HomeMy WebLinkAboutResolutions - 1977.07.21 - 10597July 21, 1977
RESOLUTION NO. 8101
RE: CLINTON-OAKLAND SEWAGE DISPOSAL SYSTEM-WATERFORD EXTENSIONS
BY: PLANNING AND BUILDING COMMITTEE
TO: THE OAKLAND COUNTY BOARD CF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, the Oakland County Board of Supervisors, by
Miscellaneous Resolution No. 4342, adopted on June 22, 1964,
as amended by Miscellaneous Resolution No. 4667, adopted on
December 14, 1966, and as amended by Miscellaneous Resolution
No. 4690, adopted on March 9, 1967, did approve the establishment
of a sewage disposal system to be known as the Clinton-Oakland
Sewage Dispsoal System to serve the Clinton-Oakland Sewage Dis-
posal District as therein described; and
WHEREAS, pursuant to a resolution of the Board of Super-
visors adopted March 9, 1967, and pursuant to resolutions adopted
by the governing body of the Charter Township of Waterford (the
participating municipality), the County of Oakland and the par-
ticipating municipality have entered into a Contract dated as of
April 1, 1969, as supplemented, whereby the County agrees to con-
struct and finance the Clinton-Oakland Sewage Disposal System,
Waterford Extensions, and the participating municipality agrees
to pay the cost thereof, based upon a project cost of $17,000,000,
and as represented by two series of bonds issued by the County to
finance said Clinton-Oakland Sewage Disposal System, Waterford
Extensions, which Contract is set forth in full in the aforesaid
resolution of the Board of Supervisors; and
WHEREAS, the County has issued two series of bonds
in the aggregate principal amount of $17,000,000 to finance
said Clinton-Oakland System, Waterford Extensions, pursuant
to said Contract, as supplemented, the first series being the
Oakland County Sewage Disposal Bonds - Clinton-Oakland System
Waterford Extensions Phase I, dated May 1, 1970, in the princi-
pal amount of $12,850,000, and the second series being the
Oakland County Sewage Disposal Bonds - Clinton-Oakland System,
Waterford Extensions, Second Series, dated November 1, 1970,
in the original principal amount of $4,150,000; and
WHEREAS, the amount of the several principal maturities
of the said Second Series of bonds, dated November 1, 1970,
outstanding and unpaid after May 1, 1977, and the rate of
interest and amount of interest payable thereon is as follows:
Maturity
$ 200,000 due 1978/1979 at 7-1/2%;
$ 875,000 due 1980/1987 at 6%;
$ 600,000 due 1988/1991 at 6-1/2%;
$ 150,000 due 1992 at 6.60%;
$ 175,000 due 1993 at 6.70%;
$ 175,000 due 1994 at 6.80%;
$ 175,000 due 1995 at 6.90%;
$ 1,575,000 due 1996/2003 at 7%.
$ 3,925,000
Principal Interest Total
$ 100,000
100,000
100,000
100,000
100,000
100,000
100,000
125,000
125,000
125,000
150,000
May 1,i978
November 1, 1978
May 1, 1979
November 1, 1979
May 1, 1980
November 1, 1980
May 1, 1981
November 1, 1981
May 1, 1982
November 1, 1982
May 1, 1983
November 1, 1983
May 1, 1984
November 1, 1984
May 1, 1985
November 1, 1985
May 1, 1986
November 1, 1986
May 1, 1987
November 1, 1987
May 1, 1988
November 1, 1988
$ 131,175.00
127,425.00
127,425.00
123,675.00
123,675.00
120,675.00
120,675.00
117,675.00
117,675.00
114,675.00
114,675.00
111,675.00
111,675.00
108,675.00
108,675.00
104,925.00
104,925.00
101,175.00
101,175.00
97,425.00
97,425.00
92,550.00
$ 231,175.00
127,425.00
227,425.00
123,675.00
223,675.00
120,675.00
220,675.00
117,675.00
217,675.00
114,675.00
214,675.00
111,675.00
211,675.00
108,675.00
233,675.00
104,925.00
229,925.00
101,175.00
226,175.00
97,425.00
247,425.00
92,550.00
Maturity
May 1, 1989
November 1, 1989
May 1, 1990
November 1, 1990
May 1, 1991
November 1, 1991
May 1, 1992
November 1, 1992
May 1, 1993
November 1, 1993
May 1, 1994
November 1, 1994
May 1, 1995
November 1, 1995
May 1, 1996
November 1, 1996
May 1, 1997
November 1, 1997
May 1, 1998
November 1, 1998
May 1, 1999
November 1, 1999
May 1, 2000
November 1, 2000
May 1, 2001
