Loading...
HomeMy WebLinkAboutResolutions - 1973.09.20 - 15624At a regular meeting of the Board of Commissioners of Oakland County, Michigan, held in the Commissioners Auditorium in the County Service Center, in the City of Pontiac, Michigan, on Thursday the day of September , 197 3 , at 9:30 20th o'clock A.M. , Daylight Savings 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, Vogt, Walker, Wilcox. (26) ABSENT: Richardson. (1) Miscellaneous Resolution No. 6432 Recommended by Board of Public Works Re: PONTIAC TOWNSHIP WATER SUPPLY SYSTEM EXTENSION NO. 2 ' Submitted by Mr. Walker BOND RESOLUTION Mr. Walker offered the following resolution which was approved by the Board of Public Works at their meeting of September 20, 1973. WHEREAS, the Oakland County Board of Supervisors (now Board of Commissioners), by Miscellaneous Resolution No. 4291, adopted March 6, 1964, did approve of the establishment of a water supply system to be known as the "Pontiac Township Water Supply System" which is to consist of facilities for the supply, trans- portation and distribution of water to areas designated in said resolution as Pontiac Township Water Supply District; and WHEREAS, pursuant to Contract dated February 15, 1965, Extension No. I, has been acquired and financed by the County as a section of the system established by the County, by the issuance of county bonds in anticipation of contract payments to be made by the Township, and said Township has now requested the County to acquire and finance, as an extension to and another section of the County's system, certain additional water supply facilities needed to distribute City of Detroit water in the certain areas of the Township; and WHEREAS, the County of Oakland and the Township of Pontiac entered into a Contract dated as of February 1, 1973, whereby the County agreed to acquire, construct and finance Extension No. 2 to the Pontiac Township Water Supply System and the Township agreed therein to pay the total cost thereof, based upon an estimated cost of $850,000 and as represented by the amount of bonds issued by the county to finance said System; and WHEREAS, construction plans and specifications for the Pontiac Township Water Supply System Extension No 2 as prepared by Papke, Hiltz and McCliment, Inc., registered professional engineers, and an estimate of $850,000 as the cost of said Extension 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 Contract of February 1, 1973, the aggregate amounts of the several annual in- stallments to be paid by the Township for Extension No. 2 are the same as the annual bond maturities hereinafter set forth; and WHEREAS, under said Contracts of February 15, 1965, and February 1, 1973, 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 Contracts; and WHEREAS, the County is now desirous of issuing bonds with respect to Extension No. 2 in anticipation of payments to be made by the said Township under said Contract of February 1, 1973; 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 bonds of said County of Oakland, aggregating the principal sum of Eight Hundred Fifty Thousand Dollars ($850,000) be -issued for the purpose of defraying the cost of acquiring and constructing said Pontiac Township Water Supply System Extension No 2. The said bonds shall be known as "Oakland County Water Supply Bonds - Pontiac Township System Extension No. 2"; shall be dated November 1, 1973; 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 per cent (7%) per annum, payable on May 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: 1978 - $15,000 1979 - 15,000 1980- 15,000 1981 - 15,000 1982 - 15,000 1983 - 15,000 1984 - 15,000 1985 - 15,000 1986 - $15,000 1987 - 15,000 1988 - 20,000 1989 - 20,000 1990 - 60,000 1991 - 60,000 1992 - 60,000 1993 - 60,000 1994 - $60,000 1995 - 60,000 1996 - 60,000 1997 - 60,000 1998 - 60,000 1999 - 60,000 2000 - 60,000 Bonds maturing on or after May 1, 1986 shall be subject to redemp- tion in inverse numerical order at the option of the County prior to maturity on any one or more interest payment dates on and after Na' 1, 1985. Bonds called for redemption shall be redeemed at the par value thereof and accrued interest to the date fixed for re- demption, 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 1, 1991; 2% of the par value of each bond called for redemption on or after may 1, 1991, but prior to May 1, 1996; 1% of the par value of each bond called for redemption on or after May 1, 1996, 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 f 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. 4. 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 Pontiac under said Contract 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 Contract of February 1, 1973, and suf- ficient of the proceeds of said bonds to pay the coupons thereon due May 1 and November 1, 1974, 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' 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 - PONTIAC TOWNSHIP SYSTEM EXTENSION NO, 2 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, 1974 and thereafter 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 •, 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 170, both inclusive -, aggregating the principal sum of Eight Hundred Fifty Thousand Dollars ($850,000), 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 Pontiac Township Water Supply System Extension No. 2. Bonds of this series maturing prior to May 1, 1986 are not subject to redemption prior to maturity. 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,' 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'l, 1985, but prior to May 1, 1991; 2% of the par value of each bond called for redemption on or after May 1, 1991, but prior to May 1, 1996; 1% of the par value of.each bond called for redemption on or after May 1, 1996, 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 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 Pontiac pursuant to a certain Contract 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 Pontiac Township Water . Supply System Extension No 2 in annual installments in the same aggregate amounts as the annual maturities of the bonds of this IC sue and semi-annually- to pay the aggregate amount of the interest (except capitalized 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 obligations pur- suant to said Contraet, and in addition, by affirmative vote of three- fifths (3/5ths) of the members elect ofjts 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. The obligations of this Township and the County as to this series of bonds and any -other series of bonds heretofore or hereafter issued by the County ' to finance any extensions of facilities of thePontiac Township Water Supply System are equal and without priority as to each and every such series of bonds. 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. 1973. . COUNTY OF OAKLAND, MICHIGAN By Chairman of its Board of Commissioners 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 , same being the interest due on that day on its Oakland County Water Supply Bond - Pontiac Township System Extension No 2, dated November 1, 1973, No. (FACSIMILE) (FACSIMILE) County Clerk Chairman of its Board o 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 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 accor- dance 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 WORKS COMMITTEE Lee Walker, Vice Chairman It was moved by Mr. Walker, seconded by Mr. Burley, that the foregoing resolution be adopted. Upon roll call the vote was as follows: YEAS: Berman, Burley, Button, Coy, Dearborn, Douglas, Dunleavy, Gabler, Hobart, Hoot, Houghten, Kasper, Mathews, Moffitt, Montante, Nowak, Olson, Perinoff, Pernick Quinn, Vogt, Walker. (22) NAYS: None. (0) STATE OF MICHIGAN ) ) SS: COUNTY OF OAKLAND ) 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 Pontiac Township Water 3upply System Extension No. 2 duly adopted and taken by the Board of Commissioners of said County at a regular meeting held September 20 1973, the originals of which are on file in my office. Cgunty perk, Oakland County Dated: September 20 1973.