HomeMy WebLinkAboutResolutions - 1972.02.03 - 15707of January 24 1972.
5911 Miscellaneous Resolution No,
Recommended by Board of Public Works
Re: CLINTON-OAKLAND SEWAGE DISPOSAL
SYSTEM - CLARKSTON-INDEPENDENCE EXTENSIONS
Submitted by Mr. Lennon
SECOND AMENDED BOND RESOLUTION
Mr. Lennon offered the following resolution
which was approved by the Board of Public Works at their meeting
WHEREAS, the Oakland County Board of Supervisors, by
Miscellaneous Resolution No 4342, adopted on June 22, 1964, did
approve of the establishment of a sewage disposal system to be
known as the "Clinton-Oakland Sewage Disposal System" for the
purpose of disposing of sanitary sewage from the Clinton-Oakland
Sewage Disposal District, within which district lies all of tthe
Township of Independence, including the Village of Clarkston; and
WHEREAS, the County of Oakland, the Township of Independence,
and the Village of Clarkston entered into a Contract dated as of
September 1, 1970, whereby the County agreed to construct and finance
the Clarkston-Independence Extensions in the Clinton-Oakland Sewage
Disposal System and the Township and Village agreed therein to pay
the total cost thereof, based upon an estimated cost of $12,500,000
and as represented by the amount of bonds issued by the county to
finance said Extensions; and
WHEREAS, construction plans and specifications for the
Clarkston-Independence Extensions as prepared by Kieft Engineering,
Inc. and Johnson & Anderson, Inc, regiStered professional engineers, and
second revised estimate of $10,739 .,500 as the cost of said Extensions
and an estimate of fifty (50) 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
bodies of the said Township and Village; and
WHEREAS, pursuant to the provisions of said Contract of
September 1, 1970 ? as revised the aggregate amounts of the several
annual installments to be paid by the TOwnship and Village are the
same as the annual bond maturities hereinafter set forth; and
WHEREAS, under said Contract Of September 1, 1970, as
revised, the said Township and Village are to pay annually the
amount of each annual installment to the County and in addition
thereto are to pay semi-annually interest and paying agent fees and
other bond handling costs as determined, pursuant to said Contract;
and
WHEREAS, the County is desiroUs of issuihg bonds in
anticipation of the payments to be madeby the said Township and
Village under said Contract of September 1, 1970, as revised; 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
L. That the bonds of said County of Oakland, aggregating
the principal sum of Ten Million One HUndred Thousand Dollars
($10,100,000) be issued for the purpose of defraying the cost of
acquiring said Clinton-Oakland Sewage Disposal System - Clarkston-
Independence Extensions. That said bonds shall be known as
"Oakland County Sewage Disposal Bonds t Clinton-Oakland System -
Clarkston-Independence Extensions"; shall be dated November 1,
1971; 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 Irates to be hereafter
determined not exceeding seven and onethalf percent (7-1/2%) per
annum, payable on May 1, 1972 and semi-annually thereafter on the
first daysof May and November in each year; and shall mature on
the first day of May in each year as f011ows:
1976 - $150,000
1977 - 150,000
1978 - 175,000
1979 - 200,000
1980 - 200,000
1981 - 225,000
1982 - 250,000
1983 - 275,000
1984 - $300,000
1985 - 325,000
"z 19,86 - 350,000
1987 - 375,000
1988 - 400,000
989 - 425,000
1990 - 450,000
1991 - .500,000
1992 - $550,000
1993 - 600,000
1994 - 600,000
1995 - 600,000
1996 - 600,000
1997 - 600,000
1998 - 600,000
1999 - 600,000
2000 - 600,000
Bonds maturing on or after May 1, 1983, shall be subject to re-
demption 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 1 1982. Bonds so called for redemption shall be
redeemed at the par value thereof and accrued interest plus a
premium on each bond computed as a percentage of the face amount
thereof in accordance with the following schedule:
3% if called to be redeemed on or after May 1, 1982, but
prior to May 1, 1988.
2% if called to be redeemed on or after May 1, 1988, but
prior to May 1, 1994,
1% if called to be redeemed on or after May 1, 1994, but
prior to maturity.
Notice of redemption shall be given to, the holders of the bonds to
be redeemed by publication of such notice not less than thirty (30)
days prior to the date fixed for redemption, at least once in a
newspaper or publication circulated in , the City of Detroit, Michigan,
which carries as a part of its regularl 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 Bonds maturing prior
to the year 1983 shall not be subject •Ito 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. Such purchaser
shall have the right to name a simil y qualified co-paying agent.
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.
aged to the making of the said payments when due, Village
4. That the said bonds are to be issued pursuant to
the provisions of Act No, 185 of the Michigan Public Acts of 1957,
as amended, in anticipation of the payments to become due to the
County from the Township of Independence and the Village of
Clarkston under said Contract of September 1, 1970, as revised,
which payments are in the aggregate principal amount of the bonds
with interest thereon as therein provided. As provided in said
Act No 185, the full faith and credit of the said Township and
and in addition there is hereby pledged, as authorized in said
Act No, 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 and Village pursuant to said Contract of September 1,
1970, as revised, shall be set aside by the County Treasurer in
a separate fund and hank account to be used solely for the payment
of the principal'of and interest on thp bonds herein authorized.
