HomeMy WebLinkAboutResolutions - 1975.05.22 - 14776May 22, 1975
MISC. RES. 7105
IN RE: GENERAL OBLIGATION TAX REVOLVING FUND NOTES, SERIES 1975,
CONFIRMATION OF AWARD
BY FINANCE COMMITTEE Iienryw. Hoot, Vice Chairman
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairman, Ladies and Gentlemen;
WHEREAS, The Municipal Finance Commission authorized tne
County to issue its General Obligation Tax Revolving Fund Notes,
Series 1975, in an amount of $20,130,000 by its Order approving
the issuance of Oakland County General Obligation Tax Revolving
Fund Notes, Series 1975 (the "Notes"), on April 29, 1975; and
WHEREAS, at a public sale held on May 8, 1973, the
Treasurer received the following proposal from Michigan National
Bank of Detroit, which produced the lowest interest cost to the
County, which award proceedings are attached to this resolution;
and
WHEREAS, the Treasurer thereafter accepted the proposal
of Michigan National Bank of Detroit to purchase the General
Obligation Tax Revolving Fund Notes, Series 1975, in an amount of
$20,130,000 to be issued by the County and dated April 1, 1975,
at a par plus accrued interest to date of delivery, maturing and
bearing interest semi-annually as followst
Principal Amount Notes Maturing Interest Rate
$8,000,000 - 1976
7,000,000 1977 5.00%
5,130,000 1978 5.00%
The said Notes shall be issued in accordance with the
resolution adopted by this Board of Commissioners on March 20,
1975 relative lo the issuance of such Notes.
,
11 APPROVE THE FOREGOING RESOLUTION
. . ,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF THE COUNTY OF OAKLAND, MICHIGAN, as follows:
1. The Order of Award of the Notes to Michigan National
Bank of Detroit, a copy of which proceedings are attached hereto
and shall be, and the same is hereby, accepted and confirmed.
2. The Clerk and County Treasurer are hereby authorized
to execute any and all other documents as may be necessary in
connection with the issuance of the aforesaid Notes;
3. All resolutions and parts of resolutions inconsistent
with the foregoing are hereby rescinded.
Mr. Chairman: On behalf of the Finance Committee, I move the
adoption of the foregoing resolution.
FINANCE COMMITTEE
•
ORDER RECEIVING BIDS
AND AWARDING NOTES
The following proceedings took place in the City of
Pontiac, Oakland County, Michigan, in the office of the Oakland
County Treasurer, Oakland County Courthouse, 1200 N. Telegraph
Road, Pontiac, Michigan, on the 8th day of may, 1975, at 11:00
o'clock A.M., Michigan Time.
The Order of the Plunicipal Finance Commission, dated
, April 29, 1975, approving the issuance by the County of Oakland
of $20,130,000 Oakland County General Obligation Tax Revolving
Fund Notes, Series 1975, to be dated April 1, 1975, and approving
the form of Notice of Sale of said Notes was presented and filed
by C. Hugh Dohany, Oakland County Treasurer, acting pursuant to
Act 202 of Michigan Public Acts of 1943, as amended.
Mr. Dohany announced that this was the time set for
opening of proposals for the purchase of the above mentioned
Notes, as advertised in the Oakland Press and Bond Buyer on
May 1, 1975, in the Michigan Investor on May 3, 1975, and in ,
the Daily Tribune on May 2, 1975.
Mr. Dohany presented the following proposals which had
been received by him on or before 11:00 o'clock A.M., Michigan
Time, on this day, which proposals were then opened by him, and
as to interest rates and premiums were as follows:
(BIDS TO BE INSERTED HERE)
MICHIGAN NATIONAL BANK
OF DETROIT
al..JARDIAN SuiLoiNe • GRIswoLo & CONGRESS
DETROIT. IMICHIC3AN 48226 • PHONE (313) 961-5300
May 8, 1975
BID FORM
$20,130,000.00
OAKLAND COUNTY
GENERAL OBLIGATION TAX REVOLVING FUND NOTE SERIES 1975
Mr. C. Hugh Dohany
County Treasurer
County of Oakland
Oakland County Courthouse
1200 N. Telegraph Road
:Pontiac, Michigan
Dear Mr. Dohany:
Reference is made to your official Notice of Sale of the $20,130,000
County of Oakland General Obligation Tax Revolving Fund Notes, Series
1975, as published in the Daily Bond Buyer May 1, 1975.
