Title
Request for Authorization to refund all or part of the outstanding County issued Rochester Hills Water Supply and Sewage Disposal System Bonds, Series 2005
Body
Whereas, pursuant to the provisions of Act No. 342, Public Acts of Michigan, 1939, as amended ("Act 342"), the City of Rochester Hills (the "City") and the County of Oakland (the "County"), acting by and through its Drain Commissioner as county agency, have entered into the Oakland County Water Supply and Sewage Disposal Systems for Rochester Hills - Extension No. 5A Project Contract, dated May 1, 2005 (said contract hereinafter referred to as the "Contract"); and
Whereas, the County has issued its Oakland County Rochester Hills Water Supply and Sewage Disposal System Bonds, Series 2005, dated December 1, 2005 in the original principal amount of $3,800,000 (the "Prior Bonds"). The Prior Bonds were issued to defray part of the cost of acquiring and constructing water supply and sewage disposal facilities to improve, enlarge and extend the Oakland County Water Supply and Sewage Disposal Systems for Rochester Hills to serve the County and the City; and
Whereas, the Prior Bonds remain outstanding in the aggregate principal amount of $1,950,000, mature in various principal amounts in the years 2013 through 2022 and bear interest at rates per annum which vary from 4.00% to 4.40%; and
Whereas, the City has been advised that conditions in the bond market have now improved from the conditions which prevailed at the time the Prior Bonds were sold and that all or part of the callable Prior Bonds could be refunded at a considerable savings to the City; and
Whereas, it is the determination and judgment of this City Council that all or part of the callable Prior Bonds should be refunded to secure for the City the anticipated savings.
Therefore, Be It Resolved that:
1. The County is requested and authorized to issue its refunding bonds in the aggregate principal amount of not to exceed $2,150,000 (the "...
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