FINANCE COMMITTEE. 11/25/ E. Grand River, Board Chambers, Howell, MI :30 AM AGENDA

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1 FINANCE COMMITTEE 11/25/ E Grand River, Board Chambers, Howell, MI :30 AM AGENDA 1 CALL MEETING TO ORDER 2 ROLL CALL 3 APPROVAL OF MINUTES A Minutes of Meeting Dated: November 10, 2015 B Minutes of Closed Session Dated: November 10, TABLED ITEMS FROM PREVIOUS MEETINGS 5 APPROVAL OF AGENDA 6 REPORTS 2015 Budget Status Update 7 CALL TO THE PUBLIC 8 RESOLUTIONS FOR CONSIDERATION: 09 Jail RESOLUTION AUTHORIZING THE EXTENSION OF THE CONTRACT WITH CORRECT CARE SOLUTIONS 10 Central Dispatch RESOLUTION AUTHORIZING A MAINTENANCE SERVICE AGREEMENT RENEWAL FOR 11 SENTINEL PATRIOT POSITIONS WITH AT&T - PUBLIC SAFETY COMMITTEE / FINANCE COMMITTEE / BOARD OF COMMISSIONERS 11 Human Resources RESOLUTION TO MODIFY THE NON-UNION EMPLOYEES, ELECTED OFFICIALS, AND JUDGES BENEFIT PLANS FOR 2016 FISCAL YEAR 12 Michigan Works RESOLUTION APPROVING AN AGREEMENT BETWEEN THE COUNTY OF LIVINGSTON AND THE SOUTHEAST MICHIGAN CONSORTIUM - MI Works! / Finance / Board 13 Drain Commissioner RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $2,300,000 LIVINGSTON COUNTY 2015 REFUNDING BONDS (VILLAGE OF FOWLERVILLE) (LIMITED TAX GENERAL OBLIGATION) 14 CLAIMS

2 15 PREAUTHORIZED 16 CALL TO THE PUBLIC 17 ADJOURNMENT

3 LIVINGSTON COUNTY BOARD OF COMMISSIONERS REGULAR MEETING, November 10, 2015 COMMISSIONERS CHAMBERS, 304 E Grand River, Howell, MI The meeting was called to order by the Chairperson, Carol Griffith, at 8:33 am All rose for the Pledge of Allegiance Roll call by the Clerk indicated the presence of a quorum as follows: Present: David Domas (3), Ronald VanHouten (4), Donald Parker (5), Steven Williams (6), Carol Griffith (7), Dennis Dolan (8), Gary Childs (9) Absent: Kate Lawrence (1), William Green (2) Also present: Jennifer Palmbos (Human Resources), Richard Malewicz (IT), Kevin Wilkinson (Ambulance), Eric Sanborn (Sheriff), Cindy Catanach (Finance), Debbie Warden, Margaret M Dunleavy Call To The Public No response Agenda It was moved by Commissioner Williams to approve the agenda, as printed Seconded by Commissioner Dolan MOTION CARRIED Claims It was moved by Commissioner Williams to accept the finance committee s recommendation for approval of claims dated November 10, 2015 Seconded by Commissioner Childs MOTION CARRIED Payables It was moved by Commissioner Childs to accept the finance committee s recommendation for approval of payables for October 29, 2015 through November 10, 2015 Seconded by Commissioner Dolan MOTION CARRIED Adjournment It was moved by Commissioner Dolan that the meeting be adjourned Seconded by Commissioner Childs MOTION CARRIED The meeting was adjourned at 8:38 am Margaret M Dunleavy Livingston County Clerk

4 RESOLUTION LIVINGSTON COUNTY NO: DATE: RESOLUTION AUTHORIZING THE EXTENSION OF THE CONTRACT WITH CORRECT CARE SOLUTIONS LIVINGSTON COUNTY JAIL WHEREAS, the Livingston County Board of Commissioners approved resolution # which authorized a contract with Correct Care Solutions for inmate medical services: and WHEREAS, WHEREAS, WHEREAS, WHEREAS, WHEREAS, the current contract with Correct Care Solutions expires on March ; and with the new jail pod expected to open soon and Phase 2 of the renovations to the existing jail to begin shortly; administration feels that going out to bid and potentially changing vendors at this time would not be advised; we are still unsure as to the entire scope of medical services we will need after the jail opens to full capacity in mid-2016 we are asking for a one year extension to the medical contract THEREFORE BE IT RESOLVED that the Livingston County Board of Commissioners hereby approves this Resolution to amend Resolution # to accurately reflect a one year extension of the current contract with Correct Care Solutions to expire on March 31, 2017 THEREFORE BE IT RESOLVED that the Chair of the Livingston County Board of Commissioners is hereby authorized to sign any and all documents to effectuate the above referenced extension upon review and approval by Civil Counsel MOVED: SECONDED: CARRIED: # # #

5 LIVINGSTON COUNTY, MICHIGAN DEPARTMENT OF LIVINGSTON COUNTY JAIL Memorandum 150 S Highlander Way, Howell, MI Phone Fax Web Site: colivingstonmius To: Livingston County Board of Commissioners From: Lt Tom Cremonte Date: 11/18/2015 Re: RESOLUTION AUTHORIZING THE EXTENSION OF THE CONTRACT WITH CORRECT CARE SOLUTIONS Our contract with our current medical vendor, Correct Care Solutions, formerly CHC, is scheduled to expire on March 31 st of 2016 With the new jail pod expected to open soon and phase 2 of the renovations to the existing jail to begin shortly, administration feels that going out to bid, and potentially changing vendors at this time would not be advised As we are still unsure as to the entire scope of services we will need after the jail opens to full capacity in mid-2016, it will be difficult to prepare a comprehensive and complete RFP We request a one year extension to the medical contract for Correct Care Solutions at the current monthly cost reference in the latest contract amendment number 2 from Board Resolution If you have any questions regarding this matter please contact me

6 RESOLUTION LIVINGSTON COUNTY NO: DATE: RESOLUTION AUTHORIZING AN AGREEMENT WITH AT&T TO PROVIDE MAINTENANCE SERVICE FOR 11 SENTINEL PATRIOT PHONE POSITIONS CENTRAL DISPATCH / PUBLIC SAFETY COMMITTEE / FINANCE COMMITTEE / BOARD OF COMMISSIONERS WHEREAS, WHEREAS, WHEREAS, WHEREAS, WHEREAS, WHEREAS, Livingston County has a need for this maintenance service agreement that shall cover all components of the 11 Sentinel Patriot Phone CPE s located at 300 S Highlander Way, Howell, MI; and, Livingston County currently pays a total amount of $21,94200 per year for these services; and the current contract will expire on December 31, 2015; and, AT&T submitted a quote that will provide the maintenance service at the rate of $28,39740 for the period of January 1, 2016 through December 31, 2016; and funding for same is available through the 911 Central Dispatch Budget; and this Resolution has been recommended for approval by the Public Safety Committee THEREFORE BE IT RESOLVED that the Livingston County Board of Commissioners hereby authorizes entering into an agreement with AT&T for the maintenance service at the rate of $28,39740 for the period of January 1, 2016 through December 31, 2016; BE IT FURTHER RESOLVED that the Chairman of the Board of Commissioners be authorized to sign the MOVED: SECONDED: CARRIED: above-referenced contract upon review by Civil Counsel # # #

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8 LIVINGSTON COUNTY, MICHIGAN DEPARTMENT OF 911 CENTRAL DISPATCH Memorandum 300 S Highlander Way, Howell Mi Phone Fax Web Site: colivingstonmius To: Public Safety Committee Finance Committee Livingston County Board of Commissioners From: Deputy Director Chad Chewning Date: 11/18/2015 Re: Renewal of AT&T Maintenance Contract Enhanced (E9-1-1) calls are delivered to a public safety answering point (PSAP), including Livingston County Central Dispatch (LVCD), carrying coded information The codes identify the source of the call and first responder information PSAPs must have customer premise equipment (CPE) to decode the embedded information and display it for a Telecommunicators The department has carried a 24/7 maintenance agreement on its CPE for parts and labor with AT&T since January 1, 2015 which will expire December 31, 2015 The proposed contract price for the coming year 2016 is $28,39740 This departments Sentinel Patriot Phone CPE s are approximately 7 years old except for the 3 new ones purchased in 2015 The CPE is this department s most critical piece of equipment It cannot function without it, making renewal of the service agreement a necessity If you have any questions regarding this matter please contact me

9 RESOLUTION LIVINGSTON COUNTY NO: DATE: RESOLUTION TO MODIFY THE NON-UNION EMPLOYEES, ELECTED OFFICIALS, AND JUDGES BENEFIT PLANS FOR 2016 FISCAL YEAR WHEREAS, a pilot wellness program was started in 2013 that rewards employees for receiving standard health screenings through their primary care physician and reimburses employees for their wellness activities, participation has grown to all employee groups with 448 individuals participating in 2014 and more expected to participate in 2015; and WHEREAS, the anticipated increase in the cost of health insurance by comparing illustrated rates from 2015 to 2016 is 1% which is below the national average of 41%; and WHEREAS, federal law regarding flexible spending accounts has changed to allow employees a $2,550 maximum salary reduction contributions to their flex spending account; and WHEREAS, the Board of Commissioners took action via Resolutions # , # , and # to exempt the County from the employee premium sharing contributions required under 2011 PA 152 and five (5) of the six (6) collective bargaining agreements require 10% and 20% employee premium sharing, depending on date of hire THEREFORE BE IT RESOLVED that the Livingston County Board of Commissioners hereby authorizes the Human Resources Department to make the following modifications to the non-union employees, elected officials and judges health plan and other benefits for 2016: 1 Benefit changes effectuated by Resolutions # , # , # , # , # , # and # shall remain in full force and effect 2 The wellness program for regular non-union employees, elected officials, and judges approved in Resolution # shall continue for the 2016 benefit year BE IT FURTHER RESOLVED that the Livingston Flexible Benefits Plan document is hereby amended to allow employees a $2,550 maximum salary reduction contributions to their flex spending account

10 RESOLUTION NO: PAGE: 2 BE IT FURTHER RESOLVED that acting pursuant to the authority granted to a County under Section 8 of Act 152 of 2011, the Livingston County Board of Commissioners hereby exempts Livingston County from the requirements of 2011 PA 152 for the medical benefit plan coverage year 2016 (January 1, 2016 through December 31, 2016) BE IT FURTHER RESOLVED that the interpretation and operation of the benefits outlined above are within the sole discretion of the Livingston County Board of Commissioners and the benefits outlined above may be added to, expanded, reduced, deleted, or otherwise modified by the County Board and such modifications shall be solely within the discretion of the Livingston County Board of Commissioners BE IT FURTHER RESOLVED that the Chair of the Livingston County Commissioners is authorized to sign any and all documents needed to effectuate these changes BE IT FINALLY RESOLVED that this resolution supersedes all previous resolutions that MOVED: SECONDED: CARRIED: would apply to the benefits plan for non-union employees, elected officials, and judges # # #

11 RESOLUTION LIVINGSTON COUNTY NO: DATE: RESOLUTION APPROVING AN AGREEMENT BETWEEN THE COUNTY OF LIVINGSTON AND THE SOUTHEAST MICHIGAN CONSORTIUM WHEREAS, WHEREAS, WHEREAS, WHEREAS, WHEREAS, WHEREAS, WHEREAS, Beginning on October 1, 2015, Livingston County Michigan Works! merged with the Michigan Works! agencies covering Washtenaw, Jackson, Lenawee and Hillsdale Counties through a PA 7 Agreement to form the Southeast Michigan Consortium; and The Consortium is overseen by the Southeast Michigan Consortium Board which has two commissioners from each of the five counties and serves as the Local Elected Official Board; and A Regional Workforce Development Board that has been appointed by the Consortium that serves as the Consortium s Workforce Development Board; and The Consortium Board would like to enter into an agreement with Livingston county to help coordinate and identify the roles and responsibilities of the Livingston County Workforce Council and Livingston County during the transition period of the merger (10/1/15 through 6/30/16); and Livingston County, as the sub-grant recipient and the Workforce Development Council have roles and responsibilities detailed around items such as the management of grant funds, One-Stop coordinator and continued job seeker and employer support; and The Livingston County Workforce Development Council will provide input into Regional plans, make recommendations on contracts and serve as a conveyor of Livingston County Workforce programs and initiatives; and The agreement shall stay in effect until 6/30/16 or terminated by one of the parties IT IS THEREFORE RESOLVED that the Livingston County Board of Commissioners approves the Agreement between Livingston County, the Southeast Michigan Consortium and the Southeast Michigan Workforce Development Board for the time period October 1, 2015 through June 30, 2016, pending review by Civil Counsel IT IS FURTHER RESOLVED, that the Chair of the Livingston County Board of Commissioners is authorized to sign the Agreement as well as any future amendments for contract language adjustments MOVED: SECONDED: CARRIED: # # #

