase Price
Bond Year Dollars
Average Life
Average Coupon
Not hrterest Cost (NIC)
True Interest Cost (TIC)
Fa,m1n91on HMIs342RF2 I SINGLEPURPOSE 11/6120211 ID04AM
Price YTM Call Date Call Price Dollar Price
10l 250% - - -
288,562
50
103.865% - - -
301,208.50
106.241% - - -
324,035
05
108394% - - -
341,44110
110.415 % - - -
358,848.75
_
m 080% - - -
381,072
00
113.359% - - -
396,756.50
114.3.49"% - - -
417,373.85
115227% - - -
437,86260
115.477 %
456,134
_030
15
114612% c 1487% 10/012100000%
464,178.60
113660% c 1.685% 10/01P030 100.000%
483,05500
$4,650,528.60
$4,180,000.00
470,528 60
$4,650,528 60
$(41,800.00)
4,608,728 60
$4,608,728.60
$26,75906
6.402 Years
3.00000000
13978187%
1,3052193%
Oakland County - Farmington Hills Water Supply
RF Bonds, Series 2021A
$4,180,000
Current Refunding Escrow
Date Principal Rate
Receipts
Disbursements Cash Balance
04/14/2021 - -
0.96
- 0.96
05/O1/2021 4,565,323,00 -
4.565,323,00
4,565,32396 -
Total $4,565,323.00 -
$4,565,323.96
$4,565,323.96 -
Investment Parameters
Investment Model [PV, GIC, or SCCnritieSl
Securities
Default investment yield target
Bond Yield
Cash Deposit
0.96
Cost of Investments Purchased with Bond Proceeds
_ 4,565,323 00
Total Cost of investments
$4,565323.96
Target Cost of Investments at bond yield
$4,563,016.06
Actual positive or (negative) arbitrage
(2,307.90)
Yield to Receipt
-
Yield for Arbitrage Purposes
1 0736717'.
State and Local Government Series (SLGS) rates for 12/10/2020
Farmington Hills 342 RF 21 SINGLE PURPOSE 1 116/2021 11004 AM
Oakland County - Farmington Hills Water Supply
RF Bonds, Series 2021 A
$4,180,000
Detail Costs Of Issuance
Dated 04114/2021 1 Delivered 04/1412021
COSTS OF ISSUANCE DETAIL
Financial Advisor
Bond Counsel
Rating Agency Fee
Publication of NOS
State of Michigan Fee _
Muniplatforin
_Verification Agent
Escrow and Paying Agent
MAC Fee
$20,000 00
$23,250.00
$3,500.00
$1,705.00
$836 00
$495 00
$1,000 00
$1,000.00
$400 00
TOTAL $52,186.00
Farmington Hills 342 RE 21 SINGLE PURPOSE 11/6/2021 110:04 AM
Oaldand County - Farmington Hills Water Supply
Bonds, Series 2012
$6,800,000
Sensitivity Summary of Savings by Maturity
Maturity Coupon Principal Call Date-0.400%-0.300%-0.200%-0.100% Base +0.100% +0.200% +0.300% +0.400%
10/01/2021 2000%n 315,On0 05/01/2021 1,011.23 96527 71944 573 E5 42921 29778 16710 3E 30 19265)
10/01/2022 2000% 325,000 05/01/2021 3,932.0E 3,45E67 2,984111 2,51163 2,031199 159472 1,130.33 n7695 22441
10/01/2023 2250% 335,000 05/O1/2021 8,98800 9,16419 7,341.90 6,52200 5,704,50 4,90532 4,10854 3.3141E 2,522.05
10/01/2024 25001n, 145,000 05/01/2021 15,972.63 14,7733fi 13,57874 12,38876 11,20341 10,03909 8,8793E 7,72420 n,57355
10101/2G25 2,500% 355,000 05/01/2021 21.18378 19,59234 18,00861 16,43254 14,964+10 13,32015 11,78378 10,25490 _8]3� 347
IO/OII2026 2750% 370,000 G5101/2021 31,82224 29,77625 27,742.10 25,71970 23,708.99 21,727.52 19,7576E 17,7991E 15,85210
101OU2027 300054 380,000 05/01/2021 44,40908 4189871 39,4051E 36,928.34 34,468.11 32,04249 2g63324 27,24021 24,86328
10/01/2029 3,0009'u 395,000 05/01/2021 53,09917 50,077 EE 47,079.42 44,10394 41,15114 38,239,68 35,35056 32,48355 2163846
10/01/2029 30UE% 410,000 05/01/2021 62,23762 58,67191 55,1366E S163163 48,15650 44,73059 4133411E 3E,96664 34,62904
