HomeMy WebLinkAboutResolutions - 2008.08.21 - 9410(0-")/
PLANNING AND BUILDING COMM IXTEE
MISCELLANEOUS RESOLUTION NO. #08156 July 31, 2008
BY: PLANNING AND BUILDING COMMITTEE, SUE ANN DOUGLAS, CHAIRPERSON
IN RE: DRAIN COMMISSIONER GEORGE W. KUHN DRAINAGE DISTRICT DRAIN
BONDS — FULL FAITH AND CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen
WHEREAS, the Drainage Board for the George W. Kuhn Drain, by resolution adopted on July 15,
2008, authorized and provided for the issuance by the George W. Kuhn Drainage District of its Drain
Bonds, Series 2008H in the aggregate principal amount of not to exceed $9,100,000 to defmy, part of the
cost of the George VV. Kuhn . Drain; and
WHEREAS, the Drain Bonds, Series 2008H will not exceed in the aggregate $9,100,000, Will be
dated as of such date, will bear interest at such rates not to exceed 8% per annum, will be in the
aggregate principal amount, will mature in such years and principal amounts, and will be .subject to
redemption prior to maturity as shall be determined by the Oakland County Drain Commissioner as
Chairperson of the Drainage Board for the George W. Kuhn Drainage District; 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 of Oakland (the ''County'') for the payment of the
principal of and interest on the Drain Bonds, Series 2008H (the "Bonds"); and
WHEREAS, the George W. Kuhn Drain is necessary to protect and preserve the public health
and, therefore, it is in the best interest of the County that the Bonds be sold. • ,
NOW, THEREFORE, BE IT RESOLVED that: •
1. Pursuant to the authorization provided in Section 474 of the Drain Code of 1956, as
amended, the Board of Commissioners of the County hereby pledges irrevocably,the full faith and credit
of the County for the prompt payment of the principal of and interest on the Drain Bonds, Series 2008H
not to exceed in the aggregate $9,100,000, and agrees that, in the event the public corporations
assessed for the cost of the George W. Kuhn Drain shall fail or neglect to account to the County
Treasurer of the County for the amount of any special assessment installment and interest when due, the
amount there& shall be advanced immediately from County funds, and the County Treasurer is directed
to make such adVancement to the extent necessary.
2. In the event that, pursuant to the pledge of full faith and credit, the County 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, to take all actions and proceedings and pursue all remedies permitted or
authorized by law for the reimbursement of such sums so paid..
3. The County Treasurer or the financial consultant, Municipal Financial Consultants, is
authorized to file with the Department of Treasury of the State of Michigan on behalf of the County an
Application for the State Treasurer's Approval to Issue Bonds with respect to the Bonds.
4. The County Treasurer is authorized, if necessary, to approve the circulation of a
preliminary and final official statement for the Bonds, to cause the preparation of those portions of the
preliminary and final official statement that pertain to the County, and to do all other things necessary for
compliance with Rule 15c2-12 issued under the Securities Exchange Act of 1934, as amended (the
"Rule"). The County Treasurer is authorized to execute and deliver such certificates and to do all other
things that are necessary to effectuate the sale and delivery of the Bonds.
5. The County Treasurer is hereby authorized, if necessary, to execute and deliver in the
name and on behalf of the County (i) a certificate of the County to comply with the requirements for a
continuing disclosure undertaking of the County pursuant to subsection (b)(5) of the Rule and (ii)
amendments to such certificate from time to time in accordance with the terms of such certificate (the
certificate and any amendments thereto are collectively referred to herein as the "Continuing Disclosure
Certificate"). To the extent a Continuing Disclosure Certificate is executed and delivered, the County
hereby covenants and agrees that it will comply with and carry out all of the provisions of such Continuing
Disclosure Certificate. The remedies for any failure of the County to comply with and carry out the
provisions of the Continuing Disclosure Certificate shall be as set forth therein.
Mr. Chairperson, on behalf of the Planning and Building Committe,e ,, I move adoption of the
foregoing resolution. •
PLANNING & BUILDING COMMITTEE VOTE:
Motion carried unanimously on a roll call vote with Gingell absent.
Resolution #08156 July 31,2008
The Chairperson referred the resolution to the Finance Committee. There were no objections.
