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HomeMy WebLinkAboutResolutions - 1972.06.01 - 15792At 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 1 st day of June , 1972, at 9:30 o'clock A.M., Eastern Standard Time. PRESENT: Aaron, Barakat, Burley, Coy, Daly, Dearborn, Doyon, Gabler, Hamlin, Harrison, Horton, Houghten, Kasper, Kronenberg, Lennon, Mainland, Mathews, Olson, Paholak, Patnales, Perinoff, Pernick, Powell, Richardson, Simson, Wilcox. (26) ABSENT: Szabo. (I) The Public Works Committee, by its , The following resolution is with reference to THE VILLAGE OF OXFORD WATER SUPPLY SYSTEM AND IS TO APPROVE THE BOND RESOLUTION. and since a copy of the resolution has, prior to this meeting been mailed to all members of this Board I respectfully request that reading of same be waived. , moves the adoption of the following Resolution: of June 1 , 1972. 6032 Miscellaneous Resolution No. Recommended by Board of Public Works Re: OXFORD VILLAGE WATER SUPPLY SYSTEM Submitted by Mr. Lennon 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 Commissioners, by Miscellaneous Resolution No. 5763, adopted 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 and the Village agreed therein to pay the total cost thereof, based upon an estimated cost of $375,000 and as re- presented by the amount of bonds issued by the county to finance said System; and WHEREAS, construction plans and specifications for the Oxford Village Water Supply System as prepared by Johnson & Anderson, Inc., registered professional engineers, and an estimate of $375,000 as the cost of said System 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 Com- missioners of Oakland County and by the governing body of the Village; and WHEREAS, pursuant to the provisions of said Contract of February 1, 1972, the aggregate amount's 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, 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 is desirous of issuing bonds in anticipation of payments to be made by the said Village under said Contract of February 1, 1972; 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 Three Hundred Seventy-Five Thousand Dollars ($375,000) 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 October 1, 1972; 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 - $ 5,000 1978 - 5,000 1979 - 5,000 1980 - 5,000 1981 - 5,000 1982 - 5,000 1983 - 10,000 1984 - 10,000 1985 - 10,000 1986 - $15,0-00 1987 - 15,000 1988 - 15,000 1989 - 15,000 1990 - 15,000' 1991. - 20,000 1992 - 20,000 1993 - 20,000 1994 - 20,0001 1995 - $20,000 1996 - 20,000 -1997 - 20,000 1998 - 20,000 1999 - 20,000 2000 - 20,000 2001 - 20,000 2002 - 20,000 Bonds maturing on or after July 1, 1988 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 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 called for redemption on or after July 1, 1987, hut prior to July 1, 1992; 2% of the par value of each bond called for redemption on or after July 1, 1992, but prier 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 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 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 Village of Oxford under said Contract of February 1, 1972, 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. 5. That all moneys paid to the County by the said Village pursuant to said Contract of February 1, 1972, 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. That said bonds and attached coupons shall be sub- stantially in the following form: Number $5,000 of bonds of like date and UNITED STATES OF AMERICA STATE OF MICHIGAN COUNTY OF OAKLAND OAKLAND COUNTY WATER SUPPLY BOND - . OXFORD VILLAGE SYSTEM KNOW ALL MEN BY THESE PRESENTS, that the County of Oakland, Michidan, 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 rate 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 bond and the coupons hereto attached as they severally mature. This bond is one of a se tenor except as to maturity • , numbered consecutively in the direct order of their maturities from 1 to 75, both inclusive, aggregating the principal sum of Three Hundred Seventy-Five Thousand Dollars ,($375,000), issued under and pursuant to and in full conformity with the Constitution and Statutes of the State of Michigan, and especially Act No. 165 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 maturing prior to July 1,. 1988 are not subject to redemption prior to maturity. 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 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, hut 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 shalle be given by publication a 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 thedate fixed for re- demption, 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 whereby the said Village agrees to pay to the Said County the 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 semi-annually 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 is pledged for the prompt payment of its obligations pursuant to said Contract, and in addition, by affirmative vote or 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, 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 October, A,D. 1972. COUNTY OF OAKLAND, MICHIGAN 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 - Oxford Village System, dated October 1, 1972, No. (FACSIMILE County Clerk (FACSIMILE) Chairman of its 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 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 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. All resolutions and parts of resolutions, insofar as the same may be in conflict herewith, are hereby rescinded. PUBLIC WORKS COMMITTEE Bernard F. Lennon, Chairman Moved by Lennon supported by Houghten the resolution be adopted. AYES: Lennon, Mainland, Olson, Patnales, Perinoff, Pernick, Powell, Richardson, Wilcox, Aaron, Barakat, Coy, Daly, Dearborn, Doyon, Gabler, Hamlin, Harrison, Horton, Houghten, Kasper, Kronenberg. (22) NAYS: None. (0) A sufficient majority having voted therefor, the resolution was adopted. STATE OF MICHIGAN ) ss: 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 Commissioners of said County at a regular meeting held 1972, the originals of which are on file in my office. Lynn D.A1 len, County Clerk, Oakland Coun Dated: , 1972. J une