HomeMy WebLinkAboutResolutions - 2022.04.14 - 35431BOARD OF COMMISSIONERS
April 14, 2022
MISCELLANEOUS RESOLUTION #22-104
Sponsored By: William Miller III
Water Resources Commissioner - Resolution Regarding Bald Eagle Lake Drain Bonds
Chairperson and Members of the Board:
WHEREAS by Miscellaneous Resolution #21179 adopted on May 13, 2021 (the "May 2021 Resolution"), the
Board of Commissioners of the County pledged irrevocably the full faith and credit of the County for the
prompt payment of the principal of and interest on bonds (the "Bonds") to be issued by the Bald Eagle Lake
Drain Drainage District 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 financing for the Project was unexpectedly delayed; and
WHEREAS said delay resulted in changes to the estimated project cost and the apportionment of such project
cost; and
WHEREAS the statutory limit for County debt is $8,478,454,848 (10% of State Equalized Value). As of April
1, 2022, the total pledged debt is $523,711,819 or approximately 0.6177% of the S.E.V; and
WHEREAS the estimated project cost is currently $1,110,614, and the estimated apportionment of said project
cost is as follows with $51,088 or 4,6000% to Brandon Township, $4,442 or 0.4000% to Groveland Township,
$821,237 or 73.9444% to Individual Parcels, $60,084 or 5A 100% to the Michigan Department of
Transportation and $173,763 or 15.6456% to the County of Oakland; and
WHEREAS any property or public corporation subject to assessment may pay the assessment in full, or may
pay 10 annual installments, or may pay the amount in full with interest to date at any time; and
WHEREAS Brandon Township, Groveland Township, the Michigan Department of Transportation, the County
of Oakland and certain other properties subject to assessment are expected to pay their respective assessments in
full prior to the sale of the Bonds; and
WHEREAS the Oakland County portion of the assessments will be included in the existing General Fund Non -
Departmental Drain Current Assessments line item (#740044); and
WHEREAS the aggregate principal amount of the Bonds to be issued shall not exceed the project cost, taking
into account any payments made prior to the sale of the Bonds, and in any event not to exceed $870,000; and
WHEREAS the May 2021 Resolution provided that the Bonds would be designated "Bald Eagle Lake Drain
Bonds, Series 2021", based on the original expected financing schedule to issue the Bonds in calendar year
2021; and
WHEREAS the Bonds are now expected to be designated "Bald Eagle Lake Drain Bonds, Series 2022"; and
WHEREAS the Water Resources Commissioner deems it advisable and necessary to obtain from this Board a
new resolution to reflect the Series change from 2021 to 2022 and to ratify and confirm the irrevocable pledge
of the full faith and credit of the County to payment of the Bonds.
NOW THEREFORE BE IT RESOLVED that, provided that the Bonds are designated Bald Eagle Lake Drain
Bonds, Series 2022, the irrevocable pledge of the full faith and credit of the County for the prompt payment of
the principal of and interest on the Bonds is hereby ratified and confirmed.
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, the following Commissioners are sponsoring the foregoing Resolution: William Miller III.
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David Woodward, Commissioner
Hilarie Chambers, Deputy County Executive II
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Lisa Brown, County Clerk / Register of Deeds
COMMITTEE TRACKING
2022-04-06 Economic Development & Infrastructure - Recommend to Board
2022-04-14 Full Board
Date: April 14, 2022
Date: April 22, 2022
Date: April 25, 2022
VOTE TRACKING
Motioned by Commissioner Gwen Markham seconded by Commissioner Penny Luebs to adopt the attached
Resolution: Regarding Bald Eagle Lake Drain Bonds.
