HomeMy WebLinkAboutResolutions - 2001.07.19 - 37837MISCELLANEOUS RESOLUTION #01182
BY: Finance Committee, Sue Ann Douglas. Chairperson
IN RE: DEPARTMENT OF MANAGEMENT & BUDGE,T - EXTENSION OF AAA BOND RATING
TO LOCAL UNITS OF GOVERNMENT
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS due to a vibrant and diverse local economy and strong financial
management of County resources, Oakland County enjoys a superior credit
rating; both Moody's Investor Services and Standard & Poors have accorded
their highest bond rating, AAA, to Oakland County during the past three
years; and
WHEREAS based on the remarkable combined economic and financial
strength of our local units, this highest of rankings, attained by only 21 of
America's 3,043 counties, will be continued for at least another year; and
WHEREAS the County, through the Oakland County Building Authority
(Public Act 31 of 1948, 15C Extra Session), has the power to finance local
government buildings, parking lots/structures, auditoriums, stadiums and
various recreational facilities, together with appurtenant properties and
facilities necessary or convenient for their effective use for any legitimate
public purpose; and
WHEREAS plans and specifications, determined by the local unit, can be
completed, bids solicited and contracts let in accordance with the provisions
of the applicable statute; and
WHEREAS in each case, the local governmental unit determines the type
of project it wishes to construct or acquire and enters into a partnership
with the County under which the County would finance the project through
issuance of limited general obligation bonds; and
WHEREAS the facility would be leased back to the local unit until the
bonds are retired (within a statutory limit of 50 years); and
WHEREAS once the bonds are retired, the County Building Authority would
transfer ownership of the facility to the local unit of government;
WHEREAS the County Executive recommends approval of this resolution.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of
Commissioners authorizes establishment of a policy that provides for
extension of its superior credit rating, accorded by Moody's Investor
Services and Standard & Poors at their highest ranking of AAA, to local units
of government throughout Oakland County.
BE IT FURTHER RESOLVED that the purpose clause (Article III of the
Articles of Incorporation) of the Oakland County Building Authority be
amended to clearly define that the County Building Authority may provide use
of its bonding authority by the County's cities, villages and townships.
BE IT FURTHER RESOLVED that the amount of total County bonding capacity
allowed for any one local governmental unit is five (50) percent of the State
Taxable Value for that unit of government.
BE IT FURTHER RESOLVED that the Oakland County Department of Management
& Budget be charged with the responsibility for the development and execution
of regulations for the administration of this policy and recommending to the
Board of Commissioners any changes to the policy resulting from experiences
gained from that administration.
Chairperson, on behalf of the Finance Committee, I move adoption of the
foregoing resolution.
FINANCE COMMITTEE
FINANCE COMMITTEE
Motion carried unanimously on a roll call vote with Moss absent.
OAKLAND COUNTY, MICHIGAN
OUTLINE OF ! BE FOLLOWED
LOCALFOR OJECT
THROUGH
!. ! !•
STEP ACTION
I. INITIAL APPLICATION:
a. Application, including authorizing resolution of intent adopted by the
governing body of the local municipality, filed with Oakland County
Director of Management & Budget.
b. Oakland County resolution requesting local participation be prepared
by Management & Budget and introduced by Commissioner(s)
representing the municipality, with referral to the Planning & Building
Committee.
2. Review Committee meets to screen applications.
a. Review Committee is composed of-.
(1) Chairperson, or designee, of the Finance Committee of the
Oakland County Board of Commissioners
(2) Chairperson, or designee, of the Planning & Building
Committee of the Oakland County Board of
Commissioners
(3) Director of Management & Budget
(4) Director of Facilities Management
(5) Representative of County Treasurer's Office
(6) Representative of Fiscal Services Division
(7) Bond Counsel/Financial Consultant
b. Review Committee either rejects application or provides
preliminary recommendation for approval.
3. Review by Staff and Bond Counsel/Financial Consultant
a. Bond Counsel/Financial Consultant advises on financial viability
of municipality and project.
b. Facilities Management Department reviews and recommends on
designated professionals (engineers, architects, etc.).
C. County nexus approved by Bond Counsel/Financial Consultant.
d. Bond CounseUFinancial Consultant and Facilities Management
Department review appropriate documents (e.g., plans,
specifications, deed, leases, sub -leases, bond requirements, etc.)
prior to Review Committee's Final Recommendation.
