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HomeMy WebLinkAboutResolutions - 1972.12.21 - 15695At a regular meeting of the Board of Commissioners of Oakland County held in the Commissioner's Auditorium in the County Service Center in the City of Pontiac, Michigan, on Thursday the 21st day of December 1972, at 9 =30 Eastern STandard Time. PRESENT: Aaron, Barakat, Burley, Coy, Daly, Dearborn, Doyon, Gabler, Harrison, Horton, Houghten, Kasper, Kronenberg, Lennon, Mainland, Mathews, Olson, Paholak, Patnales, Perinoff, Pernick, Richardson, Szabo. (23) o'clock A.M,, ABSENT: Hamlin, Powell, Simson, Wilcox. (4) offered the following resolution which Mr. Lennon Miscellaneous Resolution No 6183. Recommended by Board of Public Works Re: OXFORD VILLAGE WATER SUPPLY SYSTEM Submitted by Mr. Lennon AMENDMENTS TO BOND RESOLUTION was approved by the Board of Public Works at their meeting of December 18 , 1972. WHEREAS, the Oakland County Board of Commissioners, by Miscellaneous Resolution No. 5763, adoped July 13, 1971, did approve of the establishment of a water supply system to be known as the "Oxford Village Water Supply System" which is to consist of improvements to the existing water supply system in the Village Of Oxford; and WHEREAS, the County of Oakland and the Village of Oxford entered into a Contract dated as of February 1, 1972, whereby the County agreed to acquire, construct and finance the Oxford Village Water Supply System as described on Exhibit "A" to the Contract and the Village agreed therein to pay the total cost thereof, based upon an estimated cost of $375,090 As Set forth on Exhibit "B" to the Contract and as represented by the amount of bonds described on Exhibit "C" to the Contract to be issued by the county to finance said System; and WHEREAS, bids have been received based upon the construction plans and specifications for the Oxford Village Water Supply System as prepared by Johnson Anderson, Inc., registered professional engineers and based thereon the estimate of $375,090 as the cost of said System has been revised upward to $435,000 as set forth on Revised Exhibit "B" as prepared by said registered professional engineers, and a Revised Exhibit "CH has been prepared to show the schedule of $435,000 of bonds to be issued by the County, which Revised Exhibits "B" and "C" have been approved by the Board of Public Works and by the governing body of the Village; and WHEREAS, pursuant to the provisions of said Contract of February 1, 1972, as revised by Revised Exhibit "C" the aggregate amounts of the several annual installments to be paid by the Village are the same as the annual bond maturities hereinafter set forth; and WHEREAS, under said Contract of February 1, 1972, as re- vised, the said Village 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 has heretofore adopted a Bond Resolution as Miscellaneous Resolution No 6032 providing for the issuance of bonds in anticipation of payments to be made by the said Village under said Contract of February. 1, 1972, and desires to amend said Bond Resolution to increase the amount of bonds to $435,000; 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: A. Paragraph 1 of the Bond Resolution, Miscellaneous Resolution No. 6032 is hereby amended to read as follows: 1. That the bonds of said County of Oakland, aggregating the principal sum of Four Hundred Thirty-Five Thousand Dollars ($435,000) be issued for the purpose of.defraying the cost of acquiring and constructing said Oxford Village Water Supply System. The said bonds shall be known as "Oakland County Water Supply Bonds - Oxford Village System"; shall be dated March 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 and one-half per cent (7-1/2%) per annum, payable on July 1, 1973, and semi-annually thereafter on the first days of January and July in each year; and shall mature on the first day of July in each year as follows: 1977 - $10,000 1978 - 10,000 1979 - 10,000 1980 - 10,000 1981 - 10,000 1982 - 10,000 1983 - 10,000 1984 - 10,000 1985 - $15,000 1993 - $20,000 1986 - 15,000 _1994 - 25,000 1987 - 15,000 1995 - 25,000 e-,1988 - 15,000 1,99-6 - 25,000 1989 - 15,000 1997 - 30,000 1990 - :20,000 . 1998 - 30,000 1991 - 20,000 ' 1999 - 30;000 1992 - 20,000 2000 - 35,000 Bonds maturing on or after July 1, 1988 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 payments dates on and after July 1, 1987. 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 July 1, 1987, but prior to July 1, 1992; 2% of the par value of each bond called for redemption on or after July 1, 1992, but prior to July 1, 1997; 1% of the par value of each bond called for redemption on or after July 1, 1997, 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 o s 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 1988 shall not be subject to redemption prior to maturity. All bonds shall have proper' couponsattached thereto evidencing interest to their respective dates of maturity. . Paragraph 4 of the Bond Resolution Miscellaneous Resolution No. 6032 is hereby amended to read as follows: 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 Village of Oxford under said Contract of February 1, 1972, as revised by Revised Exhibits "B" and "C",. 