Yes: David Woodward, Michael Gingell, Michael Spisz, Karen Joliat, Kristen Nelson, Eileen Kowall,
Christine Long, Philip Weipert, Gwen Markham, Angela Powell, Thomas Kuhn, Charles Moss, Marcia
Gershenson, William Miller III, Yolanda Smith Charles, Charles Cavell, Penny Luebs, Janet Jackson, Robert
Hoffman, Adam Kochenderfer (20)
No: None (0)
Abstain: None (0)
Absent: (0)
Passed
ATTACHMENTS
Map of Bald Eagle Lake District
2. 2022-03-01 Computation of Cost - Ch. 8
3. 2022-04-06 Memo to EGI - Bald Eagle Bond - les comments
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 April 14, 2022, 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 on Thursday, April 14, 2022.
Lisa Brown, Oakland County Clerk/Register of Deeds
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OAKLAND COUNTY WATER RESOURCES COMMISSIONER
Xft COMPUTATION OF COST
BALD EAGLE LAKE DRAIN
1. Expense of Maintenance and Improvement of the Drain
Costs of Board of Determination
$800.00
Permitting
$2,500.00
Preliminary Design
$29,500,00
Soil Borings
$12,200.00
Final Design - Project as bid
$43,295.00
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
$733,916.00
6. Estimated Cost of Appeal (in case apportionments are not sustained)
$2,500.00
7. Estimated Cost of Inspection
Construction Administration
$33,274.00
Construction Staking
$14,788.00
Constriction Inspection and Testing
$57,228.00
S. Cost of Publishing Notices
$2,262.00
9. Probate Judge Fees
$0,00
10. Attorney Fees
$5,000.00
11, 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 Sunt of Expenses
$965,751.00
Contingent Expenses (10-15%) $144,862.65
Total Cost of Construction of Bald Eagle Lake Drain $1,11Q 613.65
Dated: March 2, 2022
Jim Nash
Oakland County Water Resources Commissioner
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Form DC-001
OAKLAND COUNTY MEMORANDUM
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WATER RESOURCES COMMISSIONER M M AN M
TO: William Miller, Chairperson
Economic Development and Infrastructure Committee
FROM: Geoff S. Wilson, P.E. — Assistant Chief Engineer
Oakland County Water Resources Commissioner's Office
SUBJECT: Bald Eagle Lake Drain Bonds, Series 2022
Full Faith and Credit Resolution
DATE: April 6, 2022
Enclosed is a resolution to provide approval by the Oakland County Board of Commissioners for a
pledge of the County's full faith and credit to bonds to be designated Bald Eagle Lake Drain Bonds,
Series 2022. The bonds are being issued by the Bald Eagle Lake Drain Drainage District to finance
part of the Bald Eagle Lake Drain Replacement Project. This project will replace approximately 2,000
feet of pipe that has reached the end of its useful service life. The Bald Eagle Lake Drain is an
intracounty drain established under Chapter 4 of the Michigan Drain Code (Public Act 40 of 1956) and
is under the jurisdiction of the Water Resources Commissioner. The project cost will be borne by the
Bald Eagle Lake Drain Drainage District through special assessments against properties in Brandon
Township and Groveland Township, as well as those two townships at -large, along with the Michigan
Department of Transportation and Oakland County reflecting their highway drainage.
Bonds to be issued by the Bald Eagle Lake Drain Drainage District will be in the aggregate principal
amount of not to exceed $870,000, The resolution requests the full faith and credit of Oakland County
for the not to exceed $870,000 bond sale. This amount is less than the total anticipated cost of the
project of $1,110,613.65 as there will be direct assessments against at -large townships and road
agencies to fund the difference. The bonds will be publicly bid and will bear interest at a rate not to
exceed 4%. It is anticipated the bonds will sold in May 2022.The bond sale will allow residents and
businesses in the drainage district to repay their project cost over 10 annual installments. The
assessments against at -large townships and road agencies will not be included within the financed
amount.
Once this matter has been reviewed by the Economic Development and Infrastructure Committee, it
is anticipated that it will appear on agenda of the Finance Committee on April 6, 2022. The resolution
will be presented for approval to the Board of Commissioners on April 14, 2022.
Requested Action: Recommend adoption of the attached resolution to the Board of
Commissioners.
OAKLAND COUNTY WATER RESOURCES COMMISSIONER 1
Page 1 of 1 Rev.: 02/12/2018