12 LIVINGSTON COUNTY, MICHIGAN LIVINGSTON COUNTY MICHIGAN WORKS! Memorandum 1240 Packard Dr Howell, MI Phone Fax Web Site: wwwlcmworg To: Livingston County Board of Commissioners From: Bill Sleight, Director, Livingston County Michigan Works! Date: 11/16/2015 Re: Agreement between Livingston County and the Southeast Michigan Consortium Beginning on October 1, 2015, Livingston County Michigan Works! merged with the Michigan Works! agencies covering Washtenaw, Jackson, Lenawee and Hillsdale Counties through a PA 7 Agreement to form the Southeast Michigan Consortium The Consortium is overseen by the Southeast Michigan Consortium Board which has two commissioners from each of the five counties and serves as the Local Elected Official Board There is also a Workforce Development Board that has been appointed by the Consortium that serves as the Workforce Board The Consortium Board would like to enter into an agreement with each of the counties to help coordinate and identify the roles and responsibilities of the local Workforce Boards and the Counties during the transition period of the merger (10/1/15 through 6/30/16) This agreement is currently in draft form and will be reviewed, when finalized, by Civil Counsel The basic outline is as follows: The County of Livingston will: Manage all Workforce Innovation and Opportunity Act (WIOA) and Temporary Assistance for Needy Families (TANF) formula funds, all Wagner-Peyser Employment Service funds, all Trade Adjustment Assistance Funds, all Skilled Trades Training Grant funds, and all other federal and state funds which are either awarded to or which can be identified as specific to Livingston County Serve as the one-stop operator for the Michigan Works! Livingston Service Center Administer service provider contracts awarded by the Livingston County Workforce Development Council prior to October 1, 2015 Ensure the appropriate use and management of funds to maximize performance outcomes Adhere to all federal and state laws, policies and guidelines which apply to the programs and services provided Adhere to all policies and procedures established by the SEMC and the SEMWDB and the Hillsdale ISD Page 1 of 3

13 Adopt local policies and procedures which are not in conflict with Regional policies and procedures, state policies or directives or federal laws or regulations Maintain a system to hear and resolve grievances arising out of services provided at the Michigan Works! Livingston Service Center Ensure compliance with EEO rules and regulations Provide staff support to SEMWDC, the SEM Consortium and their boards and committees Provide marketing and outreach services to businesses and job seekers in Livingston County Coordinate and collaborate with community partners in Livingston County such as education providers, economic development entities, community and faith based organizations, veterans service organization, organized labor, and governmental agencies The Director of Livingston County Michigan Works! is authorized to approve and sign on behalf of the consortium: Individual Training Authorizations for eligible participants attending grant funded training Individual On-the-Job Training agreements Authorizations for Incumbent Worker Training consistent with the approved training plan Authorizations for Skilled Trades Training Fund Training consistent with the approved training plan Master On-the-Job Training agreements Individual Work Experience and Work-based learning agreements Authorizations for supportive services Approvals must not exceed the grant funds available for these services Role of the Livingston County Workforce Development Council The Livingston County Board of Commissioners has appointed the Livingston County Workforce Development Council to oversee workforce programs in Livingston County The Southeast Michigan Consortium will designate the Livingston County Workforce Development Council as a special committee of the Southeast Michigan Workforce Development Council to provide oversight of workforce services in Livingston County for the period October 1, 2015 to June 30, 2016 During this period the LCWDC will: Provide advice and input into the local and regional WIOA Plans Provide oversight of the Michigan Works! Livingston Service Center Review and make recommendations on all incumbent worker requests submitted by Livingston County companies The SEM Consortium will establish a process to expedite approval of incumbent worker requests such that requests of more than $5,000 are approved or rejected with three weeks of application, and that requests of $5,000 or less are approved or rejected within 10 days of application Review and make recommendations on requests by current service providers to modify their contract Participate in the review process for the selection of Livingston County service providers for the Program Year beginning July 1, 2016 Serve as a convener and facilitator for Livingston County workforce initiatives and programs such as industry sector partnerships, business-education partnerships, and similar community Page 2 of 3

14 based workforce initiatives Any continuing role for the Livingston County Workforce Development Council after June 30, 2015 will be determined by the Southeast Michigan Workforce Development Council During the transition, the Workforce Development Council will continue to ensure effective service delivery which provides the most beneficial mix of program options to the eligible residents and employers of Livingston County If you have any questions regarding this matter please contact me Page 3 of 3

15 RESOLUTION NO: LIVINGSTON COUNTY DATE: RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $2,300,000 LIVINGSTON COUNTY 2015 REFUNDING BONDS (VILLAGE OF FOWLERVILLE) (LIMITED TAX GENERAL OBLIGATION) WHEREAS, pursuant to the provisions of Act 185, Public Acts of Michigan, 1957, as amended ( Act 185 ), the County of Livingston (the County ), acting by and through its Board of Public Works (the BPW ), the Village of Fowlerville (the Village ) and the Township of Handy have entered into the Livingston County Sewage Disposal System (Village of Fowlerville/Village of Handy) 2005 Improvements and Extensions Contract, dated as of June 1, 2005, as amended by the First Amendment to Livingston County Sewage Disposal System (Village of Fowlerville/Village of Handy) 2005 Improvements and Extensions Contract, dated as of October 1, 2005 (as amended, the Contract ); and WHEREAS, pursuant to the Contract, the County issued its Livingston County Sewage Disposal Bonds (Village of Fowlerville 2005 Improvements and Extensions) dated as of November 17, 2005 (the Prior Bonds ) in the original principal amount of $3,200,000 in anticipation of payments to be made by the Village to the County pursuant to the Contract; and WHEREAS, the Prior Bonds remain outstanding in the aggregate principal amount of $2,105,000, mature in various principal amounts in the years 2016 through 2026 and bear interest at rates per annum which vary from 405% to 500%; and WHEREAS, Part VI of Act No 34, Public Acts of Michigan, 2001, as amended ( Act 34 ), authorizes the County to refund all or any part of its outstanding securities; and WHEREAS, the Village Board of the Village, by resolution adopted on November 16, 2015, has requested and authorized the County to issue its refunding bonds for the purpose of refunding all or part of the Prior Bonds and paying the costs of issuing the refunding bonds and agreeing to continue to make payments to the County in accordance with the Contract in amounts sufficient to pay the principal of and interest on the refunding bonds and any of the Prior Bonds that are not refunded and all paying agency fees and other expenses and charges which are payable on account of the refunding bonds and those Prior Bonds that are not refunded; and WHEREAS, it is in the best interests of the County and the Village that bonds be sold to refund the Prior Bonds THEREFORE, BE IT RESOLVED: 1 AUTHORIZATION OF BONDS - PURPOSE Bonds of the County of Livingston, aggregating the principal sum of not to exceed Two Million Three Hundred Thousand Dollars ($2,300,000) (the

