HomeMy WebLinkAboutResolutions - 1977.12.15 - 13133December 15 , .1977
RESOLUTION NO. 8302
RE: OAKLAND COUNTY WATER SUPPLY AND SEWAGE DISPOSAL SYSTEMS
FOR AVON TOWNSHIP SEWER EXTENSION NO. 2
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, the Oakland County Board of Supervisors, by Miscellaneous
Resolution No, 4921, adopted on August27, 1968, did approve the establishment of a
water supply system to be known as the Oakland County Water Supply System for Avon
Township to serve the Oakland County Water Supply District for Avon Township; and
WHEREAS, pursuant to Board of Commissioners Resolution Miscellaneous
No. 7913, adopted April 12, 1977, and pursuant to a resolution adopted by the Township
Board of the Township of Avon on February 23, 1977, the County and the Township
entered into a Contract dated as of January 1, 1977, providing for the acquisition of
Sewer Extension No. 2 of the said Oakland County Water Supply and Sewage Disposal
Systems for Avon Township, 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 $23,800,000, 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 II[ construction of Sewer Extension No. 2 and
the County has determined to issue two series of its bonds to finance said project,
so that revisions to Exhibit "B" to said Contract of January 1, 1977, have been prepared
and are submitted herewith as follows:
$ 1,389,056.00
1,278,715.00
1,272,578.00
1,350,316.00
500,000.00
CONTRACT NO. 4
CONTRACT NO. 5
CONTRACT NO. 6
CONTRACT NO. '9
CONTRACT NO. 13
$316,725.00
115,814.00
5,225.00
$437,764.00 437,764.00
46,320.00
- 3,092,788.00
11-18-77
•. • O. C.„W„ & S D. S . FOR AVON TOWNSHIP
EXTENSIONS NO. 2 (SEWER)
SERIES 1
ESTIMATE OF COST
TOTAL CONSTRUCTION COST $ 5,790,665.00
Engineering
Consulting Engineer (Design)
Consulting Engineer. (-Staking &Layout)
Soil Borings
Project Administration . • • . 6 6 a. • 0 • 6 6 . 6 0 171,607.00
Inspection . — . • — . 260,585.00
Easement Acquisition te .7 IP ..4 •• • 227,170.00
System Acquisition . • . , . 292,000.00
Act 347 Permit . . , . • — 3,120.00
Financial Consultant . . • — • — 12,225.00
Bond Counsel , , . • . 17,350.00
C.P.A. Repc.)rt — . — — . 3,500.00
Bond Prospectus . . „ . „ , — . . 3,000.00
Bond Printing . 4.•4 6 ,6 a 66 •••••6 • 1,000.00
D.N.R. Fee . . . . . • . . 19,.210.00
Publishing
Oakland Press — . — . 400.00
Michigan Contractor & Builder . . 150,00
Bond Buyer . . — . . . . . . • 700.00
Local Publication . . . . • . 400.00
$ 1,650.00 1,650.00
Contingency. • •O• 4 •a6 ,0 • 6 • • •evere 563,762.00
Capitalized Interest on Bond Issue 759,500.00
Project Cost $ 8,564,108,00•
Less Step 1 Grant
E.P.A. $ 43,425.00
State 2,895.00
$ 46,320.00
Less Anticipated Grants
E • P.A. $2,895,887.00
State 196,901.00
$3,092,788.00
TOTAL ESTIMATED BOND ISSUE $ 5,425,000.00
CONTRACT NO. 1
CONTRACT NO, 2
CONTRACT NO. 3
CONTRACT NO, 7
CONTRACT NO. 8
CONTRACT NO. 10
CONTRACT NO. 11
CONTRACT NO. 12
$ 1,260,604.00
1,505,870.00
1,372,195.00
1,503,236.00
1,337,230.00
709,817.00
926,076.00
1,109,663.00
•
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• • ▪ 47 47 • 4 . 6 67
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Contingency . . • . ........ . • • .
Capitalized Interest on Bond Issue . a
SC 47
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11-18-77
0.C.W.S. & S. D.S. FOR AVON TOWNSHIP
EXTENSIONS NO. 2 (SEWER)
SERIES 2
ESTIMATE OF COST
• . $434,825.00
• . 194,496.00
8,775.00
$638,096,00
• . . $ 400.00
6 • • 17 • 150.00
• . . • • • . 700.00
$ 1,250.00
TOTAL CONSTRUCTION COST
Engineering
Consulting Engineer (Design) .
Consulting Engineer (Staking &Layout) .
Soil Borings . . . • . . . •
Project Administration . . •
Inspection - . •
Easement Acquisition .
Act 347 Permit . . .
Financial Consultant' • • . •
Bond Counsel. . • • . .
