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HomeMy WebLinkAboutResolutions - 1972.12.21 - 15696The Clerk presented to the Board a letter from the galkt*K County Drain Commissioner submitting to the Board a resolution adopted by the Drainage Board for the Joachim Relief Drains authorizing the issuance of Drain Bonds in the aggregate amount of $720,000.00 and requesting that the Board pledge the full faith and credit of the County of Oakland as secondary security for the payment of said Drain Bonds. By unanimous consent, the said communication was ordered filed with the Clerk. WILLIAM NI RICHARDS OAKLAND COUNTY DRAIN COMMISS1ONR No 1 PUD,LIC WORKS DRIVE PONTIAC. MICHIGAN 48054 FEDERAL 8-4585: JOHN L. GP_UE15A CHIEF DEPUTY DRAIN COMM:SEIONEE JAMES E.. PEMBC.RTON DEPUTY AND CHIEF ENGINEER HOWARD V. RUMMEL L. FINANCE DPFkcER November 30, 1972 Honorable Commissioners County of Oakland 1200 North Telegraph Road Pontiac, Michigan Reference: Joachim Relief Drains Mx. Chairman, Ladies and Gentleman: There is submitted to you herewith a certified copy of a resolution adopted by the Drainage Board for the Joachim Relief Drains authorizing the issuance of Drain Bonds in the aggregate amount of $720,000.00 pursuant to the provisions of Chapter ,.20 of Act No. 40 of the Public Acts of 1956, as amended and other applicable law. Also submitted to you herewith is a form of proposed reSolution for adoption by the Board of Commissioners for the purpose of pledging the full faith and credit of the County of Oakland as secondary security for the payment of said Drain Bonds. The said Drain Bonds are issued in anticipation of the payment by the City of Pontiac in the aggregate amount of at least equal to the amount of said bonds. The full faith and credit of said public corporation is pledged, by law, to the prompt payment of said assessments and the in- terest thereon when due. The law further authorizes and obligates said public corporation to levy a tax in an amount sufficient to make said payments (unless other funds are on hand available for said purpose) which tax may be levied without limitation as to rate or amount. The County is entitled, by law, to recover from said public corporation the amount advanced from county funds at any time in fulfillment of the County's secondary pledge of its full E faith and credit. OAKLAND COUNTY DRAIN COMMISSIONER Honorable Commissioners November 30, 1972 County of Oakland Page 2 Re: Joachim Relief Drains It is respectfully requested that the enclosed resolution be adopted for the reasons set forth in the preamble and because the pledge of the County's full faith and credit will result in a material savings in bond interest to be paid. Very truly yours, JOACHIM RELIEF DRAINS DRAINAGE BOARD By (4(/ William M. Richards Chairman /4- Lawrente R. Pernick Member BY f /./ , Daniel/V.'Murphy r // Member / 4/ WMR:es Enclosures December 21, 1972 6184 RESOLUTION NO BY: Mr. Lennon IN RE: JOACHIM RELIEF DRAINS TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS MR. CHAIRMAN, LADIES AND GENTLEMEN: WHEREAS, proceedings have been taken by the Statutory Drainage Board for the construction of! the Joachim Relief Drains under the provisions of Act 40, Public . Acts of Michigan, 1956, . as amended, pursuant to a petition filed by the City of Pontiac on November 4, 1969; and WHEREAS, the said Drainage Board by resolution adopted on November 29, 1972, authorized and provided for the issuance of bonds in the aggregate principal amount of $720,000 in anti- cipation of the collection of an equal amount of a special assess- ment against the City of Pontiac, said special assessment having been theretofore duly confirmed by said Drainage Board; and WHEREAS, said bonds are to be designated Drain Bonds, are to be dated April 1, 1973, will bear interest at a rate not exceeding 6% per annum and will not be subject to redemption prior to maturity; and WHEREAS, Section 474 of said Act No 40, as amended, provides in part as follows: "If any public corporation fails or neglects to account to the county treasurer for the amount to any installment and interest, then the county treasurer shall advance thel amount thereof from county funds in the following cases: • "-(1-) If any bonds or Other evidence of in- debtedness have been issued to finance a project, the petition for which was filed after June 6, 1961 in anticipation of the collection of the installment and interest pursuant to the provisions of this chapter and the board of supervisors has previously acted, by a resolution adopted by a 2/3 vote of its members elect, to pledge the full faith and credit of the County for the prompt payment of the principal of and interest on the bonds or evidence of indebtedness', or "(2) If any bonds or other evidence of in- debtedness have been