HomeMy WebLinkAboutResolutions - 1977.11.02 - 13330November 3, , 1977
RESOLUTION NO. 8253
RE: CLINTON-OAK LAND SEWAGE DISPOSAL SYSTEM-WATERFORD EXTENSIONS
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, pursuant to the Board of Supervisors Resolution Miscellaneous
No. 5097, and pursuant to a resolution adopted by the governing body of the Charter
Township of Waterford, the County of Oakland and the said Township entered into a
Contract dated as of April 1, 1969, whereby the County agreed to construct and finance
in one or more phases, the Waterford Extensions to said Clinton-Oakland Sewage
Disposal System and the Township agreed to pay the total Cost thereof; bated upon the
total estimated cost of the project, and as represented by theftmount,otboncls issued by
the County to finance said Waterford Extensionsrwhich said Contra:et is -set forth in full
in the said resolution of the Board of Supervisors; and -
WHEREAS, pursuant to Board of Commissioners Resolution Miscellaneous
No. 7743, adopted November 18, 1976, and pursuant to a resolution adopted by the
Township Board of the Charter Township of Waterford on October 18, 1976 3 the County
and the Township entered into a Contract dated as of September 1, 1976, providing for
the acquisition of Phase III of the said Waterford Extensions, pursuant to Act No. 342
of Michigan Public Acts of 1939, as amended, through the Oakland County Drain
Commissioner acting as the County Agency, at an estimated project cost of
$14,566,000, the net amount of which cost, after application of surplus funds used to
acquire parts of the Phase III project and 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, now
estimated to be $5,100,000; as is set forth on the following:
a a a •a 4 a
• • 0 0 a "
0 0 0
$ 5 ,329 ,000.00
5,035,061.01
,$11,364,061.01
791,600.00
300,000.00
600,000.00
450,000.00
6,929.00
11,900.00
16,700.00
3,200.00
/ 300.00
1450..00
27,461.00
Project Cost
- Less State Grants
L.ess Federal Grants
- Step 1 .• . •
-0 Step2-3
Step'l • • .
Step 2 -3 . *Oa 9
Les construction surplus contributions
tram Phase I and Phase It
a a 0 a •
Sub-Total =
Capitalized Interest .
Bond Issue
$ 4,488,000.00
. a 0 a 0 0 . 612,000.00
$ 5,100,000.00
CLINTON-OAKLAND SEWAGE DISPOSAL SYSTEM
WATERFORD EXTENSIONS - PHASE III
Total System Now To Be Acquired -
ESTIMATE OF COST
Construction Cost =
(Contracts 24A, 24B, 26A, 268, 27, 2 7A & 2 88)
Acquisition of Existing System
(Contracts 22, 23, 23A, 25 & 28A)
TOTAL CONSTRUCTION COST
Engineering
• Consulting Engineer (Facilities Plan). . $ 60,600.00
Consulting Engineer (De sign) . .• 482,000.00 -
Consulting Engineer (Staking &Layout) . 229,000.00
Soil Borings . , . 20,000.00
$791,600.00
Project Administration . . 0 • • 0 0 • • a 0 • • 0
:Inspection ........ .
Xppernent Acquisition . . . . .
. Apt 347 Permit . 0 at 0 a 0 0) 0 a 4 a a .
-Rinancial Consultant . .
.Bond Counsel 0 • a
pond Prospectus .
.BondPrinting.................. at
.publishing
Oakland Press . a a a a.
• Michigan Contractor .& Builder .
Bond Buyer . 0.
Local Publication .
- - - 0 a
200.00
150.00
600.00
200.00
1,150.00
Return of State Fee . • a •-. .a .
-Contingency a a a a 0 0 .- ••' 0. 4 • - 623,190.99
-
. $14,196,492.00
- 3,135.00
- - 281,482.00
42,025.00
. a - 4,139,850.00
- 5,242,000.00
.‘•
WHEREAS, construction plans and specifications for Phase III of the
Clinton-Oakland Sewage Disposal System - Waterford Extensions as prepared by Johnson
& Anderson, MC., registered professional engineers, and an estimate of $14,196 1492, as
the project cost of Phase f said Extensions and an estimate of $5,100,000 as the net
project cost and an estimate of forty (40) years and upwards as the period of usefulness
thereof, all as prepared by said registered professional engineers, have been -developed
in the Step I, 2 and 3 procesainT,of Federal-and State Grants pursuant to Federal and
State law and approved by the EPA and DNR and by the governing body of the Charter
Township of Waterford and are herewith presented to this Board of Commissioners for
approval; and
WHEREAS, pursuant to the provisions of said Contract of September 1,
1976) the aggregate amounts of the several annual installments to be paid by the
Township to finance the net cost-of the Phase 1H project are the same as the annual
bond maturities aggregating $5,100,000 hereinafter set forth, and the amounts of said
-bonds, Federal and State grants and surplus -funds heretofore appropriated to this Phase
, project are in an aggregate amount equal, to the-estimated projeet cost thereof; and
3WHEREAS, under said Contract of _Sep_temher 11976,, and exhibits thereto„_
Said-TOWrithiP is to pay annUallythtlie7amotint Of each', annual:. the
County and,in addition thereto isto.,paT,setnirannually interest and!poagent fees,
-and other bond handling costs as deterniiiiedpurSUant -to:saidContfadt-arid -
WHEREAS, the County is desirous of isstiing bonds in anticipation of the
payments to be made by the said Township under said Contract of September 1, 1976,
and exhibits thereto; and
WHEREAS, the County Agency and Planning and Building Committee have
approved this resolution and recommended its adoption by the Board of Commissioners.