4. Review Committee provides Final Recommendation.
5. Local Unit approves documents for Project.
6. Board of Commissioners
a. Planning & Building Committee recommends Project to the Board
of Commissioners.
b. Board of Commissioners refers Project to Finance Committee.
C. Finance Committee recommends financing for the Proj ect to the
Board of Commissioners.
d. Board of Commissioners approves Resolution of Intent to Issue
Bonds for the Project and Enter into Contract and Sublease with
Local Unit and refers to the Oakland County Building Authority.
e. All steps in the application, approval and implementation process
for this program shall comply with the adopted rules of the
Oakland County Board of Commissioners.
7. Publish Notice of Right to Petition for a Countywide Referendum. (45 day
waiting period).
8. Oakland County Building Authority approves bond resolution and contract
with the County.
9. Oakland County Building Authority advertises for bids on the Project,
10. Application to the State of Michigan to sell bonds.
11. State approves bond sale.
12. Contract awarded on Project.
13. Bonds advertised for sale, official statement mailed.
14. Bonds sold at public sale.
15. Bonds advertised.
16. Project begins.
.a
COUNTY OF OAKLAND
INSTRUCTIONS FOR APPLICATION FOR ASSISTANCE WITH
LOCAL BUILDING PROL7ECT
The attached Application should be completed in accordance
with the instructions set forth herein and 12 copies
submitted to:
Jeffrey C. Pardee, Director
Oakland County Department of Management & Budget
1200 N. Telegraph Road
Pontiac, MI 48341-0409
Phone: (248) 858-0487
Fax: (248) 452-9172
E-Mail: nardeei@co.oakland.mi.us
(7/31/00)
SPECIFIC INSTRUCTIONS
I. AUTHORIZING RESOLUTION:
The authorizing resolution (see Attachment A of
Application) must be adopted by the governing body of
the local municipality.
II. INFORMATION CONCERNING APPLICANT:
The Application, Parts A, B & C contain- explanations.
The information will allow the County to evaluate
whether the municipality qualifies for assistance.
III. INFORMATION CONCERNING THE PROPOSED PROJECT:
This information should include all presently
available information including both the applicant's
finances and the method it proposes to use to pay for
the project. If proceeds of grants are to be used
this should be specified.
It is not necessary to have final plans or drawings
from an architect to submit an application. However,
a preliminary design including a site plan must be
submitted with an estimate of costs from a qualified
architect and/or engineer.
IV. STATUS OF PROJECT:
This part of the application focuses on the current
state of readiness to proceed with -the project. The
information included should ,provide the County with
sufficient information as to how quickly the project
needs to be.financed.
The local unit's cost of counsel may be included in.
the project costs. The Building Authority has
retained bond counsel and financial consultants to
assist it on the project.
V. SCOPE OF PROJECT:
The Project may include:
(a) Buildings, equipment and furnishings;
(b) Site plan approximations including parking lots
or structures;
(c) Recreational and sports facilities.
The project may not include public road and streets or
storm water sanitary sewers or water lines except on
site. (Storm water, sanitary sewer and water projects
must be referred to the Drain Commissioner and
Township Road Improvements to the Road Commission).
VI. ATTACHMENTS,:
A sample form of Attachments A, B, C, D, E and F are
attached.
VII. OUESTIONS:
Questions regarding this application should be
directed to:
Jeffrey C. Pardee, Director
Oakland County Department of Management & Budget
1200 N. Telegraph Road
Pontiac, MI 48341-0409
Phone: (248) 858-0487
Fax: (248) 452-9172
E-Mail: pardeeJ@co.oakland.mi.us
jra.oak-1
APPLI=ON FOR ASSISTANCE WITH LOCAL BUILDING PROJECT
Application No:
Date Received:
(7/31/00)
0
I. Authorizing Resolution
Submit certified copy of Authorizing Resolution. A
sample form of authorizing resolution is included in
the Application package. This must be attached as
Attachment A.
II. INFORMATION CONCERNING THE APPLICANT
A. MuniciDalitv's Name and Address
B. Contact Person. Title. and Phone/Fax No.
C. Municinalitv's Backaround
Please provide a brief description of the municipality
including: 1) Act incorporated under; 2) date of
incorporation; 3) names and titles of executive officers
and governing board;
D. Municinalitv's Current Financial Status
1. Complete financial questionnaire and attach as
Attachment B.