issued to finance a project, the petition for which was filed prior to June 6, 1961 in anticipation of the collection of the installment and interest pursuant to the provisions of this chapter." WHEREAS, said Drainage Board deems it advisable and necessary to obtain from this Board a resolution consenting to the pledge of the full faith and credit of the county on the aforesaid bonds; and WHEREAS, the said drainage Project is immediately necessary to protect and preserve the public health and therefore it is in the best interest of the County of Oakland that said bonds be sold. NOW, THEREFORE, BE IT RESOLVED. BY THE OAKLAND COUNTY BOARD OF COMMISSIONERS: 1. That pursuant to the authorization provided in Section 474 of Chapter 20 of the Drain Code of 1956, as amended, the Oakland County Board of Commissioners does hereby irrevocably pledge the full faith and credit of the County of Oakland for the prompt payment of the principal of andinterest on the said Drain Bonds, and does agree that in the event the City of Pontiac shall fail or neglect to account to the County Treasurer of the County of Oakland for the 'ambunt of any special assessment installment and interest, for the Joachim Relief Drains, when due, then the amount thereof shall be immediately advanced from County Funds, and the County Treasurer iS directed to immediately make such advancement to the extent necessary. -2- 2. That in the event that, pursuant to said pledge of full faith and credit, the County of Oakland advances out of County Funds, all or any part of said installment and interest, it shall be the duty of the County Treasurer, for and on behalf of the County of Oakland, to take all actions and pro- ceedings and pursue all remedies permitted or authorized by law for the reimbursement of such sums so paid. 3. That all resolutions and parts of resolutions insofar as the same may be in conflict with the provisions of this resolution be and the same hereby are rescinded. MR. CHAIRMAN, on behalf of the Public Works Committee, I move the adoption of the foregoing resolution. Moved by Lennon supported by Patnales the resolution be adopted. ADOPTED: Ayes: Mathews, Olson, Paholak, Patnales, Perinoff, Pernick, Richardson, Szabo, Aaron, Barakat, Burley, Coy, Daly, Dearborn, Doyon, Gabler, Harrison, Horton, Houghten, Kasper, Kronenberg, Lennon, Mainland. (23) Nays: None. (0) Absent: Hamlin, Powell, Simson, Wilcox. (4) 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 by a 2/3rds vote of the members elect at a regular meeting of the Oakland County Board of Commissioners, held on the 21st day of December is on file in my off.ice. , 1972, the original of which IN WITNESS WHEREOF, I have hereunto affixed my official signature this 21st day of December A.D. 1972. Lynn D. Allen, County Clerk LU JOY z DISTRICT 1 LIMITS GALL 0 A )/ L 2223 15 .14 WI LLOT C C Or: M OR s r - 7-- am cox. /DIST RICT AMOS LIMITS tiOTCHKISS I- I a_ DUDLEY ECKMAN DUFRAIN 011111043211ir: • APPORTIONMENT: CITY OF PONTIAC STATE OF MICHIGAN TOTAL 100.000% AMOUNT FOR BONDS $ 720,000.00 DRAIN LOCATION 97.718 % 2.282 'Y. JOACIIIM RELIEF DRAINS LOCATION MAP MINUTES OF THE MEETING OF THE DRAINAGE BOARD FOR THE JOACHIM RELIEF DRAINS November 29, 1972 A meeting of the Drainage Board for the Joachim Relief Drains was held in the office Of the Oakland County Drain Commissioner, Public Works Building, 1 Public Works Drive, Pontiac, Michigan, on the 29th day of November, 1972, at 10;00 o'clock A.M., Eastern Standard Time. The meeting was called to Order by the Chairman. PRESENT: William M. Richards, Chairman and Oakland County Drain Commissioner Lawrence R. Bernick, Chairman of the Oakland County Board of COmmissioners ABSENT: Daniel T. Murphy, Chairman Oakland County Board of Auditors ALSO Evelyn Y. Stewart PRESENT: Drain Howard V. Rummell •Drain Commissioner's -Office Gerald Terrien Drain Commissioner'S Office James E. Pemberton Deputy Drain Commissioner John A. Everhardus Bond Counsel Commissioner's Office The minutes of the November 13, 1972 meeting of the Board were read. It was moved by Pernick and seconded by Richards that the said minutes be approved as read. ADOPTED: Yeas - 2 Nays - 0 The Chairman presented the revised estimate of the cost of the Joachim Relief Drains, which was based on the actual construction bids received and reads as follows: 150.00 63.00 250.00 463.00 JOACHIM DRAIN Estimate of Cost '1. Construction Cost 4540,677.50 2. Engineer's Design Fee $33,467.00 Resident Engineer 15,000.00 Soil Borings 1 000.00 • 49 467.00 3. Inspection Including Layout 20000.00 4. Legal & Financial A. Legal B. Financial C. Bond Printing 5. Rights-of-Way (Incl. Cost of Negotiator) 6. Publishing Notices A. Oakland Press B. Michigan Contractor Builder C. Michigan Investor 10,160.50 7,000.00 $ 5,200.00 4,460.00 500.50 7. Capitalized IntereSt (740,000.00 x 7% x.1 yr.) 51,800.