HomeMy WebLinkAboutResolutions - 2008.03.06 - 9536MISCELLANEOUS RESOLUTION 108032 March 6, 2008
BY: FINANCE COMMITTEE, Mike Rogers, Chairperson
IN RE: TREASURER - BIRMINGHAM CSO DRAINAGE DISTRICT, REFUNDING
BONDS, SERIES 2008 - FULL FAITH AND CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS, the Birmingham CSO Drainage District previously has
issued its Refunding Bonds, Series 1999, dated September 1, 1999
(the "Prior Bonds"), in the original principal amount of
$3,535,000, and this Board of Commissioners pledged the full faith
and credit of the County of Oakland for the prompt payment of the
principal and interest on the Prior Bonds; ant
WHEREAS, the Drainage Board for the Birmingham CSO Drain, by
resolution adopted on February 19, 2008, authorized and provided
for the issuance by the Birmingham CSO Drainage District of its
Refunding Bonds, Series 2008 (the "Refunding Bonds") in the
aggregate principal amount of not to exceed $2,750,030 to refund
the Prior Bonds maturing in the years 2008 through 2016 except the
interest due on April 1, 2008; and
WHEREAS, the Refunding Bonds will be dated as of such date,
will bear interest a: such rates not to exceed 6% per annum, will
be in the aggregate principal amount, will maaure in such years and
principal amounts, and will be subject to redemption prior to
maturity as shall be determined by the Chairperson of the Drainage
Board at the time of sale; and
WHEREAS, the 2rainage 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 Refunding Bonds; and
WHEREAS, it is in the best interest of the County that the
Refunding Bonds be sold in order to achieve debt service savings
for the City of Birmingham, the County and the State of Michigan.
NOW, THEREFORE, BE :T RESOLVED BY THE BOARD OF COMMISSIONERS
OF THE COUNTY OF OAKLAND, XICH:GAN, as follows;
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 Refunding Bonds and agrees tnat, in the event the City of
Birmingham, the County, or the State of Michigan shall fail or
neglect to account to tne County Treasurer of the County for the
amount of any special assessment installment arc interest when due,
the amount thereof shall be advanced immediately from County funds,
and the County Treasure: is directed to make such advancement to
the extent necessary.
FINANCE COMMITTEE
Motion carried unanimously on a roll call vote with Kowall,
Crawford, Long and Greime: absent.
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, *_0 take all actions and
proceedings and pursue all remedies permitted Of authorized by law
for the reimbursement of such sums so paid.
3. The County Executive, if necessary, is authorized 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 Refundinc Bonds.
1. The County Treasurer is autno:zeu to approve the
circulation of a preliminary and final official statement for the
Refunding 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
Refunding Bonds.
S. The County Treasurer is hereby authorized 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 cf 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.
Chairperson, on behalf of the Finance Committee, T move the
adoption of the foregoing resolution.