16 RESOLUTION NO: PAGE: 2 Bonds ), shall be issued and sold pursuant to the provisions of Act 185, Act 34, and other applicable statutory provisions, for the purpose of refunding all or part of the Prior Bonds, as determined by the Director of the Department of Public Works at the time of sale 2 BOND DETAILS The Bonds shall be designated Livingston County 2015 Refunding Bonds (Village of Fowlerville) (Limited Tax General Obligation), provided if the Bonds are not issued and delivered to the original purchaser thereof on or before December 31, 2015, the 2015 in the title of the Bonds shall be changed to 2016; shall be dated as of such date as shall be approved by the Director of the Department of Public Works at the time of sale; shall be numbered from 1 upwards; shall be fully registered; shall be in the denomination of $5,000 each or any integral multiple thereof not exceeding the aggregate principal amount for each maturity at the option of the purchaser thereof; shall bear interest at a rate or rates not exceeding 500% per annum to be determined upon the sale thereof payable on such dates as shall be determined by the Director of the Department of Public Works at the time of sale; and shall be serial bonds and/or term bonds and mature in such principal amounts and on such dates and in such years as shall be determined by the Director of the Department of Public Works at the time of sale If requested by the original purchaser of the Bonds and determined by the Director of the Department of Public Works, the Bonds may be issued in the form of a single bond with an exhibit containing the principal maturity amounts and applicable interest rates and due dates 3 PAYMENT OF PRINCIPAL AND INTEREST The principal of and interest on the Bonds shall be payable in lawful money of the United States Principal shall be payable upon presentation and surrender of the Bonds to the bond registrar and paying agent as they severally mature; provided, however, if the Bonds are issued in the form of a single bond, only the final principal payment shall be payable upon presentation and surrender of the Bond to the bond registrar and paying agent and all other principal installments shall be paid to the registered owner of the Bond as shown on the registration books Interest shall be paid to the registered owner of each Bond as shown on the registration books at the close of business on the fifteenth day of the calendar month preceding the month in which the interest payment is due Interest shall be paid when due by check or draft drawn upon and mailed by the bond registrar and paying agent to the registered owner at the registered address

17 RESOLUTION NO: PAGE: 3 4 PRIOR REDEMPTION The Bonds shall be subject to redemption prior to maturity upon such terms and conditions as shall be determined by the Director of the Department of Public Works at the time of sale 5 BOND REGISTRAR AND PAYING AGENT The Director of the Department of Public Works shall designate, and may enter into an agreement with, a bond registrar and paying agent for the Bonds which shall be a bank or trust company located in the State of Michigan which is qualified to act in such capacity under the laws of the United States of America or the State of Michigan The Director of the Department of Public Works from time to time as required may designate a similarly qualified successor bond registrar and paying agent Notwithstanding any provision of this section to the contrary, if the Director of the Department of Public Works deems it to be in the best interests of the County, the County Treasurer or other County official as determined by the Director of the Department of Public Works shall serve as bond registrar and paying agent for the Bonds 6 BOOK-ENTRY SYSTEM Initially, one fully-registered Bond for each maturity, in the aggregate amount of such maturity, shall be issued in the name of Cede & Co, as nominee of The Depository Trust Company ( DTC ) for the benefit of other parties (the Participants ) in the bookentry-only transfer system of DTC In the event the County determines that it is in the best interests of the County not to continue the book-entry system of transfer or that the interests of the holders of the Bonds might be adversely affected if the book-entry system of transfer is continued, the County may notify DTC and the bond registrar and paying agent, whereupon DTC will notify the Participants of the availability through DTC of certificates evidencing the Bonds In such event, the bond registrar and paying agent shall deliver, transfer and exchange such certificates as requested by DTC and any Participant or beneficial owner in appropriate amounts in accordance with this Resolution DTC may determine to discontinue providing its services with respect to the Bonds at any time by giving notice to the County and the bond registrar and paying agent and discharging its responsibilities with respect thereto under applicable law or the County may determine that DTC is incapable of discharging its duties and may so advise DTC In either such event, the County shall use reasonable efforts to locate another securities depository Under such circumstances (if there is no successor

18 RESOLUTION NO: PAGE: 4 securities depository), the County and the bond registrar and paying agent shall be obligated to deliver certificates evidencing the Bonds in accordance with the procedures established by this Resolution In the event such certificates are issued, the provisions of this Resolution shall apply to, among other things, the transfer and exchange of such certificates and the method of payment of principal of and interest on such certificates Whenever DTC requests the County and the bond registrar and paying agent to do so, the County and the bond registrar and paying agent shall cooperate with DTC in taking appropriate action after reasonable notice to make available one or more separate certificates evidencing the Bonds to any Participant having Bonds certified to its DTC account or to arrange for another securities depository to maintain custody of certificates evidencing the Bonds Notwithstanding any other provision of this Resolution to the contrary, so long as any Bond is registered in the name of Cede & Co, as nominee of DTC, all payments with respect to the principal of and interest on such Bonds and all notices with respect to the Bonds shall be made and given, respectively, to DTC as provided in the Blanket Issuer Letter of Representations between the County and DTC, and the Director of the Department of Public Works is authorized to sign such additional documents on behalf of the County as may be requested by DTC, in such form as the Director of the Department of Public Works deems necessary or appropriate, in order to accomplish the issuance of the Bonds in accordance with law and this Resolution Notwithstanding any other provision of this section to the contrary, if the Director of the Department of Public Works deems it to be in the best interests of the County, the Bonds shall not initially be issued through the book-entry-only transfer system of DTC 7 EXECUTION, AUTHENTICATION AND DELIVERY OF BONDS The Bonds shall be executed in the name of the County by the facsimile signatures of the Chairperson of the Board of Commissioners and the County Clerk and authenticated by the manual signature of an authorized representative of the bond registrar and paying agent, and the seal of the County (or a facsimile thereof) shall be impressed or imprinted on the Bonds After the Bonds have been executed and authenticated for delivery to the original purchaser thereof, they shall be delivered by the County Treasurer to the Underwriter or the Purchaser (each as hereinafter defined), as the case may be, upon receipt of the

19 RESOLUTION NO: PAGE: 5 purchase price Additional Bonds bearing the facsimile signatures of the Chairperson of the Board of Commissioners and the County Clerk and upon which the seal of the County (or a facsimile thereof) is impressed or imprinted may be delivered to the bond registrar and paying agent for authentication and delivery in connection with the exchange or transfer of the Bonds The bond registrar and paying agent shall indicate on each Bond the date of its authentication 8 EXCHANGE AND TRANSFER OF BONDS Any Bond, upon surrender thereof to the bond registrar and paying agent with a written instrument of transfer satisfactory to the bond registrar and paying agent duly executed by the registered owner or his duly authorized attorney, at the option of the registered owner thereof, may be exchanged for Bonds of any other authorized denominations of the same aggregate principal amount and maturity date and bearing the same rate of interest as the surrendered Bond Each Bond shall be transferable only upon the books of the County, which shall be kept for that purpose by the bond registrar and paying agent, upon surrender of such Bond together with a written instrument of transfer satisfactory to the bond registrar and paying agent duly executed by the registered owner or his duly authorized attorney Upon the exchange or transfer of any Bond, the bond registrar and paying agent on behalf of the County shall cancel the surrendered Bond and shall authenticate and deliver to the transferee a new Bond or Bonds of any authorized denomination of the same aggregate principal amount and maturity date and bearing the same rate of interest as the surrendered Bond If, at the time the bond registrar and paying agent authenticates and delivers a new Bond pursuant to this section, payment of interest on the Bonds is in default, the bond registrar and paying agent shall endorse upon the new Bond the following: Payment of interest on this bond is in default The last date to which interest has been paid is The County and the bond registrar and paying agent may deem and treat the person in whose name any Bond shall be registered upon the books of the County as the absolute owner of such Bond, whether such Bond shall be overdue or not, for the purpose of receiving payment of the principal of and interest on such Bond and for all other purposes, and all payments made to any such registered owner, or