-00 8. ContingenCies (8,.8931) 60,432.00 $740,000.00 Prepared By: James E. Pemberton Chief Engineer & Deputy JEP:es cc: mr. William M. Richards Mr. Lawrence R. Pernick Mr, Daniel T. Murphy Mr, John A. Everhardus (2) The following resolution was offered by Pernick and seconded by Richards_: RESOLVED, that the revised estimate of cost of the Joachim Relief Drains in the aggregate amount of $740,000 as presented to this Drainage Board be and the same hereby is approved and adopted and ordered filed with the Chairman of this Drainage Board. ADOPTED: Yeas - 2 Nays - 0 The Chairman reported on the recommendations of Shannon and Company, the financial cOnsultants for the Drainage Board, concerning the computation and preparation of an assessment roll to assess the cost of the Joachim Relief Drains project against the City of POntiac and the State of Michigan in accordance with the appOrtionments as adopted and confirmed by the Drainage Board on October 6, 1972. The payment schedules which had been agreed upon were discussed and it was reported that the State of Michigan will prepay its share of the cost in full in cash. The prepayment by the State of Michigan will be made upon the sale of bonds. The following resolution Was offered by Pernick and seconded by Ri cjaLrd___: WHEREAS, the Drainage Board for the Joachim Relief Drains has fixed and confirmed apportionments of the cost of said drain as set forth in the resolutioh of the Board adopted October 6, 1972, and in the final order of apportionment of the cost of said drain filed in the office of the Chairman of this Board on October 6, 1972. THEREFORE, BE IT RESOLVED By THE DRAINAGE BOARD FOR THE JOACHIM RELIEF DRAINS, as follows:: 1. That the Chairman of said Drainage Board is hereby directed to prepare a special assessment roll assessing the sum of $740,000 (which is the revised estimated cost of the Joachim Relief Drains) against the several public corpora- tions in accordance with the said apportionments heretofore confirmed, and to divide the total amounts assessed against the City of Pontiac in 12 annual installments, the first of which shall become due and payable on April 1, 1974 and one additional installment shall become due and payable on the first day of April in each year thereafter. That unpaid installments shall bear interest at the rate of 6% per annum from such date as shall be hereafter established. 2. That the assessment against the State of Michigan shall:be payable upon the sale of bonds and the installments of principal payable on April 1st of each year by the City of Pontiac shall be as follows: Due 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 City of Pontiac $ 38,113.20 40,000.00 45,000.00 50,000.00 50,000.00 55,000.00 60,000.00 70,000.00 75,000.00 75,000.00 80,000.00 85,000.00 3. That the said special.'assessment roll shall be prepared in accordance with the proVisions of Chapter 20 of Act No 40 of the Public Acts of 1956,, as amended, and that when the said special assessment roll shall have been prepared it shall be presented to this Drainage Board for approval. ADOPTED: Yeas - 2 Nays - 0 The Chairman presented to the Drainage Board Special Assessment Roll No 1 for Joachim Relief Drains which special assessment roll contains a statement signed by the • Chairman and the other members of this Board to the effect that it was prepared in accordance with the directions of this 0 Board and the statutory provisions applicable thereto. The following resolution was offered by and seconded by Richards • Pernick 1. That Special Assessment Roll No 1 for Joachim Relief Drains to be constructed pursuant to a petition filed with the Oakland County Drain CommisSioner on November 4, 1969, upon which special assessment roll ate spread assessments against the City of Pontiac and the State of Michigan, aggrega- ting the principal sum of $740,000 be and the same is hereby approved and ordered to be filed with the Chairman. 2. That the Chairman shall execute the statement affixed to said roll setting forth the date of such approval. 3. That the several annual installments of the total assessments against the City of Pontiac as set forth on said speCial assessment roll, shall become due on April 1 of each year as indicated thereon, and that all installments from time to time unpaid shall bear interest from September 1, 1973 until paid, at the rate of 6% per annum payable annually on the due date in each year of each installment: Provided, that if at -5- any time the amount of assessment installments and the interest on unpaid installments collected by the Drainage Board and on hand shall exceed the amount of principal and interest which said Board is required to pay, pursuant to the schedule of maturities, upon the bonds to be issued in anticipation of the payment of said special assessments, then any excess in the amount of assessment installments and interest so collected and on hand (after allowance for administrative expenses in connection with said bonds, and after allowance for any excess in assessment installments in one or llore years. required to be accumulated to meet bond maturities in a subsequent year or years) shall be credited to the public corporation, which credit shall be applied first to reduce the amount of the interest becoming due on the next asSessment installment payment date and second to reduce the amount of the next such assessment installment. 