HomeMy WebLinkAboutResolutions - 1977.06.02 - 132100
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SLAMMING AND BUILDING COMMITTEE
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,Acha-d R. W11 -33i,:, Chairman
HER PP THE P
May 19, 1977
RESOLUTION NO. 7983
RE: ORDINANCE TO ISSUE REVENUE
BONDS FOR T-HANGAR SYSTEM •
BY: PLANNING AND BUILDING COMMITTEE
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, the Airport Committee has requested the Oakland
County Board Of Commissioners
Revenue Bonds for a T-Hangar
and
adobt an: Ordinance to Issue
Oakland-Pontiac 'Airport;
WHEREAS, your Committee has reviewed and recommends that
the Ordinance attached hereto be adopted.
NOW THEREFORE BE IT RESOLVED that the County of Oakland
hereby adopts the Ordinance attached hereto, entitled:
AN ORDINANCE TO PROVIDE FOR THE EXTENSION
OF THE OAKLAND-PONTIAC AIRPORT T-HANGAR
SYSTEM AT THE OAKLAND-PONTIAC AIRPORT,
OAKLAND COUNTY, MICHIGAN: TO PROVIDE FOR
THE ISSUANCE AND SALE OF REVENUE BONDS TO
DEFRAY THE COST THEREOF: TO PROVIDE FOR
THE RETIREMENT AND SECURITY OF SAID BONDS:
AND TO PROVIDE FOR OTHER MATTERS RELATIVE
TO SAID SYSTEM AND SAID BONDS.
The Planning and Building Committee, by Mr. Richard R.
Wilcox, Chairman, moves the adoption of the foregoing resolution.
ORDINANCE NO 18
AN ORDINANCE TO PROVIDE FOR THE EXTENSION
OF THE OAKLAND-PONTIAC AIRPORT T-HANGAR
SYSTEM AT THE OAKLAND-PONTIAC AIRPORT,
OAKLAND COUNTY, MICHIGAN; TO PROVIDE FOR
THE ISSUANCE AND SALE OF REVENUE BONDS TO
DEFRAY THE COST THEREOF; TO PROVIDE FOR TM;
RETIREMENT AND SECURITY OF SAID BONDS: AND
TO PROVIDE FOR OTHER MATTERS RELATIVE TO
SAID SYSTEM AND SAID BONDS.
THE COUNTY OF OAKLAND, MICHIGAN ORDAINS:
Section A. Whenever used in this ordinance or in the bonds
to be issued hereunder, except when otherwise indicated by the context
(a) The term "county" shall be construed to mean the
County of Oakland, in the State of Michigan.
(b) The terms "Board of Commissioners" and "Board" shall
be construed to mean the Board of Commissioners of said County of
Oakland, the legislative and governing body thereof. _
(c) The term "Oakland-Pontiac Airport", shall be construed
to mean the airport which is located in the Charter Township of
Waterford and is owned and operated by the county under and pursuant
to the provisions of Act No 90, Public Acts of Michigan, 1913,
as amended.
(d) The term "County Airport Committee." shall be construed
to mean the three member committee appointed by the Board of
Commissioners pursuant to Section 6a of said Act No 90, Public Acts
of Michigan, 1913, as amended.
(e) The term "Oakland-Pontiac Airport T-Hangar System"
shall be construed to mean the system of 143 county-owned T-hangars
located at the Oakland-Pontiac Airport.
- (f) The term "project" shall be construed to mean the
extension of the Oakland-Pontiac Airport T-Hangar System to be
acquired pursuant to this ordinance.
(g) The term 'acquired " shall be construed to include
acquisition by purchase, construction, or by any other method_
(h) The term "system" shall be construed to mean the
Oakland-Pontiac Airport T-Hangar System.