Interest payable on the bdnds on May 1, and November 1, 1972 and
May 1, and November 1, 1973, is capitalized and is payable from
the proceeds of said bonds,
6. That said bonds and attalched coupons shall be
substantially in the following form:
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY SEWAGE pIsposAL BOND
CLINTON-OAKLAND SYSTEM - CLARKSTON-INDEPENDENCE EXTENSIONS
Number $5,000
KNOW ALL MEN BY THESE PRESENTS, that the County of Oakland,
Michigan, hereby acknowledges itself 1ndebted and for value received,
promises to pay to the bea rer 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 e rate of _
) per centUm per annum, payable May 1, 1972 and thereafE-6 ---
semi-annuall y 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 presenta-
tion and surrende :E-FT-thl -g-Sond and the coupons h ereto 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 dir.e,ct order _of their maturities from
1 to 2020, both inclusive, aggregating the principal sum of Ten
Million One Hundred Thousand Dollars ‘$10,100,000), issued under
and pursuant_ to and in full conformitylwth the Constitution and
Statutes of the State of Michigan, and especially Act No 183 of
the Michigan Public Acts of 1957, as a..clended, for the purpose of
defraying the cost of the C111-0aki4nd Sewage Disposal System -
- Clarkston-Independence Ext.,-.=ns1ons,
Bonds of this series m a turing prior to May 1, 1983, are not
subject to redemption pr±or to maturLtY, Bonds maturing on or after
May 1, 1983 iAe1.i be subject to r..-;dempton f:n .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, 1982- Bonds called for .
redemption shall be redeemed at the par value thereof and accrued
interest plus a premium on each bond computed as a percentage of the
face amount thereof in accordance with the following schedule:
3% if called to be redeemed on or after May 1, 1982, but
prior to May I, 1988.
2% if called to be redeemed on or after May I, 1988, but
prior to May 1, 1994.
1% if called to be redeemed on or after May 1, 1994, but
prior to maturity.
Notice of redemption shall be given to the holders of bonds called
for redemption by publj_cation of such notice not :Less than thirty
(30.) days prior to the date fixed for redemption,
a news-paper or publication circulated in the City
Michigan, which carries as a part of its regular
of the sale- of municipal bonds, Bonds so called
shall not bear interest after the date fixed for
vided funds are on hand with the payin.g agent to
at least once in
of Detroit,
service, notices
for redemption
redemption., pro -
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
Independence and the Village of Clarkston pursuant to a certain
Contract dated September 1, 1970, as revised, between the County
of Oakland and said Township and Village whereby the said Township
and Village agree to pay to the said COunty their respective shares
of the cost of the Clinton-Oakland Se-wage Disposal System -
Clarkston-Independence ExtenSions in annual installments in the
same amounts as the annual maturities Of the bonds of this issue
and semi-annual:1y to pa v the amount ofthe 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 and Village is pledged for the
prompt payment of their obligations pursuant to said Contract,
and in addition, by affirmative vote of three-fifths (3/5ths)
of the members elect of its Board of C6mmissioners the full faith
and credit of the County of Oakland islpledged to the payment
of this bond, principal and interest, When due.
•
It is hereby- certified, reci ted 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 ndebtedness of said County,
including this series of bonds, does exceed, any constitutional
or statutory. limitation,
IN WITNESS WHEREOF, the County of Oakland, Mlchigan, by
its :Board of Commissioners, hao 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 sigatures of said Chairman and County Clerk, all as of the
first day of November, A.D. 1971.
COIJNTYI OF OAKLAND, MICHIGAN
By
Chairman card of Commissioners
i ts County Clerk
(SEAL)
f,..FACSIMILEL
County Clerk
(FACSIMILE)
Chairman of the Board of Commissio ne rs
(COUPON)
Number
On the 1st day of AD. 19 ,
of Oakland, Michigan, will pay to the -bearer hereof. the
hereon in lawful money of the United States of America,
the County
sum shown
at the
In the City of
interest due on that day
- Clinton-Oakland System
November 1, 1971, No
r
• same being the
on its Oakland County Sewage Disposal Bond
Clarkton-IP,dependence Extensions, dated
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 Act S of 1943, as amended, and
the Board of Public Works through its irector 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 uccordance
with the laws of this state and to do all things necessary to effect
the sale and issuance of said bonds, sOject to the provisions of
this resolution.
9. All resolutions and parts of resolutions, insofar as
the same may be in conflict herewith, are hereby rescindeth
PUBLIC WORKS COMMITTEE
1Bernard F. Lennon, Chairman
Lennon moved the adoption of the foregoing
resolution The motion was suported by Daly
On roil call the resolution was adopted by the following vote:
Mr.
YEAS: Burley, Daly, Doyon, Harrison, Horton, Kronenberg, Lennon, Mainland, Mathews,
Olson, Paholak, Patnales, Perinoff, Pernick, Powell, Richardson, Simson, Szabo,
Wilcox, Barakat. (20)
NAYS: None. (0)
STATE- OF MICHIGAN )
COUNTY OF OAKLAND )
I, the undersigned, the duly: qualified and acting County
Clerk of the County of Oakland, do hereby certify that the fore-
going is a true and complete copy of a" resolution adopted at a
Regular . meeting of the Oaklad County Board of Commissioners,
SS:
held on the 3rd day of February
- - -
which is on file in my office
1972, the original of
IN WITNESS WHEREOF, I have hereunto affixed my official
signature this 3rd day of February A.D. 1972.
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