-3-.
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 Waterford Extensions, Phase III, developed and approved
pursuant to the September 1, 1976, Contract and presented herewith are hereby
accepted and approved and the County Clerk is hereby directed 'to initial same and
return them to the County Agency.
2. That the Bond Resolution, Misc. No.ZSSO , adopted by this Board of
Commissioners on C&.--f , 1974, is hereby rescinded and revoked._ _
3. That the bonds of said County of Oakland, aggregating the principal
sum of Five Million One Hundred Thousand Dollars ($5,100,000) be issued for the
purpose of defraying part of the cost of acquiring Phase HI of said Clinton-Oakland
Sewage DiTosal System - Waterford:Extensions. That said bonds shall _be known as
"Oakland County Sewage Disposal Bonds - Clinton-Oakland System, Waterford
Extensions Phase Ill"; shall be dated February. 1, 1978; shall be numbered,conseeutively
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 firstcdays:of Wiay -and November'in each yeat-t,l-aand
mature on the first day of May in each year as fellow8:,
YEAR
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
'AMOUNT
125,000.00
125,000.00
150,000.00
150,000.00
150,000.00
175,000.00
175,000.00
200,000.00
200,000.00
225,000.00
225,000.00
250,000.00
250,000.00
275,000.00
300,000.00
300,000.00
325,000.00
350,000.00
375,000.00
375,000.00
400,000.00
5,100,000.00
0{1 MNRI
Bonds maturing prior to May 1, 1994, shall not be subject to redemption prior to
maturity. Bonds maturing on or after May 1, 1994, shall be subject to redemption prior
to maturity, in any order, at the option of the county prior to maturity on any one or
more interest payment dates- an-and after May 1,.1993. _Bonds so called for redemption
- shall be redeemed at the parv -alUe thereof and'acerued interest plus a premium on each
bond computed as a percentage of the face amount thereof in accordance with the
following schedule:
3% if called to be redeemed on or after May 1, 1993, but prior to May 1,1996
2% if called to be redeemed on or after May 1, 1996, but prior to May 1, 1999
1% if called to be redeemed on or after May 1, 1999, but prior to maturity.
Notice of redemption shall be given to the holders of the bonds to be redeemed by
publication of such notice not less than thirty (30) days prior to the date fixed for
redemption, at least once in a newspaper or publication circulated in the State of
Michigan, which carries as a part of its regular service, notices of the sale of municipal
bonds. Bonds so called for redemption shall not bear interest after the date fixed for
redemption, provided funds are on hand with the paying agent to redeem the same. All
bonds shall have proper coupons attached thereto evidencing interest to their respective
dates of maturity.
4. 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., andior 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.
5. That The Chairman of the Board of Commissioners, the County Agency
and the County Clerk, of the County of Oakland, are each hereby authorized and
directed to execute said bonds for and on behalf of the said County and to affix the seal
of said County thereto, and the County Agency is hereby authorized and directed to
5
execute the interest coupons to be attached to said bonds by causing to be affixed
thereto his facsimile signature; and that upon the execution of said bonds and attached
coupons, the same shall be delivered to the Treasurer of said County who is hereby
authorized and directed to deliver said bonds and attached coupons to the purchaser
thereof, upon receipt of the purchase price therefor.
6. That the said bonds are to be issued pursuant to the provisions of Act
No. 342 of the Michigan Public - Acts -of -1939, as 'amended, in anticipation of the
payments to become due to the County from the Charter Township of Waterford under
said Contract of September 1, 1976, which payments are in the principal amount of the
bonds with interest thereon as therein provided. As provided in said -Act No. 342 the
full faith and credit of the Charter Township of Waterford is pledged to the making of
the said payments when due, and in addition - there is hereby pledged, as authorized in
said Act No. 342, the full faith and credit of the County of Oakland to the payment of
the bonds, both principal and interest, when due.
7. That all moneys paid to the County by-the Charter Township of
Waterford pursuant to said Contract of September 1,1976, and revised exhibits thereto,
shall be set aside by the County `IY°_easurer in a separate fund and,bank account to be
used solely for the payment of the principal of and interest on the bonds issued in
anticipation thereof. Interest payable on the bonds for —the 'period of eighteen (18) °
months subsequent to the date of delivery thereof is capitalized and is payable from the
proceeds of said bonds.
8. That the obligation of said Charter Township _to make the payments set
forth in the Contract of April 1, 1969, and especially Amended Exhibit C - Phase I,
Supplemental Exhibit C, Phase I, and Revised Exhibit C - Phase II, thereto, an
anticipation of which the Oakland County Sewage Disposal Bonds - Clinton-Oakland
System, Waterford Extensions Phase I, dated May 1, 1970, in the original amount of
$12,850,000 and the Second Series of said bonds, dated as of November 1, 1970, in the
6
original amount of $4,150,000, and the Oakland County Sewage Disposal Bonds -
Clinton-Oakland System, Waterford Extensions Phase II, dated as of May 1, 1972, in the
original amount of $20,400,000, are issued and thereafter refunded, is separate but
equal and on a parity as a pledge of full faith and credit with the obligation of said
• Township to make the payments set forth in the Contract of -September 1, 1976 in -
anticipation of which these Oakland County Sewage Disposal Bonds - Clinton-Oakland
System, Waterford Extensions Phase III, dated February 1, 1978, in the amount of
$5,100,000 are issued. The pledge by the County of Oakland of its full faith and credit
to payment of the four series of bonds or refunding bonds, Phase I, Second Series Phase
I, Phase II and Phase III, applies equally and without preferences and priority to the
bonds of each series.
9. That said bonds and attached coupons shall be substantially in the
following form:
UNITED' STATES OF AMERICA
STATE OF MICHIGAN
-• COUNTY OF OAKLAND
OAKLAND COUNTY SEWAGE DISPOSAL BOND -
CLINTON-OAKLAND SYSTEM, WATERFORD EXTENSIONS PHASE Ill
Number. $5,000
-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 September 1, 1978, and thereafter semi-annually on the
first days of May and November in each year. -Both principal and interest hereof are
payable in lawful money of the United States of America at
, in the City of
, upon presentation and surrender of this bond and the coupons
hereto attached 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 Ili atur it i e s from -1 tO 1020, both inclusive, aggregating the principal sum
i= of Five Million One Hundred Thotisand Dollars ($5,100,000), issueclancier and_pursuant_to_
ancl 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
&fraying:Part of the cost f:.. 111 of the Clinton-Oakland Sewage Disposal
System Waterford Extensions irrthe Charter Township of Waterford.
Bonds of this series maturing prior to May 1, 1994, are not subject, to
redemption.prior,to maturity. Bonds maturing on or after May 1,....1994, shall be subject
tt• _redemption -prior to maturit in any.'order, at--the option of the=County-prior to
maturity on an 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-prertfium-On each bond computed as-a percentage of the -face arnount thereof in
accordance with- the following schedule:_
3% if called to be redeemed on ot after--May 1, 1993, but prior to May 1, 1996
256 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 Charter Township of Waterford pursuant to a
certain Contract, dated September 1, 1976, between the County of Oakland and said
Charter Township whereby the said Charter Township agrees to pay to the said County
the cost of said Phase III of the Clinton-Oakland Sewage Disposal System - Waterford
Extensions, in annual installments in the same amounts as to Phase III as the annual
maturities of the bonds of this issue and semi-annually to pay the amount of the interest
and bond handling charges, such payments to be made at least thirty (30) days prior to
the respective due dates specified in this bond. The full faith and credit of said Charter
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, on a parity and without priority
with the bonds of the County of Oakland issued for Phase I in the amount of
$12,850,000, dated May 1, 1970, and $4,150,000, dated November 1, 1970 and for Phase
H in the amount of $20,400,000, dated May 1, 1972,:andOf atly 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 first day of February, A.D.
1978.
COUNTY OF OAKLAND, MICHIGAN
By By
Its County Clerk Chairman of its Board of Commissioners
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 that
day on its Oakland County Sewage Disposal Bond - Clinton-Oakland System, Waterford
Extensions Phase III, dated February 1, 1978. No.
(FACSIMILE)
Oakland County Drain Commissioner and
County Agency
1111
9. That the said 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 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.
10. 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.
11. All resolutions and parts of resolutions, insofar as the same may be in
conflict herewith, are hereby rescinded.
The Planning and Building Committee, by Mr. Richard R. Wilcox, Chairman,
moves the adoption of the foregoing resolution.
PLANNING AND BUILDING COMMITTEE
Richard R. Wilcox, Chairman
#8253 November 3, 1 977
Moved by Wilcox supported by Daly and Fortino the resolution be adopted.
AYES: McDonald, Moffitt, Montante, Moxley, Murphy, Page, Patterson, Pernick,
Peterson, Price, Roth, Simson, Wilcox, Aaron, Daly, DiGiovanni, Doyon, Fortino,
Gabler, Gorsline, Kasper, Kelly, Lanni, McConnell. (24)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lynn D. Allen, Clerk of the County of Oakland and
having a seal, do hereby certify that I have compared the annexed copy of
Resolution #8253 adopted by the Oakland County Board . of . Cornrnss
at c.1) .N.°Y.e.m.b.e.r.3,.. „ .•
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 Thereof, I have hereunto set my hand and
affixed the seal of said County at Pontiac, Michigan
day of . ,!'19YFTPFr. ..... this.. ...... .32-A .......
Lynn D. Allen... ........Clerk
............ ....Deputy Clerk