FINANCE COYMITTEE
$2,600,000
Birmingham CSO Drainage District
Refunding Bonds, Series 2000
NET SOURCES AND USES
Dated Date: 04/01/08
Closing Date: 04/01/08
Sources:
Bond Proceeds
Accrued Interest
Uses:
Bond Redemption
Costs of Issuance
Underwriter's Discount (1.0%)
Interest Account
Available Amount
$2,600,000.00
0.00
52.09.1=1
$2,530,000.00
40,000.00
26,000.00
0.00
4,000.00
2.500.000.00
Net Savings: $163,817.50
Present Value Savings: $140,856.40
Percent of refunded par: 5.567A
dedirefuncROokland\Birmingham CSO 1999 1131/2008
4
$2,600,000
Birmingham CSO Drainage District
Refunding Bonds, Series 2008
NEW DEBT SERVICE
3.32308%
Total Fiscal Present Value
Pripcinat Coupon Interest Debt Service Total DebtService
04/01/08
10101108 $265,000.00 3.100%
04/01/09
10/01/09 265,000,00 3.100%
04/01/10
10/01/10
04/01/11
10/01(11
04/01/12
10/01/12
04/01/13
10/01/13
04/01/14
10/01/14
04/01/15
10/01/15
04/01/113
$0 .00
42,181.25
38,073.75
30,073.75
33,966.25
33.966.25
29,548.75
29,548.75
25.205.75
25,208.75
20,636.25
20,636.25
15,778.75
15,778.75
10,670.00
10,670.00
5,310.00
$0.00 $0.00 $0.00
307,181,25 302,160.72
38,073.75 345,255.00 38,839,38
303,073.75 288,455.12
33,966.25 337,040.00 31,799,54
318,966.25 293,738.77
29,548,75 348.515.00 26,766.95
309,548 75 275,824.10
25,208.75 334,757.50 22,095.19
320,208.75 276,072.39
20,536.25 340,845.00 17,501.04
310,635.25 259,136.47
15,778.75 326,415.00 12,947.69
320,778.75 258,921.79
10,670.00 331,448.75 8,471.70
330,670.00 25E1,252.44
5,31000 335,980.00 4,079.32
285,000.00 3.100%
280,000.00 3.100%
295,000.00 3.100%
290,000.00 3.350%
305,000.00 3.350%
320.000.00 3.350%
irtinimA 2F00000 3600% 5.31000 300,310.00 300,310.00 226,937.39
11/15/10 12,600L000 DO ff400.566.4 3.000.56614 ;3.000.566.25 p 600 000,0Q
Dated Date: 04/01/05
Closing Date: 04/01/05
Principal: $2,600,000.00
Accrued Interest: 0.00
Credit Enhancement 0.00
Ong Issue Prern/(Disc): 0.00
U.500.000.00
dedlrefundlOakiandtElirrningnam CSO 1999 1/31/2008
5
decnrefuncnOakland‘Birmingharn CSO 1999 1/31/2008
.1.1.11"11.n=111 1•n•• WW1IA
$2,600,000
Birmingham CSO Drainage District
Refunding Bonds, Series 2008
NET PRESENT VALUE SAYINGS ANALYSIS
Net Present Value Savings/(Loss): $140,856 40
Outstanding
Dote Debt Stnyice
Remaining
Non•Retunded New
Debt-Service Debt Service
Net
Savings/(Los)
Fiscal
Net
Savings/(Lus)
3.32306%
Present Value
Saving:noes)
04101108 $65,638.75 $65,638.75
10101/08 310,635.75
04/01/09 59,597.50
10/01/09 299,697.50
04/01/10 53,757.50
10/01/10 318,757.50
04/01/11 47,06625
10/01111 312,066.25
04/01/12 40,242.50
10/01/12 325,242.50
04/01/13 32,761.25
10101/13 317,761.25
04101/14 25,280.00
10101114 330,280.00
04/01/15 17,197.50
10/01/15 347,197.50
04101116 8,370.00
10/01/16 318.370.00
$0.00 •
307,181.25
38,073.75
303,073.75
33,966,25
318,966.25
29,548.75
309,548.75
25,208.75
320,208.75
20,636.25
310,636.25
15,778.75
320,778.75
10,670.00
330,670.00
5,310.00
303,310.00
$0.00
3,457.50
21.823.75
(3,37625)
19,791.25
(208.75)
17,517.50
2,517.50
15,033.75
5,033.75
12,125.00
7,125.00
9,53125
9,501.25
6,527.50
11527,50
3,060.00
18,060.00
$0.00
25,081,25
16,415.00
17.308.75
17,55125
17,156.75
15.626.26
16.028.75
10,587,50
18,060.00
$0.00
3,400.99
20,922.70
(3,213.40)
18,528.76
(19224)
15,86636
2.243.22
13,178.92
4,339.92
10,282.88
5,943.76
7,796.51
7,669.09
5,182.67
12,907,94
2.350.79
11647.53
=AZ= 65.635.7 6-3 anwaras 616181.15 163 817.5Q 1,140.856.40
* Less accrued interest.