(i) The term "revenues" and "net revenues" shall be
construed as, defined in Section 3 of Act No. PUbilc:Acts
Michigan;1933, as now amended
Section 2. The Board hereby determines it to_be advisable
and necessary to extend the Oakland-Pontiac Airport T-Hangar System
by the acquisition of 55 new T-hangars substantially in accordance
with the specifications therefor prepared by T. D. Dziurman,
registered professional engineer, which specifications are now
on file with the County Airport Committee and are hereby approved
and adopted.
Section 3. The Board hereby adopts the said engineer's
estimates of 40 years and upwards asthe period of usefulness of -
the project and Seven Hundred Ten Thousand Dollars ($710,000) as
the cost of the project, including capitalized interest of $56,800
on the bonds herein authorized, both of which estimates are on file .
with the County Airport Committee.
Section 4. There are hereby authorized to be issued
and sold pursuant to the provisions of Act Nc.) 94, Public Acts of
Michigan, 1933, as amended, revenue bonds in the aggregate principal
sum of Seven Hundred Ten Thousand Dollars ($710,000), for the
purpose of defraying the cost of the project. The bonds
shall be known as "Oakland-Pontiac Airport T-Hangar System Revenue
Bonds" (hereinafter sometimes referred to as the bonds"); shall
be dated as of July 1, 1977; shall be numbered consecutively in
the direct order of their maturities from 1 to 142, both inclusive;
shall be coupon bonds in the denomination of $5,000 each; shall
be registrable as to principal only, in the manner hereinafter
set forth in the bond form; shall bear interest at a rate or rates
to be hereafter determined not exceeding 8% per annum, payable
on January 1, 1978, and thereafter semi-annually on the first days
of January and July in each year; and shalt mature on January
- first in each year as follows:
$35,000 in each of the years 1979 and 19807 .
$40,000 in each of the years 1981 and 19827 -
$45,000 in the year 1963;
$50,000 in each of the years 1984 and 1985;
$60,000 in each of the years 1986 and 1987;
$70,000 in the year 1988; and
$75,000 in each of the years 1989 through 1991.
Bonds maturing in the years 1985 through 1991 shall be subject to
redemption prior to maturity, at the option of the county, in
inverse numerical order, on any one or more interest payment dates
on and after January 1, 1984. Each bond called for redemption.
shall be redeemed at the par value thereof and accrued interest,'
plus a premium in accordance with the following schedule, to"wit:
3% of the par value of each bond called to be redeemed on or
after January 1, 1984 but prior to January 1, 1987
• 2% if called to he redeemed on or 'after January 1, 1987 but
prior to January 1, 1989
1% if called to be redeemed on or after. January 1, 1989 but
prior to January 1, 1991-
Thirty days notice of redemption shall be given by
publication at least once in a newspaper or publication circulated
in the State of Michigan, which-carries as part of its regular
service, notices of the sale of municipal bonds, and in the case
of registered bonds thirty days notice shall be given by mail to
the registered holder at the registered add/-ess. 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.,
The principal of the bonds and the interest thereon shall
be payable in lawful money in the United States of America at
such bank or trust company which qualifies as a paying agent
under state or United States law and which shall be designated
by the original Purchasers of the bonds. Such purchasers shall
have the right to name similarly qualified co-paving agen
Section 5. The Chairman of the Board of Commissioners
and the County Clerk shall _execute the bonds for and on behalf
of the County of Oakland by respectively signing and countersigning
the same and the County Clerk shall affix the seal of the county •
thereto. The Chairman of the Board of Commissioners and the
County Clerk shall execute the interest coupons to he attached
to the bonds by causing to be affixed thereto their facsimile
signatures.. The Treasurer of the County shall deliver the bonds
and attached coupons to the purchasers-thereof upon receipt of the
purchase price therefor.
Section 6. The County Airport Committee herebyis
authorized to sell the bonds in the manner provided in Section 12
of Act No 94, Public Acts of Michigan, l933 as amended.
