HomeMy WebLinkAboutResolutions - 1978.02.16 - 12689February 16
RESOLUTION NO.
RE: CLINTON-OAKLAND SEWAGE DISPOSAL SYSTEM-WATERFORD EXTENSIONS
BY PLANNING AND BUILDING COMMITTEE
TO THE OAKLAND COUNTY BOARD OF 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 Disposal System to serve the Clinton-
Oakland Sewage Disposal District as therein described; and
WHEREAS, pursuant to the Board of Supervisors Resolution Miscellaneous
No. 5097, and pursuant to a resolution adopted by the governing body of the Charter
Township of Waterford, the County of Oakland and the said Township entered into
a Contract dated as of April 1 9 1969, whereby the County agreed to construct and
finance in one or more phases, the Waterford Extensions to said Clinton-Oakland Sewage
Disposal System and the Township agreed to pay the total cost thereof, based upon
the total estimated cost of the project, and as represented by the amount of bonds
issued by the County to finance said Waterford Extensions, which said. Contract is
set forth in full in the said resolution of the Board of Supervisors; and
WHEREAS; pursuant to Board of Commissioners Resolution Miscellaneous •
No. 7827, adopted February 3, 1977, and pursuant to a resolution adopted by the
Township Board of the Charter Township of Waterford on January 10, 1977, the County
and the Township entered into a Contract dated as of January 1, 1977,. providing
for the acquisition of Phase V of the said Waterford Extensions, pursuant to Act No.
342 of Michigan Public Acts of 1939, as amended, through the Oakland County Drain
Commissioner acting as the County Agency, at an estimated project cost of $25,700,000,
1978
8343
the net amount of which cost, after application of the proceeds of Federal Environmental
Protection Administration (EPA) grants made pursuant to Public Law 92-500 and of
State Department of Natural Resources (DNR) grants made pursuant to State law,
is to be paid by said Township in amounts and at times necessary to pay when due the
principal of and interest on bonds of the County issued to defray such net cost; and
WHEREAS, the Township and the County have received grant contracts
from the EPA and the DNR for Step HI construction of Phase .V and the County has
determined to issue its bonds to finance said project so that a revised Exhibit 13"
to said Contract of January 1, 1977, has been prepared and is submitted herewith as
follows:
Total Construction Cost =
Engineering
Consulting Engineer (Design)
Consulting Engineer (Staking &Layout). .
Soil Borings • 10o
Michigan Contractor & Builder
Bond Buyer —
Local Publication
Exhibit
CLINTON-OAKLAND SEWAGE DISPOSAL SYSTEM
WATERFORD EXTENSIONS - PHASE V
ESTIMATE OF COST
$ 960,000.00
260,000.00
40,000.00
$1,260,000.00
$17,136,220.00
1,260,000.00
Project Administration 0.
Inspection
Easement Acquisition
Act 347 Permit
Financial Consultant —
Bond Counsel
Bond Prospectus .
C.P.A. Report Required for
Bond Printing . „ a
Publishing
Oakland Press
m 000 e o ae o o a a ao a 430,000.00
O a 0 e 00000000o a o 860,000.00
0 0 0000 ore 0000 00 1,2 25,000,00
a 0a 00 a no oa a a a a a 9,200.00
o a a e 00,00 o c 0 a'oa o 20 9 275.00
e a ea 0 a or 1 0 a a a a a0 a 33,450.00
,.s 0 . cl 0 0 0 019@dr, 0 a 9 3,200.00
Bond Prospectus „ s 3,500.00
• 0 o•fP 0 Craea'aØ no so . 300.00
200.00
150.00
600.00
200.00
1,150.06
0
1,150.00
Return of State Fee s .
Contingency a . a a a .
