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HomeMy WebLinkAboutResolutions - 1977.12.15 - 13131RESOLUTION NO, 8300 RE: CLINTON-OAKLAND SEWAGE DISPOSAL SYSTEM - WATERFORD EXTENSIONS BY: PLANNING AND BUILDING COMMITTEE TO: THE OAKLAND COUNT' f 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 Mis- cellaneous 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, 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 Water- ford 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. 7744, adopted November 18, 1976, and pursuant to a resolution adopted by the Township Board of the Charter Township of Waterford on October 18, 1976, the County and the Township entered into a Contract dated as of September 1, 1976, providing for the acquisition of Phase IV 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 $19,700,000, 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 III construction of Phase IV and the County has received revised aggregate project cost estimates which are lower, so that a revised Exhibit "Be' to said Contract of September 1, 1976, has been prepared arid is submitted herewith as follows: CONTRACT 29 CONTRACT 30 CONTRACT 31 CONTRACT 32 CONTRACT 33 CONTRACT 34 - CONTRACT 35 CONTRACT 36 CONTRACT 37 $ 556,800.00 1,485,700.00 1,319,500.00 1,036,000,00 1,251,000.00 1,108,500.00 2,284,200.00 3,118,240.00 427,600.00 TOTAL CONSTRUCTION COST = $12,587,540.00 $765,000.00 195,000.00 25,000.00 $985,000.00 O 00 0 - O 07 00 4 0 O 0 0 0 0 • a ad -41. • 0FP • O• a 4 • aa O 00004 O 40000 O 00000 985,000.00 320,000.00 630,000.00 700,000.00 13,200.00 19,150.00 31,200.00 3,200.00 3,500.00 300.00 so a ea 1,150.00 35,484.00 1,251,293.00 1,462,000.00 $18,063,017.00 - 363,717.00 - 5,349,300.00 $12,350,000.00 O 00 • 00 .0 •r .a ',ova s'S• 0 '0014 dia 00S a ft 0 00 400 11-18-77 CLINTON-OAKLAND SEWAGE DISPOSAL SYSTEM WATERFORD EXTENSIONS - PHASE IV ESTIMATE OF COST Engineering Consulting Engineer (Design) . • . • • Consulting Engineer (Staking &Layout). . Soil Borings • • • • . . . • • Project Administration . • • . Inspection • . . . , Easement Acquisition . Act 347 Permit . . • • Financial Consultant . . • . Bond Counsel . . • . Bond Prospectus . . • • • . . • • . C.P.A. Report Required for Bond Prospectus Bond Printing • • . • • . • • IP 0 • Publishing Oakland Pres.s • • . Michigan Contractor & Builder Bond Buyer . . • . • . • . Local Publication , • . Return of State Fee . Contingency ..... Capitalized Interest on Bond Issue Project Cost Less State Grant Less Federal Grant TOTAL ESTIMATED BOND ISSUE a• a a C a-e • • a O 0 0 .0 0 O 4 $ 200.00 • . • . 150.00 . • ft 600.00 • . • • . • 200.00 1,150.00 e 0 a a 55 0 a a a WHEREAS, construction plans and specifications for Phase IV of the Clinton- Oakland Sewage Disposal System - Waterford Extensions as prepared by Johnson & Anderson, Inc., registered professional engineers, and an estimate of $18, 063,017, a s the project cost of Phase IV of said Extensions and an estimate of $12,350,000 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 September 1, 1976, the aggregate amounts of the several annual instsliments to be paid by the Town- ship to finance the net cost of the Phase IV project are the same as the annual bond maturities aggregating $12,350,000 hereinafter set forth, and the amounts of said bonds, Federal and State grants and surplus funds heretofore appropriated to this Phase IV project are in an aggregate amount equal to the estimated project cost thereof; and WHEREAS, under said Contract of September 1, 1976, 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 September 1, 1976, 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 rr RESOLVED BY THE BOARD OF COMMISSIONERS OF OAKLAND COUNTY, MICHIGAN, as follows: 1. That the plans and specifications and the revised estimates of cost and of period of usefulness of the Waterford Extensions, Phase TV, developed and