November 1, 2001
May 1, 2002
November 1, 2002
May 1, 2003
Principal Interest Total
$ 150,000 $ 92,550.00 $ 242,550.00
87,675.00 87,675.00
150,000 87,675.00 237,675.00
82,800.00 82,800.00
150,000 82,800.00 232,800.00
77,925.00 77,925.00
150,000 77,925.00 227,925.00
72,975.00 72,975.00
175,000 72,975.00 247,975.00
' 67,112.50 67,112.50
175,000 67,112.50 242,112.50
61,162.50 61,162.50
175,000 61,162.50 236,162.50
55,125.00 55,125.00
175,000 55,125.00 230,125.00
49,000.00 49,000.00
200,000 49,000.00 249,000.00
42,000.00 42,000.00
200,000 42,000.00 242,000.00
35,000.00 35,000.00
200,000 35,000.00 235,000.00
28,000.00 28,000.00
200,000 28,000.00 228,000.00
21,000.00 21,000.00
200,000 21,000.00 221,000.00
14,000.00 14,000.00
200,000 14,000.00 214,000.00
7,000.00 7,000.00
200,000 7,000.00 207,000.00
$3,925,000 $3,973,825.00 $7,898,825.00
which bonds, and the coupons attached thereto, are subject
A-
to redemption as a whole on November 1, 1977, at a premium
of 3% of the face amount zif-said bonds„.i.e. $3 /925,000; and-
WHEREAS, Sections 11 and .12 of Chapter VI of Act
No. 202 of Michigan Public Acts of 1943, as amended (The
Municipal Finance Act) authorize the County to refund said
Second Series of bonds by the issuance of refunding bonds with-
in six months prior to the date upon which said Second Series
of bonds may be called for payment and redemption, as a whole,
and if the refunding results in a savings of interest cost
to the County of at least 1/2 of 1% per annum; and
WHEREAS, there has been submitted to this Board of
Commissioners a 'report by Shannon and Company, its financial
Cost per Thousand of Bonds
Refunded 37.47
consultant in connection with the Second Series of bonds,
showing that refunding of said bonds as of November 1, 1977,
will result in an interest cost savings of about 1% per annum
and may be accomplished by the issuance of $3,925,000 of refund-
ing bonds, which report reads as follows:
The following figures show certain results of the refunding:-
$3,925,000 Waterford Extensions, Phase I, Second
Series Bonds
Average Maturity of Bond
Issue from November 1, 1977 14.882 years
Interest Costs from November 1,
1977 to Maturity on existing
bonds $ 3,973,825.00
Average Interest Rate 6.8030387%
Estimated Savings in Interest
Costs (1%) $ 584,125.00
Savings per Thouq6C1 of
Bonds Refunded 148.82
Costs of Refunding:
Premium $117,750
Fee of Dickinson,
Wright, McKean,
Cudlip & Moon 14,350
Fee of Shannon and
Company 10,725
Other Expenses 4,250
Total Estimated Expenses $ 147,075.00
Estimated Net Savings on
Refunding $ 437,050.00
Estimated Net Savings per
Thousand of Bonds Refunded. 111.35
The gross savings in interest costs is equal to 3.97 times
the cost of the refunding.
; and
WHEREAS, there has been submitted to this Board of
Commissioners a'schedule of refunding bond maturities which
has been approved and adopted by the township on which is set
forth a schedule of payments to be made by the township to
the county aggregating the sum of $3,925,000 and the amount
of the several annual installments to be paid by the township
which are the same as the annual refunding bond maturities
hereinafter set forth; and
WHEREAS, by approving and adopting said schedule
the township re-affirms its obligation to pay annually the
amount of each annual installment to the County, and in addition
thereto is to pay semi-annually, interest and paying agent
fees and other bond handling costs as determined pursuant to
said Contract of April 1, 1969, as supplemented, and agrees
to pay from sewer and water system funds on hand, the costs of
refunding of approximately $150,000; and
WHEREAS, the County is desirous of issuing refunding
bonds in anticipation of the payments to be made by the town-
ship under said Contract of April 1, 1969, as supplemented;
and
WHEREAS, the Planning and Building Committee has
approved this bond resolution and recommended its adoption...
bythe Board of Commissioners.
THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF OAKLAND COUNTY, MICHIGAN, as follows:
1. That the bonds of said County of Oakland, aggre-
gating the principal sum of Three Million Nine Hundred Twenty-
Five Thousand Dollars ($3,925,000) be issued for the purpose of
refunding the Second Series of bonds issued to finance said
Clinton-Oakland Sewage Disposal System, Waterford Extension,
which bonds to be refunded are outstanding in the amount of
$3,925,000 and are known as "Oakland County Sewage Disposal
Bonds - Clinton-Oakland System, Waterford Extensions Phase I, Second Series"
dated November 1, 1970; that said refunding bonds shall be known as "Oakland
County Refunding Bonds - Clinton-Oakland Sewage Disposal System - Series 1977,
and shall be dated October 1, 1977; shall be numbered consecutively in the direct
order of their maturities from 1 upwards; shall be in the denomination of $5,000
each; shall bear interest at a rate or rates to be hereafter determined not exceed-
ing those set forth on the schedule of maturities herein set forth, payable on
May 1, 1978 and semi-annually thereafter on the first days of May and November
In each year; and shall mature on the first day of May in each year as follows:
SCHEDULE OF MATURITIES
Year Amount Rate Year Amount Rate
1978 $100,000 7.0%
1979 100,000 7.0%
1980 100,000 5.5% 1993 $175,000 6.20%
1981 100,000 5.5% 1994 175,000 6.30%
1982 100,000 5.5% 1995 175,000 6.40%
1983 100,000 5.5% 1996 175,000 6.5%
1984 100,000 5.5% 1997 200,000 6.5%
1985 125,000 5.5% 1998 200,000 6.5%
1986 125,000 5.5% 1999 200,000 6.5%
1987 125,000 5.5% 2000 200,000 6.5%
1988 150,000 6.0% 2001 200,000 6.5%
1989 150,000 6.0% 2002 200,000 6.5%
1990 150,000 6.0% 2003 200,000 6.5%
1991 150,000 6.0%
1992 150,000 6.10%
Bonds maturing prior to May 1, 1997, shall not be subject to redemption prior to
maturity. Bonds maturing on and after May 1, 1997, shall be subject to redemption
at the option of the County prior to maturity on any one or more interest payment
dates on and after May 1, 1996. Bonds so called for redemption shall be redeemed
at the par value thereof and accrued interest plus a premium on each bond computed
as a percentage of the face amount thereof in accordance with the following schedule;
3% if called to be redeemed on or after May 1, 1996, but
prior to May 1, 1999
2% if called to be redeemed on or after May 1, 1999, but
prior to May 1, 2002
1% if called to be redeemed on or after May 1, 2002, but
prior to maturity.
Notice of redemption shall be given to the holders of the bonds
to be redeemed by publication of such notice not less than
thirty (30) days prior to the date fixed for redemption, at
least once in a newspaper or publication circulated in the
City of Detroit, Michigan, which carries as a part of its regular
service, notices of the sale of municipal bonds. Bonds so
called for redemption shall not bear interest after the date
fixed for redemption, provided funds are on hand with the pay-
ing agent to redeem the same. All bonds shall have proper
coupons attached thereto evidencing interest to their respective
dates of maturity.
That the principal of said bonds and the interezt -
thereon shall be payable in lawful money of the United States
of America, at such bank and/or trust company which qualifies
as a TayingLagent under ;Federal,' Dr- Michigan law ,and which shall.c,-, lay
be designated by the original purchaser of the bonds. Such
purchaser shall have the right to name a similarly qualified
co-paying agent.
3. That the Chairman of the Board of Commissioners
and the County Clerk, of the County of Oakland are hereby
authorized and directed to execute said bonds for and on behalf
of the said county and to affix the seal of said county thereto,
and to execute the interest coupons to be attached to said
bonds by causing to be affixed thereto their facsimile signa-
tures; and that upon the execution of said bonds and attached
coupons, the same shall be delivered to the Treasurer of said
county who is hereby authorized and directed to deliver said
bonds and attached coupons to the purchaser thereof, upon
receipt of the purchase price therefor.