4. The City of Pontiac may pay in advance of maturity all or any part of an annual installment due from it by surrendering to the. county, bonds issued in anticipation of the said special assessments, of a like principal amount maturing in the same calendar year as the installMent, with all future due interest coupons attached theretO. Accrued interest upon the amount so paid upon any installment and the accrued interest upon the bonds surrendered, shall be ,paid in cash. All bonds and coupons so surrendered shall be Cancelled. 5. That the Chairman of the Drainage Board shall certify within 10 days hereafter to each public corporation assessed the amount of the total,assessment against it, and shall notify the City of Pontiac of the amount of the various installments, the due date of each installment and the rate of interest upon the installments from time to time unpaid, and -6- that said Chairman shall also each year as provided by law notify the public corporations of the amount of the installments and interest next becoming due. ADOPTED: Yeas - 2 Nays - 0 The following resolution was offered by and seconded by Richards Pernick RESOLVED, that the Drainage Board for the Joachim Relief Drains hereby adopts a seal for the drainage district which shall be circular in form and Upon it shall appear the words "Joachim Relief Drains Drainage District, Oakland County, Michigan, Corporate Seal". ADOPTED: Yeas - 2 Nays - 0 The following resolution was.offered by and seconded by Richards : Pernick WHEREAS, pursuant to a petition filed with the Oakland County Drain Commissioner on November 4, 1969, pro- ceedings have heretofore been taken rlder the provisions of Chapter 20 of Act No 40 of the Michigan Public Acts of 1956, as amended, for the construction of the Joachim Relief Drains in the County of Oakland, State of Michigan, at an estimated cost of $740,000, which amount has been assessed in accordance with the apportionments confirmed by the Drainage Board for said drain on October 6, 1972; and [ WHEREAS, the FinalOrder Of Apportionment was filed in the office of the Chairman of the Drainage Board on the 6th day of October, 1972; and -7- WHEREAS, in accordance with said apportionments a special assessment roll designated "Special Assessment Roll No. 1 for Joachim Relief Drains was approved by said Drainage Board On this date upon which special assessment roll the said sum of $740,000 was assessed; and WHEREAS, the amount assessOd on said roll to the City of Pontiac, was divided into 12 installments one of which installments *ill become due and paylable on April 1 in each . year beginning with the year 1974, with interest upon all unpaid installments from September Z, 1973, at the rate of 6% per annum, payable on the due date of each installment in each • year with the following proviso: Provided, that if at any time the amount of the assessment installments and the interest on un- paid installments collected by the Drainage Board and on hand shall exceed the amount of principal and interest which said Board is required to pay, pursuant to the schedule Of maturities, upon the bonds to be issued in anticipation of the payment of said special assessments, then any excess in the amount of assessment installments and interest so collected and on hand after allowance for ad-. ministrative expenses in Connection with said bonds, and after allowance for any excess in assessment installment in one or more years required to be accumulated to meet bond maturities in a subsequent year or years), shall be Credited to the public corporation, which credit Ishall be applied first to reduce the amount of the interest becoming due on the next assessment installment payment date and second to reduce the amount of the next such assess- ment installment. WHEREAS, the State of Michigan, *ill pay its assess- ment in full upon the sale•of the herein authorized bonds, thereby leaving only the assessment against the City of Pontiac; and WHEREAS, the annual installments payable on the assessment against the City of Pontiac are as follows: Due april 1 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 Total $ 38,113.20 40,000.00 45,000.00 50,000.00 50,000.00 55,000.00 60,000.00 70,000.00 75,000.00 75,000.00 80,000.00 85,000.00 $723,113.20 THEREFORE, BE IT RESOLVED BY THE DRAINAGE BOARD FOR THE JOACHIM RELIEF DRAINS, as follows: 1. That the said drain project is necessary for the public health and in order to finance the cost thereof it is necessary to issue bonds as hereinafter provided. 