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HomeMy WebLinkAboutResolutions - 1975.06.05 - 14686its , moves the adoption of the following Chairman The following resolution is with reference to THE SALE OF BONDS INTHE_AMOUNT OF $1,700,000 FOR THE EVERGREEN SEWAGE DISPOSAL SYSTEM BLOOMFIELD TRUNK ARMS - STAGE TWO AND STAGE THREE 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 M. Nowak • ) Resolution; At a regular meeting of the Board of Commissioners of Oakland County held in the Commissioner's Auditorium in the County Service Center in the City of Pontiac, Michigan, on Thursday the 5th day of June F 1975, at 10:00 o'clock Eastern Daylight Time PRESENT: Aaron, Button, Coy, Daly, Dearborn, Douglas, Dunleavy, Fortino, Gabler, Hoot, Houghten, Kasper, Lennon, McDonald, Moffitt, Montante, Nowak, Olson, Page, Patterson, Perinoff, Pernick, Price, Roth, Simmons, Wilcox, Wilson. (27) ABSENT: None. (0) Miscellaneous Resolution No. 7148 Recommended by Board of Public Works Re: EVERGREEN SEWAGE DISPOSAL SYSTEM - BLOOMFIELD TOWNSHIP TRUNK ARMS - STAGE TWO AND STAGE THREE 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 May 19 , 1975. WHEREAS, this Board of Commissioners (formerly Supervisors), by Miscellaneous Resolution No. 3269, adopted August 12, 1957, as amended by Miscellaneous Resolution No. 3435, adopted October 13, 1958, did approve of the establishment of a sewage disposal system to be known as the "Evergreen Sewage Disposal System" for the pur- pose of disposing of sanitary sewage from the Evergreen Sewage Disposal District, within which district lies part of the Township of Bloomfield; and WHEREAS, pursuant to Board of Commissioners Resolution Miscellaneous No. 7147 , heretofore adopted, and pursuant to a resolution adopted by the governing body of the Township of Bloomfield, the County of Oakland and the said Township entered into an Agreement dated as of May 1, 1975, whereby the County agreed to construct and finance said Bloomfield Township Trunk Arms - Stage Two and Stage Three in the Evergreen Sewage Disposal System and the Township agreed to pay the total cost thereof, based upon an estimated cost of $1,700,000 and as represented by the amount of bonds issued by the county to finance said Trunk Arms, which said Agreement is set forth in full in the said resolution of this Board of Commissioners; and WHEREAS, construction plans and specifications for the Bloomfield Township Trunk Arms - Stage Two and Stage Three in the Evergreen Sewage Disposal System as prepared by Hubbell, Roth & Clerk, Inc., registered professional engineers, and an estimate of $1,700,000 as the cost of said Trunk Arms and an estimate of forty (40) years and upwards as the period of usefulness thereof, as pre- pared by said registered professional engineers, have been approved by the Board of Public Works and by this Board of Commissioners of Oakland County and by the governing body of the Township of Bloom- field; and WHEREAS, pursuant to the provisions of said Agreement of May 1, 1975, the aggregate amounts of the several annual installments to be paid by the Township are the same as the annual bond maturities hereinafter set forth; and WHEREAS, under said Agreement of May 1, 1975, the said Township 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 Agreement; and WHEREAS, the County is desirous of issuing bonds in antici- pation of payments to be made by the said Township under said Agreement of may 1, 1975; and WHEREAS, the County Board of Public Works has approved this 'resolution and recommended its adoption by the Board of Com- missioners. 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 One Million Seven Hundred Thousand Dollars ($1,700,000) be issued for the purpose of defraying the cost of acquiring said Bloomfield Township Trunk Arms - Stage Two and Stage Three in the Evergreen Sewage Disposal System. The said bonds shall be known as "Oakland County Sewage Disposal Bonds - Evergreen System - Bloomfield Township Trunk Asaus - Stage Two and Stage Three"; shall be dated August 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; shall bear interest at a rate or rates to be hereafter determined not exceeding eight percent (8%) per annum, payable on May 1, 1976 and semi-annually thereafter on the first days of May and November in each year; and shall mature on the first day of May in each year 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 - 50,00,0 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 Bonds maturing on or after May 1, 1991 shall be subject to redemption in whole or in part, at the option of the County, prior to maturity, on any interest payment date on or after May 1, 1990e 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, 1990, but prior to May 1, 1995 2% if called to be redeemed on or after May 1, 1995, 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 publicationcirculated 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 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 1991 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 located in Michigan 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 located any where. 