HomeMy WebLinkAboutResolutions - 1976.11.18 - 14314November 18, 1976
RESOLUTION NO.
RE: DESIGNATION OF PAYING AGENT
GENERAL OBLIGATION TAX NOTES
BY: FINANCE COMMITTEE
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, the National Bank of Detroit was the low bidder
for $22,840,000 County of Oakland, Michigan, General Obligation
Tax Notes, Series 1976, dated April 1, 1976;
NOW THEREFORE BE IT RESOLVED that the National Bank of
Detroit, Detroit, Michigan, be and is hereby appointed Paying
7733
Agent for 22,840,000 County of Oakland, Michigan, General Obli-
gation Tax Notes, Series 1976, dated April 1, 1976, as more fully
described on attached Exhibit A.
BE IT FURTHER RESOLVED that the National Bank of Detroit
shall be paid, as compensation for its services, fees on the fol-
lowing basis:
Account Maintenance Fee - To be billed semi-annually
$50.00 per annum
For Payment of Interest Coupons - 50.14 per coupon
For Payment of Coupon Bonds at Maturity or on Redemption
Prior to Maturity When All Outstanding Bonds are to be
Redeemed - S1.50 per Bond.
On Redemption Prior to Maturity When Less Than All
Outstanding Bonds are to be Redeemed - $1.75 Per Bond.
Plus Out-of-Pocket Expenses, (e.g. postage, registered
mail, surcharge, etc.)
BE IT FURTHER RESOLVED that all statements of account and,
unless cremation has been authorized by separate Agreement, all
cancelled obligations shall be forwarded by the Paying Agent to
C. Hugh Dohany, Oakland County Treasurer, 1200 North Telegraph
Road, Pontiac, Michigan, Telephone: 858-0623.
The Finance Committee, by Mr. Lawrence R. Pernick, Chairman,
movestheadoptionofthe,foregoing resolution.
#7733
Moved by Pernick supported by Lennon the resolution be adopted.
AYES: McDonald, Moffitt, Murphy, Nowak, Olson, Page, Patterson, Perinoff,
Pernick, Price, Roth, Simmons, Wilcox, Wilson, Aaron, Button, Daly, Dearborn,
Hoot, Kasper, Lennon, (21)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lynn. IL Allen, Clerk of the County of Oakland and
having a seal, do hereby certify that T have compared the annexed copy of
Miscellaneous Resolution #7733 adopted by the Oakland County Board of
1Commissioners at their meeting held on November 18, 1976
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
18th November 76 this day of 19..,.
Lynn D. Allen lerk
By Deputsy Clerk