Capitalized Interest on Bond Issue
65,077.0G
. . . 1,705,643.00
. 1,617,000.00
TOTAL ESTIMATED BOND ISSUE
Project Cost
Less State Grants
Less Federal Grants
$24,370,015.00
- 26,100.00
- 667,040.00
- 391,500.00
- 9,810,375.00
$13 475 000 00
- Step 2
- Step 3
- Step 2
- Step 3
WHEREAS, construction plans and specifications for Phase V of the Clinton'
Oakland Sewage Disposal System - Waterford Extensions as prepared by Johnson ex
Anderson, Inc„ registered professional engineers, and an estimate of $24,370,015, as
the project cost of Phase V of said Extensions and an estimate of $13,475,000 as the
net project cost and an estimate of forty (40) years and upwards as the period of use-
fulness thereof, all as prepared by said registered professional engineers, have been
developed in the Step 1, 2 and 3 processing of Federal and State Grants pursuant to
Federal and State law and approved by the EPA and DNR and by the governing body
of the Charter Township of Waterford and are herewith presented to this Board of
Commissioners for approval; and
WHEREAS, pursuant to the provisions of said Contract of January 1, 1977,
the aggregate amounts of the several annual installments to he paid by the Township
to finance the net cost of the Phase V project are the same as the annual bond maturities
aggregating $13,475,000 hereinafter set forth, and the amounts of said bonds, and
Federal and State grants are in art aggregate amount equal to the estimated project
cost thereof; and
WHEREAS, under said Contract of January 1, 1977, and exhibits thereto,
the said Township is 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; and
WHEREAS, the County is desirous of issuing bonds in anticipation of the
payments to be made by the said Township under said Contract of January 1, 1977,
and exhibits thereto; and
WHEREAS, the County Agency and Planning and Building Committee have
approved this resolution and recommended its adoption by the Board of Commissioners,
THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF OAKLAND COUNTY, MICHIGAN, as follows:
1. That the plans and specifications and the estimates of cost and of
period of usefulness of the Waterford Extensions, Phase V, developed and approved
pursuant to the January 1, 1977, Contract and presented herewith are hereby accepted
and approved and the County Clerk is hereby directed to initial same and return them
to the County Agency.
2. That the bonds of said County of Oakland, aggregating the principal
sum of Thirteen Million Four Hundred Seventy-Five Thousand Dollars ($13,475,000)
be issued for the purpose of defraying part of the cost of acquiring Waterford Phase
V of said Clinton-Oakland Sewage Disposal System,. That said bonds shall be known
as "Oakland County Sewage Disposal Bonds - Clinton-Oakland System, Waterford
Extensions Phase V"; shall be dated June 1, 1.978 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 eight per cent (8%) per annum, payable on November I, 1,i78 and semi-rannually
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:
YEAR
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1.996
1997
1998
1999
2000
2001
2002
2003
AMOUNT
325,000.00
350,000.00
350,000.00
400,000.00
400,000.00
450,000.00
450,000.00
500,000.00
500,000.00
550,000.00
600,000.00
650,000.00
650,000.00
700,000.00
750,000.00
800,000.00
850,000.00
900,000.00
1,000,000.00
1,100,000.00
1 200 000 00
13,475,000.00
Bonds maturing prior to May 1, 1995, shall not be subject to redemption prior to maturity.
Bonds maturing on or after May 1,1995, shall be subject to redemption prior to maturity,
in any order, at the option of the county prior to maturity on any one or more interest
payment dates on and after May 1,1994 ., 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, 1994, but prior to May 1, 1997
2% if called to be redeemed on or after May 1, 1997, but prior to May 1, 2000
1% if called to be redeemed on or after May 1, 2000, 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 State of 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. All bonds shall
have proper coupons attached thereto evidencing interest to their respective dates
• of maturity,
3. That the principal of said bonds and the interest thereon shall be
payable in lawful money of the United States of America, at such bank and/or trust
company which, qualifies as a paying agent under Federal or Michigan law and which
shall be designated by the original purchaser of the bonds. Such. purchaser shall have
the right to name a similarly qualified co-paying- agent, •
4. That the Chairman of the Board of Commissioners, the County Agency .
and the County Clerk, of the County of Oakland, are each 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 the County Agency is hereby authorized and directed to execute
the interest coupons to be attached to said bonds by causing to be affixed thereto
his facsimile signature; 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.
• 5. That the said bonds are to be issued pursuant to the provisions of
Act No. 342 of the Michigan Public Acts of 1939, as amended, in anticipation of the
payments to become due to the County from the Charter Township of Waterford under
said Contract of January 1, 1977, which payments are in the principal amount of
the bonds with interest thereon as therein provided. As provided in said Act No. 342
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 autherize -d
in said Act No. 342, the full faith and credit of the County of Oakland to the payment
of the bonds, both principal and interest, when due.
6. That all moneys paid to the County by the Charter Township of Waterford
pursuant to said Contract of January 1,1977, and revised exhibits thereto, 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 issued in anticipation
thereof. Interest payable on the bonds for the period of eighteen (18) months subsequent
to the date of delivery thereof is capitalized and is payable from the proceeds of said
bonds.
