HomeMy WebLinkAboutResolutions - 1976.09.16 - 143897698 Miscellaneous Resolution No
Recommended by Drain Commissioner, County Agency
Re: EVERGREEN SEWAGE DISPOSAL SYSTEM
-IBINGHAM FARMS EXTENSION NO 2
and BINGHAM FARMS WATER SUPPLY
SYSTEM
Submitted by Mr.
BOND RESOLUTION
Mr. Daly offered the following resolution
which was apprOved by the Drain Commissioner, County Agency:
WHEREAS, the Oakland County Board of Supervisors by
Resolution, Misc. No 3269, adopted on August 12, 1957, as amended
by Resolution, Misc. No. 3435, adopted on October 13, 1958, did
approve of establishment of the Evergreen Sewage Disposal System
to serve the Evergreen Sewage Disposal District; and
WHEREAS, the Oakland County Board of Supervisors by
Resolution, Misc. No 4115, adopted March 6, 1963, did enlarge
the Evergreen Sewage Disposal District to include all of the
Village of Franklin and all of the Village of Bingham Farms (here-
in called the "villages") within the area to he served by the
Evergreen Sewage Disposal System; and
WHEREAS, pursuant to the Evergreen Sewage Disposal System
Agreement, dated November 10, 1958, as amended by amendatory agree-
ments. dated December 22, 1953 and February 9, 1959, all between
the County of Oakland and the Cities of Birmingham, Bloomfield
Dal y
Hills, Lathrup Village, Troy and Southfield, the Village of
Westwood (now BeVerly Hills) and the Townships. of Bloomfield and
.Pontiac, municipal corporations in said County of Oakland, the
said County, acting through its Department of Public Works, did
.acquire the original Evergreen System and did finance such acquisi-
tion by the issuance of bonds in anticipation of payments to be
made by said municipal corporations to the County in accordance
with the provisions of said agreement, as amended (herein referred
to as the "Base Agreement"); and
WHEREAS, the Villages have entered into agreements with
. the county, with the approval of the aforesaid municipal corpora-
tions. whb are parties to the Base Agreement, entitled Agreement
Relative to the Addition of Areas to the Evergreen Sewage Disposal
-District and the Assumption of a Portion of the Cost of Acquiring
the Evergreen Sewage Disposal System and Arms and Extensions Thereto,
dated as of October 1, 1962 in the case of the Village of Bingham
Farms, and dated as of April 1, 1970, in the case of the Village
of Franklin, (herein called the "Addition Agreements") by which each
of the said villages agrees to Pay its proportionate share of the
cost of acquisition of the Evergreen Sewage Disposal System and such
parts of the Southfield-Rouge Arm and North Extension thereto then
in being or under construction and of the operation and maintenance
thereof in accordance with the terms and provisions of said Base
Agreement; and -
WHEREAS, the county and the City of Southfield and the
Village of Bingham Farms have entered into an Agreement, Evergreen
Sewage Disposal System, Southfield-Rouge Arm, dated as of April 15,
1964, as amended, concerning the construction Of and payment for
the Southfield-Rouge Arm and the North Extension thereto (herein
called the "Southfield-Rouge Arm Agreements"); and
WHEREAS, the county and the villages have entered into
an Agreement, Evergreen Sewage Disposal System - Bingham Farms
Extension No 1, dated as of April 1, 1971, and an Amendment to
Agreement, dated as of October 1, 1971, and a Second Amendment to
Agreement, dated as of September 1, 1972, which amended said
Agreement of April 1, 1971, all of which provided for extensions
of said Evergreen Sewage Disposal System to provide services and
facilities -for said villages; and
WHEREAS, Act No 342 of the Michigan Public Acts of 1939,
as amended, grants to any county having a County Agency designated
by its Board of Commissioners the power to establish and to acquire
water supply and sewage disposal systems and to extend any system
established and acquired by the county; and
WHEREAS, the county and the villages have entered into a
Contract, dated as of July 1, 1976, to extend further said sewage
disposal system by construction of the so-called Evergreen Sewage
Disposal System - Bingham Farms Extension No 2 (hereinafter some-
times referred to as the "Extension No 2 1t) in said Village of
Bingham Farms to the said Village of Franklin under the provisions of
Act No 342 of the Michigan Public Acts of 1939, as amended, for the
