HomeMy WebLinkAboutMinutes - 1993.03.17 - 8145
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March 18, 1993
Meeting called to order by Chairperson Larry Crake at 10:14 A.M. in the
Courthouse Auditorium, 1200 N. Telegraph Road, Pontiac, Michigan.
Roll called.
PRESENT: Aaron, Crake, Douglas, Garfield, Gosling, Huntoon, Jensen,
Johnson, Kaczmar, Kingzett, Law, McCulloch, McPherson, Miltner, Moffitt, Oaks,
Obrecht, Palmer, Pernick, Powers, Price, Schmid, Wolf. (23)
ABSENT: Taub (with notice). (1)
Quorum present.
Invocation given by Commissioner Dennis Powers.
Pledge of Allegiance to the Flag.
Moved by Schmid supported by Pernick the minutes of March 4, 1993 Board
Meeting be approved as printed.
A sufficient majority having voted therefor, the motion carried.
Moved by Schmid supported by Pernick the rules be suspended and the
agenda be amended for the following items already on the printed agenda:
GENERAL GOVERNMENT COMMITTEE
a. Health Division-Extension of Jail Health Clinic Positions (XI(F)
Direct Referral to Finance to Approve Fiscal Note.)
PUBLIC SERVICES COMMITTEE
b. Sheriff's Dept.-Extension of Civil Unit Positions (XI(F) Direct
Referral to Finance to Approve Fiscal Note.)
Add the following items not already on agenda: (Reason: Waive Rule
XXVII, 5-day notification. Finance meeting held prior to 3/18/93 Board
meeting.)
FINANCE COMMITTEE
a. M.R. #93033, Circuit Court Administrative Office Anti-Drug Abuse
Grant Acceptance (to be considered under Public Services Committee
as item "c" on the agenda)
PLANNING & BUILDING
g. M.R. #93029, Drain Commissioner, Authorize the Issuance of Bonds to
Defray Part of Cost of Orchard Lake Village Sanitary Sewage
Collection/Disposal
h. M.R. #93030, Drain Commissioner, Authorize the Issuance of Bonds to
Defray Part of Cost of Orchard Lake Village Water Supply System
i. M.R. #93028, Drain Commissioner, Resolution to Approve the
Financing of the Walled Lake/Novi Wastewater Treatment Plant 1993
Expansion Project
AYES: Aaron, Crake, Douglas, Garfield, Gosling, Huntoon, Jensen,
Johnson, Kaczmar, Kingzett, Law, McCulloch, McPherson, Miltner, Moffitt, Oaks,
Obrecht, Palmer, Pernick, Powers, Price, Schmid, Wolf. (23)
NAYS: None. (0)
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A sufficient majority having voted therefor, the motion to suspend the
rules and amend the agenda carried.
Commissioners Pernick and Crake presented a Proclamation to Bruce Madsen,
Chairman of the Traffic Improvement Association, commending his twenty-five
years of service.
Clerk read letter from Chairperson Larry Crake announcing appointments to
the Community Development Advisory Council for a term ending April 30, 1994.
There were no objections to the appointments. Copy of appointments on file in
County Clerk's office.
Clerk read letter from Chairperson Larry Crake announcing the appointment
of Kay Schmid to the Lake Board of Woodruff Lake. There were no objections to
the appointment. (received and filed)
REPORT (Misc. #93037)
BY: Personnel Committee, Marilynn E. Gosling, Chairperson
IN RE: DEPARTMENT OF INSTITUTIONAL AND HUMAN SERVICES/HEALTH DIVISION -
EXTENSION OF JAIL HEALTH CLINIC POSITIONS
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
The Personnel Committee, having reviewed the above-referenced resolution
on March 10, 1993, reports with the recommendation that the resolution be
adopted.
Chairperson, on behalf of the Personnel Committee, I move acceptance of
the foregoing report.
PERSONNEL COMMITTEE
MISCELLANEOUS RESOLUTION #93037
BY: General Government Committee, Donald W. Jensen, Chairperson
IN RE: DEPARTMENT OF INSTITUTIONAL AND HUMAN SERVICES/HEALTH DIVISION -
EXTENSION OF JAIL HEALTH CLINIC POSITIONS
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS pursuant to Miscellaneous Resolution #92269, the 1993 General
Appropriations Act, sixteen (16) positions in the Health Division's Jail Health
Unit (#162-15) were scheduled for deletion on March 31, 1993 in anticipation of
contracting the clinic service through a private vendor; and
WHEREAS on December 22, 1992 the Sheriff Department and the Purchasing
Division issued Request for Proposal (RFP) #7600 seeking qualified vendors to
provide jail health services; and
WHEREAS after review of the proposals submitted, the Sheriff and County
Executive recommend that jail clinic services remain internal to the County;
and
WHEREAS the level of service is currently under a review which will not
be completed by March 31, 1993; and
WHEREAS it is necessary to continue the sixteen (16) positions assigned
to the jail health clinic until April 30, 1993, by that date an agreed upon
level of service, staffing component and financial support can be arranged and
approved.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of
Commissioners authorizes the sixteen (16) positions assigned to the Health
Division's Jail Health Unit (#162-15), scheduled for deletion on March 31, 1993
pursuant to Miscellaneous Resolution #92269, be retained until April 30, 1993.
BE IT FURTHER RESOLVED that once the appropriate level of service and
staffing is agreed upon, the service plan will be submitted to the appropriate
committees and the full Board of Commissioners for their approval.
Chairperson, on behalf of the General Government Committee, I move the
adoption of the foregoing resolution.
GENERAL GOVERNMENT COMMITTEE
FISCAL NOTE (Misc. #93037)
BY: Finance Committee, John McCulloch, Chairperson
Commissioners Minutes Continued. March 18, 1993
72
IN RE: DEPARTMENT OF INSTITUTIONAL AND HUMAN SERVICES/HEALTH DIVISION -
EXTENSION OF JAIL HEALTH CLINIC POSITIONS
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
Pursuant to Rule XI-G of this Board, the Finance Committee has reviewed
Miscellaneous Resolution #93037 and finds:
1. The resolution extends sixteen (16) governmental funded positions in
the Health Division's Jail Health Unit (#162-15), originally scheduled for
deletion on March 31, 1993, until April 30, 1993.
2. The cost of this extension equals $74,000, of which $50,800 is salary
cost and $23,200 is fringe benefit cost.
3. Funding is available in the jail health unit's contractual service
line-item to cover the extension, the following amendment to the 1993 budget is
recommended:
4-22100-162-15-00-3287 Contractual Svs. $(74,000)
4-22100-162-15-00-1001 Salaries 50,800
4-22100-162-15-00-2074 Fringe Benefits 23,200
$ 0
========
FINANCE COMMITTEE
Moved by Jensen supported by Schmid the Personnel Committee Report be
accepted.
A sufficient majority having voted therefor, the report was accepted.
Moved by Jensen supported by Schmid the resolution be adopted.
AYES: Crake, Douglas, Garfield, Gosling, Huntoon, Jensen, Johnson,
Kaczmar, Kingzett, Law, McCulloch, McPherson, Miltner, Moffitt, Oaks, Obrecht,
Palmer, Pernick, Powers, Price, Schmid, Wolf, Aaron. (23)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
MISCELLANEOUS RESOLUTION #93038
BY: Personnel Committee, Marilynn E. Gosling, Chairperson
IN RE: PERSONNEL DEPARTMENT - 1992 - 1994 LABOR AGREEMENT FOR EMPLOYEES
REPRESENTED BY THE OAKLAND COUNTY DEPUTY SHERIFF'S ASSOCIATION
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS the Oakland County Sheriff's Department, the County of Oakland and
the Oakland County Deputy Sheriff's Association have been negotiating a
contract covering approximately 513 deputized and non-deputized employees of
the Oakland County Sheriff's Department; and
WHEREAS a three (3) year agreement has been reached for the period January
1, 1992 through December 31, 1994 and said agreement has been reduced to
writing; and
WHEREAS said collective bargaining agreement includes provisions providing
for an Internal Revenue Code Section 414(h)(2) employer contributions pick-up
arrangement to be effective April 3, 1993; and
WHEREAS the agreement has been reviewed by your Personnel Committee which
recommends approval of the agreement.
NOW THEREFORE BE IT RESOLVED that the proposed agreement between the
Oakland County Sheriff's Department, the County of Oakland and the Oakland
County Deputy Sheriff's Association, covering the aforesaid period and Internal
Revenue Code Section 414(h)(2) pick-up arrangement effective April 3, 1993, be
and the same is hereby approved; and that the Chairperson of this Board, on
behalf of the County of Oakland be and is hereby authorized to execute said
agreement, a copy of which is attached hereto.
Chairperson, on behalf of the Personnel Committee, I move the adoption of
Commissioners Minutes Continued. March 18, 1993
73
the foregoing resolution.
PERSONNEL COMMITTEE
Copy of proposed agreement on file in County Clerk's Office.
The Chairperson referred the resolution to the Finance Committee. There
were no objections.
MISCELLANEOUS RESOLUTION #93039
BY: Planning and Building Committee, Charles Palmer, Chairperson
IN RE: DRAIN COMMISSIONER - EDWARDS RELIEF DRAINS REFUNDING BONDS, SERIES 1993
-FULL FAITH AND CREDIT RESOLUTION
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS the Edwards Relief Drains Drainage District previously has issued
its Drain Bonds in the principal amount of $7,000,000 and this Board of
Commissioners pledged the full faith and credit of the County of Oakland for
the prompt payment of the principal of and interest on said Drain Bonds; and
WHEREAS the Drainage Board for the Edwards Relief Drains, by resolution
adopted on February 23, 1993, authorized and provided for the issuance of
refunding bonds in the aggregate principal amount of not to exceed $4,500,000
to refund certain of the aforesaid Drain Bonds;
WHEREAS the bonds are to be designated Refunding Bonds, Series 1993, are
to be dated as of such date as the Drainage Board shall determine at the time
of sale; shall be in such principal amount and mature on such dates as shall be
determined by the Drainage Board at the time of sale; will bear interest at a
rate or rates not exceeding 8% and will be subject to redemption prior to
maturity in accordance with the provisions of the sale resolution; and
WHEREAS the Drainage Board deems it advisable and necessary to obtain
from this Board a resolution pledging the full faith and credit of the County
for the payment of the Refunding Bonds, Series 1993; and
WHEREAS it is appropriate that the Refunding Bonds, Series 1993 be sold
in order to achieve debt service savings for the Township of West Bloomfield
and the County of Oakland.
NOW THEREFORE BE IT RESOLVED:
1. That pursuant to the authorization provided in Section 474 of the
Drain Code of 1956, as amended, the Board of Commissioners of the County of
Oakland hereby pledges irrevocably the full faith and credit of the County of
Oakland for the prompt payment of the principal of and interest on the Edwards
Relief Drains Drainage District Refunding Bonds, Series 1993 and agrees that,
in the event any public corporation assessed shall fail or neglect to account
to the County Treasurer of the County of Oakland for the amount of any special
assessment installment and interest when due, the amount thereof shall be
advanced immediately from County funds, and the County Treasurer is directed to
make such advancement to the extent necessary.
2. 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
an 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.
Chairperson, on behalf of the Planning and Building Committee, I move
adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
The Chairperson referred the resolution to the Finance Committee. There
were no objections.