Section 7 The bonds and attached coupons shall not
be general obligations of the County and shall not be an indebtedness.
of the county within any state constitutional proVision or statutory
limitation. The principal of and interest on the bonds shall be
payable solely from the net revenues derived from the operation.
of the:system, including future improvements, enlargements and
extensions thereof. To secure the payment of the principal of -
and interest on the bonds and on any additional bonds of equal
standing issued as hereinafter provided, there is hereby created
in favor of the holders of the bonds and the interest coupons
pertaining thereto, and each of such holders, a first lien (by
Act No 94, Public Acts of Michigan, 1933, as amended, made
a statutory lien) upon the net revenues from the system, including
future improvements, enlargements and extensions thereof. The net
revenues so pledged shall be and remain subject to said lien until
the payment in full of the principal of and interest on the bonds.
Section 8. The holder or holders of any of the bonds or
interest coupons herein authorized to be issued, shall have all
the rights and remedies given by law and particularly by said Act •
No 94, Public Acts of Michigan, 1933, as amended, for the collection
and enforcement of said bonds and coupons and the security therefor,-
including the right to have a receiver appointed for the system in
event of default on the part of the county in the performance of
the terms of the bond contract.
Section 9. _ The system shall be operated upon the basis
of a fiscal year beginning on January 1 and ending on December 31
of each year.
Section 10. The operation, maintenance and management
of the system shall be under the immediate supervision and control
of the County Airport Committee.
Section 11. The initial monthly rental charges for T-hang
comprising the system shall be as follows:
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Type of T-Hangar Monthly Rental Charge
$60
$65
$75
$85
$100
$115
12' NEW T-HANGARS
WITH BIFOLD ELECTRIC DOORS
Standard
Corner
42' x 33' x $95
$144.
40 x 32' x 9' 6" SMALL T-HANGARS
WITH MANUAL BIFOLD DOORS
42' x 32' x 12' MEDIUM T-HANGARS
WITH SLIDING DOORS
Standard
Corner -
Standard
Corner
42' x 36' x
WITH BIFOLD
12' LARGE T--HANGARS
-ELECTRIC DOORS
Standard
Corner
$85
$98.1:
31' 10" x 32' 2" x 12" EXECUTIVE
HANGARS WITH SLIDING DOORS
Standard
with Storage
. ROOM
Section 12. No free service shall be furnised by the -
system to the county or to any person,: firm or corporation, public
or private, or to any public agency or instrumentality.- Rental -
charges shall be billed and collected in a manner to be determined
by the County Airport Committee. Such charges shall become due at
such times, not exceeding 20 days after a bill is rendered, as shall
be established by the County Airport Committee, and if such charges
are not paid on or before such due date then a penalty of 10% shall
be added thereto. In the event that the monthly rental charge shall
not be paid within 60 days after the due date thereof,. then the
lease of the T-hangar shall be discontinued. A discontinued lease
shall not be reinstated until all sums then due and owing, including:-
penalties, shall be paid.
Section 13. The monthly rental charges hereinbefore
established are estimated to be sufficient to provide for
of the expenses of administration and operation of the system and
such expenses for the maintenance thereof as may be necessary to
preserve the same in good repair and working order; to provide for
the payment of the interest 11,-Jon and the principal of all bonds
payable therefoLia, as and when the same shall become due and payable,
and for the creation of a reserve for the payment of p -rincipal and
interest as required in this ordinance; and to provide for such othet -
- -
expenditures and funds for the system as are required by this or
ance. Monthly rental charges shall be fixed and revised from time -
to time by the County Airport Committee so as to produce the fore-
going amounts, and the county covenants and agrees to maintain at all
times such monthly rental charges as shall be sufficient to provide
for the foregoing. If, in the opinion of the Board of Commissioners,
the monthly rental charges fixed by the County Airport Committee are
not sufficient to provide for the foregoing, the Board of Commissioner
shall be authorized to fix the monthly rental charges in such amounts
as it deems sufficient.
