HomeMy WebLinkAboutResolutions - 1977.10.11 - 133481977 October 11
RESOLUTION NO. 8203
RE: CLINTON-OAKLAND SEWAGE DISPOSAL SYSTEM-WATERFORD EXTENSIONS
BY: PLANNING AND BUILDING COM=TEE
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 Dispsoal System to serve the Clinton-Oakland Sewage Dis-
posal District as therein described; and
WHEREAS, pursuant to a resolution of the Board of Super- . .
visors adopted March 9,1967, and pursuant to resolutions adopted
by the governing body of the Charter Township of Waterford (the
participating municipality), the County of Oakland and the par-
ticipating municipality have entered into a Contract dated as of
April 1, 1969, as supplemented, whereby the County agrees to con- .
struct and finance the Clinton-Oakland Sewage Disposal System,
Waterford Extensions, and the participating municipality agrees.
to pay the cost thereof, based upon a project cost of$17,000,000(
and as represented by two series of bonds issued by the County to
finance said Clinton-Oakland Sewage Disposal System, Waterford
Extensions, which Contract is set forth in full in the aforesaid
resolution of the Board of Supervisors; and
WHEREAS, the County has issued two series of bonds
in the aggregate principal amount of $17,000,000 to finance
said Clinton-Oakland System, Waterford Extensions, pursuant
to said Contract, as supplemented, the first series being the
Oakland County Sewage Disposal Bonds - Clinton-Oakland System
Waterford Extensions Phase I, dated May 1, 1970, in the princi- ,
pal amount of $12,850,000, and the second series being the
Oakland County Sewage Disposal Bonds - Clinton-Oakland System,
Waterford Extensions, Second Series, dated November 1, 1970,
in the original principal amount of $4,150,000; and
WHEREAS, the amount of the several principal maturities
of the said Phase I bonds, dated May 1, 1970, outstanding and
unpaid after May 1, 1973, and the rate of interest payable
thereon is as follows:
$ 525,000 1979/80 at 8%
$2,250,000 1981/87 at 6-1/2%
$1,200,000 1988/90 at 6-3/4%
$ 450,000 1991 at 6.80%
$ 975,000 1992/93 at 6.90%
$5,625,000 1994/02 at 7%
$ 725,000 2003 at 6-1/2%
$11,750,000
which bonds, and the coupons attached thereto, are subject
to redemption as a whole on May 1, 1978, at a_premium of
of the face amount of said bonds, i.e. $352,500; and
. WHEREAS, Sections 11 and 12 of ChapteryI of
No. 202 of Michigan Public Acts of 1943, as amended (The
Municipal Finance Act) authorizes the County to refund said
• Phase I bonds by the issuance of refunding bonds within six - -
months prior to the date upon which said Phase I bonds may
be called for payment and redemption, as a whole, and if the
refunding results in a savings of interest cost to the County
of at-least 1/2 of 1% per annum; and
WHEREAS, there has been submitted to this Board of
Commissioners a report by Shannon and Company, its financial
consultant in connection with the Phas I bonds, showing that
refunding of said bonds as of May 1, 1978, will result in an
interest cost savings of about 1% per annum and may be ac-
complished by the issuance of $11,750,000 of refunding bonds,
. Interest Costs from May 1,
1978 to Maturity on
existing Bonds
Est°4-9a4-ed Net Savings
Thousand of Bonds Refunded
N.41et,.
which report reads as follows:
4D C01:241.7TY Avgust IC, 1977
$11,750,COO.O0 CLINTCN-OAKLAND SYSTEX
WATZRTORD EXTENSIONS P7ASE
SElqAGE. DISPOSAL BONDS
DATED MAY 1, 1970
INTEREST RATES
$ 525,000 1979/80 T 87
$2,250,000 1981/87 T 6;57
$1,200,000 1988/90 0 6 3/47
$ 450,000 1991 T 6.807
$ 975,000 1992/93 @ 6.907
$5,525,000 1994/02 @ 7%
$ 725,000 2003 T. 6;57
Average Maturity of Bond
Issue from May 1978 15.32766 Years
$12,395,775.00
Average InterestRate on
Bonds to be Refunded 6.88271797
Interest Cost on New aortes
if sold at 5 3/4%
Est 4nlated Savings in Interest
Costs
Savings per Thousand of
Bonds Refunded
Costs of Refunding
Premium $352,500 •
EntilyIntnd roe of Diernson,
Wright, McKean, Cada?
& Moon 30,000 •
Fee of Shannon and Company 18 ,550
Other ENmenses 3,500 .