MISCELLANEOUS RESOLUTION #93040
BY: Planning and Building Committee, Charles E. Palmer, Chairperson
IN RE: DRAIN COMMISSIONER - RESOLUTION TO AUTHORIZE THE ISSUANCE OF NOT TO
EXCEED $3,300,000 OAKLAND COUNTY REFUNDING BONDS, SERIES 1993-A (FARMINGTON
Commissioners Minutes Continued. March 18, 1993
74
TOWNSHIP WATER)
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS pursuant to the provisions of Act No. 185, Public Acts of
Michigan, 1957, as amended, the Township of Farmington (which, subsequent to
the execution of the contract, has incorporated as the City of Farmington Hills
and hereinafter is referred to as the "City") and the County of Oakland (the
"County") have entered into the Agreement Oakland County Water Supply System
For Farmington Township System "A", Industrial Section One, and Northwest
Section, dated as of February 1, 1973 and certain revisions to the contract
(said contract as revised hereinafter referred to as the "Contract"); and
WHEREAS pursuant to the Contract the County has issued its Oakland County
Water Supply Bonds - Farmington Township System, Series 1974 dated as of
November 1, 1974 (the "Prior Bonds") in the original principal amount of
$4,550,000 to defray the cost of the Oakland County Water Supply System For
Farmington Township System "A", Industrial Section One and Northwest Section;
and
WHEREAS the Prior Bonds were issued in anticipation of payments to be
made to the County by the City pursuant to the Contract; and
WHEREAS the Prior Bonds remain outstanding in the aggregate principal
amount of $3,125,000, mature in various principal amounts on May 1 in the years
1993 through 2004 and bear interest at rates per annum which vary from 7.50% to
7.90%; and
WHEREAS Chapter VI of Act No. 202, Public Acts of Michigan, 1943, as
amended ("Act 202") authorizes the County to refund all or any part of its
funded indebtedness; and
WHEREAS the County Drain Commissioner as County Agency, (the "County
Agency") has recommended that this resolution be adopted in order to effect the
refunding of the Prior Bonds maturing in the years 1994 through 2004, and this
Board of Commissioners has determined that it is in the best interest of the
City and the County that such refunding be undertaken.
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE COUNTY
OF OAKLAND:
1. AUTHORIZATION OF BONDS - PURPOSE. Bonds of the County of Oakland,
aggregating the principal sum of not to exceed Three Million Three Hundred
Thousand Dollars ($3,300,000) (the "Refunding Bonds") shall be issued and sold
pursuant to the provisions of Act 202, and other applicable statutory
provisions, for the purpose of refunding the Prior Bonds maturing in the years
1994 through 2004.
2. BOND DETAILS. The Refunding Bonds shall be designated "Oakland County
Refunding Bonds, Series 1993-A (Farmington Township Water)"; shall be dated as
of such date as shall be approved 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 8% per annum to
be determined 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 years as shall be determined by the County Agency at the time
of sale.
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 Refunding
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. PRIOR REDEMPTION. The Refunding Bonds shall be subject to redemption
Commissioners Minutes Continued. March 18, 1993
75
prior to maturity upon such terms and conditions as shall be determined by the
County Agency at the time of sale.
5. 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.
6. EXECUTION, AUTHENTICATION AND DELIVERY OF BONDS. The Refunding Bonds
shall be executed in the name of the County by the facsimile signatures of the
Chairman 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 for delivery to the original purchaser thereof,
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 Chairman 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.
7. EXCHANGE AND TRANSFER OF 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 ______________."
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
Commissioners Minutes Continued. March 18, 1993
76
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 which have been
selected for redemption.
8. FORM OF BONDS. The Refunding Bonds shall be in substantially the
following form:
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY REFUNDING BOND, SERIES 1993-A
(FARMINGTON TOWNSHIP WATER)
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 ___________, 1993 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 days of _______ and
_______ in each year, commencing on ___________, 19__. Principal and interest
are payable in lawful money of the United States of America.
This bond is one of a series of bonds aggregating the principal sum of
______________________ Thousand Dollars ($_________) issued by the County under
and pursuant to and in full conformity with the Constitution and Statutes of
Michigan (especially Act No. 202, Public Acts of 1943, as amended) and a
resolution adopted by the Board of Commissioners of the County (the
"Resolution") for the purpose of refunding all of the outstanding Oakland
County Water Supply Bonds - Farmington Township System, Series 1974. 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 (formerly the Township of Farmington) in
payment of its obligations under a certain contract dated February 1, 1973
between the County and the Township of Farmington. The full faith and credit
of the City of Farmington Hills 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
are hereby pledged. Taxes imposed by the City of Farmington Hills and the
County are not subject to limitation as to rate or amount.
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 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
Commissioners Minutes Continued. March 18, 1993
77
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.
Bonds maturing prior to ______________, ______, are not subject to
redemption prior to maturity. Bonds maturing on and after __________________,
__________, 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 one or more
interest payment dates on and after _____________, __________. Bonds of a
denomination greater than $5,000 may be redeemed in part in amounts 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 and a premium as follows:
% of the par value if called for redemption on or after
_______ ___, _________, but prior to ______ ____,
_________;
% of the par value if called for redemption on or after
_______ ___, _________, but prior to ______ ____,
_________;
% of the par value if called for redemption on or after
_______ ___, _________, but prior to ______ ____,
_________.
Not less than thirty days notice of redemption shall be given to the
registered owners of bonds called to be redeemed by mail to each registered
owner at the registered address. Bonds or portions of bonds called for
redemption shall not bear interest on and 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 Chairman 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
(SEAL)
By:_________________________
By:______________________________
County Clerk Chairman, Board of
Commissioners
CERTIFICATE OF AUTHENTICATION
Commissioners Minutes Continued. March 18, 1993
78
This bond is one of the bonds described in the within mentioned
Resolution.
___________________________
Bond Registrar and Paying Agent
By:________________________
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 does hereby irrevocably constitute and appoint
_____________ 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.
9. SECURITY The Refunding Bonds shall be issued in anticipation of
payments to be made by the City pursuant to the Contract. The Refunding Bonds
shall be secured primarily by the full faith and credit pledge made by the City
in the Contract. As additional and secondary security, the full faith and
credit of the County 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
City shall fail to make its payments to the County which 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.
10. PRINCIPAL AND INTEREST FUND. There has been established for the
Prior Bonds a Principal and Interest Fund which shall be kept in a separate
bank account. From the proceeds of the sale of the Refunding Bonds there shall
be set aside in the Principal and Interest Fund any premium and accrued
interest received from the purchasers at the time of delivery of the same. All
payments received from the City pursuant to the Contract are pledged for the
payment of the principal of and interest on the Refunding Bonds and expenses
incidental thereto and as received shall be placed in the Principal and
Interest Fund. The County Treasurer shall transfer moneys in the Principal and
Interest Fund to the bond registrar and paying agent for the Refunding Bonds as
necessary for the payment of the principal of and interest on the Refunding
Bonds.
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 all or any portion of the
Refunding Bonds, shall have been deposited in trust, this Bond Resolution shall
be defeased with respect to such bonds, and the owners of those Refunding Bonds
shall have no further rights under this Bond Resolution except to receive
payment of the principal of, premium, if any, and interest on such Refunding
Bonds from the cash or securities deposited in trust and the interest and gains
Commissioners Minutes Continued. March 18, 1993
79
thereon and to transfer and exchange the Refunding Bonds as provided herein.
12. PAYMENT OF ISSUANCE EXPENSES - 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 establish an escrow fund for the Prior Bonds
maturing in the years 1994 through 2004. 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 maturing in the years 1994 through 2004. The Escrow Fund
shall be held by a trustee (the "Trustee") in trust pursuant to an escrow
agreement (the "Escrow Agreement") which irrevocably shall direct the Trustee
to take all necessary steps to call the Prior Bonds maturing in the years 1994
through 2004 for redemption at such time as shall be determined in the Escrow
Agreement. The County Treasurer is authorized to select the Trustee and enter
into the Escrow Agreement 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 maturing in the
years 1994 through 2004 when due at maturity or call for redemption as required
by the Escrow Agreement.
13. APPROVAL OF DEPARTMENT OF TREASURY. The issuance and sale of the
Refunding Bonds shall be subject to permission being granted therefor by the
Department of Treasury of the State of Michigan and the County Agency hereby
is authorized and directed to make application to the Department of Treasury
for permission to issue and sell the Refunding Bonds as provided by the terms
of this resolution.
14. SALE, ISSUANCE, DELIVERY, TRANSFER AND EXCHANGE OF BONDS. The County
Agency is authorized to determine the principal amount of the Refunding Bonds
to be sold and to prescribe the form of the notice of sale for the Refunding
Bonds. The County Agency is authorized to sell the Refunding Bonds in
accordance with the laws of this state and to 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.
15. REPLACEMENT OF BONDS. Upon receipt by the County Treasurer of proof
of ownership of an unmatured Refunding Bond, of satisfactory evidence that the
bond has been lost, apparently destroyed or wrongfully taken and of security or
indemnity which 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 Refunding 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, which 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 15 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.
16. TAX COVENANT. The County covenants to comply with all applicable
requirements of the Internal Revenue Code of 1986, as amended 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 and other appropriate County officials are
authorized to do all things necessary (including the making of such covenants
of the County as shall be appropriate) to assure that the interest on the
Commissioners Minutes Continued. March 18, 1993
80
Refunding Bonds will be and will remain excludable from gross income for
federal income tax purposes.
17. OFFICIAL STATEMENT. The County Agency is authorized to cause the
preparation of an official statement for the Refunding Bonds for purpose of
enabling compliance with Rule 15c2-12 issued under the Securities Exchange Act
of 1934, as amended (the "Rule") and to 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
(e)(3) of the Rule) on a timely basis and in reasonable quantity as requested
by the purchasers to enable the purchasers to comply with paragraph (b)(4) of
the Rule and the rules of the Municipal Securities Rulemaking Board. 18.
CONFLICTING RESOLUTIONS. All resolutions and parts of resolutions
insofar as they may be in conflict herewith are hereby rescinded.
Chairperson, on behalf of the Planning and Building Committee, I move
the adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
The Chairperson referred the resolution to the Finance Committee. There
were no objections.
MISCELLANEOUS RESOLUTION #93041
BY: Planning and Building Committee, Charles E. Palmer, Chairperson
IN RE: DRAIN COMMISSIONER - PONTIAC-CLINTON RIVER DRAIN NO. 3 REFUNDING BONDS,
SERIES 1993 - FULL FAITH AND CREDIT RESOLUTION
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS the Pontiac-Clinton River Drainage District No. 3 previously has
issued its Drain Bonds in the principal amount of $11,900,000 and this Board of
Commissioners pledged the full faith and credit of the County of Oakland for
the prompt payment of the principal of and interest on said Drain Bonds; and
WHEREAS the Drainage Board for the Pontiac-Clinton River Drain No. 3, by
resolution adopted on February 23, 1993, authorized and provided for the
issuance of refunding bonds in the aggregate principal amount of not to exceed
$7,750,000 to refund certain of the aforesaid Drain Bonds; and
WHEREAS the bonds are to be designated Refunding Bonds, Series 1993, are
to be dated as of such date as the Drainage Board shall determine at the time
of sale; shall be in such principal amount and mature on such dates as shall be
determined by the Drainage Board at the time of sale; will bear interest at a
rate or rates not exceeding 8% and will be subject to redemption prior to
maturity in accordance with the provisions of the sale resolution; and
WHEREAS the Drainage Board deems it advisable and necessary to obtain
from this Board a resolution pledging the full faith and credit of the County
for the payment of the Refunding Bonds, Series 1993; and
WHEREAS it is appropriate that the Refunding Bonds, Series 1993 be sold
in order to achieve debt service savings for the City of Pontiac.
NOW THEREFORE BE IT RESOLVED:
B. That pursuant to the authorization provided in Section 474 of the
Drain Code of 1956, as amended, the Board of Commissioners of the County of
Oakland hereby pledges irrevocably the full faith and credit of the County of
Oakland for the prompt payment of the principal of and interest on the Pontiac-
Clinton River Drainage District No. 3 Refunding Bonds, Series 1993 and agrees
that, in the event the City of Pontiac shall fail or neglect to account to the
County Treasurer of the County of Oakland for the amount of any special
assessment installment and interest when due, the amount thereof shall be
advanced immediately from County funds, and the County Treasurer is directed to
make such advancement to the extent necessary.
1. 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
an 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.
Commissioners Minutes Continued. March 18, 1993
81
Chairperson, on behalf of the Planning and Building Committee, I move
adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
The Chairperson referred the resolution to the Finance Committee. There
were no objections.
