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HomeMy WebLinkAboutResolutions - 1976.08.19 - 14056RE: EVERMR -- - BLW - STAG Mr. Da offered the following resolution Miscellaneous Resolution No. 7660 Pece,eeo..::r:7 by County Drain CeeT5esioner as Col.In Submitted by Mr. Daly BOND RESOLUTION which is approved by the County Agency and the Planning and Building Committee. this Board of Commissioners (formerly Super- visors), by Miscellaneous Resolution No. 3269, adopted August 12, 1957, as amended by Miscellaneous Resolution No. 3435, adopted October 13, 1953, did approve of the establi' -eet of a sewage disposal system to be known as the "Evergreen Sewage Disposal System" for the purpose of disposing of sanitary sewage from the Evergreen Sewage Disposal District, within which district lies part of the Township of Bloomfield; and WHEREAS, pursuant to Board of Commissioners Resolution Miscellaneous No. 7660 heretofore adopted, and pursuant to a resolution adopted by the governing body of the Township of Bloomfield, the County of Oakland and the said Township entered into a Contract dated as of Ae -o -t 1, 1976, whereby the County agreed to construct and finance said Bloomfield Township Trunk Arms - Stage Two and Stage Three in the Ever- green Sewage Disposal System and the Township agreed to pay the total cost thereof, based upon an estimated cost of $1,700,000 and as represented by the amount of bonds issued by the county to finance said Trunk Arms, which said Contract is set forth in full in the said resolution of this Board of Commissioners; and WHEREAS, construction plans and specifications for the Bloomfield Township Trunk Arms - Stage Two and Stage Three in the Evergreen Sewage Disposal System as prepared by Hubbell, Roth & - Clerk, Inc., registered professional engineers, and an estimate of $1,700,000 as the cost of said Trunk Arms and an estimate of forty . (40) years and upwards as the period of usefulness thereof, as pre- pared by said registered professional engineers, have been approved _ by the _County Agency and by this Board of Commissioners of _ Oakland County and by the governing body of the Township of Bloom- field; and WHEREAS, pursuant to the provisions of said :Contract of August 1, 1976, the aggregate 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 _ Township is to pay annually the amount of each annual installment to the County and in addition thereto is .to pay semi-annually interest and paying agent fees and other bond handling costs as determined pursuant to said Agreement; and WHEREAS, the County is desirous of issuing bonds in antici- pation of payments to be made by the said Township under said Contract of August 1, 1976; and WHEREAS, the County Agency has approved this reso1u7 tion 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 One Million Seven Hundred Thousand Dollars. ($1,700,000) be issued for the purpose of defraying the cost of acquiring said Bloomfield Township Trunk Arms - Stage Two and Stage Three in the Evergreen Sewage Disposal System. The said bonds shall be known as "Oakland County Sewage Disposal Bonds - Evergreen System - Bloomfield Township Trunk Arms - Stage Two and Stage Three"; shall be dated September 1,-1976; Shall be numbered -consecutively,inhe .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 ten percent (10%) per annum, payable on May 1, 1977\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: 1979 - $25,000 1980 - 25,000 1981 - 25,000 1982 - 25,000 1983 - 25,000 1984 - 25,000 1985 - 25,000 1986 - 25,000 1987 - 50,000 1988 - $50,000 1989 - 50,000 1990 50,000 1991 - 50,000 1992 - 50,000 1993 - 75,000 1994 - 75,000 1995 - 75,000 1996 - 75,000 1997 - $100,000 1998 - 100,000 1999 - 100,000 2000 - 100,000 2001 - 100,000 2002 - 100,000 2003 - 100,000 2004 - 100,000 2005 - 100,000 Bonds maturing on or after May 1, 1991 shall be subject to redemption in whole or in part, at the option of the County, prior to maturity, on any interest payment date on or after May 1, 1990. Bonds called for redemption shall be redeemed at the par value thereof and accrued which shall be designated the original purchaser of the bonds. 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, 1990, but prior to May 1, 1995 2% if called to he redeemed on or after May 1, 1995, but prior to May 1, 2000 1% if called to be redeemed on or after May 1, 2000, but prior to maturity. Notice of redemption shall be given to the holders of the bonds 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. If less than the whole of outstanding bonds is to be redeemed, the county shall choose and shall specify, by number and maturity, the bonds to be redeemed on the date specified in the notice to be published. 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 1991 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 Such purchaser shall have the right to name a similarly qualified co-paying agent located any where 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 af- • fixed thereto their facsimile signatures; and that upon the execu- tion 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 provisions of Act No. 342 of the Michigan Public Acts of1939, as amended, in anticipation of the payments to become due to the County from the Township of Bloomfield under said Contract of August 11976, 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 Township of Bloomfield 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 Township of Bloomfield pursuant to said Contract of August 1, 1976, 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. Interest payable on the bonds on May 1, and November 1, 1977 and May 1, 1978, is capitalized and is payable from the proceeds of said bonds. 