4. That the said bonds are to be issued pursuant
to the provisions of Act No. 202 of the Michigan Public Acts
of 1943, as amended, in anticipation of the payments to become
due to the county from the Charter Township of Waterford under
said Contract of April 1, 1969, and the Second Amended Exhibit
B and Supplemental Exhibit C - Pahse I thereto, and the schedule
of refunding bond maturities and expenses, all approved and
adopted by said Charter Township of Waterford, which payments
are in the principal amount of the bonds with interest thereon
and the expenses of refunding as therein provided. As provided
in said Contract, the full faith and credit of the Charter
Township of Waterford is pledged to the making of the said
payments when due, and in addition there is hereby pledged,
as authorized in said Act No. 202, the full faith and credit‘ _
of the County of Oakland, as issuer, to the payment of the
bonds, both principal and interest, when due.
5. That all moneys paid to the County by the Charter
Township of Waterford pursuant to said Contract of April 1,
1969, and amended exhibits thereto and schedules, shall be
set aside by the County Treasurer in a separate fund and bank
account to be used solely for the payment of the principal
of and interest on the bonds herein authorized and the refunding
expenses.
6. That the obligation of said charter township
to make the payments set forth in the Contract, and especially
Amended Exhibit C - Phase I thereto, in anticipation of which
the Oakland County Sewage Disposal Bonds - Clinton-Oakland
System, Waterford Extensions Phase I, dated May 1, 1970, in
the amount of $12,850,000, are issued, is separate but equal
and on a parity as a pledge of full faith and credit with the
obligation of said township to make the payments set forth
in the Contract, as supplemented by the schedule of principal
and interest maturities adopted by the Charter Township, in
anticipation of which the Oakland County Refunding Bonds -
Clinton-Oakland Sewage Disposal System, Series 1977e dated
October 1, 1977, in the amount of $3,925,000 are issued. The
pledge by the County of Oakland of its full faith and credit
to payment of said bonds, first series and refunding bonds,
as authorized in said Act No. 185 and said Act No. 202, re-
spectively, applies equally and without preference or priority
to the bonds of each series.
7. That said bonds and attached coupons shall be
substanktally in the following form:
UNITED STATES or AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
Number $5,000
OAKLAND COUNTY REFUNDING BOND -
CLINTON-OAKLAND SEWAGE DISPOSAL SYSTEM,
SERIES 1977
. MOW ALL MEN BY THESE PRESENTS, that the County of Oakland,
Michigan, hereby acknowledges itself indebted and for value received,
promises to pay to the bearer hereof the sum of
FIVE THOUSAND DOLLARS
on the first day of May, A.D. 19 , together with interest thereon from
the date hereof until paid, at the rate of
per centum per annum, payable May 1, 1978, and thereafter semi-annually
on the first days of May and November in each year. Both principal and
Interest hereof are payable in lawful money of the United States of America
at
In the City of , upon presentation
and surrender of this bond and the coupons hereto attached as they severally
ma ture .
This bond is one of a series of bonds of like date and tenor except
as to maturity , numbered consecutively in
the direct order of their maturities from 1 to 785, both inclusive, aggregating
the principal sum of Three Million Nine Hundred Twenty-Five Thousand Dol-
lars ($3,925,000) issued under and pursuant to and in full conformity with the
Constitution and Statutes of the State of Michigan, and especially Act No. 202
_of the Michigan Public Acts of 1943,_as amended, for the purpose of refunding
the Oakland County Sewage Disposal Bonds - Clinton-Oakland System, Water-
ford Extensions Phase I, Second Series, dated November 1, 1970, issued to
defray the cost of Phase I of the Clinton-Oakland Sewage Disposal System,
Waterford Extensions in the Charter Township of Waterford.
Bonds of this series maturing prior to May 1, 2003, are not subject
to redemption prior to maturity. Bonds maturing on or after May 1, 1997, shall
be subject to redemption, at the option of the County prior to maturity on any
one or more interest payment dates on and after May 1, 1996. Bonds called for
redemption shall be redeemed at the par value thereof and accrued interest plus
a premium on each bond computed as a percentage of the face amount thereof
in accordance with the following schedule:
3% if called to be redeemed on or after May 1, 1996, but prior
to May 1, 1999
2% if called to be redeemed on or after May 1, 1999, but prior
to May 1, 2002
1% if called to be redeemed on or after May 1, 2002, but prior
to maturity.
Notice of redemption shall be given to the holders of bonds
called for redemption by publication of such notice not less
than thirty (30) days prior to the date fixed for redemption,
at least once in a newspaper or publication circulated in the
City of Detroit, Michigan, which carries as a part of its
regular service notices of the sale of municipal bonds. Bonds
so called for redemption shall not bear interest after the date
fixed for redemption, provided funds are on hand with the pay-
ing agent to redeem the same.