MISCELLANEOUS RESOLUTION #93042
BY: Planning and Building Committee, Charles E. Palmer, Chairperson
IN RE: DRAIN COMMISSIONER - RESOLUTION TO AUTHORIZE THE ISSUANCE OF NOT TO
EXCEED $2,700,000 OAKLAND COUNTY REFUNDING BONDS, SERIES 1993-C (PAINT CREEK
INTERCEPTOR)
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS pursuant to the provisions of Act No. 185, Public Acts of
Michigan, 1957, as amended, the Townships of Oxford, Orion, Avon (now the City
of Rochester Hills) and Oakland and the Villages of Oxford and Lake Orion
(hereinafter referred to as the "Municipalities") and the County of Oakland
(the "County") have entered into the Clinton-Oakland Sewage Disposal System
Paint Creek Interceptor Contract dated as of January 15, 1969 (said contract as
revised hereinafter referred to as the "Contract"); and
WHEREAS pursuant to the Contract the County has issued its Oakland County
Sewage Disposal Bonds - Clinton-Oakland System Paint Creek Interceptor dated as
of November 1, 1970 (the "Prior Bonds") in the original principal amount of
$5,340,000 to defray the cost of the Clinton-Oakland System Sewage Disposal
System Paint Creek Interceptor to serve the Municipalities; and
WHEREAS the Prior Bonds were issued in anticipation of payments to be
made to the County by the Municipalities pursuant to the Contract; and
WHEREAS the Prior Bonds remain outstanding in the aggregate principal
amount of $2,600,000, mature in various principal amounts on May 1 in the years
1993 through 2003 and bear interest at rates per annum which vary from 6.70% to
7.00%; and
WHEREAS Chapter VI of Act No. 202, Public Acts of Michigan, 1943, as
amended ("Act 202") authorizes the County to refund all or any part of its
funded indebtedness; and
WHEREAS the County Drain Commissioner as County Agency, (the "County
Agency") has recommended that this resolution be adopted in order to effect the
refunding of the Prior Bonds maturing in the years 1994 through 2003, and this
Board of Commissioners has determined that it is in the best interest of the
Municipalities and the County that such refunding be undertaken.
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE COUNTY
OF OAKLAND:
1. AUTHORIZATION OF BONDS - PURPOSE. Bonds of the County of Oakland,
aggregating the principal sum of not to exceed Two Million Seven Hundred
Thousand Dollars ($2,700,000) (the "Refunding Bonds") shall be issued and sold
pursuant to the provisions of Act 202, and other applicable statutory
provisions, for the purpose of refunding the Prior Bonds maturing in the years
1994 through 2003.
2. BOND DETAILS. The Refunding Bonds shall be designated "Oakland County
Refunding Bonds, Series 1993-C (Paint Creek Interceptor)"; shall be dated as of
such date as shall be approved 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 8% per annum to
be determined 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 years as shall be determined by the County Agency at the time
of sale.
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 Refunding
Commissioners Minutes Continued. March 18, 1993
82
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. PRIOR REDEMPTION. The Refunding Bonds shall be subject to redemption
prior to maturity upon such terms and conditions as shall be determined by the
County Agency at the time of sale.
5. 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.
6. EXECUTION, AUTHENTICATION AND DELIVERY OF BONDS. The Refunding Bonds
shall be executed in the name of the County by the facsimile signatures of the
Chairman 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 for delivery to the original purchaser thereof,
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 Chairman 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.
7. EXCHANGE AND TRANSFER OF 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 ______________."
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
Commissioners Minutes Continued. March 18, 1993
83
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 which have been
selected for redemption.
8. FORM OF BONDS. The Refunding Bonds shall be in substantially the
following form:
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY REFUNDING BOND, SERIES 1993-C
(PAINT CREEK INTERCEPTOR)
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 ___________, 1993 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 days of _______ and
_______ in each year, commencing on ___________, 19__. Principal and interest
are payable in lawful money of the United States of America.
This bond is one of a series of bonds aggregating the principal sum of
______________________ Thousand Dollars ($_________) issued by the County under
and pursuant to and in full conformity with the Constitution and Statutes of
Michigan (especially Act No. 202, Public Acts of 1943, as amended) and a
resolution adopted by the Board of Commissioners of the County (the
"Resolution") for the purpose of refunding all of the outstanding Oakland
County Sewage Disposal Bonds - Clinton-Oakland System - Paint Creek
Interceptor. 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 Townships of Oxford, Orion and Oakland, the Villages of
Oxford and Lake Orion, and the City of Rochester Hills (formerly the Township
of Avon) (the "Municipalities") in payment of their respective obligations
under a certain contract dated January 15, 1969 among the County and the
Municipalities. The full faith and credit of each Municipality have been
pledged for the making of its share of such payments. As additional security
for the payment of the principal of and interest on the bonds of this series
Commissioners Minutes Continued. March 18, 1993
84
the full faith and credit of the County are hereby pledged. Taxes imposed by
the Municipalities and the County are not subject to limitation as to rate or
amount.
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 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.
Bonds maturing prior to ______________, ______, are not subject to
redemption prior to maturity. Bonds maturing on and after __________________,
__________, 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 one or more
interest payment dates on and after _____________, __________. Bonds of a
denomination greater than $5,000 may be redeemed in part in amounts 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 and a premium as follows:
% of the par value if called for redemption on or after
_______ ___, _____, but prior to ______ ___, ____;
% of the par value if called for redemption on or after
_______ ___, _____, but prior to ______ ___, ____;
% of the par value if called for redemption on or after
_______ ___, _____, but prior to ______ ___, ____.
Not less than thirty days notice of redemption shall be given to the
registered owners of bonds called to be redeemed by mail to each registered
owner at the registered address. Bonds or portions of bonds called for
redemption shall not bear interest on and 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 Chairman 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
(SEAL)
By:_________________________
By:_____________________________
County Clerk Chairman, Board
Commissioners Minutes Continued. March 18, 1993
85
of Commissioners
CERTIFICATE OF AUTHENTICATION
This bond is one of the bonds described in the within mentioned
Resolution.
___________________________
Bond Registrar and Paying Agent
By:________________________
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 does hereby irrevocably constitute and appoint
___________________________________ 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.
9. SECURITY. The Refunding Bonds shall be issued in anticipation of
payments to be made by the Municipalities pursuant to the Contract. The
Refunding Bonds shall be secured primarily by the full faith and credit pledges
made by the Municipalities in the Contract. As additional and secondary
security, the full faith and credit of the County are hereby pledged for the
prompt payment of the principal of and interest on the Refunding Bonds as the
same shall become due. If a Municipality shall fail to make its payments to
the County in amounts which are sufficient to pay its share of 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.
10. PRINCIPAL AND INTEREST FUND. There has been established for the
Prior Bonds a Principal and Interest Fund which shall be kept in a separate
bank account. From the proceeds of the sale of the Refunding Bonds there shall
be set aside in the Principal and Interest Fund any premium and accrued
interest received from the purchasers at the time of delivery of the same. All
payments received from the Municipalities pursuant to the Contract are pledged
for the payment of the principal of and interest on the Refunding Bonds and
expenses incidental thereto and as received shall be placed in the Principal
and Interest Fund. The County Treasurer shall transfer moneys in the Principal
and Interest Fund to the bond registrar and paying agent for the Refunding
Bonds as necessary for the payment of the principal of and interest on the
Refunding Bonds.
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 all or any portion of the
Commissioners Minutes Continued. March 18, 1993
86
Refunding Bonds, shall have been deposited in trust, this Bond Resolution shall
be defeased with respect to such Refunding Bonds, and the owners of those
Refunding Bonds shall have no further rights under this Bond Resolution except
to receive payment of the principal of, premium, if any, and interest on such
Refunding Bonds from the cash or securities deposited in trust and the interest
and gains thereon and to transfer and exchange the Refunding Bonds as provided
herein.
12. PAYMENT OF ISSUANCE EXPENSES - 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 establish an escrow fund for the Prior Bonds
maturing in the years 1994 through 2003. 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 maturing in the years 1994 through 2003. The Escrow Fund
shall be held by a trustee (the "Trustee") in trust pursuant to an escrow
agreement (the "Escrow Agreement") which irrevocably shall direct the Trustee
to take all necessary steps to call the Prior Bonds maturing in the years 1994
through 2003 for redemption at such time as shall be determined in the Escrow
Agreement. The County Treasurer is authorized to select the Trustee and enter
into the Escrow Agreement 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 maturing in the
years 1994 through 2003 when due at maturity or call for redemption as required
by the Escrow Agreement.
13. APPROVAL OF DEPARTMENT OF TREASURY. The issuance and sale of the
Refunding Bonds shall be subject to permission being granted therefor by the
Department of Treasury of the State of Michigan and the County Agency hereby
is authorized and directed to make application to the Department of Treasury
for permission to issue and sell the Refunding Bonds as provided by the terms
of this resolution.
14. SALE, ISSUANCE, DELIVERY, TRANSFER AND EXCHANGE OF BONDS. The
County Agency is authorized to determine the principal amount of the Refunding
Bonds to be sold and to prescribe the form of the notice of sale for the
Refunding Bonds. The County Agency is authorized to sell the Refunding Bonds
in accordance with the laws of this state and to 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.
15. REPLACEMENT OF BONDS. Upon receipt by the County Treasurer of
proof of ownership of an unmatured Refunding Bond, of satisfactory evidence
that the bond has been lost, apparently destroyed or wrongfully taken and of
security or indemnity which 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 Refunding
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, which 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
15 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.
16. TAX COVENANT. The County covenants to comply with all applicable
Commissioners Minutes Continued. March 18, 1993
87
requirements of the Internal Revenue Code of 1986, as amended 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 and other appropriate County officials are
authorized to do all things necessary (including the making of such covenants
of the County as shall be appropriate) to assure that the interest on the
Refunding Bonds will be and will remain excludable from gross income for
federal income tax purposes.
17. OFFICIAL STATEMENT. The County Agency is authorized to cause the
preparation of an official statement for the Refunding Bonds for purpose of
enabling compliance with Rule 15c2-12 issued under the Securities Exchange Act
of 1934, as amended (the "Rule") and to 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
(e)(3) of the Rule) on a timely basis and in reasonable quantity as requested
by the purchasers to enable the purchasers to comply with paragraph (b)(4) of
the Rule and the rules of the Municipal Securities Rulemaking Board. 18. CONFLICTING RESOLUTIONS.
Chairperson, on behalf of the Planning and Building Committee, I move
the adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
The Chairperson referred the resolution to the Finance Committee. There
were no objections.
MISCELLANEOUS RESOLUTION #93043
BY: Planning and Building Committee, Charles E. Palmer, Chairperson
IN RE: DRAIN COMMISSIONER - RESOLUTION TO AUTHORIZE THE ISSUANCE OF NOT TO
EXCEED $4,000,000 OAKLAND COUNTY REFUNDING BONDS, SERIES 1993-B (PONTIAC
TOWNSHIP EXTENSIONS)
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS pursuant to the provisions of Act No. 185, Public Acts of
Michigan, 1957, as amended, the Township of Pontiac (which, subsequent to the
execution of the contract, has incorporated as the City of Auburn Hills and
hereinafter is referred to as the "City") and the County of Oakland (the
"County") have entered into the Contract Clinton-Oakland Sewage Disposal System
- Pontiac Township Extensions dated as of May 1, 1970 (said contract as revised
hereinafter referred to as the "Contract"); and
WHEREAS pursuant to the Contract the County has issued its Oakland County
Sewage Disposal Bonds - Clinton-Oakland System, Pontiac Township Extensions
dated as of November 1, 1970 (the "Prior Bonds") in the original principal
amount of $7,520,000 defray the cost of the Clinton-Oakland Sewage Disposal
System - Pontiac Township Extensions; and
WHEREAS the Prior Bonds were issued in anticipation of payments to be
made to the County by the City pursuant to the Contract; and
WHEREAS the Prior Bonds remain outstanding in the aggregate principal
amount of $3,975,000, mature in various principal amounts on May 1 in the years
1993 through 2003 and bear interest at rates per annum which vary from 6.70% to
7.00%; and
WHEREAS Chapter VI of Act No. 202, Public Acts of Michigan, 1943, as
amended ("Act 202") authorizes the County to refund all or any part of its
funded indebtedness; and
WHEREAS the County Drain Commissioner as County Agency, (the "County
Agency") has recommended that this resolution be adopted in order to effect the
refunding of the Prior Bonds maturing in the years 1994 through 2003 and this
Board of Commissioners has determined that it is in the best interest of the
City and the County that such refunding be undertaken.
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE COUNTY
OF OAKLAND:
1. AUTHORIZATION OF BONDS - PURPOSE. Bonds of the County of Oakland,
aggregating the principal sum of not to exceed Four Million Dollars
($4,000,000) (the "Refunding Bonds") shall be issued and sold pursuant to the
Commissioners Minutes Continued. March 18, 1993
88
provisions of Act 202, and other applicable statutory provisions, for the
purpose of refunding the Prior Bonds maturing in the years 1994 through 2003.