Section 14. The revenues of the system are hereby pledged:
for the purpose of the following funds:, and as collected shall be
set aside into a fund to be designated "Receiving Fund," and shall
be transferred therefrom periodically into separate and special
funds, as follows:
1. Operation and Maintenance Fund. Out of the revenues
in the Receiving Fund, there shall be first set aside in each quarter
(3 months) of the fiscal year into a fund to be designated "Operation
and Maintenance Fund," a sum sufficient to provide for the payment
for the next quarter of all current expenses of administration and ...
operation of the system and such current expenses for the maintenance
thereof as may be necessary to preserve the system in good repair
and working order. The County Airport Committee, at, the beginning
of each fiscal year, shall ado pt a budget covering the foregoing
expenses for such, year, and such expenses shall not exceed the amount
specified in said budget except by a vote of 2/3 of the members of
the County Airport Committee declaring the necessity .thereof.
2. Bond and Interest Redemption Fund. Out of the remain-
ing revenues in the Receiving Fund, there shall be next set aside sac
Quarter into a fund to be designated "Bond and Interest Redemption
n-
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Fund," a sum proportionately sufficient to provide for_ the payment
as the same become due of the next maturing principal and interest
-
on each issue of bonds then payable from the revenues of the system:
provided, that the amount so set aside for interest on the bonds
herein authorized, in each quarter during the first six (6) months
of each fiscal year, shall be not less than one-half (1/2) of the
total amount of interest maturing on the following July first, and
during the, last six (6) months of each fiscal year, shall
• than one-half (1/2) of the total amount of interest maturing on the
following January first, and the amount so set aside for principal
on the 'bonds herein authorized, in each quarter during each fiscal
year, shall be not IesS• than one-fourth7 (1/4> of..theamount'of•prin-
cipal maturing on the January first immediately - following such fiscal
year, and if there shall be any deficiency in the amount previously
set aside, then the amount of such deficiency shall be added to the
current requirement. In addition thereto, there shall De_aIsc.) set
aside in quarterly installments for the purpose of creating a reserve•
in said Bond and Interest Redemption Fund, for the bonds herein
authorized, a sum not less than $20,000 per year during each fiscal
year commencing with the fiscal year beginning January 1, 1978,
until said reserve shall equal at least $100,000, and if at any
time thereafter said reserve shall be less than $100,000, then there -
shall be set aside in said reserve quarterly sum sufficient to
restore said reserve to $100,000 at the earliest possible time If
any additional bonds of equal standing shall be issued, the authoriz-
ing ordinance shall provide for a comparable reserve therefor. Monie
in the Bond and Interest Redemption Fund may be used for the redemp7
tion of bonds: provided, that except • in case of refunding, no bonds
of any issue less than all she outstanding bonds_ of said issue, shall
be called for redemption unless the county shall have on hand in
said fund sufficient monies therefor not otherwise .appropriated or
Pledged, in excess of the am -put of interest and principal maturing
be not l e s s
on all issues of bonds then payable from the revenues- of the systaa. -
-within the next eighteen (18) months from the redemption date, and for
the purpose of determining the amount on hand, monies in the reserve
shall not be considered as appropriated or pledged. In any case where
monies are available for the redemption of bonds, such monies may
be used instead to purchase bonds on the open market at the best price
or prices obtainable, but not in excess of the then redemption price.-
When the principal amount owing upon any bonds' shall be reduced to the
amount of the reserve therefor, then the principal of such bonds shall
be paid from such reserve. In respect of the allocation and use of
monies in the Bond and Interest . Redemption Fund, due recognition shall
be given. as to priority rights, if any, between different issues or ..
series of outstanding bonds.
3. Surplus Fund. Revenues remaining in the Receiving Fund
at the end of any fiscal year after all periodic transfers have been -
made therefrom as above required, shall be deemed to be surplus and
may he left in the Receiving Fund or may he transferred to a fund
be designated "Surplus Fund." Monies in the Surplus Fund from
time to time may he transferred to one or more of the foregoing funds
or may be used for any purpose connected with the Oakland-Pontiac
Airport including the redemption or purchase of bonds provided, howeve)
that if at any time there shall exist any default in making any periodic
transfer to any of the above mentioned funds, then such default shall be
rectified so far as possible by the transfer of monies from the Surplus
Fund. If any such default shall exist as to Inore than one func7, at any
one time, then such transfers shall be made in the order in which such
funds are listed above.