C.P.A. Report r • • • 0 •
Bond Prospectus. , . .
Bond Printing . • • . . •
D.N.R. Fee - . . ,
Publishing
Oa kland Press,, .
Michigan Contractor & Builder.
Bond Buyer . . • •
Project Cost
Less Anticipated Grants
E.P.A. $3,559,213.00
State 242,003.00
$3,801,216•00
TOTAL ESTIMATED BOND ISSUE
$ 9,724,691.00
638,096.00
288,193.00
437,615.00
548,830.00
5,240,00
17,125.00
27,150.00
3,500.00
3,000.00
1,000.00
23,609.00
1,250.00
961,417.00
1,445,500.00
$14,126,216.00
- 3,801,216.00
$10,325,000.00
WHEREAS, construction plans and specifications for Sewer Extension
No. 2 of the Oakland County Water Supply and Sewage Disposal Systems for Avon
Township, as prepared by Johnson & Anderson, Inc., registered professional engineers,
and an estimate of $22,690,324, as the aggregate project cost of Sewer Extension No.
2 and an estimate of $15,750,000 as the net project cost to be financed by two series
of bonds and an estimate of forty (40) years and iiii:iwarda as the_ period of usefulness .
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 D3'.,IR and by the governing body of the Township
of Avon 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 be paid by the Township
to finance the net cost of the Sewer Extension No. 2 project are the same as the annual
_ bond maturities aggregating $15,750,000 hereinafter set forth, and the amounts of
said bonds, Federal and State grants and surplus funds heretofore appropriated to this
Sewer Extension No. 2 project are in an aggregate amount equal to the estimated
project cost thereof; and
WHEREAS, under said Contract of January 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 January 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 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 Sewer Extension No. 2, developed and approved pursuant
to the January 1., 1977, Contract and presented herewith are her.,V 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 Fifteen Million Seven Hundred Fifty Thousand Dollars ($15,750,000) be issued
in two series for the purpose of defraying part of the cost of acquiring Sewer Extension
No. 2 of said Oakland County Water Supply and Sewage Disposal Systems for Avon
Township. That Series I of said bonds shall be known as "Oakland County Water Supply
and Sewage Disposal Bonds - Avon Township Systems, Sewer Extension No, 2, Series
I"; shall be dated September 1, 1978; shall be in the principal amount of Five Million
Four Hundred Twenty-Five Thousand Dollars ($5,425,000); 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 May 1, 1979 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:
YEAR AMOUNT
1983 $ 125,000.00
1984 125,000.00
1985 150,000.00
1986 150,000.00
1987 175,000.00
1988 200,000.00
1989 200,000.00
1990 225,000.00
1991 225,000.00
1992 225,000.00
1993 250,000.00
1994 250,000.00
1995 275,000.00
1996 300,000.00
1997 300,000.00
1998 325,000.00
1999 350,000.00
2000 350,000.00
2001 375,000.00
2002 400,000.00
2003 450100.00
$ 5,425,000.00
That Series II of said bonds shall be known as "Oakland County Water Supply and Sewage
Disposal Bonds Avon Township Systems, Sewer Extension No, 2, .Series II"; shall be
dated January 1, 1979; shall be in the principal amount of Ten Million Three Hundred
Twenty Five Thousand Dollars ($10,325,000); shall be numbered consecutively in the
direct order of their maturities from I 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, 1979 and semi-annually there-
after 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 AMOUNT
1983 $ 225,000.00
1984 275,000.00
1985 300,000.00
1986 300,000.00
1987 325,000.00
1988 350,000.00
1989 350,000.00
1990 375,000.00
1991 425,000.00
1992 425,000.00
1993 450,000.00
1994 500,000.00
1995 525,000.00
1996 550,000.00
1997 600,000.00
1998 625,000.00
1999 650,000.00
2000 700,000.00
2001 725,000.00
2002 800,000.00
2003 850 000.00
$10,325,000.00
Bonds of either series maturing prior to May 1, 1995, shall not be subject to redemption
prior to maturity. Bonds of either series 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 of either series 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 followina . 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 of the series 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 of either series 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 each series 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 series of bond:7:, Such ".• • " "
purchaser of either series 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 each series of 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 each series of 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 each series of 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 Township of Avon under said Contract
of January 1, 1977,.which payments are in the principal amount of each series of the
bonds with interest thereon as therein provided. As provided in said Act No. 342 the
furl faith and credit of the Township of A.-von is pledged to the'n:'1.(1:1.-- 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 both
series of the bonds, both principal and interest, when due.
