HomeMy WebLinkAboutResolutions - 1974.10.03 - 15295At a Regular meeting of the Board of Commissioners
of Oakland County, Michigan, held in the Board of Commissioners
Auditorium Building, Oakland County Service Center, 1200 North
Telegraph Road, Pontiac, Michigan, on the 3rd day of October, 1974,
at 10:00 o'clock A.M., Eastern Daylight 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, Wilcox. (24)
The following resolution is with reference to THE FARMINGTON
WATER SUPPLY SYSTEM - NORTHWEST SECTION AND IS TO APPROVE
AMENDED BOND RESOLUTION.
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 Public Works Committee, by Mr. Patnales
its Chairman , moves the adoption of the following
Resolution:
Patnales offered the following resolution which Mr.
Miscellaneous Resolution No. 6848
Recommended by Board of Public Works
Re: OAKLAND COUNTY WATER SUPPLY SYSTEM
FOR FARMINGTON TOWNSHIP
Submitted by Mr. Patnales
AMENDED BOND RESOLUTION
was approved by the Board of Public Works at their meeting of
September 23, 1974.
- —WHEREAS, the Oakland County Board of Supervisors, by
Miscellaneous Resolution No. 3778, adopted April 11, 1961, and
approve of the establishment of a water supply system to be known
as the "Oakland County Water Supply System For Farmington Township";
and
WHEREAS, the County of Oakland and the Township of
Farmington (now City of Farmington Hills) entered into an Agreement
dated as of February 1, 1973, whereby the County agreed to acquire,
construct and finance water supply connection, transmission and
distribution facilities and the Township (now City) agreed therein
to pay the total cost thereof, based upon an estimated cost of
$3,300,000 subsequently revised upward to $4,550,000, and as re-
presented by the amount of bonds issued by the county to finance
said facilities; and
WHEREAS, construction plans and specifications for the
said facilities as prepared by Pate, Him n & Bogue, Inc., registered
professional engineers, and a revised estimate of $4,550,000 as the
cost Of said facilities and an estimate of forty (40) years and
upwards as the period of usefulness thereof, as prepared 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 City of Farmington Hills (formerly
Township of Farmington); and
WHEREAS, pursuant to the provisions of said Agreement of
February 1, 1973, as revised by Revised Exhibits "B-1", "B-2",
'B-3", "B-4" and "C", the aggregate amounts of the several annual
installments to be paid by the City (formerly .Township) are the
same as the annual bond maturities hereinafter set forth; and
WHEREAS, under said Agreement of February 1, 1973, the
said City (formerly 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
WHEREA3, the County is desirous of issuing bonds in
anticipation of paymenCs to be made by the said City (formerly
Township) under said Agreement of February 1, 1973 and revised
exhibits thereto; 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 Bond Resolution, Misc. No. 6376, adopted by
this Board on July 19, 1973, is hereby rescinded and revoked.
2. That the bonds of said County of Oakland, aggregating
the principal sum of Four Million Five Hundred Fifty Thousand
Dollars ($4,550,000) be issued for the purpose of defraying the cost
of acquiring and constructing the above mentioned water supply con-
nection, transmission and distriblJtion facilities, The said bonds
shall be known as "Oakland County Water Supply Bonds - Farmington
Township System, Series 1974"; shall be dated November 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 exceed-
ing eight per cent (8%) per annum, payable on May 1, 1975, 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 - $ 75,000
1980 - 75,000
1981 - 75,000
1982 - 75,000
1983 - 75000
1984 - 75,000
1985 - 100,000
1986 - 100,000
1987 - $100,000
1983 - 125,000'
1989 - 125,000
1990 - 125,000
1991 - 150,000
1992 - 150,000
1993 - 175,000
1994 - 200,000
1995 - 200,000
1996 - $225,000
1997 - 250,000
1998 - 275,000
1999 - 300,000
2000 - 300,000
2001 - 300,000
2002 - 300,000
2003 - 300,000
2004 - 300,000
Bonds maturing on or after May 1, 1987 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, 1986. Bonds called for redemption shall be redeemed at the par
value thereof and accrued interest to the date fixed for redemption,
plus a premium as follows:
3% of the par value of each bond called for redemption on or
after May 1, 1986, but prior to May 1, 1992;
2% of the par value of each bond called for redemption on or
after May 1, 1992, but prior to May 1, 1998;
1% of the par value of each bond called for redemption on or
after May 1, 1998, but prior to maturity.