2. That the bonds of the Joachim Relief Drains Drainage District be issued in the aggregate principal sum of $720,000 in anticipation of the collection of an equal amount of special assessments assessed on Special Assessment Roll No. 1 for Joachim Relief Drains, said bonds to be dated April 1, 1973; to be coupon bonds all in the denomination of $5,000 each; shall be registrable as to principal" only in the manner herein- after set forth in the bond form; s1 -011 bear interest at a rate or rates to be hereafter determined not in excess of 6% per annum payable on November 1, 1973, ana semi-annually thereafter on the first days of May and November in each year; to be numbered consecutively in the direct order of their maturities from 1 upwards; and to mature on the first day of May in each year as follows: 1974 - $35,000 1975 - 40,000 1976 - 45,000 1977 - 50,000 1978 - 50,000 1979 - 55,000 1980 - $60,000 1981 - 70,000 1982 - 75,000 1983 - 75,000 1984 - 80,000 1985 - 85,000 All bonds shall have proper coupons attached thereto evidencing interest to their respective dates Of maturity. None of said bonds shall be subject to redemption prior to maturity. 3. That in said bonds the Ifull faith and credit of the said drainage district shall be Pledged for the prompt payment of the principal thereof and the interest thereon as the same become due, and in addition, 1 the full faith and credit of the County of Oakland will also be pledged therefor, pursuant to the provisions of Section 474 of the Drain Code of 1956, as amended, if two-thirds of the member elect of the Board of Commissioners of the County of Oakland vote favorably on a resolution pledging the full faith and credit of the county on these bonds. 4. That the principal of Said bonds and the interest thereon shall he payable in lawful meney of the United States of America, at such bank or trust company which qualifies as a paying agent under Federal or Michigan law and which shall be designated by the original purchasers of the bonds. Such purchasers shall have the right to name a similarly qualified co-pa*ing agent. 5. That the Chairman and either one or both of the remaining members of said Drainage BOard are hereby authorized to execute said bonds for and on behalf of said drainage dis- trict and to affix the seal of said dreainage district thereto, and the Chairman is hereby authorized to execute the interest coupons to be attached to said bonds by causing to be affixed thereto his facsimile signature; and that upon the execution of said bonds and attached coupons, thel same shall be delivered to the Treasurer of said drainage district who is hereby authorized and directed to deliver said bonds and attached coupons to the -1 0 - purchasers thereof upon receipt of the purchase price therefor. 6. That the estimated period of usefulness of the project for which said bonds are being issued is hereby determined to be in excess of 50 years'. 7. That the issuance and sale of said bonds shall be subject to permission being granted therefor by the Municipal Finance Commission of the State of Michigan and the Chairman is hereby authorized and directed to make application to said Commission for permission to issue and sell said bonds as pro- vided by the terms of this resolution. 8. That of the proceeds of the sale of said bonds an amount equivalent to the -interes -t payable on said bonds for a period of twelve months from their, date is to be used to pay capitalized interest thereon. 9. That the advance payment to be made by the State of Michigan and 0,113.20 of the assessment installments due on or before April .1, 1974, shall be set aside for the construction of the Joachim Relief Drains and all other collec- tions (including, both principal and interest) on said Special Assessment Roll No. 1, shall be placled in a fund to be known as the "Joachim Relief Drains Special Assessment Roll No. 1 Fund" and shall be used solely to pay the principal and interest on the bond authorized herein. All excess funds, including pro- ceeds of the sale of bonds, remaining after construction of the Joachim Relief Drains is completed, a.1 -1c1 all charges in connection with the location, establishment and construction of said Drain are paid in full, shall be divided among the public corporations assessed on the basis of apportionments and shall be used by the Drainage Board to pay principal and interest on the bonds