$10,355,750,00
$ 2,00,02-5,00
173.62
Tote Est4 r2ted Expenses $ 404,550.00
Cost per Thousand of 300n ,'s
Refunded
Estimated Net Savings on
Refunding
V. 34.43
• 1,535,475.00
139..19
The gross estimated savings in interest costs is ec.-el to 5.04 tf.lnes
the cost of the .,e,--d-7ng.
; and
WHEREAS, there has been submitted to this Board of
Commissioners a schedule of refunding bond maturities which
has been approved and adopted by the township on which is also
set forth a schedule of the rates of interest borne by the
present bonds and the maximum rate of interest to be borne
by the refunding bonds; and
WHEREAS, by approving and adopting said schedule
the township re-affirms its obligation 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 of April 1, 1969, •as supplemented, and agrees to
pay from sewer and water system funds on hand, the costs of
refunding of approximately $404,55G; and
WHEREAS, the County is desirous of issuing refunding
bonds at the request of the township and in anticipation Of
the payments to be made by the township under—said Contract
of April 1, 1969, as supplemented and re-affirmed; and
WHEREAS, the Planning and Building Committee has
approved this bond 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, aggre-
gating the principal sum of Eleven Million Seven Hundred Fifty
Thousand Dollars ($11,750,000) be issued for the purpose of
refunding the Phase I bonds issued to finance said Clinton-
Oakland Sewage Disposal System, Waterford Extensions, ,which
bonds to be refunded are outstanding in the amount of
$11,750,000 and are part of an issue known as "Oakland County
Sewage Disposal Bonds - Clinton-Oakland System, Waterford
Extensions Phase I," dated May 1, 1970; that said refunding
bonds shall be known as "Oakland County Refunding Bonds -
Clinton-Oakland Sewage Disposal System - Series I978 and shall
be dated January 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 those
set forth on the schedule of maturities herein set forth, payable
on November 1, 1978 and semi-annually thereafter on the first
days of May and November in each year; and shall mature on the
first day of May in each year aS follows:
SCHEDULE OF MATURITIES
Year Amount Rate Year Amount Rate
1979 $250,000 7-1/2% 1991 $450,000 6.30%
1980 275,000 7-1/2% 1992 - 475,000 6.40%
1981 275,000 6% 1993 500,000 6.40%
1982 300,000 6% 1994 525,000 6-1/2%
1983 300,000 6% 1995 — - -550,000 6-1/2 9
1984 325,000 6% 1996 - 575,000 6-1/2%
1985 325,000 6% 1997 600,000 6-1/2%
1986 350,000 6% 1998 625,000 6-1/2%
1987 375,000 6% 1999 650,000 6-1/2%
1988 375,000 6-1/4% 2000 - 675,000 6-1/2%
1989 400,000 6-1/4% 2001 700,000 6-1/2%
1990 425,000 6-1/4% 2002 725,000 6-1/2%
2003 725,000 6%
Bonds maturing prior to May 1, 1994, shall not be subject to
redemption prior to maturity. Bonds maturing on and after
May 1, 1994, shall be subject to redemption at the option of
the county prior to maturity on any one or more interest pay-
ment dates on and after May 1, 1993. Bonds 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
following schedule:
I.
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
City of Detroit, 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 pay-
ing agent to redeem the same. 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 which qualifies ----
.paying_agent under Federal, or Michigan law and which shall.„
-be ,designated by the orisinal -purchaser of-the-bon-ds. Such
purchaser shall have the right to name a similarly qualified -
co-paying agent.
3.. That the Chairman of the Board of Commissioners
and the County Clerk, of the County of Oakland are 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 to execute the interest coupons to be attached to said
bonds by causing to be affixed thereto their facsimile signa-
tures; 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 sell and to
deliver said bonds and attached coupons to the purchaser there-,
of, upon receipt of the purchase price therefor.
4. That the said bonds are to be issued pursuant
to the provisions of Act No. 202 of the Michigan Public Acts
of 1943, as amended, in anticipation of the payments to become
due to the county from the Charter Township of Waterford under
said Contract of April 1, 1969, and the Second Amended Exhibit
B and Supplemental Exhibit C - Phase I thereto, and the schedule
of refunding bond maturities and expenses, all approved and
adopted by said Charter Township of Waterford, which payments
are in the principal amount of the bonds with interest thereon
and the expenses of refunding as therein provided. As provided
in said Contract, 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. 202, the full faith, and credit -
of the County of Oakland, as issuer, to the payment of the
bonds, both principal and interest, when due.