3. That the Chairman of th e 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 af- fixed 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 Township of Bloomfield under: said Agreement of May I, 1975, which payments are in the 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 Township of Bloomfield 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 Township of Bloomfield pursuant to said Agreement of May 1, 1975, 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 on May 1, and November 1,1976 and May 1, 1977 is capitalized and is payable from the proceeds of said bonds. 6. 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 BOND - EVERGREEN SYSTEM - BLOOMFIELD TOWNSHIP TRUNK ARMS - STAGE TWO AND STAGE THREE 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 May 1, 1976 and thereafter semi-annually on the first days of May and November in each year Both principal and interest hereof are pay- able 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 340, both inclusive, aggregatingHthe principal sum of One Million Seven Hundred Thousand Dollars .($1,700,000), issued under and pursuant to and in full conformity with the Consti'tution 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 Bloomfield Township Trunk Arms - Stage Two and Stage Three in the Evergreen System. Bonds of this series maturing prior to May 1, 1991 are not subject to redemption prior to maturity. Bonds maturing on or after May 1, 1991 shall be subject to redemption as a whole or in part, at the option of the County prior to maturity on any interest payment date on or after May 1, 1990. Bonds called for redemption shall be redeemed at the par value thereof and accrued interest plus a permium 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, 1990, but prior to May 1, 1995 2% if called to be redeemed on or after May 1, 1995, 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 (3) 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. 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 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 Township of Bloomfield pursuant to a certain Agreement dated May 1, 1975, bet- ween the County of Oakland and said Township whereby the said Township agrees to pay to the said County the cost of said Bloomfield Township Trunk Arms - Stage Two and Stage Three in the Evergreen 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 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 said Township is pledged for the prompt payment of its obligation pursuant to said contract, and in addition, by. affirmative vote of three-fifths (3/5ths) of the members elect of its Beard 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 performed pre- cedent 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 Chairmanoofesaid 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 August, A.D. 1975. COUNTY OF OAKLAND MICHIGAN By Chairman of its Board of Commissioners By Its County Clerk (SEAL ) (COUPON) Number " - .011-the' IS't 'day - Of - " - the' tOlanty 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 - Evergreen System - Bloomfield Township Trunk Arms - Stage Two and Stage Three, dated August 1, 1975, No.. (FACSIMILE) (FACSIMILE) County Clerk Chairman of the Board of Commissioners 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 such order0 commission for the issuance of 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-AND BUILD INC COMMITTEE 2 Chairman' It was moved by Mr. Nowak seconded by Mrs. 41*Ieeci Dearborn , that the foregoing resolution be adopted. Upon roll call the vote was as follows: YEAS: Douglas, Dunleavy, Fortino, Gabler, Hoot, Kasper, Lennon, McDonald, Moffitt, Montante, Nowak, Olson, Page, Patterson, Perinoff, Pernick, Price, Roth, Simmons, Wilcox, Wilson, Aaron, Button, Daly, Dearborn. (25) NAYS: .None. (0) Two and Stage Three, duly adopted and taken by the STATE OF MICHIGAN ) 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 Board of Commissioners of said County at a regular meeting held June 5 , 1975, the originals of which are on file in my office. County" Clerk, Oakland County Lynn 04 Al Ten Dated: June 5 , 1975. SS: