HomeMy WebLinkAboutResolutions - 1977.11.02 - 13329Resolution No. 8252
By: Planning and Building Committee
In Re: CLINTON-OAKLAND SEWAGE DISPOSAL
SYSTEM - WEST BLOOMFIELD EXTENSIONS NO. 2
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, the Oakland County Board of Supervisors, by Miscel-
laneous Resolution No. 4342, adopted on June 22, 1964, did approve of
the establishment of a sewage disposal system to be known as the "Clinton-
Oakland Sewage Disposal System" for the purpose of disposing of sanitary
sewage from the Clinton-Oakland Sewage Disposal District, within which
district lies part of the Township of West Bloomfield; and
WHEREAS, the County of Oakland and the Township of West Bloom-
field entered into a Contract dated as of April 1, 1971, as revised,
whereby the County agreed to construct and finance the West Bloomfield
Extensions in the Clinton-Oakland Sewage Disposal System and the Township
agreed therein to pay the total cost thereof, based upon an estimated
cost of $6,450,000 and as represented by the amount of bonds issued by
the county to finance said Extensions; and
WHEREAS, the County of Oakland the Township of West Bloomfield
have now entered into a Contract dated as of August 1, 1976, pursuant to
Act No. 342, Michigan public Acts of 1939, as amended, with the Oakland
'County Drain Commissioner acting as the County Agency whereby the County
has agreed to construct and finance the West Bloomfield Extensions No. 2
of the Clinton-Oakland Sewage Disposal System and the Township has agreed
therein to pay the total cost thereof, based upon an estimated project
cost of $20,800,000 and a net project cost as represented by the amount
of bonds to be issued by the county to finance said Extensions No. 2
after application of federal and state grants thereto; and
WHEREAS, the County and the Township have made application for
and received Step 1, 2 and 3 grants for the project to be made by the Federal
Environmental Protection Administration (Federal EPA) pursuant to Public Law
92-500 and by the State Department of Natural Resources (State DNR) pursuant
to state law, so that the project cost and the net project cost after application
of grant proceeds are as follows:
(SEE FOLLOWING PAGE)
CONTRACT NO. 1
CONTRACT NO, 2
CONTRACT NO. 3
CONTRACT NO. 4
CONTRACT NO. 5
CONTRACT NO. 6
CONTRACT NO. 7
CONTRACT NO. 8
CONTRACT NO, 9
CONTRACT NO. 10
CONTRACT NO. 11
CONTRACT NO. 12
CONTRACT NO. 13
$ 1,235,680.00
882,416.00
2,425,116.00
394,026.00
721,533.00
975,627.00
834,580.00
1,019,234.00
1,502,856.00
1,465,469.00
1,170,979.00
952,188.00
340,300.00
CLI.NTON-OAKLAND SEWAGE DISPOSAL SYSTEM
(WEST BLOOMFIELD EXTENSIONS NO. 2)
ESTIMATE OF COST
Total Construction Cost = $13,920,004.00
Engineering
Consulting Engineer (Facilities Plan) , $ 30,000.00
Consulting Engineer (Design) . . 833,808.00
Consulting Engineer (Staking &Layout). . 208,880.00 -
Soil and Material Testing . 10,000.00
Soil Borings . • • • • • • • • • 23,593.00
$1,106,201.00 1,106,201.00
Project Administration „ „ 412,150.00
Inspection . „ „ „ „ „ „ „ a „ „ a 626,400.00
Easement Acquisition , „ • „ „ a „ „ „ a 782,685.00
Act 347 Permit „ „ „ „ a , 14,520.00
Financial Consultant • 21,325.00•
Bond Counsel , a „ „ „ „ , 35,550.00
C.P.A. Report. a , • • a 3,500.00
Bond Prospectus „ „ „ , , a a „ 3,000.00
Bond Printing „ „ „ , a , a a a a a . . 1,000.00
Publishing 0'
Oakland Press„ , „ „ „ $ 400.00
Michigan Contractor & Builder „ „ 100.00
Bond Buyer „ „ a • „ 700.00
Local Publication „ „ „ „ 250.00
1,450.00 1,450.00
Contingency • +1! 0 • 0 • • • • • • . • 1,379,197.00
Sub-TotaI = $18,306,982.00
Less Step 1 Grants
• - • • • - • - • • • $ 22,521.00
• State . • • • • • • • • 1,501.00
$ 24,022.00 - 24:022.00
Sub-Total = $18,282,960.00
Less Step 2 - 3 Grants
E.P.A. - • • • • . • • • . $5,157,150.00 _
State . . . • • 343,810.00
$5,500,960.00 - 5,500,960.00
Sub-Total = $12,782,000.00
Capitalized Interest . • • . . . a 1,743,000.00
TOTAL ESTIMATED BOND ISSUE $14,525,000.00
WHEREAS, construction plans and specifications for the West
