HomeMy WebLinkAboutResolutions - 2009.03.26 - 9819MISCELLANEOUS RESOLUTION #09058 March 26, 2009
BY: FINANCE COMMITTEE, TOM MIDDLETON, CHAIRPERSON
IN RE: MANAGEMENT AND BUDGET/WATER RESOURCES COMMISSIONER - JOHN GARFIELD
DRAINAGE DISTRICT, REFUNDING BONDS, SERIES 2009 - FULL FAITH AND
CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS, the John Garfield Drainage District previously has issued its
Drain Bonds, dated October I, 1997 (the "Prior Bonds"), in the original
principal amount of $1,295,000, 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; and
WHEREAS, the Drainage Board for the John Garfield Drain, by resolution
adopted on February 24, 2009, authorized and provided for the issuance by the
John Garfield Drainage District of its Refunding Bonds, Series 2009 (the
"Refunding Bonds") in the aggregate principal amount of not to exceed
$1,225,000 to refund the Prior Bonds maturing in the years 2009 through 2017
except the interest due on May 1, 2009; and
WHEREAS, the Refunding Bonds will be dated as of such date, will bear
interest at such rates not to exceed 6s 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
Chairperson of the Drainage Board at the time of sale; 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 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 Village of
Beverly Hills, City of Royal Oak and the City of Southfield.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
COUNTY OF OAKLAND, MICHIGAN, 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
that, in the event the City of Royal Oak, the City of Southfield or the
Village of Beverly Hills 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.
FINANCE COMMITTEE
Motion carried unanimously on a roll call vote with Geeimel and Woodward
absent.
2. In the event that, pursuant Co 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 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
Refunding Bonds.
4. The County Executive is authorized to approve the circulation of
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 Executive 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.
5. The County Executive 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 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, I move the adoption of
the foregoing resolution.
FINANCE COMMITTEE
Resolution #09058 March 26, 2009
Moved by Long supported by Jackson the resolutions (with fiscal notes attached) on the Consent Agenda
be adopted (with accompanying reports being accepted).
AYES: Burns, Capello, Coleman, Coulter, Douglas, Gershenson, Gingell, Gosselin, Greimel,
Hatchett, Jackson, Jacobsen, Long, McGillivray, Middleton, Nash, Potter, Potts, Runestad, Schwartz,
Scott, 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 Kfir APPROVE THE FORE116 RESCUT1011
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 26,
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 26th day of March, 2009.
eat
Ruth Johnson, County Clerk