For your legally issued notes as described in the Official Notice of
Sale, we will pay you par and accrued interest from the date of the
notes, April 1, 1975, to date of delivery to us plus a premium of
$ CD for notes maturing and bearing interest as follows:
$8,000,000.00 maturing May 1, 1976 , /0
r
$7,000,000.00 maturing May 1, 1977 ,S u t —t
$5,130,000.00 maturing May 1, 1978
Enclosed is our Good Faith Deposit, Cashier's Check Number 860886 in
the amount of $402,600.00
Respectfully Submitted,
Michi.gan National Bank of Detroit
7--
William H. Draper,
Vice President
A MICHIGAN NATIONAL CORPORATION BANK
May 8, 1975 Page 2
.MICHIGAN NATIONAL BANK
DETuorr •' •
Mr. C. Hugh Dohany
General Obligation Tax Revolving
Fund Note Series 1975
The following is furnished for informational purposes only, and is
not a part of the foregoing proposal:
Total Interest Cost $ i1 '7 .7, .S.'-t1 , 0
Less Premium $ t r0 I CI
Net Interest Cost 9 , ' . $ I VIt 6T I C J /
Average Net Interest Cost $ S: 6 1 9196
A
THE CHASE MANHATTAN BANK
National Association
I Chase Manhattan Plaza, New York, New York 10015
May 8, 1975
Mr. C. Hugh Dohany
County Treasurer
Oakland County Courthouse
1200 N. Telegraph Road
Pontiac, Michigan
RE: *20,130,000 couurr OF °ULM, MATE OF =slaw
SELLING THURSDAY, MY 8, 1975 IR 11:00 A. M. (E.b.S.T.)
For all but no part of the above mentioned bonds, all as more
part]. cularly described in the official Notice of Sale, which is hereby
made a part of our bid, we will pay $ 20,130,000 and a5crued
interest to the date of delivery, plus a premium of $ 6
for bonds maturing and bearing interest as shown below:
;MATURITY COUPON MATURITY COUPON
1976
197/
1W8
nnnnnnnn11
nnnnnnnnnn1
_%
•Mn,A
%
4n1n1
To Mr. C. Hugh Do*
. County Treasurer
Page No, 2 .4 CHASE MANHATTAN 8 , N.A.
For information only and not as part of our bid, we compute the
ihterest cost of this bid to be:
Gross Interest Cost $
Less Premium e. 19,9
. A Net Interest Cost $ /13er Ar-‘1.—e,9 0
Effective Average Interest Rate
We enclose a good faith deposit check for $1402,600 as a
.deposit in accordance with the terms of our bid which we ask to
have returned promptly to our representative in case the bonds-.
are not awarded to us.
The Chase Manhattan Bank ) JOINT
The First National Bank of Chicago )
Chemical Batk ) MANAGERS .
And Associates (ME LIST ATTACHED)
BY: The Chase Manhattan Bank, N.A. ril-(z „ 7110acf/tfe
am S. Eraybi
Vice President
(/'
UNDIVIDED ACCOUNT
• $20,130,000
OAKLAND COUNTY, MICHIGAN
SELLING NAY 8, 1975
'd
$1,600,000
The Chase Manhattan Bank, N. A. . ) JOINT
The First National Bank of Chicago )
Chemical Bank )MANAGERS
Mellon Bank, N. A,..
Kuhn, Loeb & Co.
United California Bank
Zetrollankeegvalints4Keitnganar
The First National Bank of Memphis
First Pennco Securities, Inc.