2. BOND DETAILS. The Refunding Bonds shall be designated "Oakland
County Refunding Bonds, Series 1993-B (Pontiac Township Extensions)"; shall be
dated as of such date as shall be approved 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 8% per annum to
be determined 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 years as shall be determined by the County Agency at the time
of sale.
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 Refunding
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. PRIOR REDEMPTION. The Refunding Bonds shall be subject to redemption
prior to maturity upon such terms and conditions as shall be determined by the
County Agency at the time of sale.
5. 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.
6. EXECUTION, AUTHENTICATION AND DELIVERY OF BONDS. The Refunding Bonds
shall be executed in the name of the County by the facsimile signatures of the
Chairman 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 for delivery to the original purchaser thereof,
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 Chairman 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.
7. EXCHANGE AND TRANSFER OF 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
Commissioners Minutes Continued. March 18, 1993
89
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 ______________."
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 which have been
selected for redemption.
8. FORM OF BONDS. The Refunding Bonds shall be in substantially the
following form:
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY REFUNDING BOND, SERIES 1993-B
(PONTIAC TOWNSHIP EXTENSIONS)
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 ___________, 1993 or such later
date through which interest has been paid until the County's obligation with
Commissioners Minutes Continued. March 18, 1993
90
respect to the payment of such Principal Amount is discharged, at the rate per
annum specified above. Interest is payable on the first days of _______ and
_______ in each year, commencing on ___________, 19__. Principal and interest
are payable in lawful money of the United States of America.
This bond is one of a series of bonds aggregating the principal sum of
________________ Thousand Dollars ($_________) issued by the County under and
pursuant to and in full conformity with the Constitution and Statutes of
Michigan (especially Act No. 202, Public Acts of 1943, as amended) and a
resolution adopted by the Board of Commissioners of the County (the
"Resolution") for the purpose of refunding all of the outstanding Oakland
County Sewage Disposal Bonds Clinton-Oakland System, Pontiac Township
Extensions, dated November 1, 1970. 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 Auburn Hills
(formerly the Township of Pontiac) in payment of its obligations under a
certain contract dated May 1, 1970 between the County and the Township of
Pontiac. The full faith and credit of the City of Auburn Hills 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 are hereby pledged. Taxes imposed by the City
of Auburn Hills and the County are not subject to limitation as to rate or
amount.
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 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.
Bonds maturing prior to ___________, _____, are not subject to redemption
prior to maturity. Bonds maturing on and after ___________, _____, 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 one or more interest payment dates on
and after ___________, _____. Bonds of a denomination greater than $5,000 may
be redeemed in part in amounts 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 and a premium as
follows:
% of the par value if called for redemption on or after
_______ ___, _________, but prior to ______ ____,
_________;
% of the par value if called for redemption on or after
_______ ___, _________, but prior to ______ ____,
_________;
% of the par value if called for redemption on or after
_______ ___, _________, but prior to ______ ____,
_________.
Not less than thirty days notice of redemption shall be given to the
registered owners of bonds called to be redeemed by mail to each registered
Commissioners Minutes Continued. March 18, 1993
91
owner at the registered address. Bonds or portions of bonds called for
redemption shall not bear interest on and 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 Chairman 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
(SEAL)
By:_________________________
By:_____________________________
County Clerk Chairman, Board of
Commissioners
CERTIFICATE OF AUTHENTICATION
This bond is one of the bonds described in the within mentioned
Resolution.
________
Bond Registrar and Paying Agent
By:_________________________
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 does hereby irrevocably constitute and appoint _________________ 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.
9. SECURITY. The Refunding Bonds shall be issued in anticipation of
payments to be made by the City pursuant to the Contract. The Refunding Bonds
shall be secured primarily by the full faith and credit pledge made by the City
in the Contract. As additional and secondary security, the full faith and
credit of the County 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
City shall fail to make its payments to the County which are sufficient to pay
Commissioners Minutes Continued. March 18, 1993
92
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.
10. PRINCIPAL AND INTEREST FUND. There has been established for the
Prior Bonds a Principal and Interest Fund which shall be kept in a separate
bank account. From the proceeds of the sale of the Refunding Bonds there shall
be set aside in the Principal and Interest Fund any premium and accrued
interest received from the purchasers at the time of delivery of the same. All
payments received from the City pursuant to the Contract are pledged for the
payment of the principal of and interest on the Refunding Bonds and expenses
incidental thereto and as received shall be placed in the Principal and
Interest Fund. The County Treasurer shall transfer moneys in the Principal and
Interest Fund to the bond registrar and paying agent for the Refunding Bonds as
necessary for the payment of the principal of and interest on the Refunding
Bonds.
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 all or any portion of the
Refunding Bonds, shall have been deposited in trust, this Bond Resolution shall
be defeased with respect to such Refunding Bonds, and the owners of those
Refunding Bonds shall have no further rights under this Bond Resolution except
to receive payment of the principal of, premium, if any, and interest on such
Refunding Bonds from the cash or securities deposited in trust and the interest
and gains thereon and to transfer and exchange the Refunding Bonds as provided
herein.
12. PAYMENT OF ISSUANCE EXPENSES - 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 establish an escrow fund for the Prior Bonds
maturing in the years 1994 through 2003. 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 maturing in the years 1994 through 2003. The Escrow Fund
shall be held by a trustee (the "Trustee") in trust pursuant to an escrow
agreement (the "Escrow Agreement") which irrevocably shall direct the Trustee
to take all necessary steps to call the Prior Bonds maturing in the years 1994
through 2003 for redemption at such time as shall be determined in the Escrow
Agreement. The County Treasurer is authorized to select the Trustee and enter
into the Escrow Agreement 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 maturing in the
years 1994 through 2003 when due at maturity or call for redemption as required
by the Escrow Agreement.
13. APPROVAL OF DEPARTMENT OF TREASURY. The issuance and sale of the
Refunding Bonds shall be subject to permission being granted therefor by the
Department of Treasury of the State of Michigan and the County Agency hereby
is authorized and directed to make application to the Department of Treasury
for permission to issue and sell the Refunding Bonds as provided by the terms
of this resolution.
14. SALE, ISSUANCE, DELIVERY, TRANSFER AND EXCHANGE OF BONDS. The County
Agency is authorized to determine the principal amount of the Refunding Bonds
to be sold and to prescribe the form of the notice of sale for the Refunding
Bonds. The County Agency is authorized to sell the Refunding Bonds in
accordance with the laws of this state and to do all things necessary to
effectuate the sale, issuance, delivery, transfer and exchange of the Refunding
Commissioners Minutes Continued. March 18, 1993
93
Bonds in accordance with the provisions of this resolution.
15. REPLACEMENT OF BONDS. Upon receipt by the County Treasurer of proof
of ownership of an unmatured Refunding Bond, of satisfactory evidence that the
bond has been lost, apparently destroyed or wrongfully taken and of security or
indemnity which 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 Refunding 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, which 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 15 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.
16. TAX COVENANT. The County covenants to comply with all applicable
requirements of the Internal Revenue Code of 1986, as amended 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 and other appropriate County officials are
authorized to do all things necessary (including the making of such covenants
of the County as shall be appropriate) to assure that the interest on the
Refunding Bonds will be and will remain excludable from gross income for
federal income tax purposes.
17. OFFICIAL STATEMENT. The County Agency is authorized to cause the
preparation of an official statement for the Refunding Bonds for purpose of
enabling compliance with Rule 15c2-12 issued under the Securities Exchange Act
of 1934, as amended (the "Rule") and to 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
(e)(3) of the Rule) on a timely basis and in reasonable quantity as requested
by the purchasers to enable the purchasers to comply with paragraph (b)(4) of
the Rule and the rules of the Municipal Securities Rulemaking Board. 18.
CONFLICTING RESOLUTIONS. All resolutions and parts of resolutions
insofar as they may be in conflict herewith are hereby rescinded.
Chairperson, on behalf of the Planning and Building Committee, I move the
adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
The Chairperson referred the resolution to the Finance Committee. There
were no objections.
MISCELLANEOUS RESOLUTION NO. 93044
BY: Planning and Building Committee, Charles E. Palmer, Chairperson
IN RE: DEPARTMENT OF PUBLIC WORKS - AUTHORIZATION TO RECEIVE BIDS - 1993
REROOFING PROGRAM
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS the Children's Village Shelter Care Cottage; the Maintenance
Storage Building; and the Central Garage have, during their annual inspections,
been found to have roof systems in need of repair; and
WHEREAS these repairs include the replacement of deteriorated roof deck,
the replacement of wet insulation, and the replacement of the roof membrane
itself; and
WHEREAS the 1993 Roof Replacement is estimated to cost $190,000; and
WHEREAS funding in the amount of $300,000 is available for this project
in the Reroofing line item of the 1993 Capital Improvement Program,
Commissioners Minutes Continued. March 18, 1993
94
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of
Commissioners authorizes the Department of Public Works to advertise said
project for bids, receive bids, and to report to the Planning and Building
Committee upon receipt and tabulation of such bids.
Chairperson, on behalf of the Planning and Building Committee, I move the
adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
Moved by Palmer supported by Gosling the resolution be adopted.
AYES: Douglas, Garfield, Gosling, Huntoon, Jensen, Johnson, Kaczmar,
Kingzett, Law, McCulloch, McPherson, Miltner, Moffitt, Oaks, Obrecht, Palmer,
Pernick, Powers, Price, Schmid, Wolf, Aaron, Crake. (23)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
MISCELLANEOUS RESOLUTION #93029
BY: Planning & Building Committee, Charles E. Palmer, Chairperson
IN RE: DRAIN COMMISSIONER--RESOLUTION TO AUTHORIZE THE ISSUANCE OF BONDS TO
DEFRAY PART OF THE COST OF ORCHARD LAKE VILLAGE SANITARY SEWAGE COLLECTION AND
DISPOSAL SYSTEM
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS the County of Oakland (the "County") and the City of Orchard Lake
Village (the "City") have entered into the City of Orchard Lake Village
Sanitary Sewage Collection and Disposal System Contract dated as of November 1,
1989 (the "Contract") pursuant to the provisions of Act No. 342, Public Acts of
Michigan, 1939, as amended ("(Act 342"); and
WHEREAS the Contract provides for the issuance of bonds by the County to
defray the cost of acquiring and constructing the City of Orchard Lake Village
Sanitary Sewage Collection and Disposal System, said bonds to be secured by the
contractual obligation of the City to pay to the County amounts sufficient to
pay the principal of and interest on the bonds and to pay such paying agent
fees and other expenses as may be incurred on account of the bonds; and
WHEREAS the Oakland County Sewage Disposal Bonds (City of Orchard Lake
Village System) dated September 1, 1990 have been issued in the principal
amount of $2,135,000 to defray part of the cost of the project; and
WHEREAS it is in the best interest of the County of Oakland that
additional bonds be issued at this time. THEREFORE BE IT RESOLVED BY THE
BOARD OF COMMISSIONERS OF OAKLAND COUNTY, MICHIGAN, as follows:
1. AUTHORIZATION OF BONDS -- PURPOSE. Bonds of the County aggregating
the principal sum of Two Million One Hundred Thousand Dollars ($2,100,000)
shall be issued and sold pursuant to the provisions of Act 342, and other
applicable statutory provisions, for the purpose of defraying part of the cost
of acquiring and constructing the City of Orchard Lake Village Sanitary Sewage
Collection and Disposal System.
2. BOND DETAILS. The bonds shall be designated Oakland County Sewage
Disposal Bonds (City of Orchard Lake Village System) Series 1993; shall be
dated March 1, 1993; 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 8% per annum to be determined upon the sale thereof payable on
November 1, 1993, and semiannually thereafter on the first days of May and
November in each year; and shall mature on November 1 in each year as follows:
1994 $ 25,000 2003 $105,000
1995 50,000 2004 110,000
1996 75,000 2005 115,000
1997 75,000 2006 125,000
1998 80,000 2007 135,000
1999 100,000 2008 145,000
Commissioners Minutes Continued. March 18, 1993
95
2000 100,000 2009 150,000
2001 100,000 2010 160,000
2002 100,000 2011 175,000
2012 175,000
3. PAYMENT OF PRINCIPAL AND INTEREST. The principal of and interest on
the 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 15th 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. PRIOR REDEMPTION. Bonds maturing prior to November 1, 2003 shall not
be subject to redemption prior to maturity. Bonds maturing on and after
November 1, 2003 shall be subject to redemption prior to maturity upon the
terms and conditions set forth in the form of bond contained in Section 8
hereof.