purpose of collecting and disposing of sewage originating within that
part of the said district located in said villages, and to issue bonds
to finance such Extension No 2 in anticipation of the collection by
the county of amounts to become due under said contract between the
county and the municipalities, parties thereto, whereby the said
villages agree each to pay a certain sum towards the cost of such
Extension No. 2 including the use of $105,000 of cash on hand and
surplus bond proceeds from the Extension No. 1 project by the Village
of Franklin and the use of $160,000 of cash on hand and surplus bond
proceeds from the Extension No 1 project by the _Village of Bingham
Farms; and
WHEREAS, no other municipalityin the Evergreen Sewage
Disposal District, as enlarged, is to participate at this time in
the construction of said Extension No 2; and
WHEREAS, construction plans and specifications for the
Evergreen Sewage Disposal System - Bingham Farms Extension No 2
as prepared by Giffels-Webster Engineers, Inc„, registered pro-
fessional engineers, and an estimate of $1,789,314, as the cost
of said Extension No 2 and an estimate of fo r ty (40) years and
upwards as the period of usefulness thereof, as prepared by said
registered professional engineers, have been approved by the County
Agency and by the governing bodies of the Village of Bingham Farms
and Village of Franklin and by this Board -of Commissioners; and
WHEREAS, the County of Oakland, by Board of Commissioners
Resolution, Misc, No. 6691, adopted June 6, 1974, established the
Bingham Farms Water Supply System (herein called the "System"),
which system is to consist of water supply facilities in the village
to be planned, constructed and financed in one or more stages in
accordance with a master plan and program of financing to be deve-
loped by the village and the County; and
WHEREAS, pursuant to the terms of said act the County and
the Village of Bingham Farms have entered into the Bingham Farms
Water Supply System Contract, dated as of July 1, 1976, for the
acgnisition, improvement, enlargement or extension of a water supply
system and for the payment of the cost thereof by the Village, with
interest, in cash in the amount of $90,000 and the balance over a
period of not exceeding forty (40) years, and the County has agreed,
pursuant to appropriate action of its Board of Commissioners, to issue
its bonds to provide the funds therefor, secured by the full faith and
credit contractual obligations of theyillage and if the bond resolu-
tion se provides, by the full faith and credit of the County; and
WHEREAS, the County, through the County Agency, has caused
plans and an estimate of cost of the System to consist of village
water supply facilities necessary to serve adequately the Village,
to be prepared by Giffels-Webster Engineers, Inc., consulting
engineers of Pontiac, Michigan (hereinafter sometimes referred to
as the "Consulting Engineers"), which said estimate of cost is in the
amount of $1,025,686 and has been approved by the Village Council,
County Agency and by this Board of Commissioners; and
WHEREAS, pursuant to the provisions of said two Con-
tracts of July 1,. 1976, the aggregate amounts of the several
annual installments to be paid by the Village of Bingham Farms for
water and sewer and by the Village of Franklin for sewer, exceed
the annual bond maturities aggregating $2,460,000 hereinafter set
forth, and the amounts of said bonds and of other funds heretofore
and hereby appropriated to said water and sewer projects are in an
aggregate amount equal to the aggregate estimated cost thereof; and
• WNEREAS, under said Contracts of July 1, 1576. and the
exhibits thereto, each of the said villages 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 Contracts;
and
WHEREAS, the County is desirous of issuing bonds in
anticipation of the payments to be made by the said villages under
said Contracts of July 1, 1976; and
WHEREAS, the 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, as follows:
1. That the bonds of said County. of Oakland, aggregating
the principal sum of Two Million Four Hundred Sixty Thousand Dollars
$2,460,000) be issued for the purpose of defraying part of the
cost of acquiring said Evergreen Sewage Disposal System Bingham
Farms Extension No.2 and said Bingham Farms Water Supply System.
