HomeMy WebLinkAboutResolutions - 1976.11.03 - 14303The following resolution is with reference to Evergreen Sewage
Disposal System - Bloomfield Township Trunz Arms - Stage Two and !,:)age Three
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and is to (a) modify the official Notice. of Sale for Bonds to include maximiim
interest rate of 8% instead of 10% per annum; (b) modify Board of Commissioner
miscellaneous Resolution 7660 changing Bond interest rate to he capitalized
8% per annum for 12 months
and since a copy of the resolution has, prior to this meeting been mailed to
all members of this Board I respectfully request that reading of same be
waived.
The Planning and Building Committee, by Patrick K. Daly
its Chairman , moves the adoption of the following
Resolution:
At a regular meeting of the Board of Commissioners of
Oakland County, Michigan, held in the Commissioner's Auditorium
in the County Service Center, in the City of Pontiac, Michigan,
Thursday 4th November 9:30 on the day of , 1976, at
o'clock A.M., Eastern Standard Time.
PRESENT: Aaron, Button, Daly, Dearborn, Douglas, Dunleavy, Fortino, Gabler, Hoot,
Houghten, Kasper, Lennon, McDonald, Moffitt, Montante, Murphy, Nowak, Olson, Page,
Patterson, Perinoff, Pernick, Price, Roth, Simmons, Wilcox, Wilson, (27)
ABSENT: None. (0)
Miscellaneous Resolution No. 7725
Recommended by County Drain Commissioner
as County Agency
Re: EVERGREEN SEWAGE DISPOSAL SYSTEM
- BLOOMFIELD TOWNSHIP TRUNK ARMS
- STAGE TWO AND STAGE THREE
Submitted by Mr. Daly
AMENDMENTS TO
BOND RESOLUTION
Daly Mr. offered the following resolution
which was approved by the County Agency and the Planning and
Building Committee.
WHEREAS, there is herewith submitted a substitute
Official Notice of Sale in which the maximum rate of interest to
be borne by the $1,700,000 Oakland County Sewage Disposal Bonds
- Evergreen System - Bloomfield Township Trunk Arms - Stage Two
and Stage Three is reduced from 10% per annum to 8% per annum; and
WHEREAS, the Board of Commissioners, by miscellaneous
resolution No. 7660, dated on August 19, 1976, did approve a Bond
Resolution providing for the issuance and saLe of said $1,700,000
of Oakland County Sewage Disposal Bonds, to be dated September 1,
1976, and approving a form of Official Notice of Sale, and it is
now necessary to amend paragraph 5 of said resolution to change
the amount of interest to be capitalized and payable from the
proceeds of said bonds at the revised rate of interest of 8% per
annum for the period of twelve months; and
WHEREAS, the County Drain Commissioner as County Agency
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, that paragraphs 5 and 10 of the
Bond Resolution heretofore adopted by this Board on August 19,
1976, be and each hereby is amended to read as follows:
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 for the period of twelve months from the date thereof is
capitalized and is payable from the proceeds of said bonds.
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 Bond Buyer 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 , the day of 1976,
until o'clock _.M., Eastern Daylight Time, at which time
and place said bids will be publicly 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
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
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 8% 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 of interest on the bonds of this issue. The
full faith and credit of said Township of Bloomfield has been pledged
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 & 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 any time 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 REJECT 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 Drain Commissioner, County
Agency
DATED: r 1976.
APPROVED: 1976.
STATE OF MICHIGAN
MUNICIPAL FINANCE COMMISSION
Mr. Daly
BE IT FURTHER RESOLVED, that all resolutions and parts
of resolutions, insofar as the same may be in conflict herewith,
PLANNING AND BUILDING COMMITHE
13
moved the adoption of the foregoing
resolution, which motion was supported by Mr. Murphy
On roll call, the resolution was ( ) adopted by
the following vote.
YEAS; Daly, Dearborn, Douglas, Fortino, Gabler, Hoot, Houghten, Kasper, Lennon,
McDonald, Moffitt, Montante, Murphy, Noak, Olson, Page, Patterson, Perinoff,
Pernick, Price, Roth, Simmons, Wilcox, Wilson, Aaron, Button, (26)
are hereby rescinded. are hereby rescinded.
NAYS: None: (0)
ABSENT; Dunleavy,
Dated: November 4 1976,
STATE OF MICHIGAN )
ss:
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
Sewage 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 Thursday
November 4 , 1976, the originals of which are on file in my office.
. Lynn 0, Allen ,pounty Clerk, Oakland County