5. That all moneys paid to the County by the Charter
Township of Waterford pursuant _tp said Contract _of April 1, -
' 1.969and amended exhibits thereto and schedules i -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 herein authorized and refunding
expenses.
6. That the obligation of said charter township
to make the payments set forth in the Contract, as supplemented
by the schedule of principal and interest maturities adopted by
the Charter Township of Waterford with respect to this issue of
Oakland County Refunding Bonds - Clinton-Oakland Sewage Disposal
System, Series 1978, dated January 1, 1978, in the amount of
$11,750,000, 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, as supplemented
by the schedule of principal and interest maturities adopted
by the charter township, in anticipation of which the Oakland
County Refunding Bonds -Clinton-Oakland Sewage Disposal System,
Series' '1977, dated October 1, 1977, in the amoUnt of $3 -,925,000
are issued. The pledge by the County of Oakland of its full
faith and credit to payment of both series of said refunding
bonds, as authorized in said Act No. 185 and said Act No. 202,
respectively, applies equally and without preference or priority
to the bonds of each series.
7. That said bonds and attached coupons shall be
substantially in the following form:
, upon ,presentation
on or
on or
on or
after May 1, 1993, but
after May 1, 1996, but
after May 1, 1999, but
UNITED STATES OF AMERICA
STATE OF . MICHIGAN
COUNTY OF OAKLAND
Number $5,000
OAKLAND COUNTY REFUNDING BOND -
CLINTON-OAKLAND SEWAGE DISPOSAL SYSTP,M,
SERIES 1978
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 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
_ixi ci.ty _ of
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 2350, both inclusive, aggregating the principal sum
,,-- Erleven Million Seven Hundred'Fifty Thousand::Dollars
($11,750_,000) issued under and pursuant_to_andjn full con-
formity with the Constitution and Statutes of the State of
141._011igAna_ and especially 'Act No; 202 of'the:Michigan Public
Actsof 1943, as amended, for the purpose of refunding the
Oakland County Sewage Disposal Bonds - Clinton-Oakland System,
Waterford Extensions Phase I, dated May 1, 1970, issued to
defray the cost of Phase I of the Clinton-Oakland Sewage Dis-
posal System, Waterford Extensions in the 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 to redemption, 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
prior to May 1, 1996
2% if called to be redeemed
prior to May 1, 1999
1% if called to be redeemed
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
City of Detroit, 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 pay-
ing agent to redeem the same.
This refunding bond as to both principal and interest, ,
is payable from moneys ta;be:.paidtto the ConntyAcf .Oakland t
by the Charter Township of Waterford pursuant to a certain
Contract dated April 1, 1969, and Second Amended Exhibit B
and Supplemental Exhibit C - Phase I thereto -, between the County
of Oakland and said Charter Township, whereby the said Charter
Township agrees to pay to the said county the $17,000,000 cost
of said Phase I of the Clinton-Oakland Sewage Disposal System
- Waterford Extensions in annual installments in the same amounts
as the annual maturities of its bonds 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 the bonds of the county
issued to defray said cost. The full faith and credit of said
Charter Township is pledged for the prompt payment of its
obligation pursuant to said Contract and Supplemental Exhibit
C - Phase I thereto, and in addition, by affirmative vote of
three-fifths (3/5ths) 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 the bonds, principal and
intere5.tiawheriadue, all _on-a,parity,and-without between-aajaa.
the bonds of the County of Oakland issued for the same purpose
in the amount of $12,850,000, dated May 1, 1970, and $4,150,000
dated November 1, 1970. The Clinton-Oakland Sewage Disposal
Bonds - Clinton-Oakland System, Waterford Extensions Phase
ladatedaMay 1, 1970, in,theaoriginal principaltamount_ofa: . t ta,ta ?a.a
$12,850,000, are the bonds refunded by this bond and the other
bonds of this refunding. series, and the Charter Township of
1Viatex -foxdrtasf_approved -andadopthcLaschul-eofthincipal o
.and_in.teest maturities to_be.paid_by it onaaccount.of. these ta. tat
refunding bonds in lieu of the payments heretofore contracted
to be made on account of -said Phase I 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 in-
debtedness 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
and by the County Clerk of the county, and its corporate seal
to be affixed hereto, and has caused the annexed interest
coupons to be executed with the facsimile signatures of said
Chairman and County Clerk, all as of the first day of January,
A.D. 1978.