No disbursements shall be made from said _Receiving Fund
except to the special funds as above provided.
Section 15. In the event that monies in the Receiving
Fund are insufficient to provide for the current requirements of the
-9
Operation and Maintenance Fund or the Bond and Interest Redemp-
tion Fund, any monies and/or securities in other funds of the
system shall be transferred, first, to the Operation and Mainten-
ance Fund, and second, to the Bond and Interest Redemption Fund,
to the extent of any deficits therein.
' Section 16. All monies in the several funds of the
system except those in the Bond and Interest Redemption Fund,
shall be deposited with the Michigan National Bank - Oakland.
All monies from time to time in the Bondand Interest Redemption
Fund (including reserve monies) shall .be kept . on hand with a bank
or trust company at which the principal and interest on the
herein authörized bonds are currently payable. Monies in the
Receiving Fund, in the Operation and Maintenance Fund, and in the
Surplus Fund, may be kept in one bank account, and the monies in
that bank account shall be allocated on the books and records of
the system to reflect the balance in the Funds established pursuant
to this ordinance. Monies in the Bond and Interest Redemption
Fund shall be kept in a separate depository account. Monies in
the several funds of the system may be invested in United States
Government obligations in accordance with the provisions of
Section 24 of Act No. 94, Public Acts of Michigan, 1933, as
amended.
Section 17. The county hereby covenants and agrees
with the holder or holders, from time to time, of the bonds
herein proposed to be issued, that it will punctually perform all
duties with reference to the system and said bonds required by
the constitution and laws of the State of Michigan and by this
ordinance; that it will acquire the project in substantial
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accordance with the specifications therefor, and will have the
same in operation on or before the first day of July, 1978; that
it will not sell, lease, mortgage or in any manner dispose of the
system, or any substantial part thereof, until all bonds payable
from the revenues thereof shall have been paid in full. The
county further covenants and agrees with the holders of said
bonds that it will maintain insurance on the system for the
benefit of the holders of said bonds in an amount which usually
would be carried by private companies engaged in a similar type
of business; that it will prepare, keep and file such records,
statements and accounts as may be required by .Act .No.••:94, Public .
Acts of Michigan, 1933; as now or hereafter- amended; that it will
. promptly file with the original purchasers of said bonds a copy
of each annual statement which it is required to file with the
Municipal Finance Commission; and that it will furnish a copy of
the foregoing statement to any bondholder upon- payment of the
actual cost of such copy.
Section 18. While any of the bonds herein authorized
to be issued shall be outstanding, no additional bonds payable
from the revenues of the system shall be issued which shall have
a prior or equal standing therewith, except as hereinafter
provided. The county shall have the right to issue additional
bonds of equal standing in a sum not to exceed One Hundred, Thousand
Dollars ($100 1 000) for the completion of the project herein
described in the event the bonds herein authoriied shall prove to be
insufficient therefor. The county shall have the right to issue
additional bonds payable from the net revenues of the system,
which bonds when issued shall have equal standing with the bonds
herein authorized: provided that no such additional bonds of .
