Loading...
HomeMy WebLinkAboutResolutions - 2008.02.07 - 9441REPORT MR #08016 February 7, 2008 BY: Finance Committee, Mike Roger, Chairperson RE: DRAIN COMMISSIONER — FRANKLIN SUBWATERSHED DRAINAGE DISTRICT DRAIN BONDS — FULL FAITH AND CREDIT RESOLUTION TO: Oakland County Board of Commissioners Chairperson, Ladies and Gentlemen: The Finance Committee having reviewed the above referenced resolution on January 31, 2008 reports with the recommendation the resolution be amended to change 1 st WHEREAS paragraph to read Series 2008. Chairperson, on behalf of the Finance Committee, I move the acceptance of the foregoing report. FINANCE COMMITTEE FINANCE COMMITTEE Motion carried unanimous:y on a roll call vote wi th Douglas and Potter absent. MISCELLANEOUS RESOLUTION #08016 January 17, 2008 BY: PLANNING AND BUILDING COMMITTEE, SUE ANN DOUGLAS, CHAIRPERSON IN RE: DRAIN COMMISSIONER — FRANKLIN SUBWATERSHED DRAINAGE DISTRICT DRAIN BONDS — FULL FAITH AND CREDIT RESOLUTION TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS: Chairperson, Ladies and Gentlemen: WHEREAS, the Drainage Board for the Franklin Subwatershed, by resolution adopted on December 14, 2007, authorized and provided for the issuance by the Franklin Subwatershed Drainage District of its Drain Bonds, Series 2007 (the "Bonds") in the aggregate principal amount of not to exceed $765,000 to defray part of the cost of the Ten Hill Road and Wallbrook Court Project of the Franklin Subwatershed; and WHEREAS, the Bonds 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 at the time of sale by the Oakland County Drain Commissioner as Chairman of the Drainage Board for the Franklin Subwatershed; 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 Bonds (the "Bonds"); and WHEREAS, the Ten Hill Road and Wallbrook Court Project of the Franklin Subwatershed 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: 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 Bonds, and agrees that, in the event the Charter Township of West Bloomfield or the County 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 thereof 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 Incorporated, is authorized, if necessary, to file with the Department of Treasury of the State of Michigan on behalf of the County an Application for 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 nearly final and final official statement for the Bonds, to cause the preparation of those portions of the nearly final 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"). The County hereby covenants and agrees that it will comply with and carry out all of the provisions of the 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. PLANNING & BUILDING COMMITTEE VOTE: Motion carried on a roll call vote with Potts and Woodward absent. , If."1-7, PLANNING AND BUI Mr. Chairperson, on behalf of the Planning aj)cl Building Committee, I move adoption of the foregoing resolution. Resolution #08016 January 17, 2008 The Chairperson referred the resolution to the Finance Committee. There were no objections. Resolution #08016 January 17, 2008 The Chairperson referred the resolution to the Finance Committee. There were no objections. FINIB.NCE COMMATTEE FISCAL NOTE (M.R. 408016) February 7, 2008 BY: FINANCE COMMITTEE, MIKE ROGERS, CHAIRPERSON IN RE: DRAIN COMMISSIONER - FRANKLIN SUBWATERSHED DRAINAGE DISTRICT DRAIN BONDS - FULL FAITH AND CREDIT RESOLUTION TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS Chairperson, Ladies and Gentlemen: Pursuant to Rule XII-C of this Board, the Finance Committee has reviewed the above referenced resolution and finds: 1. The Drainage Board for the Franklin Subwatershed 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 Franklin Subwatershed Drainage District Drain Bonds, Series 2008 pursuant to the Drain Code of 1956 as amended. 2. The bond issue is not to exceed $765,000 and is to be used to defray part of the cost of constructing the Ten Hill Road and Wallbrook Court Project of the Franklin Subwatershed. 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 for the Franklin Subwatershed. 4. The statutory limit for County debt is $7,733,108,203 (10% of State Equalized Value). As of December 31, 2007, the total pledged debt is $883,380,408 or approximately 1.142% of the S.E.V. 5. The estimated project cost of $765,000 will be apportioned to the following Public Corporations as follows with $539,822.25 or 70.565% to the Charter Township of West Bloomfield and $225,177.75 or 29.435% to Oakland County for county roads. 6. The Public Corporations will pay for the bonds through a Special Assessment Roll for the Franklin Subwatershed. 7. Funding is available in the FY 2008 Non-Departmental Current Drain Assessments account to cover the County's portion of the project. 8. No budget amendment is required. F:NANCE COMMITTEE Motion carried unanimously on a roll call vote with Douglas and Potter absent. rCounty Clerk Resolution #08016 February 7, 2008 Moved by Douglas supported by Coleman the resolution (with fiscal note attached) be adopted. Moved by Douglas supported by Coleman the Finance Committee Report be accepted. A sufficient majority having voted in favor, the report was accepted. Moved by Douglas supported by Coleman the resolution be amended to coincide with the recommendation in the Finance Committee Report. A sufficient majority having voted in favor, the amendment carried. Vote on resolution, as amended: AYES: Crawford, Douglas, Gershenson, Gingell, Gosselin, Gregory, Greinnel, Hatchett, Jacobsen, Long, Middleton, Nash, Potter, Potts, Rogers, Scott, Spector, Woodward, Zack, Bullard, Burns, Coleman, Coulter. (23) NAYS: None. (0) A sufficient majority having voted in favor, the resolution (with fiscal note attached), as amended, was adopted. I HEREBY APPROVE,JHE F0154N6 RESOLUTION 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 February 7, 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 7th day of February, 2008.