Total
Prlocum!. Common Interest Debt Service DAB
5245,000.00 4.850%
240,000.00 4.050%
255,000.00 5.050%
265,000.00 5.150%
285,000.00 5.250%
285,000.00 5.250%
305,000.00 5.300%
330,000.00 5.350%
n (inn on s 4C111%
52.1212211211
amalgam ignV‘in
$3,535,000
Birmingham CSO Drainage District
Refunding Bonds, Series 1999
REMAINING ORIGINAL DEBT SERVICE SCHEDULE
04101/08
10/01/08
04/01/09
10/01/09
04/01/10
10/01/10
04/01/11
10/01/11
04/01/12
10/01112
04/01/13
10/01/13
04/01/14
10/01/14
04/01/15
10/01115
04/01/16
565,838.75
65,638.75
59,697.50
59,697.50
53,757.50
52,757 50
47,066.25
47,066.25
40,242.50
40,242.50
32,761.25
32,761.25
25280,00
25,280.00
17,197.50
17,197,50
8,370.00
LLAILI
565.638.75
310,638.75
59.697.50
299.897.50
53.757,50
318,757,50
47,066.25
312,066.25
40,242.50
325,242.50
32,761.25
317,761.25
25,280.00
330,260.00
17,197.50
347,197.50
8,370.00
318.370.00
Fiscal
Total
595,638.75
370,336.25
353,455.00
365.823.75
352.309.75
358,003.75
343,041.25
347,477.50
355,567.50
318 370.00
53.230,022.50
3.32308%
Present Value
Debt Service
$65,638.75
305,551.72
67,762.07
285,241.72
50,328.30
293,546.53
42,635.31
278,067.33
15,272.11
280.412.31
27,783.92
265,080.23
20,744.20
266,590.98
13,554.37
271,160,37
,430.11
240,584.91
W.806.495.11 7U0.022..50 )3.230.0223Q
clad Vefund1,0aklanaBirrningham CSO 1999 1/31/2008
7
FAMMORIV NIFE 11
$3,535,000
Birmingham CSO Drainage District
Refunding Bonds, Series 1999
REMAINING NON-REFUNDED ORIGINAL DEBT SERVICE SCHEDULE
3.323081;
Total Fiscal Present Value
Date Principal Coupon Interest Debt Service Total Debt Service
04/01108 $0.00 0.000% $65638.75 $65,638.75 $65,638.75 $65,838,75
SEL22 65.638 75 U5.638.75 115,630 75 fa.638.75.
dechrefund\Oaklancillirmingharn CSO 1999 1/31/2008
3.32308%
Present Value
Fiscal
Total
Eviarrifigs
$3,535,000
Birmingham CSO Drainage District
Refunding Bonds, Series 1999
REDEMPTION SCHEDULE
Redemption Premium:
Redeemed Redemption Total
Interest Principal Premium Debt Service Mau Princioal
0.00%
04101108 10.00 S2.530.000.00 $0.00
sag
a,530,000.00 $2,530,000.00 $2,530,000.00
2.30.000 .U0 ULM §2..530.000 oo -531:1-00110Q
dechrefundkOaklancliBirminglum CSO 1998 1/31/2008
9
County Clerk
Resolution #08032 March 6, 2008
Moved by Potter supported by Zack the resolutions (with fiscal notes attached) on the amended Consent
Agenda, be adopted.
AYES: Burns, Coleman, Coulter, Crawford, Douglas, Gershenson, Gingell, Gregory, Greimel,
Hatchett, Jacobsen. KowaII, Long, Middleton, Nash, Potter, Rogers, Scott, Spector, Woodward,
Zack, Bullard. (22)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions (with fiscal notes attached) on the amended
Consent Agenda, were adopted.
1 Off APPROVE THE FOR(GONG RES0111111
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 March 6, 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 6th day of March, 2008.