COUNTY OF OAKLAND, MICHIGAN
By
Chairman of its Board of Commissioners
By
Its County C
(SEAL)
(COUPON)
Number
On the first 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 CIW of same being
the interest due on that day on its Oakland County Refunding
Bond.-Clinton -Oakland Sewage Disposal System, Series 1978,_ ,
dated January 1, 1978, No
erk
(FACSIMILE)
County Clerk
(FACSIMILE)
Chairman of the Board o Commissioners
8. 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 Treasurer is hereby authorized and
directed to make application to said commission for the issuance -
of such order and approval of the following notice of sale.
9. That the County Treasurer 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, sub-
ject to the provisions of this resolution and that sealed
proposals for the purchase of $11,750,000 of Oakland County
Refunding Bonds - Clinton-Oakland Sewage Disposal System,
Series 1978, to be dated January 1, 1978, be received up to
a time to be later determined by the County Treasurer and
that notice thereof be published in accordance with law in
The Bond Buyer and in the• Oakland Press, which notice shall
be substantially in the following form:
OFFICIAL
NOTICE OF SALE
$11,750,000
COUNTY OF OAKLAND
STATE OF MICHIGAN
OAKLAND COUNTY REFUNDING BONDS -
CLINTON-OAKLAND SEWAGE DISPOSAL SYSTEM -
SERIES 1978
SEALED BIDS for the purchase of the above bonds will be received
by the undersigned at the Oakland County Service Center, 1200
North Telegraph Road, in the City of Pontiac, Oakland County,
Michigan, on the day of
1978, until o'clock _.M., Eastern Time,
at which time and place said bids will he publicly opened and
read.
BOND DETAILS: Said bonds will be coupon bonds of the denomina-
tion of $5,000 each, dated January 1, 1978, numbered in direct
order of maturity from 1 upwards and will bear interest at
a rate or rates to be hereafter determined not exceeding those
set forth in the schedule of maturities herein set forth, pay-
able on November 1, 1978, and semi-annually thereafter.
Said bonds will mature on the 1st day of May, as
follows:
Year Amount Rate Year Amount Rate
. 1979 $250,000
1980 . .275,000
nnn1981r' '275,000
1983 300,000
::Z.;325,000
1985 325,000
1986 350,000
1987 375,000
1988 375,000
1989 400,000
1990 425,000
7-1/2% 1991 $450,000
7-1/2% . 1992 . 475,000
6%;'icj ' 'i993 500,000
6% 1994 525,fl00
6% 1995 550,000
6% 1997 600,000
6% . 1998 . 625,000
6% 1999 - 650,000
6-1/4% 2000 675,000
6-1/4% 2001- 700,000
6-1/4% .2002 -725,000
2003 725,000
6.30%
6.40%
6-1/2%
6-1/2%
6-1/2%
6-1/2%
6-1/2%
6-1/2%
6%
PRIOR REDEMPTION: Bonds maturing on and after May 1, 1994
shall be subject to redemption prior to maturity at the option
of the County, on any one or more interest payment dates on
or after May 1, 1993, at par and accrued interest to the date
fixed for redemption, plus a premium as follows:
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.
Thirty days -notice of redemption shall be given by
publication, at least once in a newspaper or publication cir-
culated in the City of Detroit, 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.
PAYING AGENT: Both principal and interest shall be payable
at a bank or trust company located in Michigan qualified to
act as paying agent under State or United States law, to be
designatedaby the original purchaser of the bonds, which shall aae
be subject to approval of the undersigned. A co-paying agent
similarly qualified and located anywhere may also be so designated.
PURPOSE AND SECURITY: These refunding bonds as to both principal
and interest, are payable from moneys to be paid to the County
of Oakland by the Charter Township of Waterford pursuant to
a certain Contract dated April 1, 1969, and Second Amended
Exhibit B and Supplemental Exhibit C - Phase I thereto, between
the County of Oa k land and said Charter Township, whereby the
said Charter Township agrees to pay to the said county the
$17,000,000 cost of said Phase I of the Clinton-Oakland Sewage
Disposal System - Waterford Extensions in annual installments
in the same.Mabunts as the annual maturities of its bonds 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 the bonds of
the -county issued to defray said cost. The full faith and - ---
credit of said Charter Township is pledged for the prompt pay-
,-
ment ofeits obligation pursuant ,,tc said-Contract _and Supplemental._
Exhibit C - Phase I thereto, and in addition, by affirmative
vote of three-fifths (3/5ths) 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 the bonds, principal and
interestwhenedue, all on-aena_rity and without priority_ _between ,
the bonds of the County of Oakland issued for the samepurpose
in the amount of $12,850,000, dated May 1, 1970, and $4,150,000,
;7a-eAated November .1, 1970 a-The:Clinton-Oakland Sewage Disposal
,Bonds_7aClinton-Oakland System, Waterford Extensi_ons Phase__
I, dated May 1, 1970, in the original principal amount of
,f1 e:a$120i000 4 are the bonds:xetunded by these bonds and_ tehe: a:aeaa,==aa
other bonds of this refunding series, and the Charter Township
of Waterford has approved and adopted a schedule of the princi-
pal and interest maturities to be paid by it on account of
these refunding bonds in lieu of the payments heretofore con-
tracted to be made on account of said Phase I bonds.
