Loading...
HomeMy WebLinkAboutResolutions - 1972.01.20 - 157535902 Miscellaneous Resolution No Recommended by Board of Public Works Re: EVERGREEN AND BINGHAM FARMS SEWAGE DISPOSAL SYSTEMS AND EXTENSION NO. 1 Submitted by Mr. Lennon AMENDED BOND RESOLUTION Mr. Lennon offered the following resolution which was approved by the Board of Public Works at their meeting of actobar_J— , 1971: WHEREAS, the Board of Supervisors of Oakland County, by Miscellaneous Resolutions No. 3269, 3435 and 4115 adopted August 12, 1957 and October 13, 1958 and March 6, 1963, did approve of the establishment aNd enlargement of the Evergreen Sewage Disposal System to serve the Evergreen Sewage Disposal District, as enlarged, within which district are located the Village of Bingham Farms and the Village of Franklin; and WHEREAS, pursuant to Board of Commissioners Resolution Miscellaneous No. 5709, adopted on May 20, 1971, and pursuant to resolutions adopted by the governing bodies of the Village of Bingham Farms and the Village of Franklin, the County of Oakland and the said Villages entered into a Contract dated as of April 1, 1971, whereby the County agreed to construct and finance the Evergreen Sewage Disposal System - Bingham Farms Extension No. 1 and the Villages agreed to pay the total cost thereof, based upon an estimated cost of $440,000 and as represented by the amount of bonds issued by the County to finance Said Extension No. 1, which said Contract is set forth in full in the said resolution of this Board of Commissioners; and WHEREAS, the Board of Supervisors of Oakland County, by Miscellaneous Resolution No 3315, adopted March 19, 1970, did approve of the establishment of the Bingham Farms Sewage Disposal System, a storm sewer system to serve the Bingham Farms Sewage Disposal District within which district is located all of the Village of Bingham Farms; and WHEREAS, pursuant to Board of Commissioners Resolution Miscellaneous No. 5708, adopted on May 20, 1971, and pursuant to resolutions adopted by the governing body of the village of Bingham Farms, the County of Oakland and the said Village entered into a Contract dated as of April 1, 1971, whereby the County agreed to construct and finance the Bingham Farms Sewage Disposal System and the Village agreed to pay the total cost thereof, based _upon an estimated cost of $285,000 and as represented by the amount of bonds issued by the County to finance said System, which said Contract is set forth in full in the said resolution of this Board of Commissioners; and WHEREAS, construction plans and specifications for the Evergreen Sewage Disposal System - Bingham Farms Extension No. 1, as prepared by Giffels-Webster Engineers, Inc., registered pro- fessional 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 Village of . Franklin and of the Village of Bingham Farms; and WHEREAS, construction plans and specifications for the Bingham Farms Sewage Disposal System as prepared by Giffels- Webster Engineers, Inc„ 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 Village of Bingham Farms; and WHEREAS, subsequent to the foregoing action, the estimated costs of Extension No. 1 and of the System have been reduced to $340,000 and $265,000, respectively, by appropriate amendments to the said Contracts of April 1, 1971, and the appropriate schedules of payment and allocations of cost have been revised; and WHEREAS, pursuant to the provisions of said Contracts of April 1, 1971, as revised, the aggregate amounts of the several annual installments to be paid by the respective Villages are the same as the annual bond maturities hereinafter set forht; and WHEREAS, under said Contracts of April 1, 1971, as revised, each of the said Villages is to pay annually its respective share of the aggregate amount of each annual installment to the County and in addition thereto is to pay semi-annually its re- spective share of interest and paying agent fees and other. bond handling costs as determined pursuant to said Contract; and WHEREAS, the County is desirous of issuing bonds in the aggregate principal amount of $605,0001 in anticipation of payments to be made by the said Villages under Said Contracts of April 1, 1971, 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 Six Hundred Five Thousand Dollars ($605,000) be issued for the purpose of defraying the cost of acquiring the Evergreen Sewage Disposal System - Bingham Farms Extension No 1 and the Bdngham Farms Sewage Disposal System. The said bonds shall be knownas "Oakland County Sewage Disposal Bonds (Bingham Farms System and' Extension No. 1)"; shall be dated November 1, 1971; shall be numbeed 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 eight percent (8%) per annum, payable on May 1, 1972, 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: 1972 - $ 90,000 1979 - $35,000 1973 - 95,000 1980 - 35,000 1974 - 100,000 1981 - 35,009 1975 - 30,000 : 1982 - 5,009 1976 - 30,000, . 1983 - 10,000 1977 - 30,000 1984 10,000 1978 - 30,000_ 19.85 - 10,000 1986 - $10,000 1987 - 10,000 1988 - 10,000 1989 - 10,000 1990 - 10,000 1991 - 10,000 Bonds maturing on and after May I, 1981 shall be subject to redemption prior to maturity in inverse numerical order, at the option of the County, on any one or more interest paymentrdates on and after May 1, 1980, at the par value thereof and accrued interest plus a premium on each bond computed els a percentage of the face amount thereof in accordance with the following schedule: 2% if called to be redeemed on or after May 1, 1980, but prior to May 1, 1985 1% if called to be redeemed on or after May 1, 1985, 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 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. Bonds maturing prior to the year 1981 shall not be subject to redemption prier 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, qualified to serve as paying agent under the laws of the State of Michigan or the United States of America, as shall be designated by the original pur- chaser of the bonds. Such purchaser shall also have the right to name a similarly 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. 