This refunding bond as to both principal and interest,
is payable from moneys to be paid to the County of Oakland -
by the Charter Township of Waterford pursuant to a certain
Contract dated April 1, 1969, and Second Amended Exhibit B
and Supplemental Exhibit C - Phase I thereto, between the County
of Oakland and said Charter Township, whereby the said Charter
Township agrees to pay to the said county the $17,000,000 cost
of said Phase I of the Clinton-Oakland Sewage Disposal System
- Waterford Extensions in annual installments in the same amounts
as the annual maturities of its bonds and semi-annually to
pay the amount of the interest and bond handling charges, such
payments to be made at least thirty (30) days prior to the
respective due dates specified in the bonds of the county
issued to defray said cost. The full faith and credit of said
Charter Township is pledged for the prompt payment of its
obligation pursuant to said Contract and Supplemental Exhibit
C - Phase I thereto, and in addition, by affirmative vote of
three-fifths (3/5ths) of the members-elect of its Board of
Commissioners, the full faith and credit of the County of
Oakland is pledged to the payment of the bonds, principal and
interest, when due, all on a parity and without priority between
the bonds of the County of-Oakland issued for the same purpose' '-
in the amount of $12,850,000, dated May 1, 1970, and $4,150,000,
dated November 1, 1970. The Clinton-Oakland Sewage Disposal
Bonds - Clinton-Oakland System, Waterford Extensions Phase
I, Second Series, dated November 1, 1970, in the principal
amount,af,$4,150,000, are the'bonds refUnded by this bOnd and' v'
the other bonds of this refunding series, and the Charter Town-
ship of Waterford has approved and adopted a schedule of the
•pri-ncipal and interest mattirititi to be paid by it on accoont' -
of these refunding bonds in lieu o5 the payments heretofore
contracted to be made on account of said Second Series of bonds.
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 the Constitution
and Statutes of the State of Michigan, and that the total in-
debtedness of said county, including this series of bonds,
does not exceed any constitutional or statutory limitation.
IN WITNESS WHEREOF, the County of Oakland, Michigan,
by its Board of Commissioners, has caused this bond to be signed
in its name by the Chairman of said Board of Commissioners
and by the County Clerk of the county, and its corporate seal
to be affixed hereto, and has caused the annexed interest
coupons to be executed with the facsimile signatures of said
Chairman and County Clerk, all as of the first day of October,
A.D. 1977.
COUNTY OF OAKLAND, MICHIGAN
By
Chairman of its Board of Commissioners
By
Its County Clerk
(SEAL)
(COUPON)
Number
On the first day of f A.D. 19_,
the County, of Oakland, Michigan, will pay to the bearer hereof
the sum shown hereon in lawful money of the United States of
America at the
in the City of I same being
the interest due on that day on its Oakland County Refunding
Bond - Clinton-Oakland Sewage Disposal System, Series 1977,
dated October 1, 1977, No. , .
(FACSIMILE) (FACSIMILE)
County Clerk Chairman of the Board of Commissioners
8. That the said bonds shall not be issued until
the Municipal Finance Commission of the State of Michigan shall
have first issued its order granting permission to so do, as
provided in Act No. 202 of the Michigan Public Acts of 1943,
as amended, and the/liggreasurer is hereby authorized and
directed to make application to said commission for the issuance
of such order and approval of the following notice of sale.
9. That the County Treasurer is hereby authorized
to sell said bonds at not less than par and accrued interest
in accordance with the laws of this state and to do all things
necessary to effect the sale and issuance of said bonds, sub-
ject to the provisions of this resolution and that sealed
proposals for the purchase of $3,925,000 of Oakland County
Refunding Bonds - Clinton-Oakland Sewage Disposal System,
Series 1977, to be dated October 1, 1977, be received up to
a time to be later determined by the County Treasurer and
that notice thereof be published in accordance with law in
The Bond Buyer and in the Oakland Press, which notice shall
be substantially in the following form:
OFFICIAL
NOTICE OF SALE
$3,925,000
COUNTY OF OAKLAND
STATE OF MICHIGAN
OAKLAND COUNTY REFUNDING BONDS -
CLINTON-OAKLAND SEWAGE DISPOSAL SYSTEM -
SERIES 1977
SEALED BIDS for the purchase of the above bonds will be received by the
undersigned at the
, in the Township of Waterford, Oakland County, Mich-
igan, on . o'clock .M., Eastern Time, at
which time and place said bids will be publicly opened and read.