2. Most recent Audit.
III. INFORMATION'CONCERNING THE PROPOSED PROJECT
A. Narrative Description of Project
Please describe any renovations or additions to an existing
facility; nature of new construction; and description of
new furnishings and equipment to be purchased. Include
square footages where applicable.
[Use additional paper if necessary]
B. Location of Protect
Address and/or Street intersections
Size of -project site:
Attach legal description of property involved (Attachment
C) .
Attach site plan and area map (Attachment D).
Attach preliminary title certification (Attachment E).
Attach environmental certification (Attachment F)
C. Financial Projections
1. How is project to be paid for?
2. If facility is to be revenue producing, please attach
revenue schedules and projection.
D. Project Financing and Costs
County Building Authority bond Proceeds
Other Financing Source
Total Project Costs:
E. Pro-oosed-Project Costs
ITEM AMOUNT
A/E Services'
$
Land
$
Site Development
$
Building Construction
$
Furniture and Equipment
$
Other
$
Contingency
$
Total Project Cost
$
Building Authority Charge
% of the Project Cost
$
Total
$
F. Pronosed Project Schedule:
ITEM START & FINISH DATES
Project Description
(Scope of Work)
Selection of Architect/Engineer
and/or Construction Manager
Design
Bid/Award
Construction
Commissioning
Move -In
IV. STATUS OF PROJECT
A. . Funds'Ex-oended
Have any funds been expended to date on this project, and
if so, for what purpose, in what amount and when?
B. Construction Timetable
Start of Site Preparation
Start of Construction
Completion
C. Pronosed Architects or Enaineers
D.- Property Ownership
Name and address of current owner(s) of the project
property:
E. Applicant's Lecaal Counsel
Address:
Contact Person:
V. ATTACHMENTS
Please provide the following attachments as specified in
the application sections indicated:
Attachment A: Authorizing Resolution
Attachment B: Financial Questionnaire
Attachment C: Legal Description of Property Involved
Attachment D: Site Plan and Area Map
Attachment E: Verification of Property Information
Attachment F: Assessment Checklist
Applicant's Signature:
Title:
Date:
Phone No:
jra/oak.pro
ATTACHMENT A .
FORM OF AUTHORIZING RESOLUTION
At a meeting of the
of the- of
Michigan, held on the day of ,
at e _ _.m., Eastern Time,. in the
Building in ,
Michigan there were:
PRESENT:
ABSENT:
The following preambles and resolution were offered by
and seconded by .
WHEREAS, as the of Oakland
County, Michigan (the ") wishes to request the County
of Oakland to assist in the financing of a project described in
Appendix A attached hereto (the "Project"); and
WHEREAS, the governing body of the has
reviewed this request and wishes to authorize the
(name of official) to file an application to the
County of Oakland for such assistance.
NOW, THEREFORE, BE IT RESOLVED BY THE
OF THE MICHIGAN, as follows:
1. The of wishes to
[construct, remodel, furnish and equip] a project more fully
described in.Appendix 1 attached hereto.
2. the of the
is authorized .to submit an application for
assistance with the County of Oakland.
A ROLL CALL VOTE WAS TAKEN AS FOLLOWS:
YES:
NO:
ABSTAIN:
THE RESOLUTION WAS DECLARED ADOPTED.
CER.TIFCATION
The undersigned, being the duly qualified and acting
of the of I hereby
certifies that the foregoing is a true and' complete copy of a
resolution duly adopted by the
at its meeting
held on the day of , at which meeting a
quorum was present and remained throughout and that an original
thereof is on file in the records of the County. I further
certify that the meeting was conducted, and public notice
thereof was given, pursuant to and in full compliance with Act
No. 267, Public Acts of Michigan, 1976, as amended, and that
minutes of such meeting were kept and will be or have been made
available as required thereby.
r• r
las.rl-oak61
Name of Municipality:
Current Credit Rating From:
Is there
a Ratinal Rating
Moody's Investors Service:
Standard & Poor's:
GENERAL AND ECONOMIC INFORMATION
LOCATION AND CHARACTER
PLEASE PROVIDE SOME GENERAL INFORMATION ABOUT YOUR
MUNICIPALITY.