20 RESOLUTION NO: PAGE: 6 upon his order, in accordance with the provisions of Section 3 of this Resolution shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid, and neither the County nor the bond registrar and paying agent shall be affected by any notice to the contrary The County agrees to indemnify and save the bond registrar and paying agent harmless from and against any and all loss, cost, charge, expense, judgment or liability incurred by it, acting in good faith and without negligence hereunder, in so treating such registered owner For every exchange or transfer of Bonds, the County or the bond registrar and paying agent may make a charge sufficient to reimburse it for any tax, fee or other governmental charge required to be paid with respect to such exchange or transfer, which sum or sums shall be paid by the person requesting such exchange or transfer as a condition precedent to the exercise of the privilege of making such exchange or transfer The bond registrar and paying agent shall not be required to transfer or exchange Bonds or portions of Bonds which have been selected for redemption 9 FORM OF BONDS The Bonds shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MICHIGAN COUNTY OF LIVINGSTON LIVINGSTON COUNTY 2015 REFUNDING BOND (VILLAGE OF FOWLERVILLE) (LIMITED TAX GENERAL OBLIGATION) INTEREST RATE MATURITY DATE DATE OF ORIGINAL ISSUE CUSIP Registered Owner Principal Amount The County of Livingston, State of Michigan (the County ) acknowledges itself indebted to, and for value received hereby promises to pay to, the Registered Owner identified above, or registered assigns, the Principal Amount set forth above on the Maturity Date specified above, unless redeemed

21 RESOLUTION NO: PAGE: 7 prior thereto as hereinafter provided, upon presentation and surrender of this bond at, the bond registrar and paying agent, or at such successor bond registrar and paying agent as may be designated pursuant to the Resolutions identified below, and to pay to the Registered Owner, as shown on the registration books at the close of business on the 15th day of the calendar month preceding the month in which an interest payment is due, by check or draft drawn upon and mailed by the bond registrar and paying agent by first class mail postage prepaid to the Registered Owner at the registered address, interest on such Principal Amount from, 2015 or such later date through which interest has been paid until the County s obligation with respect to the payment of such Principal Amount is discharged, at the rate per annum specified above Interest is payable on the first days of and in each year, commencing on, 201 Principal and interest are payable in lawful money of the United States of America This bond is one of a series of bonds aggregating the principal sum of Dollars ($ ) issued by the County under and pursuant to and in full conformity with the Constitution and Statutes of Michigan (especially Act No 185, Public Acts of 1957, as amended, and Act No 34, Public Acts of 2001, as amended) and a resolution adopted by the Board of Commissioners of the County and an order adopted by the Director of the Department of Public Works of the County (collectively, the Resolutions ) for the purpose of refunding the County s outstanding Livingston County Sewage Disposal Bonds (Village of Fowlerville 2005 Improvements and Extensions), dated as of November 17, 2005, maturing in the years through The bonds of this series are issued in anticipation of, and the principal of and interest on the bonds are payable from, moneys to be received by the County from the Village of Fowlerville (the Village ) in payment of its obligations under a contract with the County dated as of June 1, 2005, as amended The full faith and credit of the Village have been pledged for the making of payments to the County in amounts sufficient to pay the principal of and interest on the bonds of this series when due As additional and secondary security for the payment of the principal of and interest on the bonds of this series the full faith and credit of the County have been pledged Taxes imposed by the Village and the County are subject to constitutional tax limitations This bond is transferable, as provided in the Resolutions, only upon the books of the County kept for that purpose by the bond registrar and paying agent, upon the surrender of this bond together with a written instrument of transfer satisfactory to the bond registrar and paying agent duly executed by the Registered Owner or his attorney duly authorized in writing Upon the exchange or transfer of this bond a new bond or bonds of any authorized denomination, in the same aggregate principal amount and of the same interest rate and maturity, shall be authenticated and delivered to the transferee in exchange therefor as provided in the Resolutions, and upon payment of the charges, if any, therein provided Bonds so authenticated and delivered shall be in the denomination of $5,000 or any integral multiple thereof not exceeding the aggregate principal amount for each maturity The bond registrar and paying agent shall not be required to transfer or exchange bonds or portions of bonds which have been selected for redemption Bonds maturing prior to,, are not subject to redemption prior to maturity Bonds maturing on and after,, are subject to redemption prior to maturity at the option of the County, in such order as shall be determined by the County, on any date on and after, Bonds of a denomination greater than $5,000 may be

22 RESOLUTION NO: PAGE: 8 partially redeemed in the amount of $5,000 or any integral multiple thereof If less than all of the bonds maturing in any year are to be redeemed, the bonds or portions of bonds to be redeemed shall be selected by lot The redemption price shall be the par value of the bond or portion of the bond called to be redeemed plus interest to the date fixed for redemption Not less than thirty days but not more than sixty days notice of redemption shall be given to the registered owners of bonds called to be redeemed by mail to each registered owner at the registered address Bonds or portions of bonds called for redemption shall not bear interest on and after the date fixed for redemption, provided funds are on hand with the bond registrar and paying agent to redeem the same It is hereby certified, recited and declared that all acts, conditions and things required to exist, happen and be performed precedent to and in the issuance of the bonds of this series, existed, have happened and have been performed in due time, form and manner as required by law, and that the total indebtedness of said County, including the series of bonds of which this bond is one, does not exceed any constitutional or statutory limitation

23 RESOLUTION NO: PAGE: 9 IN WITNESS WHEREOF, the County of Livingston, Michigan, by its Board of Commissioners, has caused this bond to be executed in its name by facsimile signatures of the Chairperson of the Board of Commissioners and the County Clerk and its corporate seal (or a facsimile thereof) to be impressed or imprinted hereon This bond shall not be valid unless the Certificate of Authentication has been manually executed by an authorized representative of the bond registrar and paying agent COUNTY OF LIVINGSTON (SEAL) By: County Clerk By: Chairperson, Board of Commissioners CERTIFICATE OF AUTHENTICATION This bond is one of the bonds described in the within mentioned Resolutions Bond Registrar and Paying Agent By: Authorized Representative AUTHENTICATION DATE:

24 RESOLUTION NO: PAGE: 10 ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto (please print or type name, address and taxpayer identification number of transferee) the within bond and all rights thereunder and does hereby irrevocably constitute and appoint attorney to transfer the within bond on the books kept for registration thereof, with full power of substitution in the premises Dated: Signature Guaranteed: Signature(s) must be guaranteed by an eligible guarantor institution participating in a Securities Transfer Association recognized signature guarantee program End of Bond Form