6. That all moneys paid to the County by the Township of Avon 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 each series of 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 Township to make the payments set forth
in the Contract Of November 1, 1008, and especially the revised exhibits thereto, in
anticipation of which the Oakland County Water Supply and Sewage Disposal Bonds
Avon Township Systems, in the original amount of $14,500,000 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 of January 1, 1977 in
• anticipation of which both series of these Oakland County Water Supply and Sewage
Disposal Bonds Avon Township Systems, Sewer Extension No. 2, dated September 1,
1978 for Series I and January 1, 1979 for Series II, in the aggregate amount of $15,750,000 are
issued. The pledge by the County of Oakland of its full faith and credit to payment
of all series of bonds, 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 $5,000
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY WATER SUPPLY AND SEWAGE
DISPOSAL BOND AVON TOWNSHIP SYSTEMS SEWER EXTENSION
NO. 2
SERIES
KNOW ALL MEN BY THESE PRESENTS, that the County of Oakland, Michigan,
hereby acknowledges itself indebted and for value received, promises to pay to the
bearer hereof the sum of
FIVE THOUSAND DOLLARS
on the first day of May, A.D. 19 , together with interest thereon from the date
hereof until paid, at the rate of
per centum per annum, payable 1, 1979, and thereafter semi-annually on
the first days of May and November in each year. Both principal and interest hereof
are payable in lawful money of the United States of America at
, in the City of
, upon presentation and surrender of this bond and the coupons
hereto attached as they severally mature.
This bond is one of a series of bonds of like date and tenor except as to
maturity numbered consecutively in the direct
order of their maturities from 1 to , both inclusive, aggregating the principal
sum of Million Hundred Thousand Dollars ($
issued under a.n.d pur-suant to and in full conformity with the Constitution and Statutes • -
of the State of Michigan, and esoceNily Act No. 342 of the Michigan Public Acts of
1939, as amended, for the purpose of defraying part of the cost of Sewer Extension .
No 2 of the Oakland'County Water Supply and Sewage Disposal Systems for Avon
Township in the Tovinship of Avon.
Bonds of this series maturing prior to May 1, 1995, are not subject to re-
demption 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 •
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 bends of this series 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 Series bond as to both principal and interest, is payable from
moneys to be paid to the County of Oakland by the Township of Avon pursuant to a
certain Contract, dated January 1, 1977, between the County of Oakland and said
By By
Its County Clerk Chairman of its Board of Commissioners
Township whereby the said Township agrees to pay to the said County the cost of said
Sewer Extension No. 2 of the Oakland County Water Supply and Sewage Disposal -
Systems for Avon Township, in annual installments in the same amounts as to Sewer
Extension No. 2 as the annual maturities of the two series of bonds of this issue and
semi-annually to pay the amount of the interest and bond handling charges, such pay-
ments to be made at least thirty (30) days prior to the respective due dates specified
in each bond. The full faith and credit of said 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, of these
two series, principal and interest,--. parity and without priority itb the
bonds of the County of Oakland issued in the amount. of $14,500,000, for Oakland County
Water Supply and Sewage Disposal System for Avon Township, dated
19 , 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 said County Agency, all as of the rfirst day of
A.D. 197_.
COUNTY OF OAKLAND, MICHIGAN
By
Its 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 3
that day on its Oakland County Water Supply and Sewage Disposal Bond Avon Township
Systems, Sewer Extension No, 2, Series , dated , 197. No
(FA CST MILE)
Oakland County Drain Commissioner and County
Agency
9. That each series of the said bonds shall not be issued until the Munirl Financl
• 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.
The County Agency is hereby authorized to sell said bonds on one or
more occasion 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.
IL 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. Wilccx, Chairman,
moves the adoption. of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
Richard R. Wilcox, Chairman
PRESENT: Aaron, Daly, DiGiovann
McDonald, Moffitt, Montante, Max
(20)
ABSENT: .Olson, Kasper, Murphy,
i, Fortino, Gabler, Gorsline, Hoot, Kelly, Lanni, McConnel
ley, Patterson, Pernick, Peterson, Roth, Simson, Wilcox.
Olson, Page, Perinoff, Price. (7)
ADOPTED:
AYES: Moxley, Patterson, Pernick, Peterson, Roth, Simson, Wilcox, Aaron,
Daly, DiGiovanni, Fortino, Gabler, Gorsline, Hoot, Kelly, Lanni, McConnell, McDonald,
Moffitt, Montante. (20)
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; d -o ,-hereby -ce'rtify -that
the foregoing is a true and complete copy of a resolution
adopted at a regular meeting of the Oakland County Board of -
December 10-7, Commissioners, held on the ..._1511 day of
the original of which ison file in my office.
IN WITNESS WHEREOF, I have hereunto affixed my
official signature this 19th day of December__ A.D. 1977.
Lynn D. Al 1 encounty Clerk