10/01/2030 3.000% 425000 05/01/2021 71,81671 67fi7329 63,569.04 59,50356 55,47646 51507.64 47,9645 43.69249 39,82514
10/01Q031 3Ono% 440,000 05/UI/2021 97,8288E 77,074.20 72,36879 67,71206 63,10345 58,56146 54,0705E 49,62422 4522390
1 U/el/2032 3125% 460,000 05/UI/2021 99,43055 '13,93593 88,50297 83,13091 E281904 72,583.61 67,41696 62,30335 57,24708
TWA - 54,555,000 - S495,732.E9 $465,960.89 $436,437.04 $40E,158A4 $378,123.5N S349,547,03 $321,209.04 $293,107.15 $265,239.06
SUMMARY "
Savings ss% of RePonded Pdnclpl(-0A00%) _ 10883%
Savm�s a4 % ofRellsndsd for.soal (-0.300% _ _ 10 230%,
$w'ingew%of RePonded Principal (-020090) _ 9.5810/,
Savings as % oPRefunded PdncinW ( U.100_%) 8 939%
%of Refwded PnncUp fflgse) _ _ ___ 9301%
Savings ss 9'0 of RePonded PnncipW (+0,IOU%) _ _ E 674%
SsvmBses° oFRefwded Pnn_cips1(+O200'N) 7,052%
Swings Io% of RePonded PLUNIO(+U 300%) _ 6435%
Ssvnes:a 96 of Refunded PnnCIpW I +0400%) 5 82396
F-4o,Wn RAIN S42 2012 1 SINGLE PURPOSE I1/S 021110:04 AM
Oakland County - Farmington Hills Water Supply
RF Bonds, Series 2021B
$5,765,000
Table of Contents
Report
Refunding Summary
Sources & Uses
Debt Service Schedule
Debt Service Comparison
Pricing Summary
Current Refunding Escrow
Detail Costs Of Issuance
Sensitivity Summary of Savings by Maturity
Farmington Hills 342 RF 2 1 SINGLE PURPOSE 1 118/2021 1 12:32 PM
1
2
3
4
5
6
7
8
Oakland County - Farmington Hills Water Supply
RF Bonds, Series 2021B
$5,765,000
Refunding Summary
Dated 08103/2021 1 Delivered 08/03/2021
Sources Of Funds
Par Amount of Bonds _
R_eolfenng Premium
Transfers from Prior Issue Debt Service Funds
Total Sources
Uses Of Funds
Total Undenvnter's Discount (l 000%) _
Costs of Issuance
Deposit to Current Refunding Fund
Rounding Amount
Total Uses
Flow of Funds Detail
State and Local Government Series (SLGS) rates for
Date of OMP Candidates
Current Refunding Esuow Solution Method
Total Cost oflnvestments
Interest Earrings A 0.070%
Total Draws
Issues Refunded And Call Dates
Fronniliton Hips 3422014
PV Analysis Summary (Net to Net)
Net PV Cashtlow Savings n L620%(AIC)
Transfers from Prior issue Debt Service Fund
Contingency or Rounding Amount
Net Present Value Benefit
Net PV Benefit / Refunded Principal
Net PV Benefit / Refunding Principal
Average Annual Cash Flow Savings
'Total Nev, Net D/S
Total Prior D/S
Total Cashflow Savings
Bond Statistics
Average Life
Average Coupon
N_et]ntemst Cost(NIC)
Bond Yield for Arbitrage Purposes
'Prue Interest Cost (TIC)
All Inclusive Cost (AIC)
Fermlb red HIIIs 342 RF 21 SINGLE PURPOSE 11/ 81202111232 PM
$5,765,000 00
_ 683,263.80
493,531.25
$6,941,795.05
57,65000
62,02500
-- 6,817,759.82
4,36023
$6,941,795.05
1/06/2021
Net Funded
$6,8 t7,759 82
771.43
$6,818,531.25
10/01/2021
1,054,708.59
_ (493,531 25)
4,360.23
$565,537 56
9 409%
9 810%
45,520.25
7,086,903.94
7,724,187 50
637,283 56
7 668 Yeajs
3.0000000%
1 5949661%
1,2397621%
1,4784400%
1 6199134%
Oakland County - Farmington Hills Water Supply
RF Bonds, Series 2021B
$5,765,000
Sources & Uses
Dated 08103/2021 1 Delivered 08/0312021
Sources Of Funds
Par Amount of Bonds _
_ $5,765 000 00
_ _ _
Reoffering Premium
683,263.80
Transfers from Prior Issue Debt Service Funds