Girard Bank
La Salle National Bank, Chicago
L. F. Rothschild .& Co.' •
MattuEDITeturersEalattima t
T0TAL:$20,800,000
OVERSYNDICATED:$ 670,000
130,000 -
N. 5-,
OF PONTIAC PONTIAC, MICHIGAN 48056
National 1 Bank
May 8, 1975 C. Hugh Dohany
County Treasurer, County of Oakland
1200 N. Telegraph Road
Pontiac, Michigan
Dear Sir:
c For "all or part" of the $20,130.00 County of Oakland
General Obligation Note, offered for sale, May 8, 1975 to
be dated April 1, 1975, to mature 5/1/76, 5/1/77, 5/1/78
and further described in your notice of sale dated April
29, 1975, we will pay par and accrued interest to date of
delivery plus a premium of $yq0.oc, for notes bearing
interest as follows:
Maturities Rates
19 74 to 19 Incl.
1977. to 19 Incl. C
197g to 19 Incl. $607
If we are the succesful bidder, we wish to desginate
ourselves as paying agent and we will advise you of
denominations desired.
The above proposal is subject to our being furnished
without cost to us with the satisfactory unqualified legal
opinion of Messers. Dickinson, Wright, McKean and Cudlip,
Attorneys of Detroit, Michigan, approving the validity of
said notes.
Very truly yours,
FIRST NATIONAL CITY BANK OF NEW YORK
Community National Bank of Pontiac
as PROXY
A. /
Donald D. Taylor,-Executive Vice President-
Finance
Enclosure
Aet /4/7: 67 9 7, o o
.5760 pit
•
BANKERS TRUST COMPANY
16 WALL STREET, NEW YORK, N. Y. S0015
May 8, 1975
Mr. C. Hugh Dohany, County Treasurer
Oakland County Courthouse
1200 N. Telegraph Road
Pontiac, Michigan
Dear Mr. Dohany:
In accordance with the provisions of the official Notice of Sale
pertaining to this issue, we will pay the sum of 020/ /30, 499..„2.4--
or $ /00, en,o549.2- for
each $100. par value and accrued interest from date of bonds to
date of delivery for all of the $ 20,130,000. County of Oakland,
Michigan Bonds which will bear
interest at the following rates:
Bonds maturing 1976 to 197V inclusive at ..,6%2.3' % per annum
Bonds maturing 19 to 19 inclusive at % per annum
Bonds maturing 19 to 19 inclusive at % per annum
Bonds maturing 19 to 19 inclusive at % per annum
Bonds maturing 19 to 19 inclusive at % per annum
Bonds maturing 19 to 19 inclusive at % per annum
Bonds maturing 19 to 19 inclusive at per annum
.Bonds maturing 19 to 10 inclusive at % per annum
Bonds maturing 19 to 19 inclusive at % per annum
Bonds maturing 19 to 19 inclusive at % per annum-,
This bid is made subject to our being furnished without expense
to us at the time of delivery of these bonds a non-litigation
certificate in the usual and customary form and the opinion of
Messrs. Dickinson, Wright, McKean & Cudlip, Detroit, Michigan
approving their legality satisfactory to us.
Mr. C. Hugh Dobany„ County Treasurer
Pontiac, Michigan
May 8, 1975
Page Two
6,„/
As evidence of our good faith in bidding, we enclose cashier's
check in the amount of $402,600.00
of Treasurer of the County of Oakland
If this proposal is accepted, this is to be retained as part
payment for the above mentioned bonds; otherwise it is to be
returned promptly to our representative.
Ellis bid is for immediate acceptance.
payable to the order
Yours very truly, •
Bankers Trust Company & Associates
— Shown On Attached List
Bankers Trust ComOny
')Ieitz3 ;a-a-21a' 46
,Diana DeFilippis
Assistant Treasurer
era Trust Company - .-
ontinental Illinois National Bank
and Trust Company of Chicago 5.