autho- rized herein, when due, or to purchase said bonds and the -11- obligations of said public corporations shall be reduced accordingly. All bonds so paid or purchased shall be cancelled. The portion of such excess attributable to the State of Michigan shall be refunded to it'in cash. 10. That said bonds shall be in substantially the following form, to wit: UNITED STATES OF AMERICA STATE OF MICHIGAN COUNTY OF OAKLAND JOACHIM RELIEF DRAINS DRAINAGE DISTRICT DRAIN BOND Number $5,000 KNOW ALL MEN BY THESE PRESENTS, that the Joachim Relief Drains Drainage District, Oakland County, Michigan, hereby acknowledges itself indebted and for value received, promises to pay to the bearer hereof (or if this bond be regis- tered, to the registered holder 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 ( 960 per annum, payable on November 1, 1973, 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 the 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 itheir maturities from 1 to 144 ., aggregating the principal sum of Seven Hundred Twenty Thousand Dollars ($720,000), issued Under and pursuant to and in full conformity with the Constitution and Statutes of the State of Michigan, and particularly Chapter 20 of Act No. 40 of the Public Acts of 1956, as amended. The bonds of this series are issued in anticipation of the collection of an equal amount of a special assessment assessed againstflthe City of Pontiac, on Special Assessment Roll No. 1 for Joachim Relief Drains (an intra-countv drain), which assessment. was made to defray the cost of constructing the said drain and which assessment is the general obligation of said public corporation . The full faith and credit of the Joachim Relief Drains Drainage District is hereby pledged to the prompt payment of the principal of and interest on this bond as the same become due and in addition the full faith and credit of the County Of Oakland is pledged there- for. Bonds of this series are net subjOct to redemption prior to maturity. . This bond may be registered as to principal only in the name of the holder on the books Of the principal, paying agent, and such registration noted on the back hereof by an official of said paying agent, and thereafter noltransfer shall be valid unless made upon the said books and likewise noted on the back -13- hereof. Transferability by delivery may be restored by registration to the bearer. Negotiability of the interest coupons shall not be affected by registration. 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 indebted- ness of said Drainage District, including this series of bonds does not exceed any constitutional or statutory limitation. IN WITNESS WHEREOF, THE JOACHIM RELIEF DRAINS DRAINAGE DISTRICT, Oakland County, Michigan, by its Drainage Board, has caused this bond to be signed in its /lamp by the Chairman and at least one other member of said Drainage Board, and its corporate seal to be affixed hereto, and has caUSed the annexed interest. coupons to be executed with the facsiMile signature of said Chairman, all as of the 1st day of April, A.D. 1973. JOACHIM RELIEF DRAINS By Chairman of he Drainage Board Member i of the Drainage Board By By Member: of the Drainage Board (SEAL) (COUPON) Number On the 1st day of , A. D. 19 , the JOACHIM RELIEF DRAINS DRAINAGE DISTRICT, Oakland County, Michigan, will pay to the bearer hereof the sum shown hereon, lawful money of the United States of America at the , in the City of . _ . same be:Lng the interest due on that day on its Drain Bond, dated April 1, 1973, No - ThiS coupon is subject to the redemption provisions in said bond. (FACSIMILE) Chairman REGISTRY 0 Zegistration In Whose Name Registered Date of Signature of Offi- cial of Principal Paying Agent IL. That if for any reason the original assessments shall not be sufficient to pay the principal and interest on said bonds, then the Drainage Board shall make such additional assessments therefor as may be necessary, apportioned as in the first instance. ADOPTED: Yeas - 2 Nays - 0 The following resolution was offered by Pernick and seconded by Richards : BE IT RESOINED, that sealed proposals for the purchase of $720,000 Drain Bonds to be issued py the Joachim Relief Drains Drainage District, to be dated April 1, 1973, be received up to such time as shall be later determined by-this Drainage Board and that notice thereof be published lin accordance with law in the 'Bond Buyer and in The Oakland Press, a newspaper of general circulation in the said Drainage District, which notice shall be • substantially in the following form: OFFICIAL NOTICE OF SALE $720,000 JOACHIM RELIEF DRAINS DRAINAGE DISTRICT County of Oakland, State Of Michigan Drain Bonds SEALED BIDS for the purchase of the above bonds will be received by the undersigned at the office of the Oakland