493,531 25
Total Sources
$6,941,795.05
Uses Of Funds
Total Underwriter's Discount (1.000%) 57,650.00
Costs of Issuance _ _ 62,025.00
Deposit to Cafrent Refunding Fund 6,817,759 82
Rounding Amount 4,360.23
Total Uses $6,941,795.05
Farmington Hills 342 RE 2 1 SINGLE PURPOSE I V 8I2021 1 12'32 PM
Oakland County - Farmington Hills Water Supply
RF Bonds, Series 2021B
$5,765,000
Debt Service Schedule
Date
Principal
Coupon
Interest
Total P+I
10/01/2021
-
-
-
-
10/01/2022
355,000+00
3000%
200,814.17
555,81417
10/01/2023
360,000 00
3.000%
162,30000
522,300.00
10/01/2024
385,000.00
3000%
151,500,00
536,500.00
10/01/2025
385,000,00
3.000%
_ 139,950.00
524,950.00
10/01/2026
410,000.00
3 000%
128,400.00
538,400 00
10/01/2027
435,00000
3,000%
116,100.00
551,10000
10/01/2028
435,000.00
3000%
103,050.00
53R 050.00
10/01/2029
460,00000
3,000%
90,000.00
550,000.00
10/01/2030
480,000.00
3000%
76,200,00
556,200+00
10/01/2031
480,00000
3.000%
61,80000
541,800.00
10/01/2032
505,000.00
3,000%
47,40000
552,40000
10/01/2033
525,00000
3.000%
32,25000
557,250.00
10/01/2034
550,000.00
3.000%
16,50000
566,500.00
Total
$5,765,000.00
-
$1,326,264.17
$7,091,264.17
Yield Statistics
Bond Year Dollars _ _
$44,208.81
Average Life _ _
_ _ _ _ _ 7.668 Years
Average Coupon
3.0000000%
Net Interest Cost (N1C) _
1 5848661
True Interest Cost(TIC)
1.4784400%
Bond Yield for Arbitrage Purposes
_ 1,2397621%
All Inclusive Cos[ (AIC)
1.6199134%
'IRS Form 8038
Net Interest Cost
_ _ 1 2851816° a
Weighted Average Maturity
7,759 Years
Farmington Hills N2 RF 2 1 SINGLE PURPOSE 1 1/312021 1 1232 PM
Oakland County - Farmington Hills Water Supply
RF Bonds, Series 2021B
$5,765,000
Debt Service Comparison
Date
Total P+I
Net New D/S
Old Net D/S
Savings
10/01/2021
-
(4,36023)
-
4,360.23
10/01/2022
555,81417
555,814.17
579,062.50
23,248.33
10/01/2023
522,300.00
522,300,00
571,062.50
49,76' 50
10/01/2024
536,500.00
536,50000
587,562.50
51,062.50
10/01/2025
524,950.00 _ _
_ 524,950,00
579,00000
53,050 00
10/01/2026
538,40000
538,400.00
590,250+00
51,850.00
10/01/2027
551,10000
551,10000
601,750.00
50,650.00
10/01/2028
538050.00
538,050.00
587,500+00
49,450.00
10/01 /2029
550,00000
550,000 00
598,250 00
48,250 00
10/01/2030
556,200.00
556,20000
608,250.00
52,050.00
10/01/2031
541,800.00
541,800.00
_
592,50000
50,70000
10/01/2032
552,400.00
552,400.00
601,750.00
49,350.00
10/01/2033
557,250+00
557,250.00
610,250.00
53,00000
10/01/2034
566,50000
566,500,00
618000.00
51,50000
Total
$7,091,264.17
$79086,903.94
$7,724,187.50
$637,283.56
PV Analysis Summary (Net to Net)
Gross PV Debt Service Savings
Net PV Cashflow Savings a, 1620%(AIC)
Transfers from Prior issue Debt Service Fund
Contingency or Rounding Amount
Net Present Value Benefit
Net PV,Bendit/_,$6a725,000 Refunded Principal _
NetPVBenefrt/ $5,765,000 Refunding Principal
Refunding Bond Information
1,054,708 58
1,054,708 58
(493,531 25)
4,360.23
$565,537.56
8 409%
9.810%
Refunding Dated Date 8/03/2021
Refunding Delivery Date 9/03/2021
Farmington Hills 342 RF 2 1 SINGLE PURPOSE 1 1/ 812021 1 1232 PM
Oakland County - Farmington Hills Water Supply
RF Bonds, Series 2021B
$5,765,000
Pricing Summary
of
Maturity
Maturity Type
Bond
Coupon
Yield
Par
Value
Price
YTM Call Date Call Price