5. 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 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 may
from time to time as required designate a similarly qualified successor bond
registrar and paying agent.
6. EXECUTION, AUTHENTICATION AND DELIVERY OF BONDS. The bonds shall be
executed in the name of the County by the facsimile signatures of the Chairman
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 bonds. After the bonds have been executed and
authenticated for delivery to the original purchaser thereof, they shall be
delivered by the County Treasurer to the purchaser upon receipt of the purchase
price. Additional bonds bearing the facsimile signatures of the Chairman 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 bonds. The bond registrar and
paying agent shall indicate on each bond the date of its authentication.
7. EXCHANGE AND TRANSFER OF BONDS. Any 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 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 bond.
Each 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 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 bond, the bond registrar and paying
agent on behalf of the County shall cancel the surrendered bond and shall
authenticate and deliver to the transferee a new 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 bond. If, at the
time the bond registrar and paying agent authenticates and delivers a new bond
pursuant to this section, payment of interest on the bonds is in default, the
bond registrar and paying agent shall endorse upon the new bond the following:
"Payment of interest on this bond is in default. The last date to which
interest has been paid is __________________."
The County and the bond registrar and paying agent may deem and treat the
Commissioners Minutes Continued. March 18, 1993
96
person in whose name any bond shall be registered upon the books of the County
as the absolute owner of such bond, whether such bond shall be overdue or not,
for the purpose of receiving payment of the principal of and interest on such
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 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 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 bonds or portions of bonds which have been selected for redemption.
8. FORM OF BONDS. The bonds shall be in substantially the following
form:
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY SEWAGE DISPOSAL BOND
(CITY OF ORCHARD LAKE VILLAGE SYSTEM)
SERIES 1993
INTEREST RATE MATURITY DATE DATE OF ORIGINAL ISSUE CUSIP
March 1, 1993
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 ______________ ___________________________________ in the City of ________,
Michigan, the bond registrar and paying agent, 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 shall have 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 days of May and November in each year, commencing on November 1, 1993.
Principal and interest are payable in lawful money of the United States of
America.
This bond is one of a series of bonds aggregating the principal sum of
Two Million One Hundred Thousand Dollars ($2,100,000) issued by the County
under and pursuant to and in full conformity with the Constitution and Statutes
of Michigan (especially Act No. 342, Public Acts of 1939, as amended) and a
bond authorizing resolution adopted by the Board of Commissioners of the County
(the "Resolution") for the purpose of defraying part of the cost of acquiring
Commissioners Minutes Continued. March 18, 1993
97
and constructing the City of Orchard Lake Village Sanitary Sewage Collection
and Disposal System. The bonds of this series are issued in anticipation of
payments to be made by the City of Orchard Lake Village in the aggregate
principal amount of Two Million One Hundred Thousand Dollars ($2,100,000)
pursuant to a contract between the County and the City of Orchard Lake Village
dated as of November 1, 1989. The full Faith and credit of the City of Orchard
Lake Village have been pledged to the prompt payment of the foregoing amount
and the interest thereon as the same become due. As additional security the
full faith and credit of the County have been pledged for the prompt payment of
the principal of and interest on the bonds of this series. Taxes levied by the
City of Orchard Lake Village for the payment of its obligations to the County
are not subject to limitation as to rate or amount. Taxes levied by the County
to pay the principal of and interest on the bonds of this series are subject to
constitutional tax limitations. 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 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.
Bonds maturing prior to November 1, 2003, are not subject to redemption
prior to maturity. Bonds maturing on and after November 1, 2003, 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 one or more interest payment dates on
and after November 1, 2002. 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 and a
premium as follows:
1% of the par value if called for redemption on or after
November 1, 2002, but prior to November 1, 2004;
0.5% of the par value if called for redemption on or after
November 1, 2004, but prior to November 1, 2006;
No premium if called for redemption on or after November 1,
2006.
Not less than thirty days' notice of redemption shall be given to the
holders of bonds called to be redeemed by mail to the registered holder at the
registered address. 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 said 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
Commissioners Minutes Continued. March 18, 1993
98
signatures of the Chairman 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
(SEAL)
By: ______________________ By: __________________________
County Clerk Chairman Board of Commissioners
CERTIFICATE OF AUTHENTICATION
This bond is one of the bonds described in the within-mentioned
Resolution.
_______________________________
Bond Registrar and Paying Agent
By: ___________________________
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 does hereby irrevocably constitute and
appoint________________________ attorney to transfer the within bond on the
books kept for registration thereof, with full power of substitution in the
premises.
Dated: __________________
_______________________________
Signature Guaranteed
_______________________________
The signature must be guaranteed by a commercial bank, a trust company or a
brokerage firm which is a member of a major stock exchange.
9. SECURITY. The bonds shall be issued in anticipation of payments to be
made by the City of Orchard Lake Village pursuant to the Contract. The bonds
shall be secured primarily by the full faith and credit pledge made by the City
of Orchard Lake Village in the Contract pursuant to the authorization contained
in Act 342. As additional and secondary security the full faith and credit of
the County are pledged for the prompt payment of the principal of and interest
on the bonds as the same shall become due. If the City of Orchard Lake Village
shall fail to make payments to the County which are sufficient to pay the
principal of and interest on the bonds as the same shall become due, an amount
sufficient to pay the deficiency shall be advanced from the general fund of the
County.
10. 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 bonds, or any portion
thereof, shall have been deposited in trust, this Bond Resolution shall be
defeased with respect to such bonds and the owners of such bonds shall have no
further rights under this Bond Resolution except to receive payment of the
principal of, premium, if any, and interest on such bonds from the cash or
Commissioners Minutes Continued. March 18, 1993
99
securities deposited in trust and the interest and gains thereon and to
transfer and exchange bonds as provided herein.
11. PRINCIPAL AND INTEREST FUND. There shall be established for the bonds
a Principal and Interest Fund which shall be kept in a separate bank account.
From the proceeds of the sale of the bonds there shall be set aside in the
Principal and Interest Fund any premium and accrued interest received from the
purchaser of the bonds at the time of delivery of the same. All payments
received from the City of Orchard Lake Village pursuant to the Contract are
pledged for payment of the principal of and interest on the bonds and expenses
incidental thereto and as received shall be placed in the Principal and
Interest Fund.
12. CONSTRUCTION FUND. The remainder of the proceeds of the sale of the
bonds shall be set aside in a construction fund and used to acquire and
construct the City of Orchard Lake Village Sanitary Sewage Collection and
Disposal System in accordance with the provisions of the Contract.
13. APPROVAL OF MICHIGAN DEPARTMENT OF TREASURY - EXCEPTION FROM PRIOR
APPROVAL. The issuance and sale of the bonds shall be subject to permission
being granted therefor by the Department of Treasury of the State of Michigan
or an exception from prior approval being granted by the Department of
Treasury and the County Drain Commissioner and the County Treasurer are each
hereby severally authorized to file with the Department of Treasury a Notice of
Intent to Issue an Obligation with respect to the bonds and to pay, upon the
filing of said notice, the filing fee of $400. If an exception from prior
approval is not granted the County Drain Commissioner or the County Treasurer
shall make application to the Department of Treasury for permission to issue
and sell the bonds as provided by the terms of this resolution and for approval
of the form of Notice of Sale.
14. REDUCTION OF PRINCIPAL AMOUNT OF BOND ISSUE. If the County Drain
Commissioner shall determine that it is not necessary to sell bonds in the
principal amount of Two Million One Hundred Thousand Dollars ($2,100,000), he
may by order reduce the principal amount of bonds to be sold to that amount
deemed necessary. In the event the principal amount of the bond issue is
reduced pursuant to this section, the County Drain Commissioner shall reduce
the amount of bonds maturing in any one or more years as necessary.
15. REPLACEMENT OF BONDS. Upon receipt by the County Treasurer of proof
of ownership of an unmatured bond, of satisfactory evidence that the bond has
been lost, apparently destroyed or wrongfully taken and of security or
indemnity which complies with applicable law and is satisfactory to the
Treasurer, the Treasurer may authorize the bond registrar and paying agent to
deliver a new executed bond to replace the bond lost, apparently destroyed or
wrongfully taken in compliance with applicable law. In the event an
outstanding matured bond is lost, apparently destroyed or wrongfully taken, the
Treasurer may authorize the bond registrar and paying agent to pay the bond
without presentation upon the receipt of the same documentation required for
the delivery of a replacement bond. The bond registrar and paying agent, for
each new bond delivered or paid without presentation as provided above, shall
require the payment of expenses, including counsel fees, which may be incurred
by the bond registrar and paying agent and the County in the premises. Any
bond delivered pursuant the provisions of this Section 15 in lieu of any bond
lost, apparently destroyed or wrongfully taken shall be of the same form and
tenor and be secured in the same manner as the bond in substitution for which
such bond was delivered.
16. SALE, ISSUANCE, DELIVERY, TRANSFER AND EXCHANGE OF BONDS. The County
Drain Commissioner is authorized to prescribe the form of notice of sale for
the bonds, to sell the bonds at not less than 99% of par plus accrued interest
in accordance with the laws of this state and to do all things necessary to
effectuate the sale, issuance, delivery, transfer and exchange of the bonds in
accordance with the provisions of this resolution.
The County Drain Commissioner is authorized to cause the preparation of
an official statement for the bonds for purposes of compliance with Rule
15c2-12 issued under the Securities Exchange Act of 1934, as amended (the
"Rule") and to do all other things necessary to comply with the Rule. After
Commissioners Minutes Continued. March 18, 1993
100
the award of the bonds, the County will provide copies of a "final official
statement" (as defined in paragraph (e)(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.
17. TAX COVENANT. The County covenants to comply with all requirements of
the Internal Revenue Code of 1986, as amended, necessary to assure that the
interest on the bonds will be and will remain excludable from gross income for
federal income tax purposes. The County Drain Commissioner and other
appropriate County officials are authorized to do all things necessary
(including the making of covenants of the County) to assure that the interest
on the bonds will be and will remain excludable from gross income for federal
income tax purposes.
18. CONFLICTING RESOLUTIONS. All resolutions and parts of resolutions
insofar as they may be in conflict herewith are rescinded.
Chairperson, on behalf of the Planning and Building Committee, I move the
adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
FISCAL NOTE (Misc. #93029)
BY: Finance Committee, John P. McCulloch, Chairperson
IN RE: DRAIN COMMISSIONER - RESOLUTION TO AUTHORIZE THE ISSUANCE OF BONDS TO
DEFRAY PART OF THE COST OF ORCHARD LAKE VILLAGE SANITARY SEWAGE COLLECTION AND
DISPOSAL SYSTEM
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
Pursuant to Rule XI-G of this Board, the Finance Committee has reviewed
Miscellaneous Resolution #93029 and finds:
1) Miscellaneous Resolution #90015 authorized the contract between
Oakland County and the City of Orchard Lake Village subject to the terms of
Michigan Public Act 342 of 1939 for constructing and financing of this project.
2) Miscellaneous Resolution #90190 authorized the sale of bonds
($2,135,000) for engineering and right of way costs.
3) Miscellaneous Resolution #93029 authorizes the issuance of tax-exempt
Act 342 bonds for engineering and right of way costs with the County pledging
its full-faith and credit as the secondary obligator. The primary obligor is
the City of Orchard Lake, pledging its full-faith and credit, as approved by a
vote of the people.
4) The aggregate principal not to exceed $2,100,000 at an interest rate
not to exceed 8% to be paid back within 20 years.
5) The statutory limit for County debt is $2,814,075,876 (10% of 1992
State Equalized Value). As of February 28, 1993, the outstanding debt is
$352,559,474.84 or approximately 1.3% of the S.E.V.
6) Upon receipt of bids, the Drain Commission will return with a
resolution to authorize the sale of bonds for the construction of the sewage
collection and disposal system.
7) No financial impact to county funds is anticipated.
FINANCE COMMITTEE
Moved by Palmer supported by Aaron the resolution be adopted.
