HomeMy WebLinkAboutResolutions - 1974.03.07 - 15172THE CLINTON-OAKLAND
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SEWAGE DISPOSAL SYSTEM - WATERFORD EXTENSIONS - PHASE III AND IS
TO APPROVE THE BOND RESOLUTION,
and si'hae a copy of the -1,-.e ,a(i
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of this Board I va:•
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The -c; Cc Pee, by
ITS moves the aclootion of the following
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At a regular meeting of the Board of Commissioners of
Oakland County held in the Commissioner's Auditorium in the County
Thursday Service Center in the City of Pontiac, Michigan, on
10:00 o'clock A.M., the 7th day of March r 1974, at
Eastern Standard Time.
PRESENT: Berman, Brotherton, Burley, Button, Coy, Dearborn, Douglas, Dunleavy, Gabler,
Hobart, Hoot, Houghten, Kasper, Lennon, Mathews, Moffitt, Montante, Nowak, Olson, Patnales,
Perinoff, Pernick, Quinn, Richardson, Vogt, Walker, Wilcox. (27)
ABSENT: None. (0)
January 28 , 1974:
6582 Miscellaneous Resolution No.
Recommended by Board of Public Works
- Re: CLINTON-OAKLAND SEWAGE DISPOSAL
SYSTEM - WATERFORD EXTENSIONS
PHASE III
Submitted by Mr. Patnales
BOND RESOLUTION
Mr. Patnales offered the following resolution
which was approved by the Board of Public Works at their meeting
WHEREAS, the Board of Supervisors (now Board of Commis-
sioners) of Oakland County, by Miscellaneous Resolution No. 4342,
adopted on June 22, 1964, did approve of the establishment of the
Clinton-Oakland Sewage Disposal System to serve the Clinton-Oakland
Sewage Disposal District, within which district lies all of the
Charter Township of Waterford; and
WHEREAS, pursuant to the Board of Supervisors Resolution
Miscellaneous No. 5097, and pursuant to a resolution adopted by
the governing body of the Charter Township of Waterford, the County
of Oakland and the said Township entered into a Contract dated as
of April 1, 1969, whereby the County agreed to construct and
finance in one or more phases, the Waterford Extensions to said
Clinton-Oakiand Sewage Disposal System and the Township agreed to
pay the total cost thereof, based upon the total estimated cost of
the project, and as represented by the amount of bonds issued by
the County to finance asid Waterford Extensions, which said Contract
is set forth in full in the said resolution of this Board of
Commissioners; and
WHEREAS, construction plans and specifications for Phase
III of the Clinton-Oakland Sewage Disposal System - Waterford
Extensions as prepared by Johnson & Anderson, Inc., registered
professional engineers, and an,amended estimate of $
as the cost of Phase III of said Extensions and an estimate of
fifty (50) years and upwards as the period of usefulness thereof, -
(Revised Exhibit B - Phase III) as prepared by said registered pro-
fessional engineers, have been approved by the Board of Public
Works and by the governing body of the Charter Township of Waterford
and are herewith presented to this Board of Commissioners for ap-
proval; and
-WHEREAS, pursuant to the provisions of said Contract of
April 1, 1969, and Revised Exhibit C - Phase III thereto, the
aggregate amounts of the several annual installments to be paid by
the Township to finance Phase III of the project are the same as
the annual bond maturities aggregating $6,900,000, hereinafter set
forth, and the amounts of said bonds and surplus funds heretofore
appropriated to this Phase III project are in an aggregate amount
equal to the estimated cost thereof; and
WHEREAS, under said Contract of April 1, 1969, and amended
exhibits thereto, 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 Contract; and
WHEREAS, the County is desirous of issuing bonds in
anticipation of the payments to be made by the said Township under
said Contract of April 1, 1969, and amended exhibits thereto; and
WHEREAS, the County hoard 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 plans and specifications and the estimates
of cost and of period of usefulness of the Waterford Extensions
Phase III presented herewith are hereby accepted and approved and
the County. Clerk is hereby directed to initial same and return them
to the Department of Public Works.
2. That the bonds of said County of Oakland, aggregating
the principal sum of Six Million Nine Hundred Thousand Dollars
($6,900,090) be issued for the purpose of defraying part of the
cost of acquiring Phase III of said Clinton-Oakland Sewage Disposal
System - Waterford Extensions. That said bonds shall be known as
"Oakland County Sewage Disposal Bonds - Clinton-Oakland System,
Waterford Extensions Phase III"; shall be dated May 1, 1974; 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 seven percent (7%) per annum, payable on November 1, 1974
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 - $100,000 1988 - $200,000 1997 - $325,000
1980 - 100,000 1989 - 200,000 1998 - 350,000
1981 - 125,000 1990 - 225,000 1999 - 375,000
1982 - 125,000 1991 - 225,000 2000 - 400,000
1923 - 125,000 1992 - 250,000 2001 - 400,000
1984 - 150,000 1993 - 250,000 2002 - 400,000
1985 - 150,000 1994 - 275,000 2003 - 400,000
1986 - 175,000 1995 - 300,000 2004 - 400,000
1987 - 175,000 1996 - 300,000 2005 - 400,000
Bonds maturing prior to May 1, 1990, shall not be subject tc,) re-
demption prior to .matority. Bonds maturing on and after May 1,
1990, shall he subject to redemption in inverse numerical order at
action of the county prior to maturity on any one or more
for redemption shall be redeemed at the par value thereof and
interest payment dates on and after May 1, 1989. Bonds so called
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
prior to May 1,
2% if called to be
prior to May 1,
1% if called to be
redeemed
1995
redeemed
2000
redeemed
on or after May 1, 1989, but
on or after May 1, 1995, but
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
municipa 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
Per coupons attached thereto evidencing interest to their re
spective dates of maturity.