equal standing shall be issued unless (a) the average net revenues
for the then last two preceding fiscal years- or the net revenues
for the then last preceding fiscal year, whichever shall be the
lower, plus (b) 50% of the lowest estimated additional net
revenues to be derived from the improvements, enlargements and
extensions to be financed by such additional bonds, in any fiscal
year beginning with the first full fiscal year following the date
of completion thereof as fixed in the ordinance authorizing such
additional bonds, shall be equal to at least 150% of the largest
'amount of principal and interest.thereafter•MatUring:in ---any -..-- . . . _ . . . . . - • . -
fiscal year on all bonds then outstanding which are-payable from
the revenues of the system and on such additional bonds then
being issued. Such additional net revenues shall be estimated by
a qualified person who shall be selected by the County Airport
Committee but•who shall not be a regular officer or employee of
the county. The selection of such person shall be subject to
disapproval by the Municipal Finance Commission. No such addition-
al bonds shall be issued if the County shall then be in default
in making any payments to the Operation and Maintenance Fund or
the Bond and Interest Redemption Fund. Permission by the Municipal
Finance Commission of the State of Michigan (or such other state
commission or agency as shall have the issuance
of municipal bonds) to issue such additional bonds shall con-
stitute a conclusive presumption of the existence of conditions
permitting the issuance thereof.
Section 1 9. The bonds 7,nd attached coupons herein authorize
to be issued, shall be suhstantiallv in the following form, to-wit:
UNITED STATES OF AMERICA,
STATE OF MICHIGAN
, COUNTY OF OAKLAND
OAKLAND-PONTIAC AIRPORT
T-HANGAR SYSTEM REVENUE BOND
Number _ $5,000.
KNOW ALL MEN BY THESE PRESENTS, that the County of Oakland,
Michigan, hereby acknowledges that it is indebted and for value re-
ceived promises to pay to the bearer hereof (or if this bond be re-
gistered, to the registered holder hereof) the sum of
FIVE THOUSAND DOLLARS
On the first day of January, A.D. 19 , and to pay interest thereon
at the rate of per centum ( %) per annum from
the date hereof until paid, said interest being payable on January 1,
1978 and thereafter semi-annually on the first days of January and
July in each year, which principal and interest are to be paid solely ;
out of the revenues hereinafter specified. Both principal and interest
are payable in lawful money of the United States of America at
in the City of
upon presentation and surrender of this bond and thecoupons nereto
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 directorder of their maturities from I to 142, both inclusive,-
aggregating the principal sum of Seven Hundred Ten. Thousand Dollars
($710,000) issued by said County of Oakland under and. pursuant to and
in full conformity with the Constitution and Statutes of the State of
Michigan (especially Act No, 94, P -01--)lic Acts of Michigan,. 1933, as
amended) and Ordinance No. duly adopted by the Board of
Commissioners of the County of Oakland on the day of
1977, for the purpose of defraying the cost of extending the Oakland --
Pontiac Airport T-Hangar System by the acquisition of 55 new T-Hangars
This bond is a self-liquidating revenue bond, is not a
general obligation of the county, and does not constitute an indebted-
ness of the county, within any constitutional or statutory limitation.
The principal of and interest on the bonds of this series are payable
solely from the revenues of said Oakland-Pontiac Airport T-Hangar Sys-
tern, including future improvements, enlargements and extensions • thereof .,
remaining after deducting the reasonable expenses of the administration,
operation and maintenance of the system, and the payment of both the
principal of and interest on the beads and on any additional 'bonds of
equal standing which may be issued pursuant to the terns of said ordi-
nance, is secured by a statutory first lien on such net revenues.
The bonds of this series maturing in the years 1985 throu71i
1991 are subject to redemption prior to maturity at the option of
the county, in inverse numerical order, on any one or more interest
payment dates on and after January 1, 1984. Each bond called for
redemption shall be redeemed at the parvalue thereof and accrued
interest, plus a premium in accordance with the following schedule,
to-wit:
3% of the par value of each bond called to be redeemed on or
after January 1, 1984 but prior to January 1, 1987
2% if called to be redeemed on or after January 1, 1987 but
prior to January 1, 1989
1% if called to be redeemed on or after January 1, 1989 but
prior to January 1, 1991.