BOND DETAILS: Said bonds will be coupon bonds of the denomination of
$5,000 each, dated October 1, 1977, numbered in direct order of maturity
from 1 upwards and will bear interest at a rate or rates to be hereafter de-
termined not exceeding those set forth in the schedule of maturities herein
set forth, payable on May 1, 1978, and semi-annually thereafter.
Said bonds will mature on the 1st day of May, as follows:
Year Amount Rate Year Amount Rate
1978 $100,000 7.0%
1979 100,000 7.0%
1980 100,000 5.5% 1993 $175,000 6.20%
1981 100,000 5.5% 1994 175,000 6.30%
1982 100,000 5.5% 1995 175,000 6.40%
1983 100,000 5.5% 1996 175,000 6.5%
1984 100,000 5.5% 1997 200,000 6.5%
1985 125,000 5.5% 1998 200,000 6.5%
1986 125,000 5.5% 1999 200,000 6.5%
1987 125,000 5.5% 2000 200,000 6.5%
1988 150,000 6.0% 2001 200,000 6.5%
1989 150,000 6.0% 2002 200,000 6.5%
1990 150,000 6.0% 2003 200,000 6.5%
1991 150,000 6.0%
1992 150,000 6.10%
PRIOR REDEMPTION: Bonds maturing on and after May 1, 1997 shall be sub-
ject to redemption prior to maturity at the option of the County, on any one or
more interest payment dates on or after May 1, 1996, at par and accrued
Interest to the date fixed for redemption, plus a premium as follows:
3% if called to be redeemed on or after May 1, 1996, but
prior to May 1, 1999
2% if called to be redeemed on or after May 1, 1999, but
prior to May 1, 2002
1% if called to be redeemed on or after May 1, 2002, but
prior to maturity.
Thirty days notice of redemption shall be given by
publication, at least once in a newspaper or publication circulated
in the City of Detroit, Michigan, which carries as a part of
its regular service, notices of the sale of municipal bonds.
Bonds so called for redemption shall not bear interest after
the date fixed for redemption, provided funds are on hand with
the paying .agent to redeem the same.
PAYING AGENT: Both principal and interest shall be payable
at a bank or trust company located in Michigan qualified to
act as paying agent under State or United States law, to be
designated by the original purchaser of the bonds, which shall
be subject to approval of the undersigned. A co-paying agent
similarly qualified and located anywhere may also be so designated.
PURPOSE AND SECURITY: These refunding bonds as to both principal
and interest, are payable from moneys to be paid to the County
of Oakland by the Charter Township of Waterford pursuant to
a certain Contract dated April 1, 1969, and Second Amended
Exhibit B and Supplemental Exhibit C - Phase I thereto, between
the County of Oakland and said Charter Township, whereby the
said Charter Township agrees to pay to the said county the
$17,000,000 cost of said Phase I of the Clinton-Oakland Sewage
-
Disposal ,System - Waterford Extensions,in annual installments
in the same amounts as the annual maturities of its bonds and
semi-annually to pay the amount of the interest and bond handling
charges, such payments to be made at least thirty (30) days
prior to the respective due dates specified in the bonds of
the County issued to defray said cost. The full faith and
credit of said Charter Township is pledged for the prompt pay-
ment of its obligation pursuant to said Contract and Supplemental
Exhibi1 4 Cv4 Phase I thereto4‘and'in addition, by ,affirmative -;;Thi:-:-.
vote of three-fifths (3/5ths) of the members-elect of its Board
of Commissioners, the full faith and credit of the County of
Oakland -is pledged to the payment of the bonds, principal and - -
interest, when due, all on a parity and without priority between
the bonds of the County of Oakland issued for the same purpose
in the amount of $12,850,000, dated May 1, 1970, and $4,150,000,- ---
dated November 1, 1970. The Clinton-Oakland Sewage Disposal
Bonds - Clinton-Oakland System, Waterford Extensions Phase
Second Series, dated November 1, 1970, in the principal
amount of $4,150,000, are the bonds refunded by these bonds
and the other bonds of this refunding series, and the Charter
Township of Waterford has approved and adopted a schedule of
the principal and interest maturities to be paid by it on
account of these refunding bonds in lieu of the payments here-
tofore contracted to be made on account of said Second Series
of bonds.