Crrill lynch, Pierce, Fenner althlth,
Incorporated
.Smith, Barney & CO3 Inc.
For information purposes only but not as a part of this
calculate the net interest cost to be as follows:
bid we
Total Interest Cost
Less Premium
Net Interest Cost
Net Interest Cost Rate
/, 942, 97‘.57
99
S-7,57 77
May 8, 1975
MORGAN GUARANTY TRUST COMPANY
OF NEW YORK
23 WALL STREET, NEW YORK, N.Y. 10015
C. Hugh Dohany
County Treasurer, County of Oakland
Oakland County Courthouse 1200 N. Telegraph Road
Pontiac, Michigan
Dear Sir:
We hereby bid par plus a premium of $ A.9,„.5:50,`") for all or none of the:
$20,130,000 County of Oakland, State of Michigan, General Obligation Tax
Revolving Fund Note Series 1975
plus acceued interest to date of delivery.,
The interest rate (s) to be borne by these bonds will be as follows:
Maturities Rates Maturities Rates
1976to 19 Incl. 19 to 19 Incl.
1977to 19 Incl. .7$ 19 to 19 Incl.
1978 to 19 mci. 19 to 19 Incl. _—
19 to 19 Incl. 19 to 19 Incl.
We compute the net interest cost to be:
Gross Interest Cost $ 0.2 o 16 -545-0 ee
Premium
Net Interest Cost .jTci& "
Net Effective Rate
This bid is made subject to the terms and provisions of your Official Notice
of Sale.
We enclose a check in the amount of $402,600.00
"Treasurer of the County Of Oakland, Michigan."
payable to the order of:
414 t)
/c6)
Enclosures:
Yours very truly,
MORGAN GUARANTY TRUST COMPANY OF NEW YORK
& Associates
BY: MORG,AJOI TY TRUST COMPANY OF NEW YORK
(,
CARI, G. FRANZE -ASSISTANIFTREASURER
r
Brown, Inc. Van Kampen, Wauterlek
By: ,..1•114.....-,41-cexc-4947
6/Raymond B. McCabe, Sr. V.P. REM/1hr
Encl.
This bid isiiiireby accepted by and on behalf of
COUNTY OF OWAND, STATE OF MICHIGAN on this
_ day of - . ,1975. ,
1, Ico !1) 11 E(
II 1
4111'41'0.
•
HALSEY, STUART & CO. INcc.,ff.icia/ Si gnature
135 SOUTH LA8ALLE STREET CHICAGO, ILLINOIS 60690 312 / 782-3900
May 8, 1975
Mr. C. Hugh Dohany,
County Treasurer, county of Oakland
Oakland County Courthouse
1200 N. Telegraph Road
Pontiac, Michigan
Dear Mk. Dohany:
For $ 0.139.000 COUNTY OF OAKLAND, STATE OF MICHIGAN — GO. Tax Revolving
Fund Hetes, Ser_ 1975 all as more fully described in your Official Notice
of Sale, a copy of which is attached hereto and made a part of this bid, fov . which
notes proposals are to be received until 14:00 AM EDT on Thurs.. Mau 8, 2975
we will pay Federal Reserve Funds for notes bearing at the following
rate or rates per annum:
/
4,-) &,)
Date
Par plus accrued interest to the date of delivery and in addition thereto a
premium of $
The net interest cost to the County under the terms of
this proposal amounts to $ t 9 7? , equivalent in basis to.r.L5.7
per annum.
This bid is strictly subject to prompt acceptance, to delivery of the notes
to us within approximately forty—five (45) days after the day of sale at a place
tm he. mire-polin .mrrenceep44 renews
and to our being furnished at the time of delivery with the final unqualified
opinion of Messrs. _Di.ckinsoe...teartht_. &Mean & Cudlip , approving the legality
of the issue, together with a certified copy of the transcript upon which their
opinion is based.
