HomeMy WebLinkAboutResolutions - 2021.05.13 - 34424MISCELLANEOUS RESOLUTION #21179 May 13, 2021
BY: Commissioner William Miller, Chairperson, Economic Development and Infrastructure Committee
IN RE: WATER RESOURCES COMMISSIONER — BALD EAGLE LAKE DRAIN BONDS, SERIES 2021 -
FULL FAITH AND CREDIT RESOLUTION
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS the Water Resources Commissioner proposes that the Bald Eagle Lake Drain Drainage District
(the "Drainage District') issue its Drain Bonds, Series 2021 (the "Bonds") in the aggregate principal amount
of not to exceed $870,000 to defray all or part of the cost of the Bald Eagle Lake Drain Drainage District
Project (the "Project'); and
WHEREAS the Bonds are to be designated "Bald Eagle Lake Drain Bonds, Series 2021", and will bear
interest at a rate not exceeding 4% per annum; and
WHEREAS the Water Resources Commissioner deems it advisable and necessary to obtain from this
Board a resolution consenting to the pledge of the full faith and credit of the County on the Bonds; and
WHEREAS the Project 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, and
WHEREAS the statutory limit for County debt is $8,119,539,491 (10% of State Equalized Value). As of
April 1, 2021, the total pledged debt is $580,565,905 or approximately .71502% of the S.E.V; and
WHEREAS the estimated apportionment of the $870,000 project cost is as follows with $40,020 or 4.60%
to Brandon Township, $3,480 or .40% to Groveland Township, $644,670 or 74.10% to Individual Parcels,
$47,067 or 5.41 %to Michigan Department of Transportation and $134,763 or 15.49%to County of Oakland;
and
WHEREAS any property or public corporation subject to assessment may pay the assessment in full, or
may pay in ten annual installments, or may pay the amount in full with interest to date at any time; and
WHEREAS the Oakland County portion of the debt service payments will be included in the Non -
Departmental current drain assessments account.
NOW THEREFORE BE IT RESOLVED that pursuant to the authorization provided in Section 276 of the
Drain Code of 1956, as amended, provided that the Bonds are issued within the parameters set forth above,
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 does hereby agree that in the
event that property owners or public corporations in the Drainage District shall fail or neglect to account to
the County Treasurer of the County of Oakland for the amount of any such special assessment installment
and interest (in anticipation of which the Bonds are issued) when due, then the amount thereof shall be
immediately advanced from County funds, and the County Treasurer is directed to immediately make such
advancement to the extent necessary.
BE IT FURTHER RESOLVED that in the event that, pursuant to said pledge of full faith and credit, the
County of Oakland advances out of County funds, all or any part of said installment and interest, it shall be
the duty of the County Treasurer, for and on behalf of the County of Oakland, to take all actions and
proceedings and pursue all remedies permitted or authorized by law for the reimbursement of such sums
so paid.
BE IT FURTHER RESOLVED that the County Treasurer or the financial consultant, Municipal Financial
Consultants Incorporated, is authorized, if necessary, to make application to the Department of Treasury
for permission to issue and sell the Bonds.
BE IT FURTHER RESOLVED that all resolutions and part of resolutions, insofar as the same may be in
conflict with the provisions of this resolution, be and the same hereby are rescinded.
BE IT FURTHER RESOLVED that no budget amendment is required.
Chairperson, on behalf of the Economic Development and Infrastructure Committee, I move 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 on a roll call vote with Powell absent.
OAKLAND COUNTY WATER RESOURCES COMMIS
X'14 COMPUTATION OF COST (PRELIMINARY)
WRCBALD EAGLE LAKE DRAIN
1. Expense of Maintenance and Improvement of the Drain
Costs of Board of Determination
$900.00
Permitting
$2,500.00
Preliminary Design
$29,500.00
Soil Borings
$12,200.00
Final Design - Project as bid
$23,295.00
Bid Specifications and Documents
$6,000.00
Easement Acquisition
$5,500.00
Postage
$1,008.00
2. Expenses of Condemnation
$0.00
3. Compensation of Board of Review Members
$0.00
4. Cost of Construction of Bridges and Culverts
$0.00
5. Contracts for Construction of Drain; Maintenance
$577,991.03
6. Estimated Cost of Appeal (in case apportionments are not sustained)
$2,500.00
7. Estimated Cost of Inspection
Construction Administration
$26,692.00
Construction Staking
$5,762.00
Construction Inspection and Testing
$39,206.00
8. Cost of Publishing Notices
$2,262.00
9. Probate Judge Fees
$0.00
10. Attorney Fees
$5,000.00
It. Bond/Note Issuance Costs
Bond Counsel
$10,000.00
Financial Advisor
$5,350.00
Municipal Advisory Council of Michigan
$400.00
Michigan Department of Treasury Filing
$230.00
Rating Agency
$0.00
Printing & Publishing
$0.00
12. First Year Bond/Note Interest
$0.00
Gross Stun of Expenses
$756,196.03
Contingent Expenses (10-15%) $113,429.40
Total Cost of Construction of Bald Eagle Lake Drain $869,625.43
Dated:
Jim Nash
Oakland County Water Resources Commissioner
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Resolution #21179 May 13, 2021
Moved by Gingell seconded by Nelson the resolutions on the amended Consent Agenda be adopted (with
accompanying reports being accepted).
AYES: Charles, Gershenson, Gingell, Hoffman, Jackson, Joliet, Kochenderfer, Kowall, Kuhn,
Long, Luebs, Markham, McGillivray, Miller, Moss, Nelson, Powell, Weipert, Woodward, Cavell. (20)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions on the amended Consent Agenda were adopted
(with accompanying reports being accepted).
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I HEREBY APPROVE THIS RESOLUTION
CHIEF DEPUTY COUNTY EXECUTIVE
ACTING PURSUANT TO MCL 45,559A (7)
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 May 13. 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 131h day of May, 2021.
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Lisa Brown, Oakland County