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HomeMy WebLinkAboutResolutions - 1973.07.19 - 15460meeting of the Board of Commissioners of Oakland At a regular County, Michigan, held in the Board of Commissioners Auditorium Building, Oakland County Service Center, 1200 North Telegraph Road, Pontiac, Michigan, on the 19th day of July , 1973, at 9 :30 o'clock A.M. , Eastern Daylight Savings Time. PRESENT: Berman, Brotherton, Burley, Button, Coy, Dearborn, Douglas, Dunleavy, Gabler, Hobart, Hoot, Kasper, Lennon, Mathews, Moffitt, Montante, Nowak, Olson, Patnales, Perinoff, Pernick, Quinn, Richardson, Vogt, Wilcox. (25) ABSENT: Houghten, Walker. (2) June 25 1973. Miscellaneous Resolution No 6376 Recommended by Board of Public Works Re: OAKLAND COUNTY WATER SUPPLY SYSTEM FOR FARMINGTON TOWNSHIP Submitted by Mr. Patnales BOND RESOLUT ON Nr e Patnales offered the following resolution which was approved by the Board of Public Works at their meeting of 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 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 agreed therein to pay the total cost thereof,: based upon an estimated cost of $3,300,000 and as represented 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 and Bogue, Inc., registered professional engineers, and an estimate of $3,300,000 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 Township, and WHEREAS, pursuant to the provisions of said Agreement of February 1, 1973, 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 February 1, 1973, the said Township is to pay annually the amount of each annual install- ment 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 anticipation of payments to be made by the said Township under said Agreement of February 1, 1973; and WHEREAS, the County Board ofHPublic 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 Three Million Three Hundred Thousand Dollars ($3,300,000) be issued for the purpose of defraying the cost of acquiring and constructing the above mentioned water supply connec- tion,: transmission and distribution facilities The said bonds shall be known as "Oakland County Water Supply Bonds - Farmington Township System, Series 1973"; shall be dated November 1 9 1973; shall numbered consecutively in the direct order of their maturities from 1 upwards; shall be in the denomination of $5 9 000 each; shall bear interest at a rate or rates to be hereafter determined not exceeding seven per cent (7%) per annum, ,payable on May 1. and semi- annually thereafter on the first days of May and November in each . year; and shall mature on the f follows rst day of May in each year as 1978 - $ 50 9 000 1979 - 50,000 1980 - 50 9 000 1981 - 50 8 000 1982 -. 50,000 1.983 - 75,000 1984 - 75 8 000 1985 - 75,000 1986 - 100 8 000 1987 - $100 9 000 1988 - 100 8 000 1989 - 100 9 00o 1990 - 125 9 000 1991 - 125 8 0a0 1992 - 150 9 000 1993 -, 150,000 1994 - 150 8 000 1995 - 175 8 000 1996 - $175 8 000 1997 - 175,000 1998 - 200 8 000 1999 - 200,000 2000 - 200 8 000 2001 - 200 8 000 2002 - 200,000 2003 -. 200 8 000 Bonds maturing on or after May 1, 1986 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 9 1985. 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 9 1985, but prior to May 1, 1991; 2% of the par value of each bond called for redemption on or after May 1 9 1991 9 but prior to May 1 9 1997; 1% of the par vale of each bond called! for redemption on or after May 1 9 1997 9 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 1986 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 paying agent under Federal or Michigan law and which shall be designated by the original purchaser of the bonds. 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 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, 40 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 becote due to the County from the Township of Farmington under said Agreement of February 1, 1973, which payments are in the aggregate principal amount of the bonds with interest thereon as therein provided, As provided in said Act 185, the full faith and credit of said 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: 5. That all moneys paid to the County by the said Township pursuant to said Agreement of February l I973i 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 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 WATER SUPPLY BOND - FARMINGTON TOWNSHIP SYSTEM, SERIES 1973 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.De 19 e together with interest thereon from the date hereof until paid, at the rate of per centum ( per annum, payableilklay 1, 1974 And' thereafter semi-annually on the first days of May and November in each year Beth 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 coupont hei.eto attached as they severally mature. This bond is one of a series of bends of like date and tenor except as to maturity numbered consecutively . in the direct order of their Maturities from - 1 to 660, both inclusive, aggregating the principal sum of Three Million Three Hundred Thousand Dollars ($3,300,000), 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 e and Northwest Sectionb Bonds of this series maturing prior to May 1, 1986 are not subject to redemption prior to maturity. Bonds maturing on or after May l e 1986 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, 1985, Bonds called for redemption shall be redeemed at the pat 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, 1985, but prior to May l e 1991; 2% of the par value of each bond called for redemption on or after May 1, 1991, but prior to May i 1997; 1% of the par value of each bond celled for redemption on or after May 1, 1997, but prier to maturity Thirty days notice of redemption shallHae given by publication at least once in a ne,paper or publicatien circulated in the State of Michigan, which carries as a part of its regular service, notices of the sale of munAcipal bonds Bonds so called for rc.o.tion shall not bear interest after the date fixed for redemption pro- vided funds are on hand withthe 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 Farmington pursuant to a certain Agreement dated February 1, 1973, between the County of Oakland and said Township whereby the said Township agrees to pay to the said County the cost of said System in annual installments in the same aggregate amounts as the annual maturities of the bonds of this issue and semiannually 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 respective due dates specified in this bond. The full faith and credit of said 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. TN-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. 1973. , COUNTY or OAKLAND, MICHIGAN By Chairman of its Board of Commissioners By County Clerk (SEAL) (COUPON) Number On the 1st day of , A0D l9 , 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 Water Supply Bond - Farmington Town- ship System, Series 1973, dated November 1, 1973, No (FACSIMILE) County Clerk Chairman of its Board of Commissioners - (FACSIMILE) 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 Picts pf 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. PUBLIC W01-cKS COMMITTEE Robert F. Patnales, Chairman Patnales moved the adoption of the foregoing Brotherton On roll resolution The motion was supported by call the resolution was adopted by-the following vote AYES: Brotherton, Burley, Button, Coy, Dearborn Hoot, Kasper, Mathews, Moffitt, Montante, Richardson. (19) , Douglas, Dunleavy, Gabler, Hobart, Nowak, Patnales, Pernick, Quinn, NAYS: None. (0) STATE OF MICHIGAN ) ) ssz COUNTY OF-.0AKLAND ) 1,, the undersighed t .the ally 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 - 19th d ay o f July t 1973 the original of which is on file in my office. IN WITNESS WHEREOF, I'have ,hereunto affixed my official 19th signature this 19 day of• July A.D. 1973.