25 RESOLUTION NO: PAGE: SECURITY The Bonds shall be issued in anticipation of payments to be made by the Village pursuant to the Contract The Bonds shall be secured primarily by the full faith and credit pledge made by the Village in the Contract As additional and secondary security, the full faith and credit of the County are hereby pledged for the prompt payment of the principal of and interest on the Bonds as the same shall become due If the Village shall fail to make payments to the County which are sufficient to pay the principal of and interest on the Bonds as the same shall become due, then an amount sufficient to pay the deficiency shall be advanced from the general fund of the County 11 DEFEASANCE In the event cash or direct obligations of the United States or obligations the principal of and interest on which are guaranteed by the United States, or a combination thereof, the principal of and interest on which, without reinvestment, come due at times and in amounts sufficient to pay, at maturity or irrevocable call for earlier optional redemption, the principal of and interest on the Bonds, or any portion thereof, shall have been deposited in trust, this Resolution shall be defeased with respect to such Bonds and the owners of such Bonds shall have no further rights under this Resolution except to receive payment of the principal of, premium, if any, and interest on such Bonds from the cash or securities deposited in trust and the interest and gains thereon and to transfer and exchange Bonds as provided herein 12 PRINCIPAL AND INTEREST FUND There is hereby established for the Bonds a Principal and Interest Fund From the proceeds of the sale of the Bonds there shall be set aside in the Principal and Interest Fund any accrued interest received from the Underwriter or the Purchaser, as the case may be, at the time of delivery of the same All payments received from the Village pursuant to the Contract are pledged for the payment of the principal of and interest on the non-refunded Prior Bonds and the Bonds and expenses incidental thereto and as received shall be placed in the Principal and Interest Fund The Director of the Department of Public Works shall transfer moneys in the Principal and Interest Fund to the bond registrar and paying agent for the Prior Bonds and the bond registrar and paying agent for the Bonds as necessary for the payment of the principal of and interest on the nonrefunded Prior Bonds and the Bonds

26 RESOLUTION NO: PAGE: PAYMENT OF ISSUANCE EXPENSES - ESCROW FUND The remainder of the proceeds of the Bonds shall be used to pay the issuance expenses of the Bonds and to establish an escrow fund for the Prior Bonds that are refunded (the Refunded Bonds ) After the issuance expenses have been paid or provided for the remaining proceeds shall be used, together with available funds of the Village, if any, to establish an escrow fund (the Escrow Fund ) consisting of cash and investments in direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America or other obligations the principal of and interest on which are fully secured by the foregoing and used to pay the principal of and interest on the Refunded Bonds The Escrow Fund shall be held by an escrow agent (the Escrow Agent ) in trust pursuant to an escrow agreement (the Escrow Agreement ), which irrevocably shall direct the Escrow Agent to take all necessary steps to pay the interest on the Refunded Bonds when due and to call the Refunded Bonds for redemption at such time as shall be determined in the Escrow Agreement The Director of the Department of Public Works is authorized to select the Escrow Agent and enter into the Escrow Agreement on behalf of the County The amounts held in the Escrow Fund shall be such that the cash and the investments and the income received thereon will be sufficient without reinvestment to pay the principal of and interest on the Refunded Bonds when due at maturity or call for redemption as required by the Escrow Agreement 14 APPROVAL OF DEPARTMENT OF TREASURY The issuance and sale of the Bonds shall be subject to permission being granted therefor by the Department of Treasury of the State of Michigan pursuant to Act 34 and, if necessary, the Director of the Department of Public Works is authorized and directed to make application to the Department of Treasury for permission to issue and sell the Bonds as provided by the terms of this Resolution 15 SALE, ISSUANCE, DELIVERY, TRANSFER AND EXCHANGE OF BONDS The Bonds shall be sold pursuant to a negotiated sale as hereinafter provided It is hereby determined that competitive bidding is not deemed appropriate with respect to the sale of the Bonds and that a negotiated sale is in the best interests of the County because it will provide the County with maximum flexibility in accessing the market to price the Bonds and in achieving net present value debt service savings with

27 RESOLUTION NO: PAGE: 13 respect to the Refunded Bonds, as required by Act 34 The Bonds shall be sold to either an underwriter (the Underwriter ) in connection with a public offering of the Bonds or to a purchaser (the Purchaser ) in connection with a private placement of the Bonds, as determined by the Director of the Department of Public Works, following consultation with the County s financial advisor, to be in the best interests of the County The Director of the Department of Public Works is authorized to determine which of the Prior Bonds shall be refunded and the principal amount of the Bonds to be sold and to enter into a Bond Purchase Agreement with the Underwriter or the Purchaser, as the case may be, which Bond Purchase Agreement shall set forth the principal amount of the Bonds, principal maturities and dates, interest rates and interest payment dates, redemption provisions, if any, purchase price to be paid by the Underwriter or the Purchaser, as the case may be, and compensation to be paid to the Underwriter, as well as such other terms and provisions as the Director of the Department of Public Works determines to be necessary or appropriate in connection with the sale of the Bonds Notwithstanding any provision of this Resolution to the contrary, the use of a Bond Purchase Agreement with a Purchaser in connection with a private placement of the Bonds as described in this section is not required if the Director of the Department of Public Works determines such use is not necessary The Director of the Department of Public Works and other appropriate County officials are authorized to do all things necessary to effectuate the sale, issuance, delivery, transfer and exchange of the Bonds in accordance with the provisions of this Resolution In making the determination in the Bond Purchase Agreement with respect to principal maturities and dates, interest rates, redemption provisions, purchase price of the Bonds and compensation to be paid to the Underwriter, the Director of the Department of Public Works shall be limited as follows: (a) The interest rate on any Bond shall not exceed 500% per annum (b) The final maturity date of the Bonds shall not be later than June 1, 2026 (c) The redemption price to be paid in connection with any optional redemption of the Bonds shall not exceed 102% of the principal amount of the Bonds to be so redeemed (d) The issuance of the Bonds shall result in the realization of net present value savings (net of issuance costs) of not less than 3% with respect to the debt service on the Refunded Bonds unless

