HomeMy WebLinkAboutResolutions - 1972.09.07 - 15945W//
At 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 7th day of September 1972, at 10:00
o'clock A.M., Eastern Standard Time.
PRESENT: Aaron, Barakat, Burley, Coy, Daly, Dearborn, Doyon, Hamlin, Harrison .,
Horton, Houghten, Kasper, Kronenberg, Lennon, _Mainland, Mathews,
Olson, Paholak, Patriales, Perinoff, Pernick, Powell, Richardson,
Simson, Szabo, Wilcox. (26)
ABSENT: Gabler. (
offered the following resolution which Mr. Lennon
Miscellaneous Resolution No 6111
Recommended by Board of Public Works
Re: EVERGREEN AND BINGHAM FARMS SEWAGE1
DISPOSAL SYSTEMS AND EXTENSION NO. 11
Submitted by Mr. Lennon
AMENDMENT TO
AMENDED BOND RESOLUTION
was approved by the Board of Public Works at their meeting of
August 28 1972 :
WHEREAS, the Board of Commissioners of Oakland County, by
Miscellaneous Resolution No 5902 adopted January 20, 1972, did
Authorize the issuance of, $605,000 of Oakland County Bonds (Bingham
Farms System and Extension No 1) to be dated November 1, 19717 and
WHEREAS, subsequent to the foregoing action, the estimated
costs of Extension No 1 has been revised to $295,000, by appropriate
amendments to the Agreement of April 1,1971 and Amendment to Agree-
ment Of October 1, 1971, and the appropriate schedules of payment
and allocations of cost have been revised and attached to a Second
Amendment to Agreement dated as of September 1, 1972; and
WHEREAS, the payment schedule1for the $265,000 cost of the
Bingham Farms Sewage Disposal System to be paid by the Village of
Bingham Farms has been revised in the form of Second Revised Exhibit
C-I of August 1972 to be attached to t40 Contract of April 1, 1971,
as revised; and
WHEREAS, pursuant to the provisions of said Agreement and
said Contract of April 1, 1971, as reviSed, the aggregate amounts of
the several annual installments to be paid by the Village of Bingham
Farms and Village of Franklin, are the Same as the annual bond
maturities hereinafter set forth; and
WHEREAS, under said Agreement and said Contract 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 install-
ment to the County and in addition thereto is to pay semi-annually
its respective share of interest and paying agent fees and other
bond handling costs as determined pursuant to said Agreement and
Contract; and
WHEREAS, the County is now desirous of issuing bonds in the
aggregate principal amount of $560,000 to acquire Extension No 1 and
the System in anticipation of payments to be made by the said Villages,
respectively, under said Agreement and Said Contract 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 Com-
missioners.
THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF OAKLAND COUNTY, MICHIGAN, as follows
That paragraph 1 of Miscellaneous Resolution No 5902 is
hereby amended to read as follows:
1. That the bonds of said CoOty of Oakland, aggregating
the principal sum of Five Hundred SixtyHThousand Dollars ($560,000)
be issued for the purpose of defraying the cost of acquiring the
Evergreen Sewage Disposal System - Bingham Farms Extension No 1
and the Bingham Farms Sewage Disposal System. The said bonds shall
be known as 'Oakland County Sewage Disposal Bonds (Bingham Farms
System and Extension No 1)"; shall be dated November 1, 1972; shall
be numbered consecutively in the direct order of their maturities
from r1 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, Ipayable on May 1, 1973, and
semi-annually thereafter on the first days of May and November in
each year; and shall mature on the first days of November in each --
year as follows:
1973 - $100,000
1974 - 100,000
1975 - 30,000
1976 - 30,000
1977- 30,000
1978 - 30,000
1979 - 30,000
1980 - $35,000
1981 - 35,000
1982 - 40,000
1983 - 10,000
1984 - 10,000
1985 - 10,000
1986 - 10,000
1987 - $10,000
1988 - 10,000
1989 - 10,000
1990 - 10,000
1991 - 10,000
1992 - 10,000
Bonds maturing on and after November 1, 1982 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 November 1, 1981, 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:
2.% if called to be redeemed on or after November 1, 1981, but
prior to November 1, 1986
1% if called to be redeemed on or afterNovember 1, 1986, 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 theState 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 date fixed for redemption, provided funds are on
hand with the paying agent to redeem the same. Bonds maturing prior
to the year 1982 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.
II
That paragraph 4 of Miscellaneous Resolution No, 5902 is
hereby amended to read as follows:
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 Agreement as revised, between
the County and the said Villages, which amounts aggregate the sum of
$295,000, 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 l and said Village, which
amounts. aggregate $265,000, with interest as therein provided. The
interest payable with respect to said bonds for a period of 6 months
by the Village of Bingham Farms under said Agreement and said Contract,
as revised, 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 bec due.
III
That paragraph 6 of Miscellaneous Resolution No. 5902 is
hereby amended to read as follows:
6. That said bonds and attached coupons shall be sub-
stantially in the following form:
Number $5,000
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OA"LAND
OAKLAND COUNTY SEWAGE DISP
(BINGHAM FARMS SYSTEM AND EYT
SAL BOND
NSION 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 November, A.D. 19 , together with interest there-
on from the date hereof until paid, at the rate of
) per centum per annum, payable May 1, 1973, and there-
after 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 l 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 , both inclusive, aggregating, principal sum of Five
Hundred Sixty Thousand Dollars ($560,000), issued under and pursuant
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 November 1, 1982, are
not subject to redemption prior to maturity. Bonds maturing on and
after November 1, 1982 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 November 1, 1981, 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" November 1, 1981, but
prior to November 1, 1986
1* if palled to be redeemed on or after; Novembr 1, 1986, 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 redampon, at least once in a
newsoaper Of publication circulated in the State of Michigan, which
carrieS as a part of its :f .gular 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 Agree-
ment, 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. I, and pursuant to a certain
Contract, dated April 1, 1971, as revised, between the County of
Oakland and the Village of Bingham Fame 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 ponds 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
Agreement and Contract, 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 issuance 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. 1972.
COUNTY OF OAKLAND
STATE OF MICHIGAN
By
Chairman of Board of Commissioners
By
County Clerk
(SEAL)
(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, 1972, No
(FACSIMILE)
County Clerk
(FACSIMILE)
Chairman of Board of C mmissioners
PUBLIC WORKS COMMITTEE
\c.ct.,04
IV.
That all resolutions and parts of resolutions, insofar
as the Same may be in conflict herewith, are hereby rescinded and
Miscellaneous Resolution No. 5902, as amended hereby f is hereby
confirmed and ratified.
AYES:
NAYS:
ABSENT:
Coy Supported by Mr.
Kronenberg, Lennon, Mainland, Mathews, Olson, Patnales, Perinoff, Pernick,
Richardson, Simson, Szabo, Wilcox, Aaron, Barakat, Burley, Coy, Daly,
Dearborn, Doyon, Hamlin, Harrison, Horton, Houghten, Kasper. (24)
None. (0)
Gabler, Paholak, Powell. (3)
Motion carried,
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 foregoing
is a true and complete copy of a. resolution adopted by the Board
of Commissioners at a regular meeting of said Board, held on the
SS:
September 7th day of
in my office.
1972, the original of which is on file
IN WITNESS WHEREOF, I have he reunto affixed my official
signature this 7th d ay o f September A.D. 1972.
Lynn D. Mien, County Clerk