Dollar Price
10/012022 Serial
Coupon
3.000%
0.350%
1000009/0
355,000.00
103.067%
- - -
365,88785
10/01/2023 Serial
Coupon
3.000%
0450%
100000%
360,000,00
105.477%
- - -
379,71720
10/01/2024 Serial
Coupon
3000%
0550%
100,000%
385,000.00
107.666%
- - -
414,51410
10/012025 Serial
Coupon
3.000%
0630%
100000%
385,000.00
109.718%
- - -
422,41430
/0/012026 Sunni
CnnPotl
3000%
0740%
100.000%
410,00000
111422%
- - _ -
456,83020
10/01/2027 Serial
Coupon
30000i6
0870%
100.000%
435,00000
112749%
- - -
490,458.15
/0/012028 Sena[
Coupon
3,000%
1,000%
100000%
435,00000
1137879ro
- - -
494,97345
10/01/2029 Serial
Coupon
3000%
1.110%
100.000%
460,00000
114.706%
- - -
527,647.60
10/012030 Said
Coupon
3.000%
1.260%
100000%
480,000.00
115009%
- - -
552,043.20
10/01/2031 Serial
Coupon
3000
1350%
100.000%
_ 480,00000
115616%
- _ - -
554,95680
10/01/2032 Serial
Coupon
3000%
1.450%
t00.000%
505,000.00
114,594%
c
1569% 10/01/2031 100.000%
578,699.70
10/01/2033 Sena]
Coupon
3.000%
1.600%
100000%
525,000.00
113079%
e
1798% 10/01/2031 100.000%
593,664.75
10/01/2034 Serial
Coupon
3000%
1.700%
100.000%
550,00000
112083%
c
1.954% 10/012031 100000%
616,45650
Total -
-
-
-
-
$5,765,000.00
- -
- - -
$6,448,263.80
Bid Information
Per Amount of Bonds
$5,765,000.00
Reoffering Premium or
(Discormy
683,263.80
Cross Production
$6,448,263.90
Total Underwriters Discount (1.000%)
$(57,650.00)
Bid (II0,852%)
6,390,613 80
Total Put chase Pt ice
$6,390,613.80
Bond Year Dollars
$44,208 81
Average Life
_ _
_
_
7 668 Years
Averse Coupon
3.0000000%
Net Interest Cost (NIC)
. _
1.5848661%
True Interest Cost (TIC)
1.4784400° o
Farmington Hills 342 HE 21 SINGLE PURPOSE 11/ SI2021112:32 Put
Oakland County - Farmington Hills Water Supply
RF Bonds, Series 2021B
$5,765,000
Current Refunding Escrow
Date Principal Rate Interest
Receipts
Disbursements Cash Balance
09/03/2021 - - -
0.82
- 082
10/01/2021 6,817,75900 0070% 77143
6,819,530.43
6,818,53125 -
Total $6,817,759.00 - $771.43
$6,818,531.25
$6,818,531.25 -
Investment Parameters
Investment Model [PV, GIC, or Securities)
Securities
Default investment yield target
_ Bond Yield
Cash Deposit
0 82
Cost of Investments Purchased with Bond Proceeds
_ _ _ 6,817,759.00
Total Cost of Investments
$6,817,759 82
Target Cost of Investments at bond yield _
_ $6,804,967.50
Actual positive or (negative) arbitrage
_ (12,792 32)
Yield to Receipt
_ _ _ 0.0702394%
Yield for Arbitrage Purposes
12397621 %
State and Local Government Series (SLGS) rates for 1/06/2021
Farmington Hills 342 RE 2 1 SINGLE PURPOSE 1 1/ 8/2021 1 12 32 PM
Oakland County - Farmington Hills Water Supply
RF Bonds, Series 2021B
$5,765,000
Detail Costs Of Issuance
Dated 08/03/2021 1 Delivered 08/03/2021
COSTS OF ISSUANCE DETAIL
Financial Advisor
Bond Counsel _
Rating Agency Fee
Advertising _
MAC Fee
State of Michigan Fee
Muniplatform
Verification Agent
Escrow and Paying Agent
TOTAL
Farmington Hills 342 RF2 I SINGLE PURPOSE 1 1182021 1 12'32 PM
$22,000 00
$27 225.00
_ $6,900.00
$1.705.00
-- — - __ $400,00
$1,000 00
-- - - -- $795,00
$1,000.00
$1,000.00
$62,025.00
Oakland Countv - rarmineton Hills Water Supply Improvements
Bonds, Series 2014
$9,800,000
Sensitivity Summary of Savings by Maturity