Thirty days notice of redemption shall be given by publication 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 redemption date, provided funds are on
hand with the paying agent to redeem the same. Bonds maturing prior
to the year 1987 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.
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.
4. 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
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 said bonds are to be issued pursuant to the
provisions of Act 185, Public Acts of Michigan, 1957, as amended,
in anticipation of the payments to become due to the County from
the Township of Farmington (now City of Farmington Hills) under
said Agreement of February 1, 1973, as revised which payments are
in the aggregate princirDal amount of the bonds with interest thereon
as therein provided. As provided in said Act 185, the full faith
and credit of said City (formerly Township) is pledged to the
making of the said payments when due, and in addition there is
hereby pledged, as authorized in said Act 185, the full faith and
credit of the County of Oakland to the payment of the bonds, both
principal and interest, when due.
6. That all moneys paid to the County by the said City
(formerly Township) pursuant to said Agreement of February 1, 1973,
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 interest on the bonds herein authorized.
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 WATER SUPPLY BOND
- FARMINGTON TOWNSHIP SYSTEM,
SERIES 1974
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, 1975 and thereafter
semi-annuady-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 910, both inclusive, aggregating the principal sum of Four
Million Five Hundred Fifty Thousand Dollars ($4,550,000), 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
the cost of the Oakland County Water Supply System For Farmington
Township System "A", Industrial Section One, and Northwest Section.
Bonds of this series maturing prior to May 1, 1987 are not
subject to redemption prior to maturity. Bonds maturing on or after
May 1, 1987 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, 1986. Bonds called for
redemption shall be redeemed at the par value thereof and accrued
interest to the date fixed for redemption plus a premium as follows:
3% of the par value of each bond called for redemption on or
after May 1, 1986, but prior to May 1, 1992;
2% of the par value of each bond called for redemption on or
after May 1, 1992, but prior to May 1, 1998;
1% of the par value of each bond calledfor redemption on or
after May 1, 1998, but prior to maturity.
Thirty days notice of redemption shall be Oven by publication at
least once in a newspai)er 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
By
Chairr Board of CommLssioner
shall not bear interest after the date fixed for redemption, pro-
vided funds are on hand with the paving 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
Farmington (now City of Farmington Hills) pursuant to a certain Agree-
ment, dated February 1, 1973, as revised, between the County of Oakland
and said Township (now City of Farmington Hills) whereby the said City
(formerly Township) agrees to pay to the said County the revised cost
of said System in annual installments in the same aggregate amounts as
the annual maturities of the bonds of this issue and semi-annually to
pay the aggregate amount of the interest and bond handling charges,
such payments to be made at least thirty (30) days prior to the respec-
tive due dates specified in this bond. The full faith and credit of
said City (formerly Township) is pledged for the prompt payment of its
obligations pursuant to said Agreement, 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 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 November, A.D. 1974.
COUNTY OF OAKLAND, MICHIGAN
By
County Clerk
(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 I r same being the interest, due on that day on its Oakland County Water Supply Bond - Farmington Town-
ship System, Series 1974, dated November 1, 1974. No .
,(FACSIMILE) (FACSIMI
County Clerk 'Chairman of it of Commissioners
8. That the said bonds shall not be issued un 1 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.
9 - 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 thi
necessary to effect the sale andissuance of said bonds, subject
the provisions of this resolution.
10. All lutions and parts of resolutions, insofar .
as the same may be in conflict herewith, are hereby rescinded.
Mr. Patnales moved the adoption of the foregoing
resolution. The motion was supported by Moffitt . On roll
call the resolution was adopted by the ,following vote:
AXES: Moffitt, Montante, Nowak, Olson, Patnalps, Perinoff, Pernick, Quinn, Wilcox,
Berman, Brotherton, Burley, Button, Coy, Dearborn, Douglas, Dunleavy, Gabler, Hobart,
Hoot, Houghten, Kasper, Lennon, Mathews. (24)
NAYS: None. (0)
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
3rd day of October
in my office.
, 1974, the original of which is on file
IN WITNESS WHEREOF, I have hereunto affixed my official
signature this 3rd day of October A.D. 1974 -
Lynn D. Al len - County Clerk