POPULATION
2000 Estimate - 1980 U.S. Census -
1990 U.S. Census - 1970 U.S. Census -
EMPLOYMENT STATISTICS
(provided by MESA)
2000 1999 1928 1997 1996
Work force
Unemp 1 oyment
Unemployed %
MAJOR TAXPAYERS
2000
10 Laraest Taxnavers Taxable Valuat-iaxa
TOTAL (represents % of 2000 TV) $
EMPLOYMENT CHARACTERISTICS
10 Laraest Emplovers Product/Service
LABOR CONTRACTS
Emnlovee GrouD
BUILDING PERMITS
2000 TOTAL
1999 TOTAL
1998 TOTAL
1997 TOTAL
1996 TOTAL
1995 TOTAL
TAX RATES Se LEVIES
2000 3,999
Operating
Number of
Positions
Number
Employed
Expiration
Date of Contract
TOTAL
VALUE
1998 1997 1996
TOTAL
The Municipality's authorized operating tax rate is
mills.
The taxes are due and payable and a lien created upon the
assessed property on each year. Taxes remaining
unpaid on the following March 1st are turned over to the County
Treasurer for collection. If all real property taxes are not
paid by two years following return to the County
Treasurer, the property is sold for taxes.
Oakland County has established a Delinquent Tax Revolving
Fund which pays all real property taxes returned delinquent to
the County Treasurer as of March 1st each year. Uncollected
personal property taxes are ineligible.
Fiscal Year -
Year Tax Levv Amount
2000 $ $ °s --
1999 100
1998 100
1997 100
1996 100
1995 100
INDUSTRIAL FACILITIES TAX
The Michigan ' Plant Rehabilitation and Industrial
Development District Act (Act 198, Public Acts of Michigan,
1974, as amended) ("Act 198"), provides significant tax
incentives to industry to renovate and expand aging plants and
to build new plants in Michigan. Under the provisions of Act
198, qualifying cities, villages and townships may establish
districts in which industrial firms are offered certain property
tax incentives to encourage restoration or replacement of
obsolete industrial facilities and to attract new plants to the
area. The issuance of any exemption certificate must be
approved by the. State Treasurer. Firms situated in such
districts pay an Industrial Facilities Tax in lieu of property
taxes on plant and equipment for a period of up to 12 years.
For rehabilitated plant and equipment, the assessed value is
frozen at previous levels. New plant and equipment is taxed at
one-half the current millage rate. It must be emphasized,
however, that ad valorem property taxes on land and inventory
are specifically excluded under Act 198. Abatements under Act
198 have been granted to properties in the municipality with a
total 1999 or 2000 Taxable value of $ for real and
personal property.
COMMERCIAL REDEVELOPMENT ACT
The Commercial Redevelopment Act (Act 255, Public Acts of
Michigan, 1978, as amended) ("Act 25511) before its expiration
provided tax incentives to businesses restoring commercial areas
by allowing tax. abatement. The statute permitted a municipality
to grant up to 12 years of property tax relief to businesses who
either locate new facilities in commercially blighted areas or
reconstruct structures in commercially blighted areas. Act 255
allowed new commercial facilities to be charged 50 .percent of
its assessed tax burdens over the life of the relief grant.
Rehabilitated facilities could be charged taxes based on its old
valuations. To qualify, property must have been zoned for
commercial use at least three years before the effective date of
Act 255. -Act 255 has expired and legislation to extend its life
has not been approved. Abatements under Act 255 have been
granted to properties in the municipality with a total 1999 or
2000 Taxable value of $
STATE EQUALIZED VALUATION
(50% of True Value)
2000 - $
1999 - $
1998 - $
1997 - $
1996 - $
1995 $
1994 - $
1993 - $
TAXABLE VALUATION
2000 - $
1999 - $
199.8 - $ Per Capita TV (2000) $
2000 Breakdown by Use 2000 Breakdown by Class
Timber % Real
Residential Personal.
Commercial TOTAL 100.00%
Industrial
Personal Property
Agricultural
TOTAL 100.00%
Audited or
Unaudited
Revenues & Transfers In
$
$ $
Expenses & Transfers Out
Revenues Over(Under)
Expense
$
$
Beginning Balance
$
$ $
Transfer fr. Internal
Sry Fd
$
$ $
Ending Balance
$•
$ $
197
FUTURE FINANCING
Does the anticipate the issuance of any
notes or bonds within the next six months? If so, please list
below.
las.rl-oak61
ATTAC=NT C
LEGAL DESCRIPTION
.[INSERT DESCRIPTION HERE)
ATTACHMENT D
[ATTACH BOTH SITE PLAN AND AREA MAP HERE]
ATTACHMENT E
VERIFICATION OF PROPERTY INFORMATION
Please fill out this form and attach it to the application. Computer printouts with the appropriate
information are acceptable. Please attach any computer -printed materials to this signed and dated
form.