Resolution #08156 July 31, 2008
The Chairperson referred the resolution to the Finance Committee. There were no objections.
FINAN E COI ITTEE
4110 FINANCE COMMITTEE
FISCAL NOTE(MISC. #08156) August 21, 2008
BY: FINANCE COMMITTEE, MIKE ROGERS, CHAIRPERSON
IN RE: DRAIN COMMISSIONER - GEORGE W. KUHN DRAINAGE DISTRICT DRAIN BONDS -
FULL FAITH AND CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
Pursuant to Rule KIT-C of this Board, the Finance Committee has
reviewed the above referenced resolution and finds:
1. The Drainage Board for the George W. Kuhn Drain is requesting
that the Board of Commissioners pledge the full faith and credit
of the County of Oakland for the payment of principal and
interest on the George W. Kuhn Drainage District Drain Bonds,
Series 2008H.
2. The bond issue is not to exceed $9,100,000 and is to be used for
constructing the George W. Kuhn Drain, Flushing System
Rehabilitation - Contract 613.
3. The Bonds shall bear an interest rate not to exceed 8% per annum,
will be in aggregate principal amounts, will mature in such years
and principal amounts and will be callable prior to maturity as
determined necessary by the Drainage Board at the time of issue.
4. The bonds are to be sold in a private negotiated sale to the
Michigan Municipal Bond Authority, as part of their Michigan
Water Pollution Control Revolving Loan Program at 2.500% interest
in September 2008.
5. The statutory limit for County debt is $7,449,108,156 (10% of
State Equalized Value). As of June 30, 2008, the total pledged
debt is $313,116,668 or approximately 0.42034% of the S.E.V.
6. The estimated project cost of $9,100,000 will be apportioned to
the following Public Corporations as follows with $560,532.70 or
6.1597% to the City of Berkley, $421,821.40 or 4.6354% to City of
Birmingham, $511,865.90 or 5.6249% to City of Clawson,
$886,660.50 or 9.7655% to City of Ferndale, $194,803.70 or
2.1407% to City of Hazel Park, $278,760.30 or 3.0633% to City of
Huntington Woods, $936,572.00 or 10.2920% to City of Madison
Heights, $1,166,265.10 or 12.8161% to City of Oak Park,
$115,661.00 or 1.2710% to City of Pleasant Ridge, $2,576,728.70
or 28.3157% to City of Royal Oak, $666,429.40 or 7.3234% to City
of Southfield, $227,672.90 or 2.5019% to City of Troy,
$143,425.10 or 1.5761% to Township of Royal Oak, $72,290.40 or
.7944% to Village of Beverly Hills, $138,911.50 or 1.5265% to
Oakland County for County Roads and $199,599.40 or 2.1934% to
State of Michigan for drainage of state highways.
7. The Public Corporations will pay for the bonds through a Special
Assessment Roll for the George W. Kuhn Drain.
8. The State of Michigan and Oakland County will pay their cost up
front to opt out of the bond sale and avoid annual bond interest
payments.
9. Funding is available in the Non-Departmental Current Drain
Assessment account to cover Oakland County's apportionment cost
of the project.
10. No budget amendment is required.
Motion carried unanimously on a roll call vote with Zack and Potter absent.
FA- 3/o
Resolution #08156 August 21, 2008
Moved by Long supported by Burns the resolutions (with fiscal notes attached) on the Consent Agenda,
be adopted (with accompanying reports being accepted).
AYES: Burns, Coleman, Coulter, Crawford, Douglas, Gershenson, Gingell, Gosselin, Gregory,
Greimel, Hatchett, Jacobsen, KowaII, Long, Middleton, Nash, Potter, Potts, Rogers, Scott,
Spector, Woodward, Zack, Bullard. (24)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions (with fiscal notes attached) on the Consent
Agenda were adopted (with accompanying reports being accepted).
,
I ILMIIY APPROVE THE IDEAS RESVION
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Ruth Johnson, Clerk of the County of Oakland, do hereby certify that the foregoing resolution is a true
and accurate copy of a resolution adopted by the Oakland County Board of Commissioners on August
21, 2008, with the original record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the County of Oakland at
Pontiac, Michigan this 21st day of August, 2008.
Ruth Johnson, County Clerk