28 RESOLUTION NO: PAGE: 14 the Director of the Department of Public Works determines at the time of the sale of the Bonds that a lesser amount of savings is in the best interests of the County (e) The purchase price of the Bonds shall not be less than 98% of the principal amount thereof (f) The Underwriter s discount with respect to the Bonds or the compensation to be paid to the Underwriter shall not exceed 100% of the principal amount of the Bonds 16 REPLACEMENT OF BONDS Upon receipt by the Director of the Department of Public Works of proof of ownership of an unmatured Bond, of satisfactory evidence that the Bond has been lost, apparently destroyed or wrongfully taken and of security or indemnity which complies with applicable law and is satisfactory to the Director of the Department of Public Works, the Director of the Department of Public Works may authorize the bond registrar and paying agent to deliver a new executed Bond to replace the Bond lost, apparently destroyed or wrongfully taken in compliance with applicable law In the event an outstanding matured Bond is lost, apparently destroyed or wrongfully taken, the Director of the Department of Public Works may authorize the bond registrar and paying agent to pay the Bond without presentation upon the receipt of the same documentation required for the delivery of a replacement Bond The bond registrar and paying agent, for each new Bond delivered or paid without presentation as provided above, shall require the payment of expenses, including counsel fees, which may be incurred by the bond registrar and paying agent and the County in the premises Any Bond delivered pursuant to the provisions of this Section 16 in lieu of any Bond lost, apparently destroyed or wrongfully taken shall be of the same form and tenor and be secured in the same manner as the Bond in substitution for which such Bond was delivered 17 TAX COVENANT The County covenants to comply with all applicable requirements of the Internal Revenue Code of 1986, as amended (the Code ), necessary to assure that the interest on the Bonds will be and will remain excludable from gross income for federal income tax purposes The Director of the Department of Public Works and other appropriate County officials are authorized to do all things necessary (including the making of such covenants of the County as shall be appropriate) to

29 RESOLUTION NO: PAGE: 15 assure that the interest on the Bonds will be and will remain excludable from gross income for federal income tax purposes 18 QUALIFIED TAX EXEMPT OBLIGATIONS The Bonds are hereby designated as Qualified Tax-Exempt Obligations as described in Section 265(b)(3)(B) of the Code 19 OFFICIAL STATEMENT The Director of the Department of Public Works is authorized, if necessary, to cause the preparation of an official statement for the Bonds for the purpose of enabling compliance with Rule 15c2-12 issued under the Securities Exchange Act of 1934, as amended (the Rule ), and to do all other things necessary to enable compliance with the Rule After the award of the Bonds, the County will provide copies of a final official statement (as defined in paragraph (f)(3) of the Rule) on a timely basis and in reasonable quantity as requested by the Underwriter to enable the Underwriter to comply with paragraph (b)(4) of the Rule and the rules of the Municipal Securities Rulemaking Board 20 CONTINUING DISCLOSURE The County Treasurer is hereby authorized, if necessary, 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 21 BOND INSURANCE The Director of the Department of Public Works is authorized and directed to take any actions that may be necessary or appropriate to purchase a policy or policies of municipal bond insurance with respect to the Bonds to the extent that the Director of the Department of Public Works determines in the order approving the sale of the Bonds that the purchase of such municipal bond insurance is in the best interests of the County and the Village If the Director of the Department of Public Works makes such a determination, the purchase of a policy or policies and the

30 RESOLUTION NO: PAGE: 16 payment of premiums therefor and the execution by the Director of the Department of Public Works of any necessary commitments or other documents with respect thereto are hereby authorized 22 PROFESSIONAL SERVICES The following are appointed to act in the following capacities with respect to the Bonds: As financial advisor: As bond counsel: Public Financial Management, Inc Ann Arbor, Michigan Dickinson Wright PLLC Troy, Michigan 23 CONFLICTING RESOLUTIONS All resolutions and parts of resolutions insofar as they may be in conflict herewith are hereby rescinded The provisions of the County s Debt Management Policy are hereby waived to the extent that the provisions of such Policy conflict with the provisions of this Resolution * * * MOVED: SECONDED: CARRIED: Troy v2 MOVED: SECONDED: CARRIED: # # #

31 Nov 20, :27 pm Prepared by Public Financial Management (NW) TABLE OF CONTENTS County of Livingston Proposed 2015 Refunding Bonds Refunds the Livingston County Sewage Disposal Bonds (Village of Fowlerville 2005 Improvement and Extensions) Assuming a Private Placement Report Page Savings 1 Summary of Refunding Results 2 Sources and Uses of Funds 3 Bond Pricing 4 Bond Summary Statistics 5 Bond Debt Service 6 Summary of Bonds Refunded 7 Escrow Requirements 8 Escrow Statistics 9

32 SAVINGS County of Livingston Proposed 2015 Refunding Bonds Refunds the Livingston County Sewage Disposal Bonds (Village of Fowlerville 2005 Improvement and Extensions) Assuming a Private Placement Present Value Prior Refunding Annual to 12/30/2015 Date Debt Service Debt Service Savings % 06/01/ , ,84467 (24342) (24100) 12/01/ , , , , , /01/ , ,94000 (37625) (36372) 12/01/ , , , , , /01/ , , , , /01/ , , , , , /01/ , , , , /01/ , , , , , /01/ , , , , /01/ , , , , , /01/ , , , , /01/ , , , , , /01/ , , , , /01/ , , , , , /01/ , , , , /01/ , , , , , /01/ , , , , /01/ , , , , , /01/ , , , , /01/2025 5, , , , , /01/ , , , , , ,672, ,464, , , ,54219 Savings Summary PV of savings from cash flow 182,54219 Plus: Refunding funds on hand 8830 Net PV Savings 182,63049 Nov 20, :27 pm Prepared by Public Financial Management (NW) Page 1

33 SUMMARY OF REFUNDING RESULTS County of Livingston Proposed 2015 Refunding Bonds Refunds the Livingston County Sewage Disposal Bonds (Village of Fowlerville 2005 Improvement and Extensions) Assuming a Private Placement Dated Date 12/30/2015 Delivery Date 12/30/2015 Arbitrage yield % Escrow yield % Value of Negative Arbitrage 3,96644 Bond Par Amount 2,170,00000 True Interest Cost % Net Interest Cost % All-In TIC % Average Coupon % Average Life 5654 Par amount of refunded bonds 2,105,00000 Average coupon of refunded bonds % Average life of refunded bonds 5859 PV of prior debt to % 2,352,54219 Net PV Savings 182,63049 Percentage savings of refunded bonds % Nov 20, :27 pm Prepared by Public Financial Management (NW) Page 2

34 SOURCES AND USES OF FUNDS County of Livingston Proposed 2015 Refunding Bonds Refunds the Livingston County Sewage Disposal Bonds (Village of Fowlerville 2005 Improvement and Extensions) Assuming a Private Placement Sources: Bond Proceeds: Par Amount 2,170, ,170,00000 Uses: Refunding Escrow Deposits: Cash Deposit 070 SLGS Purchases 2,119, ,119,91170 Delivery Date Expenses: Cost of Issuance 50,00000 Other Uses of Funds: Additional Proceeds ,170,00000 Notes: Cost of issuance is an estimate only Underwriters discount is an estimate only Escrow invested in SLGS Assumes Estimated Private Placement BQ rates as of 11/20/2015 Nov 20, :27 pm Prepared by Public Financial Management (NW) Page 3

