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HomeMy WebLinkAboutResolutions - 1972.03.15 - 15850At a regular meeting of the Board of Commissioners of Oakland County, Michigan, held in the Commissioners' Auditorium in the County Service Center, in the City of Pontiac, Michigan, on Thursday , the 16th day of Ma rch , 1972, at 9:30 o'clock A.M., Eastern Standard Time PRESENT: Aaron, Barakat, Burley, Coy, Daly, Dearborn, Doyon, Gabler, Hamlin, Harrison, Houghten, Kasper, Kronenherg, Lennon, Mainland, Mathews, Olson, Paholak Patnales, Pernick, Powell, Richardson, Simson, Wilcox. (24) ABSENT: Horton, Perinoff, Szabo. (3) 5959 Miscellaneous Resolution No. Recommended by Board of Public Works RE: WIXOM SEWAGE DISPOSAL SYSTEM - EXTENSION NO. 1 Submitted by Mr. Lennon NOTE RESOLUTION WHEREAS, under date of April 1, 1971, the County of Oakland and the City of Wixom in the County have entered into a Contract - Wixom Sewage Disposl System - Extension No. 1 providing for the acquisition by the County of Oakland of Extension No. 1 to the Wixom Sewage Disposal System (herein called the "System") and for the payment of the entire cost thereof by the said City pursuant to said Contract and Act No. 185 of the Michigan Public Acts of 1957, as amended; and WHEREAS, the County is now ready to enter into contracts for the acquisition and construction of Extension No. 1, upon the revision of said Contract by the approval of Revised Exhibits B and C thereto to increase to $1,000,000 the aggregate estimate of cost of the System and the County will hereafter take the necessary proceedings to authorize and sell a proposed county contract bond issue in the aggregate amount of $1,000,000; and WHEREAS, the County of Oakland desires to borrow said sum of $1,000,000 and to issue its notes therefore, pursuant to said Act No. 185 of the Public Acts of 1957, as amended, said notes to be repaid out of the proceeds of county contract bonds hereafter to be issued in the amount of $1,000,000 to defray the cost of said System required by the Contract; and WHEREAS, the Chairman has reported that several local banks have indicated a willingness to lend the County of Oakland the sum of $1,000,000 payable on or before March 1, 1974, with interest payable March 1, 1973 and at maturity; and WHEREAS, Section 11.(1)(e) of Act No. 185 of 1957, as amended (M.S.A. §5.570(11)) provides as follows; Sec. 11. (1) The acquirement of any water supply system, sewage disposal system or refuse system or the improvement, enlargement or extension thereof may be financed in any 1 of the following methods, or any combination thereof: (e) By moneys advanced, from time to time prior to or during construction of any project, by any public or private corporation, firm or individual, in which event the county operating under this act shall reimburse the person, firm or corporation, with interest not to exceed 6% per annum or without interest as may be agreed, when funds are available therefor. The obligation of the county to make the reimbursement may be evidenced by a contract or note, which contract or note may be made payable out of the payments to be made by municipalities, under contracts as described in section 12 or 15, or out of the proceeds of bonds issued pursuant to this act by the county or out of any other available funds, but the contract or note shall not be deemed to be an obligation within the meaning of the provisions of Act No. 202 of the Public Acts of 1943, as amended, being sections 131.1 to 138.2 of the Compiled Laws of 1948. ; and THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR THE COUNTY OF OAKLAND, as follows: 1. That the notes of the COUNTY OF OAKLAND be issued in the aggregate principal sum of $1,000,000 to finance the acauisi- tion of Extension No. 1 to the Wixo] sposal System, said notes to be dated and to be in denominations to be named by the lender; to bear interest at such rate per annum as shall be agreed between the Board of Public Works and the lender, payable on March 1, 1973 and on maturity, and after maturity when the principal thereof is paid in full; to be numbered consecutively in the direct order of their maturities from 1 upwards; and to mature on or before the first day of March, 1974. The said notes shall be subject to prepayment at any time upon fifteen (15) days written notice given to the holder or holders in advance of prepayment. 