3. 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.
That the Chairman of the board of Commissioners and
the County Clerk, of the County of Oakland. arc 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
4.
the interest coupons to be attached to said bonds by causing to be
affi x ed 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.
5. That the sail 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 Charter Township of Waterford under said Contract of April
1, 1969, and Revised Exhibits A, B and C - Phase III thereto, 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 Charter Township of Waterford 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
the bonds, both principal and interest, when due.
6. That all moneys paid to the County by the Charter
Township of Waterford pursuant to said Contract of April 1, 1969,
and amended exhibits thereto, 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. Interest payable on the bonds on
November 1, 1974, May I and November 1, 1975, and May I, 1976, is
capitalized and is payable from the proceeds of said bonds.
7. That the obligation of said Township to make the
payments set forth in the Contract, and especially Amended Exhibit
C Phase I, Supplemental Exhibit C, Phase I, and Revised Exhibit
C - Phase II, thereto, in anticipation of which the Oakland County
Sewage Disposal Bonds - Clinton-Oakland System, Waterford Extensions
Phase I, dated May 1, 1970, in.the amount of $12,850,000 and the
Second Series of said bonds, dated as of November 1, 1970, in the
amount of $4,150,000, and the Oakland County Sewage Disposal Bonds
- Clinton-Oakland system, Waterford Extensions Phase II, dated as
of May 1, 1972, in the amount .of'$20,400,000, are issued, is separate
but equal and on a parity as a pledge of full faith and credit with
the obligation of said Township to make the payments set forth in
the Contract, as supplemented by the attachement thereto of the
Revised Exhibit B - Phase III and the Revised Exhibit C - Phase III
thereto, in anticipation of which the Oakland County Sewage Dis-
posal Bonds - Clinton-Oakland System, Waterford Extensions Phase
III, dated May 1, 1974, in the amount of $6,900,000 are issued.
The pledge by the County of Oakland of its full faith and credit to
payment of the four series ofbonds,Phase I, Second Series Phase I,
Phase II and Phase III, as authorized in said Act No. 185, applies
equally and without preference and priority to the bonds of each
series.
8. That said bonds and attached coupons shall be sub-
.stantially in the following form:
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY SEWAGE DISPOSAL BOND -
CLINTON-OAKLAND SYSTEM, WATERFORD EXTENSIONS PHASE III
Number $5,000
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, 1974, 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 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 1380, both inclusive, aggregating the principal sum of Six
Million Nine Hundred Thousand Dollars ($6,900,000), issued under and
pursuant to and in full conformity with the Constitution 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 part
of the cost of Phase III of the Clinton-Oakland Sewage Disposal
System - Waterford Extensions in the Charter Township of Waterford.
Bonds of this series maturing prior to May 1, 1990, are not
subject to redemption prior to maturity. Bonds maturing on or after
May 1, 1990, 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, 1989. 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, 1989, 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
(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 paving adent to redeem the same.
By
Its County. lark
This bond as to both principal and interest, is payable
from moneys to be paid to the County of Oakland by the Charter
Township of Waterford pursuant to a certain Contract dated April
1, 1969, and Revised Exhibit B - Phase III and Revised Exhibit C -
Phase III thereto, between the County of Oakland and said Charter
Township whereby the said Charter Township agrees to pay to the
said County the cost of said .Phase III of the Clinton-Oakland Sewage
Disposal System - Waterford Extensions along with the cost, as
finally determined, of Phase I and II thereof, in annual install-
ments in the same amounts as to Phase III 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 Charter Township is
pledged for the prompt payment of its obligation pursuant to said
Contract and all amended exhibits thereto, 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, on a parity and without priority with the bonds
of the County of Oakland issued for Phase I in the amount of
$12,850,000, dated May 1, 1970, and $4,150,000, dated November 1,
1970 and for Phase II in the amount of $20,400,000, dated May 1, 1972.
It is hereby certified, recited 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 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. 1974.
COUNTY OF OAKLAND, MICHIGAN
By
Chairman of s Board of Commissioners
(SEAL)
(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 Lhat day on its Oakland County Sewage Disposal Bond
- Clinton-Oakland System, Waterford Extensions Phase III, dated May
1, 1974, No.
(FACSIMILE) (FACSIMILE)
County Clerk Chairman of the-Board of Commissioners
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 Board of Public Works through its Director is hereby'
authorized and directed to make application to said Commission for
the issuance of such order.
10. 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 neces-
sary to effect the sale and issuance of said bonds, subject to the
provisions of this resolution.
11. All resolutions and parts of resolutions, inofar
as the same may be in conflict herewith, are hereby rescinded.
PUBLIC WORKS COMMITTEE
By
Robert F. PatnaIes, Chairman
It was moved by Mr. Patnales , seconded by Mr.
Lennon , that the foregoing resolution be adopted.
Upon roll call the vote was as follows:
YEAS: Berman, Brotherton, Burley, Button, Coy, Dearborn, Dunleavy, Gabler, Hobart,
Hoot, Kasper, Lennon, Mathews, Moffitt, Montante, Olson, Patnales, Perinoff, Pernick,
Quinn, Vogt, Walker, Wilcox. (23)
NAYS: None. (0)
1974. March 8 Dated:
STATE OF MICHIGAN )
ss:
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 Clinton-
Oakland Sewage Disposal System - Waterford Extensions, duly
adopted and taken by the Board of Commissioners of said County
at a regular meeting held March 7 r 1974, the originals
of which are on file in my office.
County Clerk, Oakland County