County Drain Commissioner located in the Public Works Building, 1 Public Works Drive, Pontiac, Michigan, on , the day of 19 , until ETFTEEk .M., -Time, at which time and place -sYfd, bids will be ublicly opened and read. BOND DETAILS: Said ponds will be coupon bonds, registrable as to principal only, of the denomination ofi$5,000 each, dated April 1, 1973, numbered in direct order of maturity from 1 upwards and will bear interest from their date payable on November 1, 1973, • and semi-annually thereafter. Said bonds will mature on the 1st day of May as follows: 1974 - $35,000 1975 - 40,000 1976 - 45,000 1977 - 50,000 1978 - 50,000 1979 - 55,000 1980 - $60,000 1961 - 70,000 1982 - 75,000 1983 - 75,000 1984 - 80,000 1965 - 85,000 PRIOR REDEMPTION: Said bonds shall not be subject to redemption - prior to maturity. INTEREST RATE AND BIDDING DETAILS: The bonds shall bear interest at a rate or rates not exceeding 6% per annum, to he fixed by the bids therefor, expressed in multiples of 1/8 or 1/20 of 1%, or both. The interest on any one bond shall be at one rate only, all bonds maturing in any one year muSt carry the same interest rate, and each coupon period shall be Irepresented by one interest coupon. The difference between the highest and lowest interest rate on the bonds shall not exceed 1 percentage point. No proposal for the purchase of less than all of the bonds or at a price less than 100% of their par value will be Considered. PAYING AGE=.: Both principal and interest shall be payable at a bank or trust company located in Michigan Qualified to act as paying agent under State or United States law, to be designated by the original purchaser of the bond, who may also designate a co-paying agent, which may be located outside of Michigan, qualified to act as paying agent under the law of the State in which located or of the United States, both of which shall be subject to approval of the undersigned. PURPOSE AND SECURITY: The bonds are to bedssued under thd provi- sion ofThhaPter 20 of Act No. 40, Public-Acts of Michigan, 1956, -17- as amended, in anticipation of, and are primarily payable from, the collection of special assessments, against the City of Pontiac, on Special Assessment Roll No. 1 for the Joachim Relief Drains, made to defray the cost of cons4uctijng said drain. The special assessments and interest thereon are Sufficient to pay the prin- cipal and interest on the bonds when pue. The statute under Which said bonds are to be issued provides that the tax levying officials of said public corporation assessed shall levy sufficient taxes to pay assessment installments and interest as the same become due unless there has been set aside moneys sufficient therefor. FULL FAITH AND CREDIT OF COUNTY: Pursuant to resolution adopted by its Board of Commissioners the County of Oakland has pledged its full faith and credit for the payment of principal of and interest on the bonds. GOOD FAITH: A certified or cashier's check in the amount of T14:400, drawn upon an incorporated bank or trust company and payable to the order of the Treasurer l of the Drainage District must accompany each bid as a guarantele of good faith on the part of the bidder, to be forfeited as liquidated damages if such bid be accepted and the bidder fails to take up and pay for the bonds. No interest shall be allowed on the god faith checks and checks of the unsuccessful bidders will be promttly returned to each bidder's representative or by registered mail. The good faith check of the successful bidder will be immediately cashed and payment for the balance of the purchase price of the bonds shall be made at the closing. AWARD OF BONDS: The bonds will be awarded to the bidder whose Ela 15i:0d:does the lowest interest cost computed by determining, at the rate or rates specified in the bid, the total dollar value of all interest on the bonds from , 19 to their maturity and deducting therefrom any premium. LEGAL OPINION: Bids shall be conditioned upon the unqualified approving opinion of Dickinson, Wright, McKean & Cudlip, attorneys of Detroit, Michigan, a copy of which, opinion will be printed on_ the reverse side of each bond, and thle original of which will be furnished without expense to the purchaser of the bonds at the delivery thereof.. DELIVERY OF BONDS: The Drainage District will furnish bonds ready-TEr -exeFUITon at its expense. Bonds will be delivered without expense to the purchaser at New York, New York, Chicago, Illinois, or Detroit, Michigan, The usual closing documents, including a certificate that no litigation is pending affecting the issuan ce of the bonds, will be delivered at the time of the delivery of the bonds. If the bonds are not tendered for delivery by twelve o'clock noon, Eastern Standard Time, on the 45th day following the date of sale, or the first business day thereafter if said 45th day is not a business day, the successful bidder may, on that day, or any time thereafter until delivery of the bonds, withdraw his proposal by serving notice of cancellation, in writing, on the undersigned, in which event the Drainage District Shall promptly return the good faith deposit. Payment for the bonds shall be made in Federal Reserve Funds. Accrued interest to the date of delivery of the bonds shall be paid by the purchaser at the time of delivery. -18- THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS. ENVELOPES containing the bids should be plainly marked "Proposal for Joachim Relief Drains Bonds." Chairman of the Drainage Board for the Joachim Relief Drains . APPROVED: STATE OF MICHIGAN MUNICIPAL FINANCE COMMISSION County Board of for the aforementioned BE IT FURTHER RESOLVED, that the Chairman of this Board be and he is hereby authorized and directed to forward the foregoing Notice of Sale to the for its approval. Municipal Finance Commission ADOPTED: Yeas - 2 Nays - 0 The following resolution was offered by Pernick and supported by Richards: WHEREAS, the Drainage Board for the Joachim Relief Drains desires and requests the Oakland Auditors to perform accounting serviCes Drain; NOW THEREFORE BE IT RESOLVED for the Joachim Relief Drains requests Board of Auditors to perform accounting Joachim Relief Drains Drainage District that the Drainage Board the Oakland County services for the BE IT FURTHER RESOLVED that the Drainage Board agrees to reimburse the County of Oakland for the costs of the accounting services rendefed to said Drainage BlOard. Drainage Board BE IT FURTHER RESOLVED that the requests the Oakland County Board of Auditors to the present employees assigned to the accounting the Drain Office to the Accounting Department of Auditors. ADOPTED: Yeas - 2 Nays - 0 transfer all of functions in the Board of -20- It was moved by Richards and seconded by Pernick _ _ that payment in the amount of $25.00ito Lawrence R. Pernick for attendance at this meeting be approved. ADOPTED: Yeas - 2 Nays - 0 There being no further business, upon motion by Pernick and seconded by Richards and unanimously carries, the meeting was adjourned. November 29, 1972 STATE OF MICHIGAN ) )SS: COUNTY OF OAKLAND ) If the undersigned, do hereby certify that the foregoing is a true and complete copy of proceedings taken by the Drainage Board for the Joachim ReliOf Drains, Oakland County, Michigan, at the meeting above indicated, the original of which is on file in my office. rouNDCD BY HARVEY P, JONES, isze THOMAS B. HENRY, CON SULTANT JoNEs 0 H E NRY Contractor Days For Amount Bid Completion COR.URN C METCAL.P.CRAIRRAN NARDI D A KELL. EY.TREAsuRER ROGER W. STEVENS. SECRETARY CECIL B. RUSSELL ELLIS M. KEELER MERRILL G SMITH JOHN C.JENEINS FRANZ MORSCHEs ASSOCIATES FRED LA 1-s00501 NS FRANK P. McCLURE WILLIAM 1-1. SCHWARZ ROY AVER /LL FEL IX F. SAMPAY0 ROGER R. BAKER ENGINEERS LIMITED 2000 WEST CENTRAL AVENUE TOLED0 9 OHIO 43 COO A.REA CODE 419.479 ,7601 October 11, 1972 CONSULTING SERVICES WATER RESOURCES DEVELOPMENT WATER 5UPPLY-PURIFIEAT$oN SEWERAGE STORM DRAINAGE WASTEWATER TREATMENT SOLID WASTES DISPOSAL Mr, William M. Richards, Chairman Drainage Board for Joachim Relief Drains No, 1 Public Works Drive Pontiac, Michigan 48054 Subject: Oakland County, Michigan Joachim Relief Drains Dear Mr. Richards: Bids were received on the subject project on October 6, 1972. Sixteen bids were received on the project and are tabulated as follows: Rocco Ferrera & Co., Inc. L. D'Agostini & Son, Inc. The Boam Company Greenfield Construction Company Vito Equipment Co. George A. Odien, Inc. Lanzo Construction Company Chris Nelsen & Son C & M Underground Contracting Company Dane Construction Company A-Bird Construction Company Mayo Company Terra Construction Co., Inc. Sullivan Bros., Inc. Ben P. Fyke & Sons, Inc. A & P Construction Company • $540,677.50 $557,066.90 $572,394.50 $644,860.00 $659,585.00 $659,735.00 $667,277.50 $673,632.50 $674,995.00 $699,052.50 $728,881.25 $786,771.25 $794,577.95 $799,530.00 $905,085.00 $970,522.00 180 200 180 180 180 300 150 365 365 180 240 250 365 The Engineers Estimate Cost on this project was $871,195. The low bidder is approximately 38% under the 'Engineers Estimate of Cost and approximately 3% under the second low bidder. Rocco Ferrera & Co., Inc. is a well-known sewer Contractor in the Detroit area. This Company is quite capable of handling this work with a minimum of problems. Therefore, in view of the low bid and the qualifications of the Contractor, I recommend Joachim Relief Drains be awarded to the low bidder, Rocco Ferrera & Co., Inc., in the amount of $540,677.50 to be completed within 180 days. Very truly yours, JONES & HENRY ENGINEERS LIMITED Merrill G. Smith eg