Bloomfield Extensions as developed by Hubbell, Roth & Clark, registered
professional engineers, and approved by the Federal EPA and State DNR,
and an estimate of $14,525,000 as the net project cost of said Extensions
No 2 and an estimate of forty (40) years and upwards as the period of
usefulness thereof, as prepared by said registered professional engineers,
have been approved by the County Agency and submitted herewith to this
Board of Commissioners of Oakland County after approval by the governing
body of the said Township; and
WHEREAS, pursuant to the provisions of said Contract of August
1, 1976, the amounts of the several annual installments to be paid by
the Township are the same as the annual bond maturities hereinafter set
forth; and
WHEREAS, under said Contract of August 1, 1976, the said Town-
ship is to pay annually the amount of each annual installment to the
County and in addition thereto is to pay semi-annually interest and pay-
ing agent fees and other bond handling costs as determined pursuant to
said Contract; and
WHEREAS, the County is desirous of issuing bonds in anticipa-
tion of the payments to be made by the said Township under said Contract
of August 1, 1976; and
WHEREAS, the County Building and Planning Committee has 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 bonds of said County of Oakland, aggregating the
principal sum of Fourteen Million Five Hundred Twenty Five Thousand
Dollars ($14,525,000) be issued for the purpose of defraying the cost
of acquiring said Clinton-Oakland Sewage Disposal System - West Bloom-
field Extensions No. 2. The said bonds shall be known as "Oakland County
Sewage Disposal Bonds - Clinton-Oakland System, West Bloomfield Extensions
No. 2"; shall be dated February 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
day of May in each year as follows:
irst
1982 - $300,000.00
1983 - 325,000.00
1984 - 350,000.00
1985 - 400,000.00
1986 - 450,000.00
1987 - 500,000.00
1988 - 500,000.00
1989 - 550,000.00
1990 - 600,000.00
1991 - 600,000.00
1992 - $
1993 -
1994 -
1995 -
1996 -
1997 -
1998 -
1999 -
2000 -
2001 -
2002 -
650,000.00
700,000.00
750,000.00
800,000.00
850,000.00
900,000.00
950,000.00
1,000,000.00
1,050,000.00
1,100,000.00
1,200,000.00
Bonds maturing on or after May 1, 1994, shall be subject to redemption
in any order at the option of the County prior to maturity on any one
-Ot• Mar -ihtt -15aymerit dates on and after May 19 -9-3T- Bdrids
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. Bonds maturing prior to the year 1994 shall not be
subject to redemption prior to maturity. All bonds shall have proper
coupons attached thereto evidencing interest to their respective dates
of maturity.
2. 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 located in Michigan which qualifies as
a paying agent under Federal or Michigan law and which shall be desig-
nated by the original purchaser of the bonds. Such purchaser shall
have the right to name a similarly qualified co-paying agent located
anywhere.
3. That the Chairman of the Board of Commissioners, the
County Agency and the County Clerk, of the County of Oakland, are here-
by each 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 designated to execute the interest coupons to be
attached to said bonds by caus41g 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.
4. That the said bonds are to be issued pursuant to the pro-
visions 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 West Bloomfield under said Contract of August 1, 1976, which
payments are in the aggregate 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 Township 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.
5. That all moneys paid to the County by the said Township
pursuant to said Contract of August 1, 1976, shall be set aside by the
County Treasurer in a separate fund and bond account to be used solely
for the payment of the principal of and interest on the bonds herein
authorized. Interest payable on the bonds for eighteen months subsequent
to the the date of delivery thereof is capitalized and is payable from
the proceeds of said bonds.