ap- proved pursuant to the September 1, 1976, 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 Twelve Million Three Hundred Fifty Thousand Dollars ($12,350,000) be issued for the purpose of defraying part of the cost of acquiring Phase IV of said Clinton - Oakland Sewage Disposal System - Waterford Extensions. That said bonds shall be known as "Oakland County Sewage Disposal Bonds - Clinton-Oakland System, Waterford Extensions Phase IV"; shall be dated May 1, 1978; shall be numbered consecutively in the direct order of their maturities from 1 upwards; shall be in the denomination of $5,000 each; shsil bear interest at a rate or rates to be hereafter determined not exceeding eight per cent (8%) per annum, payable on November 1, 1978 and semi- annwhily 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 1996 1997 1998 1999 2000 2001 2002 2003 AMOUNT $ 300,000.00 300,000.00 350,000.00 350,000.00 400,000.00 400,000.00 450,000.00 450,000.00 500,000.00 500,000.00 550,000.00 600,000.00 600,000.00 650,000.00 700,000.00 750,000.00 800,000.00 850,000.00 900,000.00 950,000.00 4000,000.00 $ 12,350,000.00 Bonds maturing prior to May 1, 1994, shall not be subject to redemption prior to maturity. Bonds maturing on or after May 1, 1994, 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, 1993. 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, 1993, but prior to May 1, 1996 2% if called to be redeemed on or after May 1, 1996, but prior to May 1, 1999 1% if called to be redeemed on or after May 1, 1999, 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 September 1, 1976, 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 authorized 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 September 1, 1976, 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 paymlents set forth in the Contract of April 1, 1969, and especially Amended Exhibit C Phase I, Supplemental Exhibit C, Phase I, and Revised Exhibit C - Phase II , thereto, in 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 11, dated as of May 1, 1972, in the original amount of $20,400,000, and the Oakland County Sewage Disposal Bonds - Clinton-Oakland System, Waterford Extensions, Phase DI, 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 September 1, 1976 in anticipation of which these Oakland County Sewage Disposal Bonds - Clinton-Oakland System, Waterford Extensions Phase IV, dated May 1, 1978, in the amount Of $12,350,000 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 II, Phase El and Phase IV, applies equally and without preferences and priority to the bonds of each series. 8. That said bonds and attached coupons shall be substantially in the following form: Number $5,000 UNITED STATES OF AMERICA STATE OF MICHIGAN COUNTY OF OAKLAND OAKLAND COUNTY SEWAGE DISPOSAL BOND - CLINTON-OAKLAND SYSTEM, WATERFORD EXTENSIONS PHASE IV KNOW ALL MEN BY THESE tl-r:at' the County of (1:,.1 .c.land, 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 asthey severally mature. This bond is one of a series of bonds of like date and tenor except a s to maturity 9 numbered consecutively in the direct order of their maturities from 1 to 2470, both inclusive, aggregating the princi- pal sum of Twelve Million Three Hundred Fifty Thousand Dollars ($12,350,000), 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 IV of the Clinton- Oakland Sewage Disposal System - Waterford Extensions in the Charter Township of Waterford. Bonds of this series maturing prior to May 1, 1994, are not subject to redemption prior to maturity. Bonds maturing on or after May 1, 1994, 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, 1993. 