7„ That the obligation of said Charter Township to make the payments
set forth in the Contract of April 1, 1969, and especially Amended Exhibit C - Phase I,
Supplemental Exhibit C, Phase 1, and Revised Exhibit C - Phase II, thereto, an anticipation
of which the Oakland County Sewage Disposal Bonds - Clinton-Oakland System, Waterford
Extensions Phase I, dated May 1, 1970, in the original amount of $12,850,000 and the
Second Series of said bonds, dated as of November 1, 1970, in the original amount
of $4,150,000, and the Oakland County Sewage Disposal Bonds - Clinton-Oakland System,
Waterford Extensions Phase II, dated as of May 1 9 1972, in the original amount of
$20,400,000, and the Oakland County Sewage Disposal Bonds - Clinton-Oakland System,
Waterford Extensions, Phase TR, dated as of February 1, 1978, in the original amount
of $5,100,000, and the Oakland County Sewage Disposal Bonds - Clinton-Oakland
System, Waterford Extensions Phase TV, dated May 1, 1978, in the amount of $12,350,000,
are issued and thereafter refunded, 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 of January 1, 1977, in anticipation of which these Oakland
County Sewage Disposal Bonds - Clinton-Oakland System, Waterford Extensions Phase
V, dated June 1, 1978, in the amount of $13,475,000 are issued. The pledge by the
County of Oakland of its full faith and credit to payment of the five series of bonds
or refunding bonds, Phase I, Second Series Phase I, Phase ll Phase III, Phase IV and
Phase V, applies equally and without preferences and priority to the bonds of each
series.
. That said bonds and attached coupons shall be substantially in the
following formf,'
Number . $5 ,0 00
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY SEWAGE DISPOSAL BOND -
CLINTON-OAKLAND SYSTEM, WATERFORD EXTENSIONS PHASE V
KNOW 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 November 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 mature.
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 2695, both inclusive, aggregating the principal
sum of Thirteen Million Four Hundred Seventy-Five Thousand rollers ($13,475,000) issued under and pursuant to and in full conformity with the Constitution and Statutes of
the State of Michigan, and especially Act No. 342 of the Michigan Public Acts of 1939,
as amended, for the purpose of defraying part of the cost of Phase V of the Clinton-Oakland Sewage Disposal System -= Waterford Extensions in the Charter Township of
Waterford.
Bonds of this series maturing prior to May 1, 1995, are not subject to redemption
prior to maturity. Bonds maturing on or after May 1, 1.995,shall be subject to redemption prior to maturity, in any order, at the option of the County prior to maturity on any one or more interest payment dates on and after May 1, 1994. 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, 1994, but prior to May 1,1997
2% if called to be redeemed on or after May 1, 1997, but prior to May 1, 2000
1% if called to be redeemed on or after May 1, 2000, 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 State of 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.
This 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 January 1, 1977, between the County of Oakland and said
Charter Township whereby the said Charter Township agrees to pay to the said County
the cost of said Phase V of the Clinton-Oakland Sewage Disposal System - Waterford
Extensions, in annual installments in the same amounts as to Phase V as the annual
maturities of the bonds of this issue 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 bends The full faith and credit of said
Charter Township is pledged for the prompt payment of its obligation pursuant to said
Contract, and in addition, by affirmative vote of a majority 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 each bond, principal and interest, when due, on a parity and
without priority with the bonds of the County of Oakland issued for Phase I in the
amount of $12,850,000, dated May 1, 1970 1 and $4,150,000, dated November 1, 1970
and for Phase 11 in the amount of $20,400,000, dated May 1, 1972, and for Phase ill
in the amount of $5,100,000, dated February 1, 1978, and for Phase IV in the amount
of $12,350,000, dated May 1, 1978, and of any bonds issued by said County to refund
any of said 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 indebtedness 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, its County Agency and its County Clerk, and its corporate
seal to be affixed hereto, and has caused the annexed interest coupons to be executed
with the facsimile signatures of s.a1c1County Agency, all as of the first day of June,.
A.D. 1978.
COUNTY OF OAKLAND, MICHIGAN
By By
Its County Clerk ChairMan of its 13oard or-Com issioners
By
Its County Agency
(SEAL)
(COUPON)
Number
On the 1st day of
'
A.D. 19 , the County of Oakland,
lvlichigan, 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 , same being the interest due on
that day on its Oakland County 'Sewage Disposal Bond - Clinton-Oakland System, Waterford
Extensions Phase V, dated June 1, 1978. No.
(FACSIMILE)
Oakland County Drain Commissioner and
County Agency
9. 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 County Agency is hereby authorized and directed to make application to said
Commission for the issuance of such order.
10. The County Agency 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, subject to the
provisions of this resolution.
11. 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
ROLL CALL:
YEAS: McDonald, Montante, Moxley, Murphy, Olson, Page, Patterson, Perinoff,
Pernick, Peterson, Price, Roth, Wilcox, Daly, DiGiovanni, Doyon, Fortino,
Gabler, Gorsline, Hoot, Kasper, Kelly, Lanni, McConnell. (24)
NAYS: None. (0)
ABSENT: Aaron, Moffitt, Simson. (3)
16th d ay of February , A.D. 1978. this
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 16th day of February , 1978,
the original of which is on file in my office.
IN WITNESS WHEREOF, 1 have hereunto affixed my official signature
Lynn D. Allen, County Clerk