FULL FAITH AND CREDIT OF COUNTY: Pursuant to resolution adopted
by its Board of Commissioners, the County of Oakland has pledged
its full faith and credit for the payment of principal of and
interest on the bonds.
GOOD FAITH: A certified or cashier's check in the amount of
78,500, drawn upon an incorporated bank or trust company and
payable to the order of the Treasurer of the County must accom-
payn each bid as a guarantee of good faith on the part of the
bidder, to be forfeited as liquidated damages if such bid be
accepted and the bidder fails to take up and pay for the bonds.
No interest shall be allowed on the good faith checks and
checks of the unsuccessful bidders will be promptly returned
to each bidder's representative or by registered mail. The
good faith check of the successful bidder will be immediately
cashed and payment for the balance of the purchase price of
the bonds shall be made at the closing.
AWARD OF BONDS: The bonds will be awarded to the bidder whose
bid produces the lowest interest cost computed by determining,
at the rate or rates specified in the bid, the total dollar
value of all interest on the bonds from November 1, 1977, to
their maturity and deducting therefrom any premium.
CUSIP: CUSIP number have been applied for and will be imprinted
on all bonds of this issue at the issuer's expense. An improperly
imprinted number will not constitute basis for the purchaser
to refuse to accept delivery.
LEGAL OPINION: Bids shall be conditioned upon the unqualified
approving opinion of Dickinson, Wright, McKean, Cudlip & Moon,
attorneys of Detroit, Michigan, a copy of which opinion will
be printed on the reverse side of each bond, and the original
of which will be furnished without expense to the purchaser
of the bonds at the delivery thereof.
DELIVERY OF BONDS: The County will furnish bonds ready for
execution at its expense. Bonds will be delivered without
expense to the purchaser at New York, New YOrk, Chicago, Illinois,
or Detroit, Michigan. The usual closing documents, including
a certificate that no litigation is-pending-affecting the issuance.
of the bonds, will be delivered at the time of the delivery
of the bonds. If the bonds are not tendered for delivery by
twelve o'clock noon, Eastern ,- Time,-on. the 45th
day following the date of sale, or the first business day there-
after if said 45th day is not a business day, the successful
bidder may on that day, or any time thereafter until delivery •
of the bonds, withdraw his proposal by serving notice of can-
cellation, in writing, on the undersigned in which event the
County shall promptly return the good faith deposit. Payment
for the bonds shall be made in Federal Reserve funds. Accrued
interest to the date of delivery of the bonds shall be paid
by the purchaser at the time of delivery.
FINANCIAL CONSULTANT: Further information with respect to
said bonds may be obtained from Shannon & Co., 2012 City
National Bank Building, Detroit, Michgian, 48226. Telephone
(313) 965-1855.
THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS.
ENVELOPES: containing the bids should be plainly marked "Proposal
for Waterford Township Refunding Bodns".
DATED: , 1977.
APPROVED: , 1977.
STATE OF MICHGIAN
MUNICIPAL FINANCE COMMISSION
-
10. All Resolutions and parts of Resolutions, insofar
as the same may be in conflict herewith, are hereby rescinded.
The Planning and Building Committee, by Mr. Richard R.
Wilcox, Chairman, moves the adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
Richard R. Wilcox, Chairman
Moved by Wilcox supported by Fortino the resolution be adopted.
ADOPTED: Yeas - Peterson, Price, Roth, Wilcox, Daly, Doyon, Fortino, Gabler,
Gorsline, Hoot, Kasper, Kelly, Lanni, McConnell, McDonald, Moffitt,
Montante, Moxley, Olson, Page, Patterson. (21)
Nays - None. (0)
Absent - Simson, Aaron, DiGiovanni, Murphy, Perinoff, Pernick. (6)
STATE OF MICHIGAN )
) ss:
COUNTY OF OAKLAND)
I, the undersigned, the duly qualified and acting
County Clerk of the County of Oakland, do hereby certify that
the foregoing is a true and complete copy of a resolution
adopted at a regular meeting of the Oakland County Board of
Commissioners, held on the 21st day of July , 1977,
the original of which is on file in my office.
IN WITNESS WHEREOF, I have hereunto affixed my
official signature this 21st day of July , A.D. 1977.
Lynn P. Allen, COUNTY CLERK