Thirty days notice of redemption shall be given by publica-
tion at least once in a newspaper or publication circulated in the
State of Michigan, which carries as part of its regular service,
notices of the sale of municipal bonds, and in the case of registered
bonds thirty days notice shall be given by mail to the registered
holder at the registered address. Bonds so called for redemption
shall not bear interest after the date fixed for redemption, provided
funds are on hand for the paying agent to redeem the same.
The County of Oakland hereby convenants and agrees that at all
times while any of the bonds of this issue shall be outstanding it
will maintain such rental charges for the T,-Hangars of the system as
shall be sufficient to provide for the payment of the expenses of
administration and operation of the system and such. expenses for the
maintenance thereof as may be necessary to preserve the same in good
repair and working order; to provide for the payment of the interest
upon and the principal of all bonds payable therefrom, as and when the
same become due and payable, and for the creation of a reserve in the
bond and interest redemption fund as required in said ordinance; and •
to provide for such other expenditures and funds for the system as are
required by said ordinance. Rates shall be fixed and revised from
time to time so as to produce the foregoing amounts.
This bond may be registered as to principal only in the. name
of the holder on the books of the principal paying agent, and such
registration noted on the back hereof by an official of said paying
agent and thereafter no transfer shall be valid unless made upon the
said books and likewise noted on the back hereof. Transferability by
delivery may be restored by registration to the bearer. Negotiability
of the interest coupons shall not be affected by registration.
It is hereby certified, recited and declared that all
conditions and things requied 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 law.
IN WITNESS WHEREOF, the County of Oakland, Michigan, by its
Board of Commissioners has caused this 'pond to be signed and in its
name by the Chairman of the Board of Commissioners, and countersigned.
by the County Clerk, and its corporate seal to the affixed hereto; and
has caused the annexed interest co=ns to he executed with the
facsimile signatures of the said Chairman of the Board of Commission e rs.
and County Clerk, all as of the first day of July, A.D. 1977.
• Number
County Clerk Chairman of the Board----
of Commissioners
COUNTY OF OAKLAND
Countersigned:
By
By
Chairman of the Board
of Commissioners
Wallace F. Gabler
County Clerk
Lynn D. Allen
(COUPON)
On the first day of , A.D. 19 , the County of
Oakland, Michigan, will pay to the bearer hereof the sum of
Dollars, lawful money
of the United States of America, at the
, in the City of
same being the interest due on the day on its Oakland-Pontiac Airport
T-Hanger System Revenue Bond No. , dated. July 1, 1977. This
couponis not a general obligation of the county, is payable solely
from certain revenues as set forth in the bond to which this coupon
pertains, and is subject to the redemption provisions in said bond.
REGISTRY
• In Whose Name Registered Date of Registration Signature of Official
Paying Agent
Section 20. The proceeds of the sale of the bonds herein
authorized to be issued, shall be deposited in Michigan National Bank-
Oakland provided that any portion of said proceeds, which from time
to time is not required for immediate disbursement may b invested in
United States Government obligations upon authorization by the County
Airport Committee. From said moneys there shall first be transferred
to the Bond and Interest Redemption Fund, any premium and accrued
interest paid to the county by the purchaser of said bonds. The
balance of such proceeds shall be solely to pay the cost of the
project and any engineering, legal and other expenses incident thereto,
and shall be paid out only upon authorization of the County Airport
Committee: provided; that said County Airport Committee Shall not
authorize the payment of any such moneys foT constructionWOrk until
there shall have been first filed with it by the engineer in charge of
such work, a written statement to the effect that the sum so to be
paid is in full or partial payment of a contract obligation in connection
with said project and that the county has received the consideration
for such payment. Said statement of the engineer shall also show the
amount of construction estimates which have been theretofore approved
by him for payment and the amount of the balance which will be required
for the completion of the project.
Section 21. The said Oakland-Pontiac Airport T-Hangar
System Revenue Bonds shall not be issued until the Municipal Finance
Commission of the State of Michigan has approved such issuance, and
the County Treasurer is hereby authorized and directed to make appli-
cation to said commission for such approval.