AYES: Garfield, Gosling, Huntoon, Jensen, Johnson, Kaczmar, Kingzett,
Law, McCulloch, McPherson, Miltner, Moffitt, Oaks, Obrecht, Palmer, Pernick,
Powers, Price, Schmid, Wolf, Aaron, Crake, Douglas. (23)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
MISCELLANEOUS RESOLUTION #93030
BY: Planning & Building Committee, Charles E. Palmer, Chairperson
Commissioners Minutes Continued. March 18, 1993
101
IN RE: DRAIN COMMISSIONER - RESOLUTION TO AUTHORIZE THE ISSUANCE OF BONDS TO
DEFRAY PART OF THE COST OF CITY OF ORCHARD LAKE VILLAGE WATER SUPPLY SYSTEM
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS the County of Oakland (the "County") and the City of Orchard Lake
Village (the "City") have entered into the City of Orchard Lake Village Water
Supply System Contract dated as of November 1, 1990 (the "Contract") pursuant
to the provisions of Act No. 342, Public Acts of Michigan, 1939, as amended
("(Act 342"); and
WHEREAS the Contract provides for the issuance of bonds by the County to
defray the cost of acquiring and constructing the City of Orchard Lake Village
Water Supply System, said bonds to be secured by the contractual obligation of
the City to pay to the County amounts sufficient to pay the principal of and
interest on the bonds and to pay such paying agent fees and other expenses as
may be incurred on account of the bonds; and
WHEREAS it is in the best interest of the County of Oakland that the
bonds be issued and the project be acquired and constructed.
THEREFORE BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF OAKLAND COUNTY,
MICHIGAN, as follows:
1. AUTHORIZATION OF BONDS - PURPOSE. Bonds of the County aggregating the
principal sum of Two Million Two Hundred Fifty Thousand Dollars ($2,250,000)
shall be issued and sold pursuant to the provisions of Act 342, and other
applicable statutory provisions, for the purpose of defraying part of the cost
of acquiring and constructing the City of Orchard Lake Village Water Supply
System.
2. BOND DETAILS. The bonds shall be designated Oakland County Water
Supply Bonds (City of Orchard Lake Village System) Series 1993; shall be dated
March 1, 1993; 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 8%
per annum to be determined upon the sale thereof payable on November 1, 1993,
and semi-annually thereafter on the first days of May and November in each
year; and shall mature on November 1 in each year as follows:
1995 $ 75,000 2004 $125,000
1996 100,000 2005 125,000
1997 100,000 2006 125,000
1998 100,000 2007 150,000
1999 100,000 2008 150,000
2000 100,000 2009 150,000
2001 100,000 2010 175,000
2002 100,000 2011 175,000
2003 125,000 2012 175,000
3. PAYMENT OF PRINCIPAL AND INTEREST. The principal of and interest on
the 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 15th 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. PRIOR REDEMPTION. Bonds maturing prior to November 1, 2003 shall not
be subject to redemption prior to maturity. Bonds maturing on and after
November 1, 2003 shall be subject to redemption prior to maturity upon the
terms and conditions set forth in the form of bond contained in Section 8
hereof.
5. 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
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
Commissioners Minutes Continued. March 18, 1993
102
of America or the State of Michigan. The County Treasurer may from time to
time as required designate a similarly qualified successor bond registrar and
paying agent.
6. EXECUTION, AUTHENTICATION AND DELIVERY OF BONDS. The bonds shall be
executed in the name of the County by the facsimile signatures of the Chairman
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 bonds. After the bonds have been executed and
authenticated for delivery to the original purchaser thereof, they shall be
delivered by the County Treasurer to the purchaser upon receipt of the purchase
price. Additional bonds bearing the facsimile signatures of the Chairman 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 bonds. The bond registrar and
paying agent shall indicate on each bond the date of its authentication.
7. EXCHANGE AND TRANSFER OF BONDS. Any 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 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 bond.
Each 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 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 bond, the bond registrar and paying
agent on behalf of the County shall cancel the surrendered bond and shall
authenticate and deliver to the transferee a new 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 bond. If, at the
time the bond registrar and paying agent authenticates and delivers a new bond
pursuant to this section, payment of interest on the bonds is in default, the
bond registrar and paying agent shall endorse upon the new bond the following:
"Payment of interest on this bond is in default. The last date to which
interest has been paid is __________________."
The County and the bond registrar and paying agent may deem and treat the
person in whose name any bond shall be registered upon the books of the County
as the absolute owner of such bond, whether such bond shall be overdue or not,
for the purpose of receiving payment of the principal of and interest on such
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 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 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 bonds or portions of bonds which have been selected for redemption.
8. FORM OF BONDS. The bonds shall be in substantially the following form:
Commissioners Minutes Continued. March 18, 1993
103
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY WATER SUPPLY BOND
(CITY OF ORCHARD LAKE VILLAGE SYSTEM)
SERIES 1993
INTEREST RATE MATURITY DATE DATE OF ORIGINAL ISSUE
CUSIP
March 1, 1993
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 _________________________________________________ in the City of ________,
Michigan, the bond registrar and paying agent, 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 shall have 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 days of May and November in each year, commencing on November 1, 1993.
Principal and interest are payable in lawful money of the United States of
America.
This bond is one of a series of bonds aggregating the principal sum of
Two Million Two Hundred Fifty Thousand Dollars ($2,250,000) issued by the
County under and pursuant to and in full conformity with the Constitution and
Statutes of Michigan (especially Act No. 342, Public Acts of 1939, as amended)
and a bond authorizing resolution adopted by the Board of Commissioners of the
County (the "Resolution") for the purpose of defraying part of the cost of
acquiring and constructing the City of Orchard Lake Village Water Supply
System. The bonds of this series are issued in anticipation of payments to be
made by the City of Orchard Lake Village in the aggregate principal amount of
Two Million Two Hundred Fifty Thousand Dollars ($2,250,000) pursuant to a
contract between the County and the City of Orchard Lake Village dated as of
November 1, 1990. The full Faith and credit of the City of Orchard Lake
Village have been pledged to the prompt payment of the foregoing amount and the
interest thereon as the same become due. As additional security the full faith
and credit of the County have been pledged for the prompt payment of the
principal of and interest on the bonds of this series. Taxes levied by the
City of Orchard Lake Village for the payment of its obligations to the County
are not subject to limitation as to rate or amount. Taxes levied by the County
to pay the principal of and interest on the bonds of this series are subject to
constitutional tax limitations.
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 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
Commissioners Minutes Continued. March 18, 1993
104
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.
Bonds maturing prior to November 1, 2003, are not subject to redemption
prior to maturity. Bonds maturing on and after November 1, 2003, 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 one or more interest payment dates on
and after November 1, 2002. 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 and a
premium as follows:
1% of the par value if called for redemption on or after
November 1, 2002, but prior to November 1, 2004;
0.5% of the par value if called for redemption on or after
November 1, 2004, but prior to November 1, 2006;
No premium if called for redemption on or after
November 1, 2006.
Not less than thirty days' notice of redemption shall be given to the
holders of bonds called to be redeemed by mail to the registered holder at the
registered address. 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 said 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 Chairman 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
(SEAL)
By: ______________________ By:
__________________________
County Clerk Chairman, Board of
Commissioners
CERTIFICATE OF AUTHENTICATION
This bond is one of the bonds described in the within-mentioned
Resolution.
_______________________________
Bond Registrar and Paying Agent
By: ___________________________
Authorized Representative
Commissioners Minutes Continued. March 18, 1993
105
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 does hereby irrevocably constitute and appoint ________________ attorney to
transfer the within bond on the books kept for registration thereof, with full
power of substitution in the premises.
Dated: __________________
_______________________________
Signature Guaranteed
_______________________________
The signature must be guaranteed by a commercial bank, a trust company or a
brokerage firm which is a member of a major stock exchange.
9. SECURITY. The bonds shall be issued in anticipation of payments to be
made by the City of Orchard Lake Village pursuant to the Contract. The bonds
shall be secured primarily by the full faith and credit pledge made by the City
of Orchard Lake Village in the Contract pursuant to the authorization contained
in Act 342. As additional and secondary security the full faith and credit of
the County are pledged for the prompt payment of the principal of and interest
on the bonds as the same shall become due. If the City of Orchard Lake Village
shall fail to make payments to the County which are sufficient to pay the
principal of and interest on the bonds as the same shall become due, an amount
sufficient to pay the deficiency shall be advanced from the general fund of the
County.
10. 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 bonds, or any portion
thereof, shall have been deposited in trust, this Bond Resolution shall be
defeased with respect to such bonds and the owners of such bonds shall have no
further rights under this Bond Resolution except to receive payment of the
principal of, premium, if any, and interest on such bonds from the cash or
securities deposited in trust and the interest and gains thereon and to
transfer and exchange bonds as provided herein.
11. PRINCIPAL AND INTEREST FUND. There shall be established for the bonds
a Principal and Interest Fund which shall be kept in a separate bank account.
From the proceeds of the sale of the bonds there shall be set aside in the
Principal and Interest Fund any premium and accrued interest received from the
purchaser of the bonds at the time of delivery of the same. All payments
received from the City of Orchard Lake Village pursuant to the Contract are
pledged for payment of the principal of and interest on the bonds and expenses
incidental thereto and as received shall be placed in the Principal and
Interest Fund.
12. CONSTRUCTION FUND. The remainder of the proceeds of the sale of the
bonds shall be set aside in a construction fund and used to acquire and
construct the City of Orchard Lake Village Water Supply System in accordance
with the provisions of the Contract.
13. APPROVAL OF MICHIGAN DEPARTMENT OF TREASURY - EXCEPTION FROM PRIOR
APPROVAL. The issuance and sale of the bonds shall be subject to permission
being granted therefor by the Department of Treasury of the State of Michigan
or an exception from prior approval being granted by the Department of
Treasury and the County Drain Commissioner and the County Treasurer are each
hereby severally authorized to file with the Department of Treasury a Notice of
Commissioners Minutes Continued. March 18, 1993
106
Intent to Issue an Obligation with respect to the bonds and to pay, upon the
filing of said notice, the filing fee of $400. If an exception from prior
approval is not granted the County Drain Commissioner or the County Treasurer
shall make application to the Department of Treasury for permission to issue
and sell the bonds as provided by the terms of this resolution and for approval
of the form of Notice of Sale.
14. REDUCTION OF PRINCIPAL AMOUNT OF BOND ISSUE. If the County Drain
Commissioner shall determine that it is not necessary to sell bonds in the
principal amount of Two Million Two Hundred Fifty Thousand Dollars
($2,250,000), he may by order reduce the principal amount of bonds to be sold
to that amount deemed necessary. In the event the principal amount of the bond
issue is reduced pursuant to this section, the County Drain Commissioner shall
reduce the amount of bonds maturing in any one or more years as necessary.
15. REPLACEMENT OF BONDS. Upon receipt by the County Treasurer of proof
of ownership of an unmatured bond, of satisfactory evidence that the bond has
been lost, apparently destroyed or wrongfully taken and of security or
indemnity which complies with applicable law and is satisfactory to the
Treasurer, the Treasurer may authorize the bond registrar and paying agent to
deliver a new executed bond to replace the bond lost, apparently destroyed or
wrongfully taken in compliance with applicable law. In the event an
outstanding matured bond is lost, apparently destroyed or wrongfully taken, the
Treasurer may authorize the bond registrar and paying agent to pay the bond
without presentation upon the receipt of the same documentation required for
the delivery of a replacement bond. The bond registrar and paying agent, for
each new bond delivered or paid without presentation as provided above, shall
require the payment of expenses, including counsel fees, which may be incurred
by the bond registrar and paying agent and the County in the premises. Any
bond delivered pursuant the provisions of this Section 15 in lieu of any bond
lost, apparently destroyed or wrongfully taken shall be of the same form and
tenor and be secured in the same manner as the bond in substitution for which
such bond was delivered.
16. SALE, ISSUANCE, DELIVERY, TRANSFER AND EXCHANGE OF BONDS. The County
Drain Commissioner is authorized to prescribe the form of notice of sale for
the bonds, to sell the bonds at not less than 99% of par plus accrued interest
in accordance with the laws of this state and to do all things necessary to
effectuate the sale, issuance, delivery, transfer and exchange of the bonds in
accordance with the provisions of this resolution.
