After hearing a year and a half of rumors I started digging through meeting minutes and found this: (may have been posted in the link above - but it is not working)
I will be watching the Building Athority meeting minutes, agendas, etc....
8/23/17
*MISCELLANEOUS RESOLUTION #17230
BY: Commissioner Philip Weipert, Chairperson, Planning and Building Committee
IN RE: DEPARTMENT OF FACILITIES MANAGEMENT - RESOLUTION AUTHORIZING THE OAKLAND COUNTY BUILDING AUTHORITY TO FINANCE THE NEW OAKLAND COUNTY RADIO COMMUNICATIONS SYSTEM
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS there have been prepared and presented to the Board of Commissioners (the "Board") of the County of Oakland, Michigan (the "County"), conceptual documents describing the project to finance the New County Radio Communications System (the "Project"), all as more fully described in EXHIBIT A to the Lease Contract (as hereinafter defined), and a proposed Lease Contract between the County and the Oakland County Building Authority (the "Authority") dated as of September 1, 2017 (the "Lease Contract"), pursuant to which the Authority will construct, furnish and equip the Project as set forth in the Lease Contract and as contemplated by the terms of Act No. 31, Public Acts of Michigan, 1948 (First Extra Session), as amended ("Act 31"), and lease the Project to the County for a term not to exceed 50 years as permitted by Act 31; and
WHEREAS it has been estimated that the period of usefulness of the Project to be not less than 21 years and that the total cost of constructing, furnishing, and equipping the Project (as defined in the Lease Contract) in an amount not to exceed $25,000,000 which will be provided by the proceeds from the sale of bonds by the Authority pursuant to Act 31; and
WHEREAS there has been prepared and attached hereto as APPENDIX I a form of Lease Contract and as APPENDIX II a form of notice entitled "NOTICE OF INTENTION OF THE COUNTY OF OAKLAND TO ENTER INTO A LEASE CONTRACT WITH THE OAKLAND COUNTY BUILDING AUTHORITY AND NOTICE OF RIGHT TO PETITION FOR REFERENDUM THEREON" (the "Notice of Intention").
NOW THEREFORE BE IT RESOLVED by the Board of Commissioners of the County of Oakland, Michigan, as follows:
Commissioners Minutes Continued. August 23, 2017
544
1. The conceptual documents and estimates relating to the Project and identified in EXHIBIT A to APPENDIX I hereto are hereby approved and ordered filed with the County Clerk.
2. The Lease Contract in the form of APPENDIX I hereto is hereby approved.
3. It is hereby determined that the Notice of Intention provides information sufficient to adequately inform the electors and taxpayers of the County of the nature of the contractual obligations to be undertaken by the County in the Lease Contract and of their right under Act 31 to file a petition requesting a referendum election on the Lease Contract.
4. The form and content of the Notice of Intention, set forth in APPENDIX II, are hereby approved, and the County Clerk is hereby authorized and directed to cause the Notice of Intention to be published once in the Oakland Press, Pontiac, Michigan, a newspaper of general circulation within the County which is hereby determined to be the newspaper reaching the largest number of electors and taxpayers of the County. The Notice shall be at least one third of a page in size.
5. The Treasurer of the County is hereby authorized to declare official intent of the County with respect to reimbursement.
6. Each declaration of official intent shall be substantially in the form set forth in APPENDIX III attached hereto and by this reference incorporated herein, and said form may be modified from time to time on the advice of bond counsel to the County and as necessary to conform to requirements of our reimbursement regulations as the same may be adopted by the Internal Revenue Service or amended from time to time, or with the requirements of applicable rulings or regulations relating to tax-exempt borrowings.
7. The Treasurer is hereby directed to file each declaration of official intent in the office of the Oakland County Clerk, which location constitutes the customary location of the records of the Authority which are available to the general public.
8. The Oakland County Clerk is further directed to assure that each declaration of intent is continuously available during normal business hours of the County on every business day of the period beginning the earlier of 10 days after the date of execution of said declaration of intent and ending on the date of issuance of the Reimbursement Bonds.
9. All activities involved in the planning and construction of this Project under this resolution shall comply with the standing rules of the Board of Commissioners.
Chairperson, on behalf of the Planning and Building Committee, I move the adoption of the foregoing resolution.
PHILIP WEIPERT
Copy of Appendix I – Lease Contract, Exhibit A to Lease Contract – Project Description, Exhibit B to Lease Contract – Oakland Building Authority Project – Schedule of Principal and Interest, Appendix II – Notice of Intention of the County of Oakland to Enter Into a Lease Contract with the Oakland County Building Authority and Notice of Right to Petition for Referendum Thereon, Exhibit A to Notice of Intention – Project Description and Appendix III – Form of Declaration of Official Intent Incorporated by Reference. Original on file in County Clerk’s office.
FISCAL NOTE (MISC. #17230)
BY: Commissioner Tom Middleton, Chairperson, Finance Committee
IN RE: DEPARTMENT OF FACILITIES MANAGEMENT - RESOLUTION AUTHORIZING THE OAKLAND COUNTY BUILDING AUTHORITY TO FINANCE THE NEW OAKLAND COUNTY RADIO COMMUNICATIONS SYSTEM
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 resolution authorizes the Oakland County Building Authority to issue Building Authority Bonds in the aggregate principal amount not to exceed $25,000,000 for the purpose of constructing, furnishing, and equipping a new radio communications system in the County of Oakland.
Commissioners Minutes Continued. August 23, 2017
545
2. The statutory limit for county debt is $6,900,835,221 (10% of current State Equalized Value). As of August 1, 2017 the total outstanding County pledged credit is $722,103,007, or approximately 1.046% of the S.E.V.
3. The Building Authority bonds shall bear interest at a rate or rates that will result in a net interest costs not exceeding 6% annum.
4. The term of the bonds to be issued in one or more series shall not exceed 21 years with funding for the principal and interest payment provided primarily from the Oakland County Radio Communications Fund. The FY 2017 – 2022 Fiscal Plan also references the possibility of supplemental funding from the General Fund towards the principal and interest payments.
5. A budget amendment will be completed at the time of the issuance of bonds and approval of the contract with the Building Authority.
6. No budget amendment is recommended at this time.