The balance of the aggregate cost of the two systems ($2,815,000)
to be defrayed by the use of surplus bond proceeds from the Evergreen
Sewage Disposal System - Bingham Farms Extension No I project, which
use is hereby approved and the surplus funds are hereby appropriated
as provided in the Agreement of April 1, 1971 ; as amended October 1,
1971 and September 1, 1972, pertaining thereto, and by the appro-
priation thereto by each village of cash on hand, the totals so
appropriated being as follows:
Village of Franklin $105,000 for Extension No 2
-Village of Bingham Farms $160,000 for Extension No. 2
Village of Bingham Farms $ 90,000 for Water System
Total $355,000
That said bonds shall he known as "Oakland County Water Supply and
Sewage Disposal Bonds - Evergreen and Bingham Farms Systems"; shall
be dated September 1,. 1976; 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 ten per cent (10%) per
annum, payable on April 1, 1977 and semi-annually thereafter on
the first days of April and October in each year; and shall mature
on the first day of October in each year as follows:
1977 - $70,000
1978 - 90,000
1979 - 25,000
1930 - 25,000
1981 - 50,000
1982 - 50,000
1983 - 50,000
1984 - 50,000
1985 - -50,000
1986 - $ 50,000
1987 - 50,000
1983 - 75,000
1989 - 75,000
1990 - 75,000
1991 - 75,000
1992 - 100,000
1993 - 100,000
1994 - 100,000
1995 - $125,000
1996 - 125,000
1997 - 150,000
1998 - 150,000
1999 - 175,000
2000 - 175,000
2001 - 200,000
2002 - 200,000
Bonds maturing prior to October 1, 1992, shall not be subject to re-
demption prior to maturity. Bonds maturing . on or after October 1,
1992, shall be subject to redemption in inverse numerical order at
the option of the County prior to maturity on any one or more
interest payment dates on and after October 1, 1991. 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:
3% if called to be redeemed on or after October 1, 1991, but
prior to October 1, 1995
2% if called to be redeemed on or after October 1, 1995, but
prior to October 1, 1998
1% if called to be redeemed on or after October 1, 1998, 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. 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. All bonds shall have
proper coupons attached thereto evidencing interest to their re-
spective 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 as a
paying agent under Federal or Michigan law and which shall be
designated by the original purchaser of the bonds. Such purchaser
shall have the right to name a similarly qualified co-paying agent.
3. That the Chairman of the Board of Commissioners, the
County Clerk, and the Drain Commissioner, as County Agency 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 signatures; 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 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 pro-
visisions of Act No. 342 of the Michigan Public Acts of 1939, as amended,
in anticipation of the payments to become due to the County from the
Village of Bingham Farms and Village of Franklin under said Contract of
July 1, 1976, and from the Village of Bingham Farms under said Contract
of July 1,1976, which payments exceed 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 each the Village of Bingham Farms and Village of
Franklin is pledged to the making of the said respective 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 Village
of Bingham Farms and the Village of Franklin pursuant to said Contracts
of July 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 issued in anticipation
thereof except that $265,000 payable pursuant to the sewage disposal
Contract and $90,000 payable pursuant to the water supply Contract
shall be placed in the Construction Fund for each respective project.
6. That the obligation of said :Village of Bingham Farms
to make the payments set forth in the Contracts as to sewers and
water and the obligation of the Village of Franklin to make the
payments set forth in the Contract as to sewers, in anticipation
of which these Oakland County Sewage Disposal and Water Supply Bonds
- Evergreen and Bingham Farms Systems, dated September 1, 1976, in
the amount of $2,460,000 are issued, is separate but equal and on
a parity as a pledge of full faith and credit with the obligation
of said villages to make the payments set forth in the Base Agree-
ment, Additions Agreements, Southfield-Rouge Arm Agreements and the
Agreement for Extension No. 1, in anticipation of which the several
issues of Oakland County Sewage Disposal Bonds - Evergreen System,
are issued. The pledge by the County of OaKland of its full faith
and credit to payment of any series of bonds issued to finance any
facilities of the Evergreen Sewage Disposal System or of the Bingham
Farms Water Supply System as authorized in said Act No 342, applies
equally and without preference and priority to the bonds of each
series.
7. That said bonds and attached coupons shall be sub-
stantially in the following form:
Number $5,000
UNITED STATES OF AMERICA
• STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY SEWAGE DISPOSAL AND
WATER SUPPLY BOND - EVERGREEN AND
BINGHAM FARMS SYSTEMS
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 October, A.D. 19 , together with interest thereon
from the date hereof until paid, at the rate of
•( • ) per centum per annum, payable April 1, 1977, and
thereafter semi-annually on the first days of April and October in
each year. Both principal and interest hereof are payable 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
numbered consecutively in the direct order of their maturities from
1 to 495, both inclusive, aggregating the principal sum of Two Million
Four Hundred Sixty Thousand Dollars ($2,460,000), 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 part of
the cost of the Evergreen Sewage Disposal System Bingham Farms
•Extension No. 2 and Bingham Farms Water Supply System in the Village
of Bingham Farms and the Village of Franklin.
Bonds of this series maturing prior to October 1, 1992, are
not subject to redemption prior to maturity. Bonds maturing on or
after October 1, 1992, shall be subject to redemption in inverse
numerical order, at the option of the County prior to maturity on any
one or more interest payment dates on and after October 1991. 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 on or after October 1, 1991, but
prior to October 1, 1995
2% if called to be redeemed on or after October 1, 1995, but
prior to October 1, 1998
1% if called to be redeemed on or after October 1, 1998, 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
(30) days prior to the date fixed for redemption, at least once in
(SEAL ) By
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. 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 Village of
• Bingham Farms pursuant to a certain Contract dated July 1, 1976, •
and by the Village. of, Bingham Farms and Village of Franklin pursuant
to a certain Contract dated July 1, 1976, between the County of
Oakland and said Villages whereby each of the said Villages agrees
to pay to the said County its share of the cost of Bingham Farms ,
Extension No. 2 to the Evergreen Sewage Disposal System along with
the cost to be paid by the Village of Bingham Farms of the Water
Supply 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 each
of said Villages is pledged for the prompt payment of its respective
obligations pursuant to said Contract and Agreement 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, on a parity and without priority with the bonds
of the County of Oakland issued for Other facilities in the Evergreen
Sewage Disposal System and the Bingham Farms Water Supply System,
It is hereby certified, retited 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 indebtedness of said County, including this series
of bonds, does notexceed 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, by the County
Clerk of the County, and by the Drain Commissioner, as County Agency,
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, County Clerk and County Agency, all as of the first
day of.September,,A.D. 1976.
COUNTY.OF OAKLAND, MICHIGAN
By
Chairman of its Board of Commissioners
By
Its County Clerk
Drain Commissioner, as County Agency
(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 and
Water Supply Bond - Evergreen and Bingham Farms Systems, dated September
1, 1976. No.
(FACSIMILE) (FACSIMILE)
County Clerk Chairman, of the Board of Commissioners
(FACSIMILE)
Drain Commissioner, as County Agency
9. 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 Agency is hereby authorized and directed to make
- application to said Commission for the issuance of such order.
10. 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 no all things necessary to effect
the sale and issuance of said bonds, subject to the provisions
of this resolution.
11. All resolutions and parts of resolutions, insofar
as the same may be in conflict herewith, are hereby rescinded.
BE IT FURTHER RESOLVED, that sealed proposals for the
purchase of $2,460.,000 of Oakland County Sewage Disposal and
Water Supply Bonds - Evergreen and Bingham Farms Systems, 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
- .published in accordance with law in the (New York) Daily Bond
Buyer and in The Oakland Press, which notice shall be substantially
in the following form: .
OFFICIAL
NOTICE OF SALE
$2,460,000
OAKLAND COUNTY SEWAGE DISPOSAL AND WAaFR SUPPLY
BONDS
COUNTY OF OAKLAND
STATE OF MICHIGAN
EVERGREEN SEWAGE DISPOSAL SYSTEM - BINGHAM FARMS
EXTENSION NO 2
BINGHAM FARMS WATER SUPPLY SYSTEM
SEALED BIDS for the purchase of the above bonds will be received by
the undersigned at the office of the Oakland County Drain Commissioner,
County Agency, One Public Works Drive in the Charter Township of Water-
ford, Pontiac, Michigan, on the - day of , 19 ,
until o'clock .M., Eastern Time, at which
time and place said bids will be publicly opened and read. Sealed
bids will also be received, in the alternative, on the same date
and until the same time by an agent of the undersigned at the office
of the Municipal Advisory Council of Michigan, 2150 First National
Building, Detroit, Michigan, where they will simultaneously be
publicly opened and read. Bidders may choose either location to
present bids and good faith checks as above provided, but not both
locations. The bonds will be awarded to the successful bidder
by the undersigned at o'clock _.M., on that date.
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 April 1, 1977, and semi-annually thereafter.
Said bonds will mature on the 1st day of October, as
follows:
1977 - $70,000
1978 - 90,000
1979 - 25,000
1980 - 25,000
1931 - 50,000
1982 - 50,000
1983 - 50,000
1984 - 50,000
1985 - 50,000
1986 - $ 50,000
1987 - 50,000
1988 - 75,000
1989 - 75,000
1990 - 75,000
1991 - 75,000
1992 - 100,000
1993 - 100,000
1994 - 100,000
1995 - 1$125,000
1996 - 125,000
1997 - 150,000
1993 - 150,000
1999 - 175,000
2000 - 175,000
2001 - 200,000
2002 - 200,000
PRIOR REDEMPTION: Bonds maturing on and after October 1, 1992, shall
be subject to redemption prior to maturity, at the option of the
County, in inverse numerical order, on any one or more interest pay-
ment dates on or after October 1,.1991, at par and accrued interest
to the date fixed for redemption, plus a premium as follows:
3%•0f the par value of each bond called for redemption on or
after October 1, 1991, but prior to October 1, 1995
26 of the par value of each bond called for redemption on or
after October 1, 1995, but prior to October 1, 1998
1% of the par value of each bond called for redemption on or
after October 1, 1998, but prior to maturity.
Thirty Jays notice of redemption shall be given by publi-
cation, 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 sale of municipal bonds, and in case of
registered bonds thirty days notice shall be given by mail to the
registered holder at the registered address, bonds called for re-
demption shall not bear interest after the redemption date, provided
funds are on hand with the paying agent to redeem the same.
INTEREST PATE 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 lowest interest rate on the bonds
shall not exceed two percentage points. No proposal for the pur-
chase 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
b-ank -Or—Irust company located in Michigan qualified to act as paying
agent under State or United States law, to be designated by the
original purchaser of the bonds, who may also designate a co-paying
agent, which may be located outside of Michigan, qualified to act as
paying agent under the law of the State in which located or of the
United States, both of which shall be subject to approval of the
undersigned.
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 part of the cost of acquiring and constructing the Evergreen
Sewage Disposal System - Bingham Farms Extension No. 2, consisting
of sewage disposal facilities to serve the Village of Bingham Farms
. and Village of Franklin and to defray part of the cost of acquiring
and constructing Bingham Farms Water Supply System consisting of
water supply facilities to serve the Village of Bingham Farms. The
bonds are to be issued in anticipation of, and are primarily payable
from, payments to be made by the Village of Bingham Farms and Village
... of Franklin . pursuant to two Contracts each dated July 1, 1976, with
the County of Oakland wherein each of said Villages agrees to pay
to the County of Oakland its share of part of the cost of said
• .sewage disposal and water supply. facilities 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 each of said Villages has been pledged for the making of said
payents on a parity with payments to be made pursuant to other
Agreeir!ents or Contracts with respect to bonds heretofore issued
to pay all or part of the cost of sewage disposal or water supply
facilities provided by the County in or_for saidyillages. - - • ---
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 as additional security for the payment of
principal of and interest on the bonds.
GOOD FAITH: A certified or cashier's check in the amount of $49,200, . ,
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
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
wToduces 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.
LEGAL OPINION Bids shall be conditioned upon the unqualified ap-
proving opinion of Dickinson, Wright, McKean, Cudlip & Moon, attor-
neys 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.
CUSIP: CUSIP numbers 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.
DELIVERY OF BONDS: The County will furnish bonds ready for execution
at its expense. Bonds will be delivered without expense to the
purchaser at Detroit, Michigan, Chicago, Illinois, or New York, New
York. The usual closing documents, including a certificate that no
litigation is pending affecting the issuance of the bonds, will be
deliver e d 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 mayon 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
Treasurer 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 and Company 2012 City National
Bank 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 Sewage Disposal and Water Supply Bonds".
DATED: , 197 .
APPROVED: , 197 .
STATE OF MICHIGAN
MUNICIPAL FINANCE COMMTSSION .
ADDENDUM
Supported t Mr Roth
AYES z McDonald, Moffitt, Montante, Murphy, Nowak, Olson, Pernick, Roth, Simmons,
Wilcox, Wilson, Aaron, Button, Daly, Dearborn, Douglas, Dunieavy, Fortino,
Gabler, Hoot, Lennon. (21)
MIS: None, (0)
ABSENT: Houghton, Kasper, Page, Patterson, Perinoff, Price. (6)
Motion carried
STATE OF MICHIGAN )
) SS:
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 Commissioners, held on the
16th d ay of -Septempber
is on file in my office.
1976, the original of which
IN WITHNESS WHEREOF, I have hereunto affixed my official
sIganture this 16th day of - September A.D. 1976.
Lynn D. Allen, County Clerk