HomeMy WebLinkAboutMinutes - 2013.03.21 - 36706
March 21, 2013
Chairperson Runestad called the meeting to order at 9:46 a.m. in Committee Room A of the
Courthouse Auditorium Wing, County S ervice Center, in Pontiac, Michigan.
COMMITTEE MEM BERS PRESENT:
Jim Runestad, Robert Gosselin, Gary McGillivray, Mike Bosnic, Bill Dwyer, Philip Weipert, Marcia
Gershenson, David Woodward
COMMITTEE MEMBERS ABSENT WITH NOTICE:
None
OTHERS PRESENT:
PLANNING & ECONOMIC DEVELOPMENT Mary Langhauser, Super visor, Financial Services
BOARD OF COMMISSIONERS Jim VerPloeg, Administrative Director
Sheryl Mitchell, Senior Analyst
Pamela Worthington, Committee Coordinator
PUBLIC COMMENT
None.
APPROVAL OF THE MINUTES
McGillivray moved approval of the minutes of February 26, 2013 , as printed. Supported by
Dwyer.
Motion carried on a voice vote.
AGENDA ITEMS
1. PLANNING AND ECONOMIC DEVELOPMENT SERVICES DIVISION RESOLUTION APPROVING
THE ISSUANCE OF REFUNDING BONDS (ACADEMY OF THE SACRED HEART PROJECT) –
BLOOMFIELD HILLS AND BLOOMFIELD TOWNSHIP
The Planning and Economic Development Services Division is seeking approval to refinance bonds that
were issued back in 2002 in the amount of $7.9 million for the Academy of the Sacred Heart Project in
Bloomfield Hills and Bloomfield Township. The proceeds of the bonds will be used to prepay the original
bonds, pay bond issuance costs and provide certain working capital. The refunding bonds will not exceed
$10 million, and the Academy anticipates that savings will be achieved through the issuance of the new
OAKLAND COUNTY BOARD OF COMMISSIONERS
1200 NORTH TELEGRAPH ROAD, PONTIAC, MICHIGAN 48341-0470
Telephone: (248) 858-0100 FAX: (248) 858-1572
PLANNING AND BUILDING COMMITTEE
Mike Bosnic
Bill Dwyer
Philip Weipert
Marcia Gershenson
David Woodward
JIM RUNESTAD
Chairperson
ROBERT GOSSELIN
Vice Chairperson
GARY MCGILLIVRAY
Minority Vice Chairperson
Planning & Building Committee Page 2
March 21, 2013
bonds.
The Internal Revenue Code of 1986, as amended, requires that if new bonds are issued to refinance
existing bonds, and the principal of the new bonds is larger than the outstanding principal of the old bon ds,
a public hearing must be held by the governing body of the governmental unit in which the economic
development corporation is located, and the issuance of the new bonds must then be approved by such
governing body. A public hearing is set for this mor ning, March 21, 2013, at 9:45 a.m.
Dwyer moved approval of the attached suggested resolution. Supported by Gershenson.
Motion carried unanimously on a roll call vote.
OTHER BUSINESS/ADJOURNMENT
There being no further business to come before the C ommittee, the meeting adjourned at 9:49 a.m.
______________________________________ _____________________________________
Pamela L. Worthington, Committee Coordinator Jim VerPloeg, Administrative Director
NOTE: The foregoing minutes are subject to Committee approval.