The County Drain Commissioner is authorized to cause the preparation of
an official statement for the bonds for purposes of compliance with Rule
15c2-12 issued under the Securities Exchange Act of 1934, as amended (the
"Rule") and to do all other things necessary to comply with the Rule. After
the award of the bonds, the County will provide copies of a "final official
statement" (as defined in paragraph (e)(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.
17. TAX COVENANT. The County covenants to comply with all requirements of
the Internal Revenue Code of 1986, as amended, necessary to assure that the
interest on the bonds will be and will remain excludable from gross income for
federal income tax purposes. The County Drain Commissioner and other
appropriate County officials are authorized to do all things necessary
(including the making of covenants of the County) to assure that the interest
on the bonds will be and will remain excludable from gross income for federal
income tax purposes.
18. CONFLICTING RESOLUTIONS. All resolutions and parts of resolutions
insofar as they may be in conflict herewith are rescinded.
Chairperson, on behalf of the Planning and Building Committee, I move the
adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
FISCAL NOTE (Misc. #93030)
BY: Finance Committee, John P. McCulloch, Chairperson
Commissioners Minutes Continued. March 18, 1993
107
IN RE: DRAIN COMMISSIONER - RESOLUTION TO AUTHORIZE THE ISSUANCE OF BONDS TO
DEFRAY PART OF THE COST OF CITY OF ORCHARD LAKE VILLAGE WATER SUPPLY SYSTEM
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
Pursuant to Rule XI-G of this Board, the Finance Committee has reviewed
Miscellaneous Resolution #93030 and finds:
1) Miscellaneous Resolution #91037 authorized the contract between
Oakland County and the City of Orchard Lake Village subject to the
terms of Michigan Public Act 342 of 1939 for constructing and
financing of this project.
2) Miscellaneous Resolution #93029 authorizes the issuance of tax-exempt
Act 342 bonds for engineering and right of way costs with the County
pledging its full-faith and credit as the secondary obligator. The
primary obligor is the City of Orchard Lake, pledging its full-faith
and credit, as approved by a vote of the people.
3) The aggregate principal not to exceed $2,250,000 at an interest rate
not to exceed 8% to be paid back within 20 years.
4) The statutory limit for County debt is $2,814,075,876 (10% of 1992
State Equalized Value). As of February 28, 1993, the outstanding debt
is $352,559,474.84 or approximately 1.3% of the S.E.V.
5) Upon receipt of bids, the Drain Commission will return with a
resolution to authorize the sale of bonds for the construction of
water supply facilities.
6) No financial impact to county funds is anticipated.
FINANCE COMMITTEE
Moved by Palmer supported by Law the resolution be adopted.
AYES: Gosling, Huntoon, Jensen, Johnson, Kaczmar, Kingzett, Law,
McCulloch, McPherson, Miltner, Moffitt, Oaks, Obrecht, Palmer, Pernick, Powers,
Price, Schmid, Wolf, Aaron, Crake, Douglas, Garfield. (23)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
MISCELLANEOUS RESOLUTION #93028
BY: Planning & Building Committee - Charles E. Palmer, Chairperson
IN RE: DRAIN COMMISSIONER - RESOLUTION TO APPROVE THE FINANCING OF THE WALLED
LAKE-NOVI WASTEWATER TREATMENT PLANT 1993 EXPANSION PROJECT
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS pursuant to the Huron-Rouge Sewage Disposal System Walled Lake-
Novi Wastewater Treatment Plant 1989 Enlargement Contract dated as of March 1,
1989 among the County of Oakland, the City of Walled Lake, and the City of
Novi, as amended by the First Amendment dated as of March 1, 1990 and by the
Second Amendment dated as of June 1, 1990 (the said contract as amended
hereinafter referred to as the "Contract"), the County of Oakland (the
"County") has acquired and constructed the Walled Lake-Novi Wastewater
Treatment Plant 1989 Enlargement (the "Project"); and
WHEREAS the County has on hand in the construction fund for the Project
in excess of $530,000 which was derived from the proceeds of the Huron-Rouge
Sewage Disposal System Walled Lake-Novi Wastewater Treatment Plant Enlargement
Bonds issued pursuant to the Contract and the cash payment made by the City of
Novi pursuant to the Contract; and
WHEREAS it has been proposed that the County, acting through its Drain
Commissioner as County Agency, acquire and construct a 1.7 million gallon
sludge storage tank with necessary appurtenances as an expansion of the Walled
Lake-Novi Wastewater Treatment Plant (the "1993 Expansion Project") at an
estimated cost of $1,480,000; and
WHEREAS it has been proposed that the cost of the 1993 Expansion Project
Commissioners Minutes Continued. March 18, 1993
108
be financed in the manner described on Exhibit C; and
WHEREAS it is in the best interests of the County of Oakland that the
1993 Expansion Project be acquired and constructed.
THEREFORE BE IT RESOLVED:
1. The acquisition, construction and financing of the 1993 Expansion
Project as described on Exhibit A and the use of moneys remaining in the
construction fund for the Project to defray part of the cost of the 1993
Expansion Project is approved.
2. The use of moneys in the Water and Sewage Operations Trust Fund for
the Walled Lake-Novi Sewage Disposal System in the amount of $500,000 to
defray part of the cost of the 1993 Expansion Project is approved.
3. The following Exhibits A, B and C are approved.
Chairperson, on behalf of the Planning and Building Committee, I move
adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
Copies of Exhibits on file in County Clerk's Office.
FISCAL NOTE (Misc. #93028)
BY: Finance Committee, John P. McCulloch, Chairperson
IN RE: DRAIN COMMISSIONER - RESOLUTION TO APPROVE THE FINANCING OF THE WALLED
LAKE-NOVI WASTEWATER TREATMENT PLANT 1993 EXPANSION PROJECT MISCELLANEOUS
RESOLUTION #93028
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
Pursuant to Rule XI-G of this Board, the Finance Committee has reviewed
Miscellaneous Resolution #93028 and finds:
1) Miscellaneous Resolution #89060 authorized the contract between
Oakland County and the Cities of Walled Lake and Novi subject to the
terms of Michigan Public Act 342 of 1939 for constructing and
financing of the project to enlarge the Walled Lake-Novi Wastewater
Treatment Plant.
2) Miscellaneous Resolution #90036 and #90147 authorized amendments to
said project.
3) Total project costs to expand sludge storage is $1,480,000 with
funding from the following sources.
4) The fund known as Huron-Rouge Sewage Disposal System-Walled Lake-Novi
Wastewater Treatment Plant Enlargement (#87500) will provide $530,000:
$140,000 for Right-of-Way costs and $390,000 remaining as of January
1, 1993 for other costs.
5) Surplus from operations of the Walled Lake-Novi Sewage Treatment
Plant, fund #83200, as of December 31, 1992 show funds of $500,000 are
available for this purpose and are authorized to be transferred to
fund #87500.
6) The balance of project (approximately $450,000) will be paid by the
cities of Walled Lake and Novi: Any deficiency will be paid by the
cities of Walled Lake and Novi.
7) The current authorized project will provide $530,000 of the total
project costs of $1,480,000. Therefore, this resolution authorizes an
increase in project of $950,000 for Sludge Storage Expansion, which
increases the total project budget from $8,428,690 to $9,378,690.
FINANCE COMMITTEE
Moved by Palmer supported by Schmid the resolution be adopted.
AYES: Huntoon, Jensen, Johnson, Kaczmar, Kingzett, Law, McCulloch,
McPherson, Miltner, Moffitt, Oaks, Obrecht, Palmer, Pernick, Powers, Price,
Schmid, Wolf, Aaron, Crake, Douglas, Garfield, Gosling. (23)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
Commissioners Minutes Continued. March 18, 1993
109
MISCELLANEOUS RESOLUTION #93045
BY: Public Services Committee, Lawrence A. Obrecht, Chairperson
IN RE: COMMUNITY DEVELOPMENT DIVISION - RECAPTURE AND REALLOCATION OF BALDWIN
AVENUE HUMAN SERVICES CENTER'S UNSPENT 1992 EMERGENCY SHELTER GRANT (ESG)
PROGRAM FUNDS
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS the County of Oakland has operated a federally-funded ESG Program
since 1987; and
WHEREAS the County contracts with homeless shelters to provide services
for homeless; and
WHEREAS the County was awarded $77,000 for the 1992 ESG Program, which
funds were allocated per Miscellaneous Resolution #92113 among South Oakland
Shelter ($42,650), Baldwin Avenue Human Services Center ($8,000), Pontiac Area
Transitional Housing ($8,000), Help Against Violent Encounters Now ($8,000),
SoJourner House ($6,500), and administration ($3,850); and
WHEREAS all 1992 ESG contracts run from July 1, 1992 to June 30, 1993;
and
WHEREAS Baldwin Avenue Human Services Center (Baldwin) ceased shelter
operations on August 4, 1992, 34 days into the 1992 contract period; and
WHEREAS the county exercised its right under Section 13.03 of the 1992
ESG contract between the county and Baldwin to terminate said contract for the
reason that Baldwin no longer provides homeless shelter services; and
WHEREAS Baldwin exercised its contractual right to request reimbursement
for allowable expenses incurred between July 1, 1992 and August 3, 1992, while
the shelter was still operational, therefore expending $5,904.40, which costs
were subsequently audited; and
WHEREAS the unspent balance of Baldwin's ESG funds is $2,095.60; and
WHEREAS other participating shelters were requesting Baldwin's recaptured
1992 ESG funds; and
WHEREAS the Oakland County Citizens Advisory Council for Community
Development has unanimously approved the recapture and subsequent proportionate
redistribution of ESG funds by a roll call vote of 12-0.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of
Commissioners authorizes the recapture of $2,095.60 of ESG funds remaining in
Baldwin Avenue Human Services Center's account.
BE IT FURTHER RESOLVED that this remaining balance of $2,095.60 be
divided proportionately among, and be reallocated to, South Oakland Shelter
($1,371.78), Help Against Violent Encounters Now ($257.34), SoJourner House
($209.14), and Pontiac Area Transitional Housing ($257.34) as an amendment to
their 1992 ESG contracts with Oakland County, as reflected in Attachment A.
Chairperson, on behalf of the Public Services Committee, I move the
adoption of the foregoing resolution.
PUBLIC SERVICES COMMITTEE
Copy of Attachment A on file in County Clerk's Office.
Moved by Obrecht supported by Price the resolution be adopted.
AYES: Jensen, Johnson, Kaczmar, Kingzett, Law, McCulloch, McPherson,
Miltner, Moffitt, Oaks, Obrecht, Palmer, Pernick, Powers, Price, Schmid, Wolf,
Aaron, Crake, Douglas, Garfield, Gosling, Huntoon. (23)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
REPORT (Misc. #93046)
BY: Personnel Committee, Marilynn E. Gosling, Chairperson
IN RE: SHERIFF DEPARTMENT - EXTENSION OF CIVIL UNIT POSITIONS
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
Commissioners Minutes Continued. March 18, 1993
110
The Personnel Committee, having reviewed the above-referenced resolution
on March 10, 1993, reports with the recommendation that the resolution be
adopted.
Chairperson, on behalf of the Personnel Committee, I move acceptance of
the foregoing report.
PERSONNEL COMMITTEE
MISCELLANEOUS RESOLUTION #93046
BY: Public Services Committee, Lawrence Obrecht, Chairperson
IN RE: SHERIFF'S DEPARTMENT - EXTENSION OF CIVIL UNIT POSITIONS
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS pursuant to Miscellaneous Resolution #92269, the 1993 General
Appropriations Act, nine (9) governmental positions in the Sheriff's
Department, Civil Unit (43205) were approved for deletion April 1, 1993 in
anticipation of contracting for the service of civil documents; and
WHEREAS discussions are in progress between the Sheriff and County
Executive departments, however, key issues related to the privatization have
not been finalized: and
WHEREAS the Sheriff requests to continue this function with reduced staff
for an additional two months to allow time to resolve all related issues: and
WHEREAS the Sheriff proposes to delete four (4) positions April 1, 1993
as authorized with the 1993 Amended Budget and continue the civil function with
the remaining five (5) positions until June 1, 1993; and
WHEREAS funds are available within the Sheriff's Department budget to
cover costs of this extension; and
WHEREAS once the contractual arrangements are finalized and the County
Executive recommendation is formulated, a presentation will be made to the
Public Services Committee.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of
Commissioners approves the extension of five (5) governmental positions in
Sheriff/Administrative Services/Civil (43205) and related operating funds until
June 1, 1993:
3 Deputy II (00525, 02158, 02386)
2 Police Para-Professional (01626, 03514)
Chairperson, on behalf of the Public Services Committee, I move the
adoption of the foregoing resolution.
