HomeMy WebLinkAboutCOUNCIL MINUTES 1986-11-06 SPECIAL 2284
MINUTES OF THE ONE HUNDRED AND NINETY-EIGHTH SPECIAL MEETING
OF THE COUNCIL OF THE CITY OF LIVONIA
Pursuant to the provisions of Section 8, Chapter 14 of the City Charter,
the above meeting was held November 6, 1986 at the City Hall , 33000 Civic Center
Drive, Livonia, Michigan and was called to order by the President of the Council
at approximately 6:00 P.M. Roll was called with the following result: Present.
Robert R. Bishop, Joan McCotter, Fernon P. Feenstra, Robert E. McCann, Gerald Taylor
and Robert D. Bennett. Absent: Ron Ochala.
Elected and appointed officials present. Robert F. Nash, City Clerk; Harry
Tatigian, City Attorney and Jack Dodge, Director of Finance.
On a motion by Councilman Feenstra, seconded by Councilman Taylor, and
unanimously adopted, it was
01051-86 WHEREAS, the City is authorized by Section 3b of Chapter
IV of Act 202 of the Public Acts of Michigan, as amended, MCL
131 . 1 et seq. ("Act 202"), to borrow money and issue its notes
("Notes in anticipation of the collection of all or part of
the property taxes to be levied on December 1 , 1986 (the "Levy
Date") , on property located within the corporate boundaries of
the City by the City and by any or all of the other units of
government for which the City is the local property tax collecting
unit pursuant to Act 206 of the Public Acts of Michigan of 1893,
as amended, MCL 211 .1 et seq. ("Act 206") (collectively, the
"Units"), and
WHEREAS, the City is further authorized by Act 202
to distribute to itself and to the Units the proceeds of such
Notes together with sufficient amounts of the initial tax
collections, if needed, to effect a 100% funding of the taxes
levied, thereby providing the City and the Units with an improved
cash flow for local budget purposes, and
WHEREAS, pursuant to Act 202, the City has or will
shortly provide notice to each of the Units of its intent to
issue the Notes, and
WHEREAS, pursuant to such notice, the Units have each
adopted or are expected to adopt a resolution to consent to and
L request the issuance of the Notes and to authorize the execution
of an agreement with the City (collectively, the "Tax Levy
22C95
Agreements") to set forth the responsibilities of the City and
each Unit with respect to the Notes, and
WHEREAS, the issuance of the Notes will serve a public
purpose, and
WHEREAS, pursuant to Act 202, the City hereby determines
to borrow an amount to be determined and issue its tax anticipation
notes to evidence such borrowing, and
WHEREAS, various proposals respecting the purchase
and issuance of the Notes have been received and reviewed,
NOW, THEREFORE, IT IS RESOLVED AS FOLLOWS
1 . The proposal of Morgan, Stanley & Co. Incorporated
(the "Underwriter") respecting the purchase and issuance of the
Notes is hereby tentatively accepted
2 The City shall borrow an amount and issue, in
anticipation of the pledged portion of the Tax Levy, the Notes
pursuant to Act 202. The exact amount of the borrowing shall
be determined by further resolution of this Council prior to
issuance of the Notes
3 The Notes shall be sold at a private sale to the
Underwriter pursuant to Act 202 in accordance with a note purchase
agreement to be negotiated A notice of this sale of the Notes
shall be published in a publication approved by the Michigan
Department of Treasury within 45 days after delivery of the Notes
to the Underwriter in conformity with Act 202.
4. The Notes shall be delivered with the unqualified
legal opinion of Miller, Canfield, Paddock and Stone, attorneys
of Detroit, Michigan, who are designated as note counsel ("Note
Counsel") with respect to the Notes
5. The Mayor, City Clerk, and City Finance Director
are each authorized and directed to negotiate the terms of such
certificates, affidavits, documents or instruments as may be
required or be convenient to effectuate the execution and delivery
of such documents or the Notes These City officials are each
authorized to execute documents prior to final authorization
of the Notes by the City Council Any documents so executed
prior to final City Council authorization shall be held in escrow
by the City Attorney and/or Note Counsel until the closing and
delivery of the Notes.
6 The City Clerk or City Finance Director are each
160, hereby directed to file Application to the Michigan Department
of Treasury for an exception from prior approval or approval
to issue the Notes.
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7. All actions taken on behalf of the City by officials
of the City with respect to the issuance of the Notes, including
negotiations with the Underwriter, are ratified.
8. This Resolution shall be effective immediately
upon adoption.
9. All resolutions c- parts of resolutions in conflict
with this Preliminary Borrowing Resolution shall be, and the
same are, rescinded.
On a motion by Councilman Feenstra, seconded by Councilman McCann, and
unanimously adopted, this 198th Special Neeting of the Council of the City of Livonia
was duly adjourned at 6:59 P.M. , November 6, 1986.
Rob rt F. Nash, City Clerk