6. That said bonds and attached coupons shall be sub- stantially in the following form: UNITED STATES OF AMERICA STATE OF MICHIGAN COUNTY OF OAKLAND OAKLAND COUNTY SEWAGE DISPOSAL BOND - EVERGREEN SYSTEM - BLOOMFIELD TOWNSHIP TRUNK ARMS - STAGE TWO AND STAGE THREE - 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 May I, 197,0and thereafter semi-annually on the first days of May and November in each year., .Both principal and interest hereof are pay- able 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. e numbered consecutively in the direct order of their maturities from 1 to 340, both inclusive, aggregating the principal sum of One Million Seven Hundred Thousand Dollars ($1,700,000), 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 Bloomfield Township Trunk Arms - Stage Two and Stage Three in - the Evergreen System. Bonds of this series maturing prior to May 1, 1991 are not subject to redemption prior to maturity.. .Bonds maturing on or after May 1, .1991 shall be subject to redemption as a whole or in part, at the option of the County prior to maturity on any interest payment date on or after May 1, 1990. Bonds called for redemption shall be redeemed at the par value thereof and accrued interest plus aapermium 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, 1990, but prior to May 1, 1995 2% if called to be redeemed on or after May 1, 1995, but prior to May 1, 2000 1% if called to be redeemed on or after May 1, 2000, but prior to maturity. Notice of redemption shall be given to the holders of bonds called for redemption by publication of such notice not less than thirty (3) 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. If less than the whole of outstanding bonds is to be redeemed, the county shall choose and shall specify, by number and maturity, the bonds to be redeemed on the date specified in the notice to be published. 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 Bloomfield pursuant to a certain Contract, dated August 1, 1976, bet- ween the County of Oakland and said Township whereby the said Township agrees to pay to the said County the cost of said Bloomfield - Township Trunk Arms - Stage Two and Stage Three in the Evergreen Sewage Disposal System in annual installments in the same amounts 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 pay- ments 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 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 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 September, A.D.Y1976, COUNTY OF OAKLAND, MICHIGAN By Chairman of its Board of ComMissioners By Its County Clerk (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 - Evergreen System - Bloomfield Township Trunk Arms - Stage Two and Stage Three, dated September 1, 1976 No ? '(FACSIMILE) (FACSIMILE) County Clerk ChairMan of the Board of Commissioners 7. 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, asamended, and the 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 pro- visions of this resolution. 9. All resolutions and parts of resolutions, insofar as the same may be in conflict herewith, are hereby rescinded. 10. That sealed proposals for the purchase of $1,700,000 of Oakland County Sewage Disposal Bonds - Evergreen System Bloomfield Township Trunk Arms - Stage Two and Stage Three to be dated September 1, 1976,. be received up to a time to be later determined by the County Agency, and that notice thereof be pub- lished in accordance with law in the BondBuyer and in the Oakland- Press, which notice shall be substantially in the following form: OFFICIAL NOTICE OF SALE $1,700,000 County of Oakland, State of Michigan OAKLAND COUNTY SEWAGE DISPOSAL BONDS - EVERGREEN SYSTEM - BLOOMFIELD TOWNSHIP TRUNK ARMS - STAGE TWO AND STAGE THREE SEALED BIDS for the purchase of the above bonds will be received by the undersigned at the office of the Oakland County Board of Public Works located . at 1 Public Works. Drive, Waterford Township, Pontiac, Michigan, on i the . day of , 1976, until o'clock .M., Eastern Daylight Time, at which time and place said bids will bepublicly opened and read. BOND DETAILS: Said bonds will be coupon bonds of the denomination of $5,000 each, dated September 1, 1976, numbered in direct order of maturity from 1 upwards and will bear interest from their date pay- able on May 1, 1977, and semi-annually thereafter. Said bonds will mature on the 1st day of May, as follows: 1979 - $25,000 1980 - 25,000 1981 - 25,000 1982 - 25,000 1983 - 25,000 ao1984 - 25,000 1985 - 25,000 1986 - 25,000 1987 - 50,000 1988 - $50,000 1989 - 50,000 ,1990 - 50,000 1991 - 50,000 1992 - 50,000 1993 - 75,000 1994 - 75,000 1995 - 75,000 1996 - 75,000 1997 - $100,000 1998 - 100,000 1999 - 100,000 2000 - 100,000 2001 - 100,000 2002 - 100,000 2003 - 100,000 2004 - 100,000 2005 - 100,000 PRIOR REDEMPTION: Bonds maturing on and after May 1, 1991, shall be subject to redemption prior to maturity, at the option of the County, in whole or in part, on any one or more interest payment dates on or after May 1, 1990, at par and accrued interest to the date fixed for redemption, plus a premium as follows: 3% of the par value of each bond called for redemption on or after May 1, 1990, but prior to May 1, 1995 2% of the par value of each bond called for redemption on or after May 1, 1995, but prior to May 1, 2000 1% of the par value of each bond called for redemption on or after May 1, 2000, but prior to maturity. 