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, 1993, but prior to May 41996 2% if called to be redeemed on or after May 1, 1996, but prior to May 1, 1999 1% if called to be redeemed on or after May 1, 1999, 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 sh811 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 September 1, 1976, 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 IV of the Clinton-Oakian.d Di7;.7.R7.: System - Wate7f.:-.Td Extensions, in annual installments in the same amounts as to Phase TV as the a.n.ry:n 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 1.(T.i:,,J-ft thirty (30) days prior to the respective due dates specified in this bond„ The Nit fafth nPd credit of said Charter Township is pled ad for the prompt payment of its o r.tirn. pl..7,7t1:.17.11: to said Contract, and in addition, by affirmative vote of a majority of rm7i-rbers elect of its Board of Commissioners, the full faith and credit of the County of Oakland is pledged to the payment Of thh bend, principal!. aol. ir.tereat,7vben. due, on a parity and without priority with the bonds of the. County of Caidnad issued for Phase I in the amount of $12,850,000, dated 1, 1.970, and !:;4,1.61 .5,`.T., 17 0 I, 1970 and for Pham. E in the-amount f $20.000,00C,, 1, l72 rod for sos TI. in the amount of $5,100,000, dated February 1, 1978, and of any bonds iss:;.ed by said County to refund any of said bonds,. It is hereby certified, recited and deoJ.as.d that all acts, conditions and things required to exist, happen and be pETTform.e.-:1 pr,..:,c.dc,nt to and in the of the bonds of this series, existed, have b panel Ev.id have been parfo: mad in due • - time, form and manner as required by the Constitution and SI:102..10s of the State of Michigan, and that the total indebtednv:,-.s of said County, .odng S of bonds, does not exceed any constitutional or statutory limitation IN WITNESS WHEREOF, the County of Oakland, Michigan, by its Bop.rd of Commir::4oners, has caused this bond to be signed in ifs by the of said Board of CommLsr.::i,_,-;-1;E:r, its County Agenu and its Clerk, and its corporate seal to be affixed hereto, and has caused the Emoc:-.c.kl. com.pc,,..s to be ,::.77e,,,71.11.ed with the facsimile signatures of said County Agency, all as of the first day of May A.D. 1978. COUNTY OF OAKLAND, MICHIGAN By _ By Its County Clerk _ of as Board of Corn masm Daus By Its County Agency (SEAL) AJI 19 , the County of Oakland, sum h own hereon- in lawful money of the _ . bc,Inz--- the intprest due on - Ciintr.:n-Oakland System, 1, 1978. No. (COUPON) Number On the 1st day of _ Michigan, will pay to the bearer hereof flie United States of America, at the in the City of that day on its Oakland County Sew-F;:.:: Waterfo.rd Extensions Phase IV, dated Ma (FACSIMTLE) 0,t-J:land County Drain Commissioner and County A enz.y 9. That the said bonds shall not be issued until the MuniciDal Finance Commission of the State of Michigan shall have first issued its order granting permis- sion to so do, as provided in Act No 202 of the Michigan r • Acts of 1943, as amended, and the County Agency is hereby authorized and directed :aake 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 secardance 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 It Wilcox, Chairman, moves the adoption of the foregoing resolution. PLANNING AND BMDING COMMITTEE Richard R. Wilcox, Chairman ROLL CALL: PRESENT - Aaron, Daly, DiGiovanni, Doyon, Fortino, Gabler, gorsline, Hoot,. Kelly, Lanni, McConnell, McDonald, Moffitt, Montante, Moxley, Patterson ., Pernic o Peterson, Roth, Simson, Wilcox. (21) ABSENT: Kasper, Murphy., Olson, Page, PerinOff, Price. (fa ADOPTED: AYES: Moffitt, Montante, Moxley, Patterson, PerrOds, Peterson, Roth, SimSon, Wilcox, Aaron, Daly, DiGjovanni, Doyon, Fortino, Qabler 7 qc.3 1,1 ine, Hoot, Kellr, •Lanni, McConnell, McDonald, (21) NAYS: None. ( 0 ) 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 15th d ay of December 1977, the original of which is on file in my office. IN WITNESS WHEREOF, I have hereunto affixed my official signature this 19th day of December aunty Clerk Lynn D. AI lene, , A.D. 1977.