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 and payable primarily from the collection of the amounts to become due to the County from the Village of Bingham Farms and Village of Franklin under said Contract, as revised, between the County and the said Villages, which amounts aggregate the sum of $340,000, with interest as therein provided and of the amounts to become due to the County from the Village of Bingham Farms under the Contract, as revised, between the County and said Village, which amounts aggregate $265,000, with interest as therein provided. The interest payable on said bonds for a period of 6 months by the Village of Bingham Farms is hereby capitalized and shall be paid from the proceeds of the sale of said bonds. The full faith and credit of the County is hereby pledged for the prompt payment of the principal of and interest on said bonds as the same become due. 5. That all moneys paid to the County by each Village pursuant to said Contracts shall be set aside by the County Treasurer in a separate fund and bank account to be used for the payment of the principal and interest on the bonds herein autho- rized and otherwise as provided in said Contract. 6. That said bonds and attached coupons shall be sub- stantially in the following form: 9 Number $5,000 UNITED STATES OF AMERICA STATE OF MICHIGAN COUNTY OF OAKLAND OAKLAND COUNTY SEWAGE DISPOSAL BOND (BINGHAM FARMS SYSTEM AND EXTENSION NO. 1) KNOW ALL MEN BY THESE PRESENTS, that the County of Oakland, State of 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, 1972, 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 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 their maturities from 1 to 121, both inclusive, aggregating the principal sum of Six Hundred Five Thousand Dollars ($605,000), issued under and pur- suant 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 acquiring the Evergreen Sewage Disposal System - Bingham Farms Extension No. 1 and Bingham Farms Sewage Disposal System. Bonds of this series maturing prior to May 1, 1981 are not subject to redemption prior to maturity. Bonds maturing on and after May 1, 1981 shall be subject to redemption prior to maturity in inverse numerical order, at the option of the County, on any one or more interest payment dates on and after May 1, 1980, at the par value thereof and accrued interest plus a premium on each bond computed as a percentage of the face value thereof in accordance with the following schedule: 2% if called to be redeemed on or after May 1, 1980, but prior to May 1, 1985 1% if called to be redeemed on or after May 1, 1985, 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 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 the County of Oakland by the Village of Franklin and Village of Bingham Farms pursuant to a certain Contract, dated April 1, 1971, as revised, between the County of Oakland and said Villages whereby each Village agrees to pay to the said. County its share of the cost of said Evergreen Sewage Disposal System - Bingham Farms Extension No. 1, and pursuant to a certain Contract, dated April 1, 1971, as revised, between the County of Oakland and the Village of Bingham Farms whereby said Village agrees to pay to the said County the cost of said Bingham Farms Sewage Disposal System, all in aggregate annual installments in the same amounts as the annual maturities of the bonds of this issue, and semi-annually to pay the amount of interest and bond handling charges. The full faith and credit of each Village is pledged for the prompt payment of its share of the Obligations pursuant to said Contracts, and in additiOn, by affirmative vote of 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 per- formed 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 issuande of this series of bonds does not cause any constitutional or statutory limitation to be exceeded. IN WITNESS WHEREOF, the County of Oakland, State of 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. 1971. COUNTY OF OAKLAND STATE OF MICHIGAN By Chairman of Board of Commissioners By County Clerk (SEAL) (FACSIMILE) (FACSIMILE) (COUPON) Number On the 1st day of , A.D. 19 , the . County of Oakland, State of Michigan, will pay to the bearer hereof the amount 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 Sewage Disposal Bond (Bingham Farms System and Extension No. 1), dated November 1, 1971, No. . . County Clerk Chairman of Board of 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, 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. That 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. That all resolutions- and Tarts of resolutions, insofar as the same may be in conflict herewith, are hereby rescinded. PUBLIC WORKS COMMITTEE Bernard F. Lennon, Chairman It was moved by Mt. Lennon, seconded by Mr. Daly, that the foregoing resolution be adopted. Upon roll call the vote was as follows: YEAS: Pernick, Richards, Richardson, Simson, Szabo, Aaron, Barakat, Burley, Coy, Daly, Dearborn, Doyon, Gabler, Hamlin, Horton, Houghten, Kasper, Lennon, Mainland, Olson, Patnales, Perinoff. (22) NAYS: None. (0) A sufficient majority having voted therefor, the resolution was adopted. STATE OF MICHIGAN ) COUNTY OF OAKLAND ) I, the undersigned, County Clerk of the County of Oakland, Michigan, do hereby certify that the foregoing is a true and complete copy of a resolution adopted by the Oakland County Board of Commissioners at a regular meeting thereof held 1972 on Thursday the 20th day of January iSixildc, the original of which resolution is on file in my office. IN WITNESS WHEREOF, I have hereunto affixed my official 1972 signature this 20 thday of January , A.D. ilaack. County Clerk