6. That said bonds and attached coupons shall be substan-
tiaily 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, WEST BLOOMFIELD EXTENSIONS
NO. 2
KNOW ALL MEN BY THESE PRESENTS, that the County of Oakland,
Michigan, hereby acknowledges itself indebted and for value received,
promises to pay to the bearer hereof the sum of
FIVE THOUSAND DOLLARS
on the first day of May, A.D. 19 , together with interest thereon
from the date hereof • until paid, at the rate of
) per centum per annum, payable November 1, 1978 and thereaftex
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
, Michigan, 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 2905, both inclusive, aggregating the principal sum of Fourteen
Million Five Hundred Twenty Five Thousand Dollars ($14,525,000), 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
the cost of the Clinton-Oakland Sewage Disposal System - West Bloomfield
Extensions No. 2.
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 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 maturity.
Notice of redemption shall be given to the holders of bonds called for
redemption by publication of such notice not less than thirty (30) days
prior to the date fixed for redemption, at least once in a newspaper or
publication circulated in the State of Michigan, which carries as a part
of its regular service, notices of the sale of municipal bonds Bonds
so called for redemption shall not bear interest after the date fixed
for redemption, provided funds are on hand with the paying agent to
redeem the same.
This bond as to both principal and interest, is payable from
moneys to be paid to the County of Oakland by the Township of West
Bloomfield pursuant to a certain Contract dated August 1, 1976, between
the County of Oakland and said Township whereby the said Township agrees
to pay to the said County the net project cost of said Clinton-Oakland
Sewage Disposal System - West Bloomfield Extensions No. 2 in annual in-
stallments in the same amounts as the annual maturities of the bonds of
this issue and semi-annually to pay the amount of the interestand bond
handling charges such payments to he made at least thirty (30) days
prior to the respective due dates specified in this 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 this bond, principal and interest, when due.
It is hereby certified, recited and declared that all acts,
conditions and things required to exist, happen and be performed pre-
cedent 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 limitatio -n.
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, by the County Agency
and by 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 first day of
February, A.D. 1978.
COUNTY OF OAKLAND, MICHIGAN
By
County Clerk
By
Chairman of its Board of Commissioners
By
ItS COUHty Dral-fi-ComMrssioner and
County Agency
(COUPON)
Number
On the 1st day of , A.D. 19 , the County
of Oakland, Michigan, will pay tb the bearer hereof the sum shown here-
on in lawful money of the United STatea of Americai -at the :
in the City of, , Michigan, same being the interest due -
on that day on its Oakland County Sewage Disposal Bond - Clinton-Oakland
System, West Bloomfield Extensions No 2, dated February 1, 1978, -
No
(FACSTMTTE)
County Drain Comr4sl0ne
Agency
ci CounLy
1%,
7. That the said bonds shall not be issued until the Munici-
pal Finance Commission of the State of Michigan shall have first issued
its order granting permission to so do, as provided in Act No. 202 of
the Michigan Public Acts of 1943, as amended, and the County Drain Commis-
sioner as County Agency is hereby authorized and directed to make
application to said commission for the issuance of such order.
8 .. 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.
9. All resolutions and parts of resolutions, insofar as
the same may be in conflict herewith, are hereby rescinded.
MR. CHAIRMAN, on behalf of the Planning and Building Committee,
I move the adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
Richard R. Wilcox
#8252 November 3, 1977
Moved by Wilcox supported by Montante the resolution be adopted.
AYES: McConnell, McDonald, Moffitt, Montante, Moxley, Murphy, Page, Patterson,
Peterson, Price, Roth, Simson, Wilcox, Aaron, Daly, DiGiovanni, Doyon, Fortino,
Gabler, Gorsline, Kasper, Kelly, Lanni. (23)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
1, Lynn D. Allen, Clerk of the County of Oakland and
having a seal, do hereby certify that I have compared the annexed copy of
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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
this 3r$1.„ .day of November 19..77
Lynn D. Allen
By.... ..... ...... ----Deputy clerk