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HomeMy WebLinkAboutResolutions - 1977.12.15 - 131328301 RESOLUTION NO. : HOLLY SEWAGE DISPOSAL SYSTEM BY: PLANNING AND BUILDING COMMITTEE TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS MR. CHAIRMAN, LADIES AND GENTLEMEN: WHEREAS, the Oakland County Board of Commissioners, by Resolution No. 7798, adopted on January 20, 1977, did approve the establishment of a system of sewage disposal improvements and ser- vices to be known as the Holly Sewage Disposal System to serve the Village of Holly and certain adjacent areas in the Township of Holly; and WHEREAS, pursuant to said Board of Commissioners Resolution No. 7798, and pursuant to a resolution adopted by the Village Council of the Village of Holly on September 28, 1976, the County and the Village entered into a Contract dated as of August 1, 1976, providing for the establishment, acquisition, construction and financing of the Holly Sewage Disposal System, pursuant to Act No. 342, Public Acts of Michigan, 1939, as amended, through the Oakland County Drain Com- missioner acting as the County Agency, at an estimated project cost of $5,160,000, 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 Village 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 Village Council of the Village of Holly has ap- proved the following Estimate of Cost of the Holly Sewage Disposal System: 74,399 207,840 • a * * P • 4. 0 0 0 4 • It 41a By___ 47: Milton D. Redick, P. P.E. *12362 October 27, 1977 HOLLY SEWAGE DISPOSAL SYSTEM Estimate of Cost Wastewater Treatment Plant Expansion & Improvements ..... • . $2,343,000 Interceptor and Collection Sewers . ... • ... . . , 1,281,981 Rehabilitation of Existing Sewers ...... . . • . • . • . • 604,930 Total Construction Contract Cost ...... . . . • . • . • $4,229,911 Engineering Consulting Engineer (Design & Plant Inspection). . $ 593,000 Sewer Layout (by County). . ....... • 22,400 Soil and Material Testing ....... . • . 5,000 Soil Borings & Investigation . . . . . . 30,000 650,400 Project Administration . . • ..... • . • . . • . . 143,000 Sewer Inspection (by County) ..... — ..... . • 120,000 Easement Acquisition ..... — • . • . 110,000 Act 347 Permit . — . . . • . . . • . • . . . . 2,900 Financial Consultant . • . • . . — • • . • . . • . • 7,800 Bond Counsel . . • • • . . • . • • . • • . . . • 10,000 Bond Prospectus ...... — . . . • . . — . — 3,000 Bond Printing . • . • . • • • . . . . . • . . • . 500 Publishing Oakland Press • — . . . • . . $ 250 MI:-thigan Contractor & Builder . . , . 150 Bond Buyer . . • — .... . . . 500 Holly Herald-Advertiser . • . • • . . . 100 1,000 23,857 420,882 400,000 6,123,250 State Administrative Fee • . • . . • • „ . • • . • . • Contingency.......... .••• • • * M.. • -006 • 4 Capitalized Interest on Bond Issue . . . . . . . . Total Estimated Project Cost- • Federal and State Grants Step 1 • . . . • Step 2 . • • 6 -0 0 1. •••••••••• Step 3 . . • • • . • . • • . . a . • . . 3)841,011 4 123 250 Bond Issue Required • . • • • $2,000,000 I hereby estimate the period of usefulness of this facility to be forty (40) years and upwards. CAPITOL CONSULTANTS, INC. Exhibit "B" WHEREAS, the Village Council has also approved variations from the plans as originally prepared and approved by the Village Council and this Board of Commissioners and has approved the following Exhibit "A": immenfisoProoased Sanitary Sewers 'and Rehobtlitotica of Existirn Sewers- October 3977 Exhibit 4A*. HOLLY SEWAGE DISPOSAL SYSTEM WHEREAS, construction plans and specifications for the Holly Sewage Disposal System, and an estimate of $6,123,000, as the project cost of the Holly Sewage Disposal System and an estimate of $2,000,000 as the bond issue required and an estimate of forty (40) years and upwards as the period of usefulness thereof have been ap- proved by the Village of Holly and are herewith presented to this Board of Commissioners for approval; and WHEREAS, the said contract dated as of August 1, 1976, pro- vides for the issuance of bonds of the County of Oakland to defray that part of the cost of the project not defrayed by Federal or State grants, said bonds to be secured by the contractual obligation of the village of Holly to pay to the County amounts sufficient to pay the principal of and interest on the hereinafter authorized bonds and to pay such paying agent fees and other expenses as may be incurred on account of said bonds; 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, The plans and specifications and the foregoing Exhibit "A" and the estimates of cost and of period of usefulness of the Holly Sewage Disposal System presented herewith are hereby accepted and approved and the County Clerk is hereby directed to initial same and return them to the County Agency. The terms of said contract as set forth in said resolution No. 7798 are incorporated herein. 2. Bonds of the County of Oakland, aggregating the principal sum of Two Million Dollars ($2,000,000) shall be issued for the purpose of defraying part of the cost of acquiring and constructing the -4- Holly Sewage Disposal System. The bonds shall be known as "Oak- land County Sewage Disposal Bonds - Holly System; 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; shall 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-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: $50,000 in each of the years 1983 through 1987, $75,000 in each of the years 1988 through 1992, $100,000 in each of the years 1993 through 1996, $125,000 in each of the years 1997 through 2000, $150,000 in each of the years 2001 through 2002, and $175,000 in the year 2003. Bonds maturing prior to May 1, 1994, shall not be subject to redemp- tion 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 ac- crued 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 May 1, 2003. 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 serivce, notices of the sale of -5- 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 re- spective dates of maturity. 3. 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. The Chairman of the Board of Commissioners, the County Agency and the County Clerk, of the County of Oakland, are each here- by 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. 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. The bonds are to be issued pursuant to the provisions of Act No. 342, Public Acts of Michigan, 1939, as amended, in anticipa- tion of the payments to become due to the County from the Village of Holly under said Contract of August 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 Village of Holly is pledged to the making of the said pay- -6- ments when due. The said bonds shall be secured primarily by such contractual pledge but as additional and secondary security for the payment of the principal of and interest on said bonds, the full faith and credit of the County shall also be and is hereby pledged for the prompt payment of said principal and interest. 6. All moneys paid to the County by the Village of Holly pur- suant to said Contract of August 1, 1976, 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. It is estimated that construction of the project will require not less than 18 months and interest payable on the bonds for the period of thirty (30) months subsequent to the date of delivery thereof is capitalized and is payable from the proceeds of said bonds. 7. The 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- HOLLY SYSTEM 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, ana 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 sever- ally mature. This bond is one of a series of bonds of like date and tenor ex- cept as to maturity , numbered consecutively in the direct order of their maturities from 1 to 400, both inclusive, aggregating the principal sum of Two Million Dollars ($2,000,000), is- sued under and pursuant to and in full conformity with the Constitu- tion and Statutes of the State of Michigan, and especially Act No. 342, Public Acts of Michigan, 1939, as amended, for the purpose of de- fraying part of the cost of Holly Sewage Disposal System in the Village of Holly. Bonds of this series maturing prior to May 1, 1994, are not sub- ject 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 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 May 1,2003. 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 sale of munici- pal 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. -8- This bond as to both principal and interest, is payable from moneys to be paid to the County of Oakland by the Village of Holly pursuant to a certain Contract, dated August 1, 1976, between the County of Oakland and said Village whereby the said Village agrees to pay to the said County the cost of said Holly Sewage Disposal System in annual installments in the same amounts as the annual ma- turities of the bonds of this issue and semi-annually to pay the a- mount of the interest and bond handling charges, such payments to be made at least thrity (30) days prior to the respective due dates specified in this bond. The full faith and credit of said Village 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 cre- dit of the County of Oakland is pledged to the payment of this bond, principal and interest, when due. It is hereby certified, recited and declared that all acts, con- ditions and things required to exist, happen and be performed prece- dent 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 lim- itation. 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 fac- simile signatures of said County Agency, all as of the first day of May, A.D. 1978. COUNTY OF OAKLAND, MICHIGAN By By County Clerk Chairman of the Board of Commissioners By County Agency (SEAL) (COUPON) Number On the 1st day of , 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 , same being the interest due on that day on its Oakland County Sewage Disposal Bond - Holly System, dated May 1, 1978. No. (FACSIMILE) Oakland County Drain Commissioner and County Agency 8. The 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, Public Acts of Michigan, 1943, as amended, and the County Agency is hereby au- thorized and directed to make application to said Commission for the issuance of such order. 9. 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. 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 ROLL CALL: PRESENT: Aaron, Daly, DiGiovanni, Doyon, Fortino, Gabler, Gorsline, Hoot, Kelly, Lanni, McConnell, McDonald, Moffitt, Montante, Moxley, Patterson, Pernick, Peterson, Roth, Simson, Wilcox. (21) ABSENT: Kasper, Murphy, -Olson, Page, Perinoff, Price, (6) ADOPTED: - YEAS.: McConnell, McDonald, Moffitt,. Montante, Moxley, Patterson, Pernick, Peterson, Roth; Simson, Wilcox, Aaron; Daly, Doyon, Fortino, Gabler., . GorsIine, Hoot, Kelly, Lanni. -(21) NAYS: None. (0) STATE OF MICHIGAN ) COUNTY OF OAKLAND ) the undersigned, the duly qualified and acting County Clerk - of the County cf.' 0 -tik1and, cid herby certify that the foregoing is a true and complete copy of a resolution adopted at a regular meeting of the Oakland County Board of SS: Commissioners held on the 1 5th day of December the original of which is on file in my office. 1977, IN WITNESS WHEREOF, I have hereunto affixed my • official 15th Decembersignature this day of A.IL. 1977. Lynn D. Allen, County Clerk