Maturity Coupon Principal Call Date-0.400%-0.300%-0.200%-0.100% Base +0.100% +0.200% +0.300% +0,400%
10/01/2U21 2000% 400,000 - (79071) (85526) (91976) r18422) (100307) 11p0241) (1UU175) (LUU1.09) (1,00043)
10/0U2022 2.000% 400000 10/01/2021 2,29526 183269 1,37088 90983 49511 10011 (29319) (196271 (1U7864)
10/01/2023 2125'% 400,000 ILIUI/2021 6,32645 5,46n fit 4,60903 3,75310 2,94621 2,160.44 13M.84 59543 (18381)
10/UI/2024 2250% 425000 10/01/2021 1199138 10,65506 9,323,55 7,99682 fi,72334 5,47531 4,23195 2,99326 1,75921
10101/2025 3000% 425,000 1U/01/2021 28,54553 26,759 s5 24,981 88 _23,21217 _ 21,49915 19814.89 18I3, 6.53 16,47002 14,90933
10/01/2026 3,000% 450,000 10/01/2021 37,770.66 35,42115 33,08453 30,76e 71 2850115 26,27625 24,06387 2186394 19,67638
10/01/2027 3000% 475,000 10/01/2021 47,73794 44,2723E 41,82582 38,89919 36,04371 33,23110 3g43Ug5 27,66112 24,90350
10/01/2028 300014 475(RIG 10/01/2021 55,51173 52,05923 48,63210 45,23013 4LU0750 38,63286 35,39273 32,15692 28,95523
10/01/2029 3000% 500,000 10/01/2U21 66,51741 62,36934 58255.53 54,17510 50,186.78 46,25568 42,357GU 38,49224 34,65932
10/01/2030 3000% 525000 IU/01I2021 78,228,8Y 73,33257 69,49114 63,67418 58?7136 5433780 4J74735 45,199.58 40,69408
10/01/2032 000% 55R000 IN)1/2021 99,51314 81074NU 7509124 70,36125 OS,N6.0 U0,00917 54,92457 57,09120 44,910 Is
10/01/2032 301111°o SSU,000 IU/UII20^_I 992U6L2 92,94042 86,742 89 Ngnp 25 7J.6ll nN n8,701 Ji b2,866 40 57,0YU.2U 51,317 YS
10/01/2033 3000% 575,006 10/01/2021 1125712U 105,42437 98362.19 9138359 84,55336 77,83272 71,19248 64,631.61 58,14913
10/01/2034 3000% 600,000 10/01/2021 126,59409 118,513 89 110,53647 1112,66042 94,953.08 87,37373 79,89162 72,505.46 65,213.92
TOMI $01725,001, S759,019.59 $709,766.90 $660,977,50 $612,64632 $965,537.56 $519,205.46 $473,315X $427,864.21 S382,84514
SUMMARY
Savings u%fRafanded Pursed (� 0400%) _ 11287%
Samosas%of Rarunded Pnnclpal(-0300%) _ I0.554%
Savers as% cfRefunded Prinesall-0200%) _ _ 9829%
Sav,aa,.% af0afuoded Pnncipal (-0100%) _- _ 9.110%
Savings.%s,7RU, nded Pnn,r.Ifllasa) 8409%
SRI.,as% of Refunded Pnn6pal(+0, 100%) 7.721%
Savings as%afRefunded PG IpA(10200%) 7039%
Smangsas%af RefundedP N6iS1(+0E300%) _ _ _ _ _ _ 6.362%
Sal'nla5 Ss %afRellmded PGns=I ( 1 0400%) 5 n93%
F-Ingbn Hills 3422014 1 SINGLE PURPOSE I It M021 1 1232 PM
Resolution #21042 February 18, 2021
Moved by Nelson seconded by Weipert the resolutions on the Consent Agenda be
adopted.
AYES: Charles, Gershenson, Hoffman, Jackson, Joliat, Kochenderfer, Kowall,
Kuhn, Long, Luebs, Markham, McGillivray, Miller, Moss, Nelson, Powell, Spisz,
Weipert, Woodward, Cavell. (20)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions on the Consent Agenda were
adopted.
Moved by Nelson seconded by Weipert MR #21047 be amended as follows:
Add all Commissioners as co-sponsors of the resolution.
A sufficient majority having voted in favor the amendment carried.
I HEREBY APPROVE THE FOREGWHG-RESOLM
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lisa Brown, 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 18, 2021, 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 Circuit
Court at Pontiac, Michigan this 18th day of February 2021. S
Lisa Brown, Oakland County