HomeMy WebLinkAboutResolutions - 2009.12.09 - 9720Miscellaneous Resolution 509279 November 12, 2009
BY: PLANNING AND BUILDING COMMITTEE, JOHN A. SCOTT. CHAIRPERSON
IN RE: WATER RESOURCES COMMISSIONER — DONOHUE 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 Donohue Drain, by resolution adopted on October 20,
2009, authorized and provided for the issuance by the Donohue Drainage Districts of its Drain Bonds,
Series 2009 (the "Bonds") in the aggregate principal amount of not to exceed $930,000 to defray part of
the cost of the Donohue Drain: and
WHEREAS, the Bonds will be dated as of such date. will bear interest at such rates not to exceed
6% per annum, wilt 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 Water Resources Commissioner as Chairman of the Drainage Board for the
Donohue Drain; 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, tne Dononue 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:
1. Pursuant to the autnorization provided in Section 474 of the Drain Code of 1956. as
amended. tne 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 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 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 s 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 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 tnereto are collectively referred to herein as the "Continuing Disclosure Certificate"). The
County riereby 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 tq comply with and carry out
the provisions of the Continuing Disclosure Certificate shall be as set forttathes.ein.
Mr. Chairperson. on behalf of the Rennin -am:Ili'ding Q6mrnitfee, lye adoption of the
foregoing resolution. a-aa .
`P ANNING AND BUIL ING CO IVIITTEE
PLANNING 8. BUILDING COMMITTEE VOTE:
Motion carried unanimously on a roll call vote
Resolution #09279 November 12, 2009
The Chairperson referred the resolution to the Finance Committee. There were no objections.
FISCAL NOTE (MR. #09279) December 9, 2009
BY: FINANCE COMMITTEE. TOM MIDDLETON. CHAIRPERSON
IN RE: WATER RESOURCES COMMISSIONER - DONOHUE 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 Donohue 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 Donohue Drainage District Drain Bonds,
Series 2009 pursuant to the Drain Code of 1956 as amended.
2. The bond issue is not to exceed $930,000 and is to be used to defray part of the
cost of constructing the Donohue Drain.
3. The Bonds shall bear an interest rate not to exceed 6% 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 Donohue Drain.
4. The statutory limit for County debt is $6,785,898,614 (10% of State Equalized
Value). As of October 21, 2009, the total pledged debt is $315,325,399 or
approximately 0.46468% of the S.E.V.
5. The estimated project cost of $930,000 will be apportioned to the following Public
Corporations as follows with $830,304 or 89.28% to the Charter Township of
West Bloomfield and $99,696 or 10.72% to Oakland County for county roads.
6. The Drainage District will be the primary obligor with Oakland County as
secondary obligor.
7. The Public Corporations will pay for the bonds through a Special Assessment
Roll for the Donohue Drain.
8. The Oakland County portion of the debt service payments will be included in the
Non-Departmental current drain assessments account.
9. No budget amendment is required.
.-.F4NNCE COMMITTEE
7044:14
FINANCE COMMITTEE
Motion carried unanimously on a roll call vote with Potter absent.
Resolution #09279 December 9, 2009
Moved by Middleton supported by McGillivray the resolutions (with fiscal notes attached) on the amended
Consent Agenda be adopted (with accompanying reports being accepted and appointments being
confirmed).
Discussion followed,
Vote on Consent Agenda:
AYES: Burns, Capello, Coleman, Coulter, Douglas. Gershenson, Gingell, Gosselin. Greimel,
Hatchett, Jackson, Jacobsen, Long, McGillivray, Middleton, Nash, Potter, Potts Runestad,
Schwartz, Scott, Taub, Woodward, Zack, Bullard. (25)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions (with fiscal notes attached) on the amended
Consent Agenda were adopted (with accompanying reports being accepted and appointments being
confirmed).
I MY AF'PROVJ THE WING 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 December
9, 2009, 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 9th day of December, 2009,
ig /0 7
eat
Ruth Johnson, County Clerk