35 BOND PRICING County of Livingston Proposed 2015 Refunding Bonds Refunds the Livingston County Sewage Disposal Bonds (Village of Fowlerville 2005 Improvement and Extensions) Assuming a Private Placement Maturity Bond Component Date Amount Rate Yield Price Bond Component: 06/01/ , % 2400% /01/ , % 2400% /01/ , % 2400% /01/ , % 2400% /01/ , % 2400% /01/ , % 2400% /01/ , % 2400% /01/ , % 2400% /01/ , % 2400% /01/ , % 2400% /01/ , % 2400% ,170,000 Dated Date 12/30/2015 Delivery Date 12/30/2015 First Coupon 06/01/2016 Par Amount 2,170,00000 Original Issue Discount Production 2,170, % Underwriter's Discount Purchase Price 2,170, % Accrued Interest Net Proceeds 2,170,00000 Nov 20, :27 pm Prepared by Public Financial Management (NW) Page 4

36 BOND SUMMARY STATISTICS County of Livingston Proposed 2015 Refunding Bonds Refunds the Livingston County Sewage Disposal Bonds (Village of Fowlerville 2005 Improvement and Extensions) Assuming a Private Placement Dated Date 12/30/2015 Delivery Date 12/30/2015 Last Maturity 06/01/2026 Arbitrage Yield % True Interest Cost (TIC) % Net Interest Cost (NIC) % All-In TIC % Average Coupon % Average Life (years) 5654 Duration of Issue (years) 5216 Par Amount 2,170,00000 Bond Proceeds 2,170,00000 Total Interest 294,48467 Net Interest 294,48467 Total Debt Service 2,464,48467 Maximum Annual Debt Service 228,00000 Average Annual Debt Service 236,52745 Underwriter's Fees (per $1000) Average Takedown Other Fee Total Underwriter's Discount Bid Price Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change Bond Component 2,170, % , ,170, ,12750 All-In Arbitrage TIC TIC Yield Par Value 2,170, ,170, ,170, Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense (50,00000) - Other Amounts Target Value 2,170, ,120, ,170,00000 Target Date 12/30/ /30/ /30/2015 Yield % % % Nov 20, :27 pm Prepared by Public Financial Management (NW) Page 5

37 BOND DEBT SERVICE County of Livingston Proposed 2015 Refunding Bonds Refunds the Livingston County Sewage Disposal Bonds (Village of Fowlerville 2005 Improvement and Extensions) Assuming a Private Placement Period Annual Ending Principal Coupon Interest Debt Service Debt Service 06/01/ , % 21, , /01/ , , , /01/ , % 23, , /01/ , , , /01/ , % 21, , /01/ , , , /01/ , % 19, , /01/ , , , /01/ , % 17, , /01/ , , , /01/ , % 15, , /01/ , , , /01/ , % 12, , /01/ , , , /01/ , % 10, , /01/2023 7, , , /01/ , % 7, , /01/2024 5, , , /01/ , % 5, , /01/2025 2, , , /01/ , % 2, , , ,170, , ,464, ,464,48467 Nov 20, :27 pm Prepared by Public Financial Management (NW) Page 6

38 SUMMARY OF BONDS REFUNDED County of Livingston Proposed 2015 Refunding Bonds Refunds the Livingston County Sewage Disposal Bonds (Village of Fowlerville 2005 Improvement and Extensions) Assuming a Private Placement Maturity Interest Par Call Call Bond Date Rate Amount Date Price 2005 Sewer, Fowlerville, LT - Dated: 11/17/05: SERIAL 06/01/ % 150, /29/ /01/ % 160, /29/ /01/ % 165, /29/ /01/ % 175, /29/ /01/ % 180, /29/ /01/ % 190, /29/ /01/ % 200, /29/ /01/ % 210, /29/ /01/ % 215, /29/ /01/ % 225, /29/ /01/ % 235, /29/ ,105,00000 Nov 20, :27 pm Prepared by Public Financial Management (NW) Page 7

39 ESCROW REQUIREMENTS County of Livingston Proposed 2015 Refunding Bonds Refunds the Livingston County Sewage Disposal Bonds (Village of Fowlerville 2005 Improvement and Extensions) Assuming a Private Placement Period Principal Ending Interest Redeemed Total 01/29/ , ,105, ,120, , ,105, ,120,01596 Nov 20, :27 pm Prepared by Public Financial Management (NW) Page 8

40 ESCROW STATISTICS County of Livingston Proposed 2015 Refunding Bonds Refunds the Livingston County Sewage Disposal Bonds (Village of Fowlerville 2005 Improvement and Extensions) Assuming a Private Placement Modified Yield to Yield to Perfect Value of Total Duration Receipt Disbursement Escrow Negative Cost of Escrow Cost (years) Date Date Cost Arbitrage Dead Time Global Proceeds Escrow: 2,119, % % 2,115, , ,119, ,115, , Delivery date 12/30/2015 Arbitrage yield % Nov 20, :27 pm Prepared by Public Financial Management (NW) Page 9

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46 305 E Eisenhower Suite 112 Ann Arbor, MI fax wwwpfmcom DATE FINANCING TIMETABLE County of Livingston Livingston County 2015 Refunding Bonds (Village of Fowlerville) (Limited Tax General Obligation) S M T W T F S NOVEMBER ACTION REQUIRED DECEMBER S M T W T F S RESPONSIBLE PARTY Mon, Nov 02, 2015 Bond Specifications to Bond Counsel PFM Mon, Nov 02, 2015 Bond Counsel to provide Village with Resolution BC Requesting Refunding Mon, Nov 16, 2015 Bond Counsel to provide County with Bond Authorizing BC Resolution Mon, Nov 16, 2015 Village of Fowlerville approves Resolution Village Fri, Nov 20, 2015 Draft Request for Proposals (RFP) distributed PFM Mon, Nov 30, 2015 County Board to adopt Bond Authorizing Resolution County Tue, Dec 01, 2015 RFP is circulated to potential purchasers PFM Tue, Dec 15, 2015 Proposals due - PFM to analyze proposals received and make recommendation to County on acceptability of proposals* PFM/ County Tue, Dec 15, 2015 Award of bid for purchase of bonds* County Thu, Dec 17, 2015 Draft Closing Memo circulated & closing documents PFM / BC circulated for signature Tue, Dec 22, 2015 Comments due on draft Closing Memo All Sat, Dec 26, 2015 Final Closing Memo circulated PFM Wed, Dec 30, 2015 Bond Closing PFM * NOTE: If it is determined that proposals received do not produce the most favorable savings to the County/ Village, we may proceed with a negotiated financing anticipated to be sold in late January or early February 2016 Legend: County = County of Livingston (County) Village = Village of Fowlerville (Village) BC = Dickinson Wright (Bond Counsel) PFM = Public Financial Management (Financial Advisor) Page 1 of 1 Prepared by Public Financial Management, Inc 11/20/2015 8:48 AM

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