HomeMy WebLinkAboutResolutions - 1976.11.18 - 14315awre6ce R:-Petht6k, Chairman
1 HERESY APPROVE TyIE F
November 18, 1976
RESOLUTION NO. 7734
RE: CREMATION AGREEMENT ON TAX NOTES
AND COUPONS
BY: FINANCE COMMITTEE
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, the National Bank of Detroit has been appointed
Paying Agent for 22,840,000 County of Oakland, Michigan, General
Obligation Tax Notes, Series 1976, dated April 1, 1976; and
WHEREAS, the County of Oakland and the National Bank of
Detroit desire to cremate the tax notes and coupons above des-
cribed; and
WHEREAS, it is necessary that the County and the National
Bank of Detroit enter into an agreement to provide for the cremation
of the tax notes and bonds, a copy of which is attached hereto;
NOW THEREFORE BE IT RESOLVED that the Chairman of the
Oakland County Board of Commissioners be and he is hereby authorized
to execute the Agreement to cremate tax notes and coupons on
behalf of the County of Oakland.
The Finance Committee, by Mr. Lawrence R. Pernick, Chairman,
moves the adoption of the foregoing resolution.
FINANCE COMMITTEE
AGREEMENT TO CREMATE TAX NOTES AND COUPONS
THIS AGREEMENT between the COUNTY OF OAKLAND, a Michigan
Constitutional Corporation, having its offices at 1200 North
Telegraph Road, Pontiac, Michigan, (hereinafter called "Obligor"),
and NATIONAL BANK OF DETROIT, a National Banking Association,
duly organized and existing under the laws of the United States
of America, having its principal place of business at 611
Woodward Avenue, Detroit, Michigan 48232 (hereinafter called
"Agent").
WITNESSETH:
WHEREAS, the Obligor has heretofore duly authorized and
issued various issues of tax notes for which Agent has been
designated Principal Paying Agent for principal (hereinafter
referred to as "Obligations") and interest (hereinafter referred
to as "Interest Coupons"); and
WHEREAS, the Obligor may, from time to time in the future,
duly authorize and issue certain additional new series or issues
of tax notes for which Agent, at such time, may be designated
Principal Paying Agent for Obligations and Interest Coupons; and
WHEREAS, the Obligor is desirous of appointing Agent to
dispose of said Obligations and Interest Coupons pertaining thereto
by cremation thereof, and Agent is desirous of acting as such
Agent.
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1. National Bank of Detroit is hereby appointed Agent to
cremate all Obligations and Interest Coupons paid by Agent or by
any Co-Agent on and after the effective date of this Agreement or
paid and in the hands of the Agent or Co-Agent on the effective
date of this Agreement, and to deliver cremation certificates with
respect thereto to the Obligor; and Agent accepts such appointment.
2. Semi-annually as of each interest date of each Obligation,
or such other dates as may be agreed upon, Agent will prepare and
deliver an unexecuted copy of cremation certificates to the Obligor
covering all cancelled Obligations and Interest Coupons received
and paid by Agent or Co-Agent during the preceding period, to-
gether with cash statements covering such period. Each of such
cremation certificates shall include all the detailed information
specified in Act No. 56, Public Acts of 1962, State of Michigan,
or any amendment thereof (hereinafter referred to as "Bond
Cremation Act").
3. Said cancelled Obligations and Interest Coupons shall be
held in custody by Agent for a minimum of five (5) months after
the end of the period referred to in the preceding paragraph, or
for such period of time as may be agreed upon provided, however
that such period of time shall not be permitted to conflict with
any limitation prescribed in the "Bond Cremation Act" as originally
enacted or as amended. During such period, such Obligations and
Interest Coupons will be available at the office of the Agent
during regular banking hours, for inspection or audit by an
authorized representative of the Obligor. In the event an audit or
inspection is made, an additional charge other than listed below
will be made in an amount to be agreed upon by the parties. At
the appropriate time, Agent will destroy said Obligations and
Interest Coupons, by burning, and will execute and deliver appro-
priate cremation certificates evidencing such destruction to the
Obligor and to the Municipal Finance Commission of the State of
Michigan or such other agency or body as may hereafter have power
over the issuance of Obligations by public corporations. The
Obligor agrees to pay the following fees of the Agent:
For each issue of Obligations and related
Interest Coupons for which a cremation
certificate is issued
1-3/V per coupon cremated
per bond cremated
Subject to a minimum of $15.00 for each
cremation for each issue.
The foregoing fees are subject to revision
by mutual agreement.
4. This Agreement may be terminated by either party upon
giving thirty (30) days written notice to the other party.
5. This Agreement may be amended at any time by mutual
consent of the parties.
6. This Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective successors and
assigns.
7. The parties hereto have caused this Agreement to be
executed in their corporate names and attested as of the date which
shall be inserted in the following paragraph by the Agent when it
signs this Agreement, which date shall be the effective date of
the Agreement.
Witness the due execution hereof this day of
, 1976.
Attest:
By:
(Title)
and
(Title)
Attest: NATIONAL BANK OF DETROIT
By:
The execution and delivery of the foregoing Agreement was
authorized by the Oakland County Board of Commissioners, by
resolution adopted at a regular meeting held on the day
Of , 1976.
Dated:
#7734 November 18, 1976
Moved by Pernick supported by Patterson the resolution be adopted.
AYES: Montante, Murphy, Nowak, Olson, Page, Patterson, Perinoff,
Pernick, Price, Roth, Wilcox, Wilson, Aaron, Button, Daly, Dearborn, Houghten,
Kasper, Lennon, McDonald. (20)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was
adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
Lynn D. Allen, Clerk of the County of Oakland and
having a seal, do hereby certify that I have compared the annexed copy of
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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
this 18th day Noyembe
Lynn DO Allen Clerk
BY0....*OPOPOO-Opp OOOOOO B OOOOO .......Deputy Clerk