PUBLIC SERVICES COMMITTEE
FISCAL NOTE (Misc. #93046)
BY: Finance Committee, John P. McCulloch, Chairperson
IN RE: SHERIFF'S DEPARTMENT - EXTENSION OF THE CIVIL UNIT POSITIONS
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
Pursuant to Rule XI-G of this Board, the Finance Committee has reviewed
Miscellaneous Resolution #93046 and finds:
1) The Sheriff's Department has requested to delay implementation of the
privatization of the Civil unit from April 1 until June 1, 1993.
2) To delay the implementation date, the Sheriff's Department has
requested to retain the following positions which were scheduled to be
deleted April 1, 1993 with the cost for this two month extension as
indicated:
Position No. Position Name Salary Fringes
43205-00525 Deputy II $ 7,468 $ 3,368
43205-02158 Deputy II 7,468 3,368
43205-02386 Deputy II 7,468 3,368
43205-01626 Police Para-Professional 3,835 1,730
43205-03514 Police Para-Professional 3,835 1,730
$30,074 $13,564
3) Operating costs associated with the two month extension of these
positions include Leased Vehicles, Radio Communications, Convenience
Copier, and Uniform Expense totalling $4,875.
Commissioners Minutes Continued. March 18, 1993
111
4) The total cost of this extension is $48,513.
5) The Sheriff's Department indicates that favorability exists in the
Corrections Division due to vacant positions. The Finance Committee
recommends the following transfer:
From: Account Name Amount
4-10100-433-10-00-1001 Salaries Regular $(33,434)
4-10100-433-10-00-2077 Retirement (10,053)
4-10100-433-10-00-2078 FICA (5,026)
$(48,513)
To:
4-10100-432-05-00-1001 Salaries Regular $30,074
4-10100-432-05-00-2077 Retirement 9,043
4-10100-432-05-00-2078 FICA 4,521
4-10100-432-05-00-4822 Uniform Expense 300
4-10100-432-05-00-6641 Convenience Copier 118
4-10100-439-01-00-6600 Radio Communications 757
4-10100-436-01-00-6610 Leased Vehicles 3,700
$48,513
-0-
_
FINANCE COMMITTEE
Moved by Obrecht supported by Powers the resolution be adopted.
Moved by Obrecht supported by Powers the resolution be amended by adding
a BE IT FURTHER RESOLVED paragraph which reads "BE IT FURTHER RESOLVED that
with the exception of the Sheriff's Civil Unit employees who will be placed
into existing vacant positions within the Sheriff's Department, there shall be
a freeze on the filling of any other existing or future vacancy within the
Sheriff's Department until the Personnel Committee has reviewed such vacancies
and recommends the lifting of such a hiring freeze and/or budget amendment."
Discussion followed.
A sufficient majority not having voted therefor, the amendment failed.
Vote on resolution:
AYES: Johnson, Kaczmar, Kingzett, Law, McCulloch, McPherson, Miltner,
Moffitt, Oaks, Palmer, Pernick, Powers, Price, Schmid, Wolf, Aaron, Crake,
Douglas, Garfield, Gosling, Huntoon, Jensen. (22)
NAYS: Obrecht. (l)
A sufficient majority having voted therefor, the resolution was adopted.
MISCELLANEOUS RESOLUTION #93033
BY: Public Services Committee, Lawrence A. Obrecht, Chairperson
IN RE: CIRCUIT COURT - STATE COURT ADMINISTRATIVE OFFICE ANTI-DRUG ABUSE GRANT
ACCEPTANCE
To the Oakland County Board of Commissioners
Chairperson, Ladies, and Gentlemen:
WHEREAS the Circuit Court has applied for a grant from the State Court
Administrative Office (SCAO) in the amount of $20,655 of which 75% would be
funded by the SCAO and the balance by the County and;
WHEREAS these funds are to provide assistance to trial courts, on the
basis of demonstrated need, to expedite the adjudication of drug and drug-
related cases; and
WHEREAS the Circuit Court has been awarded a judicial support grant to
assist in the adjudication of drug and drug-related cases in the amount of
$14,000; and
WHEREAS $10,500 (75%) is the State portion and $3,500 (25%) is the County
Commissioners Minutes Continued. March 18, 1993
112
match which is included in the Circuit Court's 1993 Adopted Budget; and
WHEREAS a visiting judge, outside court reporter services and current
Court staff will be assigned to the grant; therefore, no new personnel will be
required; and
WHEREAS the funds for this grant must be expended by
September 30, 1993; and
WHEREAS acceptance of this grant does not obligate the County to any
future commitment.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of
Commissioners accepts the State Court Administrative Office Anti-Drug Abuse
Grant in the amount of $14,000.
BE IT FURTHER RESOLVED that the Chairperson of the Board of Commissioners
is authorized to execute the grant agreement and to approve amendments and
extensions up to fifteen (15) percent variance from the award, consistent with
the agreement as originally approved.
Chairperson, on behalf of the Public Services Committee, I move the
adoption of the foregoing resolution.
PUBLIC SERVICES COMMITTEE
FISCAL NOTE (Misc. #93033)
BY: Finance Committee, John P. McCulloch, Chairperson
IN RE: CIRCUIT COURT - STATE COURT ADMINISTRATIVE OFFICE ANTI-DRUG ABUSE GRANT
To the Oakland County Board of Commissioners
Chairperson, Ladies, and Gentlemen:
Pursuant to Rule XI-G of this Board, the Finance Committee has reviewed
Miscellaneous Resolution #93033 and finds:
1. The Circuit Court has been awarded a judicial support grant to assist
in the adjudication of drug and drug-related cases in the amount of
$14,000.
2. The grant is 75% ($10,500) funded by the State and 25% ($3,500) by the
County which is the Circuit Court's 1993 Adopted Budget.
3. A visiting judge, outside court reporter services and current Court
staff will be assigned to the grant; therefore, no new personnel are
required.
4. Funds from this grant must be expended by September 30, 1993.
5. Corporation Counsel has reviewed and approved the grant contract as to
legal sufficiency.
6. The Circuit Court's 1993 Budget be amended as follows:
GRANT FUND
REVENUE
3-27223-311-05-00-2185 Grant Revenue $14,000
EXPENDITURES
4-27223-311-05-00-3777 Visiting Judge $10,500
4-27223-311-05-00-3295 Court Reporter Svs. 3,500
$14,000
$ -0-
GENERAL FUND
EXPENDITURES
4-10100-311-05-00-3295 Court Reporter Services $(3,500)
4-10100-311-05-00-3380 Grant Match 3,500
Total $ -0-
FINANCE COMMITTEE
Moved by Obrecht supported by Oaks the resolution be adopted.
AYES: Kaczmar, Kingzett, Law, McCulloch, McPherson, Miltner, Moffitt,
Oaks, Obrecht, Palmer, Pernick, Powers, Price, Schmid, Wolf, Aaron, Crake,
Douglas, Garfield, Gosling, Huntoon, Jensen, Johnson. (23)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
Commissioners Minutes Continued. March 18, 1993
113
MISCELLANEOUS RESOLUTION #93047
BY: Commissioners Ruth A. Johnson, Dist. #1 and Donn L. Wolf, Dist. #19
IN RE: (Support) H.R. 140, MANDATE RELIEF ACT, AND H.R.886, MANDATE STUDY
COMMISSION
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS local and state government should not be responsible for
subsidizing federally mandated programs or required to enact local taxes to
support such unfunded mandates; and
WHEREAS our citizens, like those throughout this Nation, have been
encumbered with an unprecedented tax burden, one which diminishes our
lifestyles, restricts our business development, and inhibits financial growth;
and
WHEREAS the passage of H.R. 140 would protect states and localities from
future unfunded federal mandates by making any new requirements applicable only
if all funds necessary to pay the direct costs incurred are provided by the
federal government; and
WHEREAS H.R. 886 would establish a commission to study existing federal
mandates to determine those which should be eliminated, and
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of
Commissioners does hereby support the passage of H.R. 140 and H.R. 886, and
directs that certified copies of this resolution be sent to our Congressional
legislators and our legislative agent.
Chairperson, we move the adoption of the foregoing resolution.
Commissioners Ruth A. Johnson, Donn L.
Wolf,
David L. Moffitt, Charles Palmer, Donald
Jensen,
Marilynn Gosling, Sue Ann Douglas, Hubert
Price, Jr.
Lawrence Obrecht, Kevin A. Miltner, Dennis
N. Powers,
Donna Huntoon, Lawrence R. Pernick, Larry
P. Crake,
John P. McCulloch, John Garfield, Kay M.
Schmid,
Thomas A. Law
The Chairperson referred the resolution to the General Government
Committee. There were no objections.
MISCELLANEOUS RESOLUTION #93048
BY: Lawrence Obrecht, District #3
IN RE: BOARD OF COMMISSIONERS-AMENDMENT TO BOARD RULES SEC. X, CONSTRUCTION
PROJECT APPROVAL
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS the Oakland County Building Authority was established by the then
Oakland County Board of Supervisors by MR 4534, adopted February 8, 1966, to
"build, acquire, furnish, equip, own, improve, enlarge, lease, operate and
maintain a building or buildings...for use for any legitimate public purpose of
the County of Oakland..." in accordance with PA 31 of 1948, as amended; and
WHEREAS the Oakland County Board of Commissioners has occasionally
authorized the Building Authority to undertake various county construction
projects in accordance with PA 31 of 1948, as amended; and
WHEREAS the Building Authority will, from time to time, approve changes
to: the location of buildings; employment of architects; and plans and
specifications for new construction projects or alterations of existing
structures; and
WHEREAS such changes often impact the lease contract between the County
Commissioners Minutes Continued. March 18, 1993
114
of Oakland and the Building Authority and, therefore, require approval by both
the Board of Commissioners and the Building Authority; and
WHEREAS there is the possibility that changes made by the Building
Authority may not be communicated to the Planning and Building Committee for
their review and approval, as was the case with the proposed West Wing
extension to the Oakland County Courthouse; and
WHEREAS the rules for the Board of Commissioners state that the Planning
and Building Committee is responsible for all new construction projects and
alterations of existing structures, including locations of buildings, selection
of architects and preparation of plans and specifications; and
WHEREAS the Board of Commissioners is interested in amending its Board
Rules to reflect that final plans and specifications must be approved by the
Planning and Building Committee.
NOW THEREFORE BE IT RESOLVED that Section X(e)(2) of the Board Rules be
amended to read as follows:
2(a). All new construction and all alterations of existing structures
beyond what would normally fall in the category of maintenance
shall be under the general jurisdiction of the Planning and
Building Committee. Such Committee shall be charged with, subject
to the approval of the Board of Commissioners, establishing
locations of buildings, employment of architects, and preparation
of plans and specifications."
(b). Final plans and specifications for all new county construction
projects and all alterations of existing structures beyond what
would normally fall in the category of maintenance, including those
projects referred to the Building Authority, shall be approved by
the Planning and Building Committee prior to issuance of Requests
for Proposals. Any subsequent revisions to plans and
specifications by the architect(s), contractor(s), county staff,
the Building Authority, etc. shall require approval by the Planning
and Building Committee.
BE IT FURTHER RESOLVED that in accordance with Oakland County Board of
Commissioners Rules, Article XV., the presentation of this resolution at this
meeting, with request for referral and subsequent adoption, constitutes the
required five-day notice for amendment of rules.
Chairperson, I move the adoption of the foregoing resolution.
Lawrence A. Obrecht, Commissioner Dist.
#3
The Chairperson referred the resolution to the General Government and
Planning and Building Committees. There were no objections.
In accordance with Rule XXII, the following referral was made by the
Chairperson:
PUBLIC SERVICES
a. Michigan Dept. of Soc. Serv.-Children's Village/Approval Study.
There were no objections to the referral.
The Chairperson stated the next meeting of the Board will be April 1,
1993.
The Board adjourned at 10:43 A.M.
LYNN D. ALLEN LARRY CRAKE
Clerk Chairperson