2. That in said notes the full faith and credit of the County of Oakland is hereby pledged for the prompt payment of the principal thereof and the interest thereon as the same become due, 3. That the principal of said notes and the interest thereon shall be payable in lawful money of the United States of America, at the principal office of the lender. 4. That the Chairman of Board of Commissioners and the County Clerk are hereby authorized to execute said notes for and on behalf of the county and to affix the seal of the county thereto; and that upon the execution of said notes, the same shall be delivered to the Treasurer of the county who is hereby authorized and directed to deliver said notes to the purchaser thereof upon receipt of the purchase price therefor. 5. That the county hereby covenants and agrees to pro- ceed with all due diligence to obtain bond proceeds or other available funds in an amount sufficient, with other available funds, to pay in full the said notes herein authorized, and unpaid at that time 6. That said notes shall be,in substantially the follow- ing form, to-wit: UNITED STATES OF AMERICA STATE OF MICHIGAN COUNTY OF OAKLAND Number COUNTY OF OAKLAND WIXOM SEWAGE DISPOSAL SYSTEM - EXTENSION NO l NOTE 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:order of , the sum of THOUSAND DOLLARS on or before the first day of March, 1974, together with interest thereon from the date hereof until paid at the rate of per centum ( %) per annum, payable on March 1, 1973, and on maturity and thereafter annually on the first day of March in each year until paid in full. Both princi- pal and interest hereof are payable inilawful money of the United States of America at the in the City of =, Michigan, upon presen'tetiOn and surrender of this note as it shall mature. This note is issued under and pursuant to and in full conformity with the Constitution and Statutes of the State of Michigan, and particularly Act No 185 of the Public Acts of 1957, as amended. The notes of this series are issued in anticipation of the receipt of an equal amount of bond proceeds or other available funds to defray part of the cost of acquiring said Extension No I to said System and, in addition, the full faith and credit of the County of Oakland is pledged therefor This note is subject to prepayment prior to maturity , It is hereby certified, recited and declared that all acts, conditions and things required te) exist, happen and be per- formed precedent to and in the issuance of this note, 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 note does not exceed any constitutional or statutory limita- tion, and to the prompt payment of this note and the interest thereon as the same become due, the full faith and credit of said County of Oakland are hereby irrevocably pledged IN WITNESS WHEREOF, the COUNTY OF OAKLAND, MICHIGAN, by its Board of Cu,--misiones has caused • this note to be signed in its name by the Chairman of said Board and its County Clerk, and its corporate seal to be affixed hereto, all as of the day of , A.D. 1972. COUNTY OF OAKLAND By Chairma of Board of Commissioners By County Clerk (SEAL) PUBLIC WORKS COMMIT By 7. That if for any reason the other available funds shall not be sufficient to pay the principal and interest on said notes, then the county shall issue such county contract bonds therefor as may be necessary, based upon the contractual obligations of the Contract and of the County of Oakland. PUBLIC WORKS COMMITTEE Bernard F. Lennon, Chairman moved the adoption of the foregoing Mr. Lennon resolution. The motion was supported by Mr. Burley On roll call the resolution was adopted by the following vote: YEAS: Pernick, Powell, Richardson, Simson, Wilcox, Aaron, Barakat, Burley, Coy, Daly, Dearborn, Doyon, Gabler, Hamlin, Harrison, Kasper, Kronenberg Lennon, Mainland, Mathews, Olson, Paholak. (22) NAYS: None. (0) March A.D. 1972. signature this 17th d ay of 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 fore- going is a true and complete copy of a resolution adopted at a regular meeting of the Oakland County Board of Commissioners, held on the 16th day of March 1972, the original of which is on file in my office IN WITNESS WHEREOF, I have hereunto affixed my official Lynn D. Al I en, County Clerk