1. SU=Address of Property 1 2. County
3. CityfrownshipNMage ofReal Estate ❑ City
® Township
❑ Village
4. Property Identification Number TPUN . If you don't have a PIN, attach legal description.
5. Mailing Address (if different from property address).
6. Use 1 7. School District
I certify that the information above is true and complete to the best of my knowledge.
Signature I' Date
ATTACHMENT F
•For
... _- ,
PIZ Mw
page I
Project Name and identification No-
1 2 3 4 5 F 7
P � a
cry ��'�
` g ` Source or Documentation
♦ ® ® �. (Able date of contact or t
page reference)
•
° • o' Additional material v be
Impact Calegalies �o �¢�4°a` �� cZ� B"Ac.hed.
Land Development
Conformance With
Comprehensive
Plans and Zoning
Compatibiliry and
Urban Impact
i
Slope !
gg
• I
Erosion
i
i
Soil Suitability i
Hazards an
t
lutsancea. including ,
Site Safety
Energy
Consumption
Noise
E&ecta ol'Ambient
Norse on Protect and
Contribution to Com-
munity Voise Ltrels
Project Name and Identification No.
3 4 5 6 7
d°
Source or Documentation
(Note date of couLact or
page refefrencei
Addhiciti l taatm-Ld mav he
Impact Categores /4o attached.
Air quality
Effects of Ambient Air
Quality on Project and
Contribution to Com-
munity Pollution Levels
Environmental Design and historic Values
Visual Quality ---
Coherence. Diversirv.
Compatible Use. and
Scale
Historic. Cultural.
and Archaeological
Resources
Socioeconomic
Demographic./
Character Changes
Displacement
Empiovment and
Income Patterns
Cammunity Facilities and Services
Educational Facilities
Commercial Facilities
Health Care
Social Services
Project Fame and Identification No.
1 2 3 4 5 '6 7
®OC
9:1�we'
Illy
a
Source or Documentation
�a (Note date of contact or
page referencei
® �` .0 �• �t P. Additional material may be
Impact Categories
Community Faclu ties and Services 'Concinuedi +
Solid waste -
%%ante Vbater
Storm Water
WaterSuppty
Public Safetv Police
F=
Emergency
Medical
Open open 5pace
Space and
Recreation
Aecmation
Cultural
Facilities
Transpanatian
Project Name and Identification No.
�c 4°
Source
t, F
or Docuzwntation .
u® 4` Mote date of contact or
page referencel
Impact Categories ° Q� � Addkdonaa+ed, material
attmc
Natural Features
Water Resources
!Ukase Water
Floodplains
Wetlands
Coastal Zone
Unique Natural
Features and
Agricultural lands
Vegetation and
Wildlife
I
Summary of
Environmental
Conditions:
m-nd Alternatives
♦ f.
icaniinuea, page s+
Additional Studley)
Performed (Attach
Study or Summary)
Mitigation Measures
:Needed:
G
Z1ent $
izinued. .7e
1. Is project in compliance with applicable laws and
regulations? ❑ Yes 0 No
z. Is an EIS required? ❑ Yes D No
3. A Finding of No Significant Impact (F®NSP can be made. Project will not
significantly affect the quality of the human environment. CTYes ❑ No
Resolution #01182 July 19, 2001
Moved by Douglas supported by Melton the resolution be adopted.
Moved by Palmer supported by Garfield the resolution be amended to:
Insert 4th BE IT FURTHER RESOLVED paragraph to read:
BE IT FURTHER RESOLVED that Oakland County shall be reimbursed
one -hundred percent (1000) of all costs associated with its
participation in such bonding projects.
A sufficient majority having voted therefor, the amendment carried.
Vote on resolution as amended:
AYES: Brian, Causey-Mitchell, Coleman, Crawford, Dingeldey, Douglas,
Galloway, Garfield, Gregory, Law, McPherson, Melton, Millard, Moffitt,
Obrecht, Palmer, Patterson, Taub, Amos, Appel (20)
NAYS: Buckley, Moss, Suarez, Webster. (4)
A sufficient majority having voted therefor, the resolution, as
amended, was adopted.
NrE
County Executive Date
STATE OF MICHIGAN)_
COUNTY OF OAKLAND)
I, G. Will Caddell, 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 July 19, 2001 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 19tay oX July, 2001.
G.iWilliam Caddell, County Clerk Y`'