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 a part of its regular service, notices of the sale of municipal bonds. If less than the whole of outstanding bonds iS' to be redeemed, the county shall choose and shall specify, by number and maturity, the bonds to be redeemed on the date • specified in the notice to be published. Bonds called for redemption shall not bear interest after the redemption date, pro- vided funds are on hand with the paying agent to redeem the same. INTEREST RATE AND BIDDING DETAILS .: The bonds shall bear interest at a rate or rates not exceeding 10% per annum, to be fixed by the bids therefor, expressed in multiples of 1/8 or 1/20 of 1%, or both. The interest on any one bond shall be at one rate only, all bonds maturing in any one year must carry the same interest rate and each coupon period shall be represented by one interest coupon. The difference between the highest and the lowest rate of interest borne by any of said bonds shall not exceed two percentage points. No proposal for the purchase of less than all of the bonds or at a . price less than 100% of their par value will be considered. PAYING AGENT: Both principal and interest shall be payable at a bank or trust company located in Michigan qualified to act as pay- ing agent under State or United States law, to be designated by the original purchaser of the bonds, which shall be subject to approval Of the .undersigned. A co-paying agent similarly qualified and located anywhere may also be so designated. PURPOSE AND SECURITY: The bonds are to be issued pursuant to the provisions of Act 342, Public Acts of Michigan, 1939, as amended, to defray the cost of acquiring and constructing the Evergreen Sewage Disposal System - Bloomfield Township Trunk Arms - Stage Two and Stage Three, consisting of sewage collection, transmission and disposal facilities to serve the Township of Bloomfield. The bonds are to be issued in anticipation of, and are primarily payable from, payments to be made by the Township of Bloomfield pursuant to a certain Contract dated August 1, 1976, between the County of Oakland and the Township of BlooMfield wherein said Township of Bloomfield agrees to pay to the County of Oakland the cost of said Trunk Arms in installments equal to the annual principal maturities and the semi-annual maturities ofinterest on the bonds of this issue. The full faith and credit of said Township of Bloomfield has been pled; for the making of said payments. 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.$34,000, drawn upon 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 immedi- ately 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 , 19 to their maturity and deducting therefrom any premium. CUSIP: CUSIP numbers 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 OPINION: Bids shall be conditioned upon the unqualified approving opinion of Dickinson, Wright, McKean, Cudlip .ti 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 execu- tion 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 anytime thereafter until delivery of the bonds, withdraw his proposal by serving notice of cancellation, in writing, on the undersigned in which event 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 Penobscot Building, Detroit, Michigan, 48226. Telephone" (313) 965-1855. THE RIGHT IS RESERVED TO PI :T ANY OR ALL BIDS. ENVELOPES: containing the bids should be plainly marked "Proposal for Bloomfield Township Evergreen System Bonds". /s/ George W. Kuhn Oakland County DrainiCommissiOner,,CountY Agency DATED: 1976. APPROVED: , 1976. STATE OF MICHIGAN MUNICIPAL FINANCE COMMISSION 11. That the County Agency he and he hereby is autho- rized and directed to forward the foregoing notice of sale to the Municipal Finance Commission for its approval. It was moved by Mr. Daly , seconded by f-haf- the foreUoing rc,solution be adopted Mr. Gabler Upon roll call the vote was as follows: YEAS: Wilcox, Wilson, Button, Daly, Dearborn, Douglas, Dunleavy, Fortino, Gabler, Hoot, Houghten, Kasper, McDonald, Moffitt, Montante, Murphy, Nowak, Page, Perinoff, Pernick, Price, Roth, Simmons. (23) NAYS: None. (0) Dated: August 1 r 1976. STATE OF MICHIGAN ) COUNTY OF OAKLAND ) I, the undersigned, the County Clerk of the County of Oakland, do hereby certify that the foregoing is a true and complete copy of the proceedings pertaining to the Evergreen c Disposal System - Bloomfield Township Trunk Arms - Stage Two and Stage Three, duly adopted and taken by the Board of Commissioners of said County at a regular meeting held August 19, 1976, the originals of which are on file in my office. County Clerk, Oakland County Lynn D. Al len