FULL FAITH AND CREDIT OF COUNTY: Pursuant to resolution adopted
by its Board of Commissioners, the County of Oakland has pledged
its full faith and credit for the payment of principal of and
interest on the bonds.
GOOD FAITH: A certified or cashier's check in the amount of
$235,000, drawn uvon an incorporated bank or trust company'
and payable to the order of the Treasurer of the County must
accompany each bid as a guarantee of good faith on the part
of the bidder, to be forfeited as liquidated damages if such
bid be accepted and the bidder fails to take up and pay for
the bonds. No interest shall be allowed on the good faith
checks and checks of the unsuccessful bidders will be promptly
returned to each bidder's representative or by registered mail.
The good faith check of the successful bidder will be immediately
cashed and payment for the balance of the purchase price of
the bonds shall be made at the closing.
AWARD OF BONDS: The bonds will be awarded to the bidder whose
bid produces the lowest interest cost computed by determining,
at the rate or rates specified in the bid, the total dollar
value of all interest on the bonds from May 1, 1973, to their
maturity and deducting therefrom any premium.
CUSIP number have been applied for and will be imprinted
on all bonds of this issue at the issuer's expense. An improperly
imprinted number will not constitute basis for the purchaser
to refuse to accept delivery.
LEGAL,-.0,71NTON-t: Bids shallbeconditioned upontt,he unqualified,
approving opinion of Dickinson, Wright, McKean, Cudlip & Moon,
attorneys of Detroit, Michigan, a copy of which opinion will
be printed on the reverse side of each bond, and the original
of which will be furnished without expense to the purchaser
of the bonds at the delivery thereof.
DELIVERY OF BONDS: The County will furnish bonds ready for
execution at its expense. Bonds will be delivered without
expense to the purchaser at New York, New York, Chicago, Illinois,
or Detroit, Michigan. The usual closing documents, including
a certificate that no litigation is pending affecting the
issuance of the bonds, will be delivered at the time of the
delivery of the bonds. If the bonds are not tendered for
delivery by„twelve o'clock noon, Eastern Time,
on the 45th day following the date of sale, or the first business
day thereafter if said 45th day is not a business day, the
successful bidder may on—that day', or any time thereafter until:— ---
delivery of the bonds, withdraw his proposal by serving notice
of,.cancellat.on, in writing,: on_the undersigned_ in„,
the County shall promptly return the good faith deposit. Payment
for the bonds shall be made in Federal Reserve funds. Accrued -
interest to the date of delivery of the bonds shall be paid
by the purchaser at the time of delivery.
FINANCIAL CONSULTANT: Further information with respect to
said bonds may be obtained from Shannon & Co., 2012 City National
Bank -Building, Detroit, Michgdan, A8226tTelephone313) 965-:
1855.
THE tRIGHT tIStRESERVED TO REJECT -ANY OR ALL
ENVELOPES: containing the bids should be plainly marked "Proposal.
for Waterford Township Refunding Bonds".
DATED: , 197_.
APPROVED: , 197.
STATE OF MICHG IAN
MUNICIPAL FINANCE COMMISSION
Planning and Building Committee
7, 6
Richard R. Wilcox, Chairman
10. 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.
ADOPTED:
YEAS: Price, Simson, Wilcox, DiGiovanni, Doyon, Fortino, Gabler, Gorsline, Hoot,
Kasper, Kelly, Lanni, McConnell, McDonald, Moffitt, Montante, Moxley,
Murphy, Olson, Patterson, Peterson. (21)
NAYS: None. (0)
ABSENT: Aaron, Daly, Page, Perinoff, Pernick, Roth. (6)
, 1977, October
A.D. 1977. October
STATE OF MICHIGAN )
. )
COUNTY OF OAKLAND)
1, the undersigned, the duly qualified and acting
County Clerk of the County of Oakland, do hereby certify that
the foregoing is a true and complete copy of a resolution
adopted at a regular meeting of the Oakland County Board of
SS:
Commissioners, held on the 11th day of
the original of which is on file in my office.
IN WITNESS WHEREOF, I have hereunto affixed my
official signature this 11 th day of
Lynn D. Allen - County clerk