We are enclosing herewith a check in the amount of $ 402,600 as
evidence of our good faith, to be held by you pending the fulfillment of our contract
Should the notesbe awarded elsewhere, or should the attorneys refuse to approve the
legality of the issue, said check shall be returned to us immediately.
. •
Respectfully submitted,
Halsey, Stuart & co. Inc. — Mgr.
Affiliate of Bache & Co., Inc.
•
Veryztru1y yours
(,16,44-)
putts Betanzos, Vice Pr
NATIONAL BANK OF DETROI
AND ASSOCIATES
ent
I•
NATIONAL BANK OF DETROIT
DETROIT, MICHIGAN 48232
TELEPHONE 225-2515
May 8, 1975
Mr. C. Hugh Dohany
County Treasurer - Oakland County
Oakland County Courthouse
1200 N. Telegraph Road
Pontiac, Michigan
For myiwwiarri remn+ir 1 Miirrsan _ aPTIAral Ohl ittation Ta.x Revolyjne
• Boodo of the par value of
$ 20.130.000
rPho xr yinnri ThrtrAr
described in the Official Notice of Sale, published in
on May 1. 1975
which Notice of Sale is incorporated herein by reference, we will pay you par
and accrued interest to date of delivery, plus a premium of $
said bonds to bear interest at the following rates:
Rate Year Rate Year
5.45 % 1976
5.35 % 1977
5.00 % 1978
This proposal is subject to our being furnished, at (your)
expense, with the unqualified approving legal opinion of Messrs. Dicum2a,
Wriaht t McKean & Cudlip , Attorneys, of Detroit, Michigan,
'which shall include the statement that, when issued, the bonds are exempt from
all then existing Federal income taxes at the time of delivery.
We enclose our good faith check for $402,600.00 payable to the
order of the "Treasurer of County of Oakland
Gross Interest Cost $1,954,500.00
Less Premium —0—
Net Interest Cost $1,954,500.00
Effective Net Interest Rate 5.227334
d net),L
May 1, 1976
May 1, 1977
May 1, 1978
5.10%
5.00%
5.00%
The following Order was presented by Mr. Dohany, as
Oakland County Treasurer, to wit:
IT IS HEREBY ORDERED:
1. That the fixing of this date as the date of sale
of the $20,130,000 Oakland County General Obligation Tax
Revolving Fund Notes, Series 1975, to be dated April 1, 1975,
and to be °issued by the County of Oakland, and the causing
notice of such sale to be published as heretofore provided,
is hereby ratified and confirmed, in conformance with the note
resolution heretofore adopted by the Oakland County Board of
Commissioners.
2. That the proposal of Michigan National Bank of
Detroit, Detroit, Michigan, to purchase said Notes at par plus
accrued interest to date of delivery, plus a premium of
$600.00, and bearing interest per annum as follows:
(same being the bid which produces the lowest net interest cost
to the County after deducting premium), be and the same is hereby
accepted, and all other proposals are hereby rejected, and the
bidding checks of the unsuccessful bidders are hereby ordered
returned.
3. That the aforesaid Notes be issued in accordance with
the terms set forth in the resolution adopted by the Board of
Commissioners and bearing interest as set forth above.
C. Hugh Yohany, Treesurer
Oakland County, Michigan
#7105
Moved by Hoot supported by Roth the resolution be adopted.
AYES: Gabler, Hoot, -Houghten, Kasper, Lennon, Moffitt, Montante,
Nowak, Olson, Page, Patterson, Pernick, Price s Roth, Simmons, Wilson,
Aaron, Button, Coy, Dearborn, Douglas, Dunleavy, Fortino. (23) '
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lynn D. Allen, Clerk of the County of Oakland and
having a seal, do hereby certify that I have compared the annexed copy of
Resolution #7105 adopted by the Oakland County Board of Commissioners
at their meeting held on May 22, 1975
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
191 75 this day of 1
Lynn D. Allen Clerk
By Deputy Clerk