HomeMy WebLinkAboutResolutions - 1975.02.20 - 14576At a regular meeting of the Board of Commissioners of
Oakland County, Michigan, held in the Commissioners Auditorium
in the County Service Center, in the City of Pontiac, Michigan,
on Thursday the 20th day of February , 1975 , at
10 :00 o'clock A.M., Eastern Standard Time
Miscellaneous Resolution No, 6991
Recommended by the Board of Public Works
Re: BERKLEY SEWAGE DISPOSAL SYSTLM
Mr. Nowak presented the following resolution, a
copy of which has been sent to each member of the Board of
Commissioners.
Miscellaneous Resolution No. 6991
Recommended by Board of Public Works
Re: BERKLEY SEWAGE DISPOSAL SYSTEM
Submitted by Mr. Nowak
BOND RESOLUTION
Mr. Nowak offered the following resolution which
was approved by the Board of Public Works at their meeting of
February 11 p 1975:
WHEREAS, the Oakland County Board of Commissioners, by
Miscellaneous Resolution No. 4481, adopted on September 20, 1965,
did approve of the establishment of a sewage disposal system to be
known as the "Berkley Sewage Disposal System" for the purpose of
disposing of sanitary sewage from the Berkley Sewage Disposal
District, which district consists of all of the territory in the
City of Berkley; and
WHEREAS, the County of Oakland and the City of Berkley
entered into a Contract dated as of December 1, 1965, as revised
December 16, 1974, whereby the County agreed to construct and
finance the Berkley Sewage Disposal System and the City agreed
therein to pay the total cost thereof based upon an estimated cost
of $2,575,000 to be paid by the City and as represented by the
_amount of bonds issued by the county to finance said System; and
WHEREAS, pursuant to the provisions of said Contract of
December 1, 1965, as revised, the amounts of the several annual
installments to be paid by the City are the same as the annual
bond maturities hereinafter set forth; and
WHEREAS, under said Contract of December 1, 1965, as
revised, the said City 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 Contract; and
WHEREAS, the County is desirous of issuing bonds in
anticipation of the payments to be made by the said City under
said Contract of December 1, 1965, as revised; and
WHEREAS, the County Board of Public Works 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 Five Hundred Seventy-Five Thousand
Dollars ($2,575,000) be issued for the purpose of
of acquiring said Berkley Sewage Disposal System.
shall be known as "Oakland County Sewage Disposal
defraying the cost
That said bonds
Bonds - Berkley
System"; shall be dated May 1, 1975; shall be numbered consecutively
in the direct order of their maturities from 1 upwards; shall be
in the denomination of $5,000 each;
or rates to be hereafter determined
(8%) per annum, payable on November
thereafter on the first days of May
shall bear interest at a rate
not exceeding eight percent
1, 1975 and semi-annually
and November in each year; and
shall mature on the first day of May in each year as follows:
1979 - $50,000
1980 - 50,000
1981 - 50,000
1982 - 50,000
1983 - 50,000
_1984 - 50,000
1985 - 50,000
1986 - 75,000
1987 - $ 75,000
1988 - 75,000
1989 - 75,000
1990 - 100,000
1991 - 100,000
1992 - 100,000
1993 - 125,000
1994 - 125,000
1995 - $125,000
1996 - 150,000
•997 - 150,000
1998 - 175,000
1999 - 175,000
2000 - 200,000
2001 - 200,000
2002 - 200,000
Bonds maturing on or after May 1, 1989, shall be subject to re-
demption in inverse numerical order at the option of the County
prior to maturity on any one or more interest payment dates on
and after May 1, 1988. 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 May 1, 1988, but
prior to May 1, 1994;
2% if called to be redeemed on or after May 1, 1994, 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. 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 1989 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 which qualifies as a
-3-
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 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
affixed 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 185 of the Michigan Public Acts of 1957, as
amended, in anticipation of the payments to become due to the
County from the City of Berkley under said Contract of December 1,
1965, as revised, which payments are in the aggregate principal
amount of the bonds with interest thereon as therein provided. As
provided in said Act No. 185, the full faith and credit of the
said City is pledged to the making of the said payments when due,
and in addition there is hereby pledged, as authorized in said Act
No. 185, 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 said City
pursuant to said Contract of December 1, 1965, as revised, 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
-4--
interest on the bonds herein authorized.
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
Number $5,000
OAKLAND COUNTY SEWAGE DISPOSAL BOND -
BERKLEY SYSTEM
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 November 1, 1975 and there-
after semi-annually on the first days of May and November 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 presentatiion 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 515, both inclusive, aggregating the principal sum of Two
Million Five Hundred Seventy-Five Thousand Dollars ($2,575,000),
issued under and pursuant to and in full conformity with the Con-
stitution and Statutes of the State of Michigan, and especially
Act No. 185 of the Michigan Public Acts of 1957, as amended, for the
purpose of defraying the cost of the Berkley Sewage Disposal System.
Bonds of this series maturing prior to May 1, 1989, are
not subject to redemption prior to maturity. Bonds maturing on or
after May 1, 1989, 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 May 1, 1988. 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 May 1, 1988, but
prior to May 1, 1994;
2% if called to be redeemed on or after May 1, 1994, 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
(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
-6--
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 City of
Berkley pursuant to a certain Contract dated December 1, 1965, as
revised, between the County of Oakland and said City whereby the
said City agrees to pay to the said County the cost of the Berkley
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 payments 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 City is pledged for the prompt payment of its obliga-
tions pursuant to said Contract, and in addition, by affirmative
vote of three-fifths (3/5ths) 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 per-
formed 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 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 May, A.D. 1975.
COUNTY OF OAKLAND, MICHIGAN
By
Chairman/of it,s _Board of Commissioners
(SEAL)
County Clerk
(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 - Berkley
System, dated May 1, 1975, No.
(FACSIMILE) (FACSIMILE)
County Clerk Chairman of the Board Commissioners
By
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, as amended, and
the Board of Public Works through its Director is hereby authorized
and directed to make application to said commission for the issuance
of such order.
8. The Board of Public Works 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 provisions of
this resolution.
9. All resolutions and parts of resolutions, insofar as
the same may be in conflict herewith, are hereby rescinded.
PLANNING A1\1120°571, D INC COMMITTEE
Cho rrna n
144EREBY APPROVE THE FOREGOING RESOLUTION
//75—
Data otoWy #xectitive
Mr. Nowak moved the adoption of the foregoing
resolution. The motion was supported by Mr. Perinoff.
Moved by Roth supported by Perinoff the rules be suspended for
immediate consideration of the resolution.
AYES: Dunleavy, Fortino, Gabler, Hoot, Houghten, Kasper, Lennon,
McDonald, Moffitt, Nowak, Olson, Page, Patterson, Perinoff,
Pernick, Price, Roth, Simmons, Wilcox, Wilson, Aaron, Button,
Coy, Dearborn. (24)
NAYS: Douglas. (1)
A sufficient majority having voted therefor, the motion carried,
On roll call the resolution was adopted by the following vote:
YEAS: Gabler, Hoot, Houghten, Kasper, Lennon, McDonald, Moffitt, Nowak, Olson,
Page, Patterson, Perinoff, Pernick, Price, Roth, Simmons, Wilcox, Wilson,
Aaron, Button, Coy, Douglas, Dunleavy, Fortino. (24)
NAYS: None. (0)
official signature this 20th day of February ,
STATE OF MICHIGAN )
)SS:
COUNTY OF OAKLAND )
I, 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 20th day of February , 1975,
the original of which is on file in my office.
IN WITNESS WHEREOF, I have hereunto affixed my
Lynn D. Al lenYounty Clerk