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 Village 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. C. Paragraph 6 of the Bond Resolution, Miscellaneous Resolution No 6032 is hereby amended to read as follows: 6. That said bonds and attach ed coupons shall be sub- stantially in the following form: UNITED STATES OF AMERICA STATE OF MICHIGAN COUNTY OF OAKLAND OAKLAND COUNTY WATER SUPPLY BOND - OXFORD VILLAGE SYSTEM 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 July, A.D. 19 , together with interest thereon from the date hereof until paid, at the irate of per centum ( %) per annum, payable July 1, 1973 and thereafter semi-annually on the first days of January and July 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 1:)ond 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 dr=757.71:1er of their maturities from 1 to 87, both inclusive, aggregating the principal sum of Four Hundred Thirty-Five' Thousand Dollars ($435,000) 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 Oxford Village Water Supply System. Bonds of this series maturingHprior to July 1, 1988 are not subject to redemption prior to maturity e Bonds maturing on or after July 1, 1988 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 July 1, 1987. 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 calledfor redemption on or after July 1, 1987, but prior to July 1, 1992; 2% of the par value of each bond calledfor redemption on or after July 1, 1992, but prior to July 1, 1997; 1% of the par value of each bond called for redemption on or after July 1, 1997, 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 Village of Oxford pursuant to a certain Contract dated February 1, 1972, between the County of Oakland and said Village and Revised Exhibits "13° and "C" thereto whereby the said Village agrees to pay to the said County the revised cost of said Oxford Village Water Supply 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 Village 1s pledged for the prompt payment of its 'obligations pursuant to said Contract, 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, lhappen and be performed precedent to and in the issuance of the bonds of this series, existed, have happened and have been performed indue 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 March, A.I) 1973. COUNTY OF OAKLAND, MICHIGAN By Chair n 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 - Oxford Village System, dated March 1, 1973, No. . (FACS IMILE) County Clerk (FACSIMILE1) Chairman of its Board of Commissioners D. The Bond Resolution Miscellaneous Resolution No as amended hereby, is hereby ratified and confirmed and all other resolutions and parts of resolutions, insofar as the same may be in conflict herewith, are hereby rescinded. E. The Revised Exhibit "B" and Revised Exhibit "C" dated November 15, 1972, as submitted, are hereby adopted and approved as amendments to the Contract, dated February 1, 1972, between the County and the Village and the Chairman Of the Board of Public Works is hereby authorized to attach same to said Contract. *0-•••••-• •••• B•9 000 6 •••••••••• 11••• = 33,330.30 Contingency . By dames G. Meenahan, P.E. November 15, 1972 OXFORD VILLAGE WATER SUPPLY SYSTEM REVISED ESTIMATE OF COST Based on Construction Bids Received on November 8, 1972 Construction cost of iron removal and zeolite softening water treatment plant . . . . ....... = $344,800.00 PROJECT COST Construction . . ..... ....... = 344,800.00 Engineering . . . Inspection •.. •90.4,601.900066604 = Administrative ...... . . . „ . ..... = Legal and Financial 29,066.70 10,344.00 10,344.00 7,115.00 TOTAL PROJECT COST . 40.91 . = $435,000.00 hereby estimate the period of usefulness of this facility to be forty (40) years and upwards. JOHNSON & ANDERSON, INC. Revised EXHIBIT "B" November 15, 1972 OXFORD V11LAGE WATER SUPPLY SYSTEM Schedule of Annual Princj.pal Payments Year Principal 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 -0- -0- -0- -0 - $ 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 15,000 15,000 15,000 15,000 15,000 20,000 20,000 20,000 20,000 25,000 25,000 25,000 30,000 30,000 30,000 35 000 $435,000 Revised EXHIBIT "C" PUBLIC WORKS COMMITT Da It was moved by Mr. Lennon seconded by Mr. , that the foregoing resolution be adopted. Upon roll call the vote was as follows: YEAS: Mainland, Mathews, Olson, Paholak, Patnales, Perinoff, Pernick, Richardson, Szabo, Aaron, Barakat, Burley, Coy, Daly, Dearborn, Doyon, Gabler, Harrison, Horton, Houghten, Kasper, Kronenberg, Lennon. (23) NAYS: None. (0) STATE OF MICHIGAN ) 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 Oxford Village Water Supply System, duly adopted and taken by the Board of Com- SS: December 21, missioners of said County at a regular meeting held 1972, the originals of which are on file in my office. Lynn D. Al len, County Clerk, i Oakland County Dated: , 1972.