Section 22. Any unexpended balance of the proceeds of the
sale of the bonds herein authorized, remaining after the completion
of the projeCt, may be the extent of One Hundred Thousand Dollars
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($100,000) be used for the improvement, enlargement and/or extension
of the system, if such use shall be approved by the Municipal Finance
Commission, and any remaining balance shall be paid immediately into
the Bond and Interest Redemption Fund and the same shall be used only
for the redemption, or purchase at not more than the fair market value,
of said bonds. Any bonds so acquired by redemption or purchase shall_
be canceled and shall not be reissued.
Section 23. This ordinance shall be recorded in the minutes
of the meeting of the Board at which it was adopted, as soon as
Practicable after its passage, which record shall be authenticated by
the signatures of the Chairman'of the Board of Commissioners and the
County Clerk of the County, and shall be published in the Oakland
Press, a newspaper of general circulation within the county. This
ordinance shall become effective immediately upon its adoption.
Section 24. If any section, paragraph, sentence, clause or
phrase of this ordinanceshall be held invalid, the same shall not
affect any other part of this ordinance.
- Section 25. All ordinances and resolutions or parts there-
of, insofar as the same may be in conflict herewith, are hereby
repealed.
County Clerk Chairman of the Board
of Commissioners
-- I 7-
STATE OF MICHIGAN )
) ss.
COUNTY OF OAKLAND )
I, the undersigned, the duly qualified and acting Clerk of the County
of Oakland, Michigan, do hereby certify that the foregoing are true
and complete copies of Ordinance No. 18 adopted at a regular
meeting of the Board of Commissioners of said county held on the
2n d day of June , 1977, and of the proceedings taken at said
meeting for the adoption of said ordinance, the originals of which are
on file in my office, and I do further certify that said ordinance has
been duly recorded in the minutes of said meeting and that such record
has been duly authenticated by signatures of the Chairman of the Board
of commissioners and the undersigned.
Lynn D. Allen, County Clerk
DATED: June 2, 1977
FISCAL NOTE
BY:
IN RE: MISCELLANEOUS RESOLUTION #7983 - ORDINANCE TO ISSUE REVENUE BONDS
FOR T-HANGAR SYSTEM
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairman, Ladies and Gentlemen:
Pursuant to Rule XI-C of this Board, the Finance Committee has re-
viewed Miscellaneous Resolution #7983 and finds that no appropriation of
funds is necessary for the issuance of revenue bonds for the T-Hangar
System. Further, revenue generated from the T-Hangar System will be
utilized for redemption of the revenue bonds, interest payable on said
bonds and operation and maintenance costs associated with the new T-
Hangar System.
FINANCE COMMITTEE
Paul E. Kasper, Chairman
#7983 June 2, 1977
Moved by Wilcox supported by Patterson that resolution #7983 be
adopted.
AYES: Fortino, Gabler, Gorsline, Hoot, Kasper, Kelly, Lanni, McConnell,
McDonald, Moffitt, Montante, Moxley, Murphy, Page, Patterson, Perinoff, Pernick,
Peterson, Price, Roth, Simson, Wilcox, Aaron, DiGiovanni, Doyon. (25)
NAYS: None. (0)
A sufficient majority having voted therefor, resolution #7983 was
adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
1, Lynn D. Alien, Clerk of the County. of Oakland and
having a seal, do hereby certify that I have compared the annexed copy of
Resolution . 1:IY..t.11.e.Aa.Y.aP.d..CP.uP.tY.PPPTO9f.C9 11111.1 155ictlic.17.5..at
their meeting held on June 2, 1977
with the original record thereof now remaining in my
office, and that it is a true and correct transcript
therefrom, and of the whole thereof.
In Testimony. Whereof, I have hereunto set my hand and
affixed the seal of said County at Pontiac, Michigan
2nd June 77
this '''''....day of..... ..... ..... 19.—
Lynn D. Allen„.....„...... ...„..Clerk
By.. ....... ...... Deputy Clerk