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HomeMy WebLinkAboutResolutions - 1971.12.30 - 16038At a Regular meeting of the Board of Commissioners of Oakland County held in the Commissioners Auditorium in the County Service Center, in the City of Pontiac, Michigan, on Thursday the 30th day of December , 1971, at 10:00 o'clock A.M., Eastern Standard Time. PRESENT: Aaron, Barakat, Burley, Coy, Daly, Doyon, Gabler, Harrison, Horton, Houghten, Kasper, Lennon, Mainland, Mathews, Olson, Patnales, Perinoff, Pernick, Powell, Richards, Richardson, Simson, Szabo. (23) ABSENT: Dearborn, Hamlin, Wilcox. (3) Miscellaneous Resolution No 5889 Recommended by Board of Public Works Re: CLINTON-OAKLAND SEWAGE DISPOSAL SYSTEM - WATERPORD EXTENSIONS PHASE II Submitted by Mr. Lennon BOND RESOLUTION Mr. Lennon offered the following resolution which was approved by the Board of Public Works at their meeting of Veee ,n t4L_/Z , 1971: WHEREAS, the Board of Supervisors of Oakland County, by Miscellaneous Resolution No. 4342, adopted on -Litne 22, 1964, did approve of the establishment of the Clinton-Oakland Sewage Disposal System to serve the Clinton-Oakland Sewage Disposal District, within which district lies all of tthe Chartet Township of Waterford; and WHEREAS, pursuant to Board of Supervisors Resolution Miscellaneous No. 5097 , and pursuant to a resolution adopted by the governing body of the Charter Township of Waterford, the County of Oakland and the said Township entered into a Contract dated as of April 1, 1969, whereby the County agreed to construct and finance in one or more phases, the Waterford Extensions to said Clinton-Oakland Sewage Disposal System and the Township agreed to pay the total cost thereof, based upon the total estimated cost of the project, and as represented by the amount of bonds issued by the County to finance said Waterford Extensions, which said Contract is set forth in full in the said resolution of this Board of Commissioners; and Works Ifibegossimmelika* and by the governing body. WHEREAS, construction plans and specifications for Ph:-:.s.1 II of the Clinton-Oakland Sewage Disposal System - Waterford Extensions as prepared by Johnson & Anderson, Inc., registered professional engineers, and an amended estimate of $20,400,000 as the cost of Phase II of said Extensions and an estimate of fifty (50) years and upwards as the period of usefulness thereof, (Revised Exhibit B-Phase II) as prepared by said registered pro- fessional engineers have been approved by the Board of Public of the Charter Township of Waterford; and WHEREAS, pursuant to the provisions of said Contract of April 1, 1969, and Revised Exhibit C-Phase II thereto, the aggregate amounts of the several annual installments to be paid by the Township to finance Phase II of the project are the same as the annual bond maturities hereinafter set forth; and WHEREAS, under said Contract of April 1, 1969, and amended exhibits thereto, the said Township 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 the payments to be made by the said Township under said Contract of April 1, 1969, and amended exhibits thereto; 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 Twenty Million Four Hundred Thousand Dollars ($20,400,000) be issued for the purpose of defraying the cost of acquiring Phase 11 of said Clinton-Oakland Sewage Disposal System - Waterford Extensions. That said bonds shall be known as "Oakland County Sewage Disposal Bonds - Clinton-Oakland System, Waterford Extensions Phase II"; shall be dated May 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 eight percent (8%) per annum, payable on November 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: 1976 - $300,000 1977 - 325,000 1978 - 350,000 1979 - 375,000 1980 - 400,000 1981 - 400,000 --1982 425,000 1983 - 450,000 1984 - 450,000 1985 - 475,000 1986 - $500,000 1987 - 525,000 1988 - 550,000 1989 - 575,000 1990 - 625,000 1991 - 650,000 1992 - 700,000 1996 - 750,000 -1994 - 800,000 1995 - 825,000 1996 - $ 850,000 1997 - 875,000 1998 - 900,000 1999 - 925,000 - 2000 - - 950,000 2001 - 975,000 2002 - 1025,000 2003 - 1100,000 2004 - 1150,000 2005 - 1200,000 Bonds maturing prior to May 1, 1980, shall not be subject to re- demption prior to maturity, Bonds maturing on and after May 1, 1960, shall be subject to redemption as a whole on any one interest payment date on or after May 1, 1980, and 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 May 1, 1990. 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 accor- dance with the following schedule: • 3% if called to be redeemed on or after May 1, 1980, but prior to May 1, 1990 2% if called to be redeemed on or after May 1, 1990, but prior to May 1, 2000 1% if called to be redeemed on or after May 1, 2000, 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, 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 similarly qualified co-paying agent. 3 That the Chairman of the Beard 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 coupbns, 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 the payments to become due to the County from the Charter Township of Waterford under said Contract of April 1, 1969, and Revised Exhibits B and C - Phase II thereto, which payments are in the 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 Charter Township of Waterford is pledged to the making of the said payments when due, 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 Charter Township of Waterford pursuant to said Contract of April 1, 1969, and amended exhibits thereto, 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 issued in anticipation thereof Interest payable on the bonds on November 1, 1972, May 1 and NoVemberej, 1973, and May 1, 1974, is capitalized and is payable from the proceeds of said bonds. 6. That the obligation of said township to make the payments set forth in the Contract, and especially Amended Exhibit C - Phase I, and Supplemental Exhibit C, Phase 1, thereto, in anticipation of which the Oakland County Sewage Disposal Bonds - Clinton-Oakland System, Waterford Extensions Phase I, dated May 1, 1970, in the amount of $12,850,000 and the Second Series of said bonds, dated as of November 1, 1970, in the amount of $4,150,000, are issued is separate but equal and on a parity as a pledge of full faith and credit with the obligation of said township to make the payments set forth in the Contract, as supplemented by the attachment thereto of the Revised Exhibit B - Phase II and the Revised Exhibit C - Phase II thereto, in anticipation of which the Oakland County Sewage Disposal Bonds - Clinton-Oakland System, Waterford Extensions, Phase II, dated May 1, 1972, in the amount 20,400,000 are issued. The pledge by the County of Oakland of its full faith and credit to payment of the three series of bonds, Phase I, Second Series and Phase II, as authorized in said Act No 185, applies equally and without preference and priority to the bonds of each series. 7. That said bonds and attached coupons shall be substantially in the following form: UNITED STATES OF AMERICA STATE OF MICHIGAN COUNTY OF OAKLAND OAKLAND COUNTY SEWAGE DISPOSAL BOND - CLINTON-OAKLAND SYSTEM, WATERFORD EXTENSIONS PHASE II Number $5,000 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 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 November 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 presenta- tion 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 4080, both inclusive, aggregating the principal sum of Twenty Million Four Hundred Thousand Dollars ($20,400,000), 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 Phase II of the Clinton-Oakland Sewage Disposal System - Waterford Extensions in the Charter Township of Waterford. Bonds of this series maturing prior to May 1, 1980, are not subject to redemption prior to maturity. Bonds maturing on or after May 1, 1980 shall be subject to redemption as a whole on any one interest payment date' on or after May 1, 1980, and 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 May 1, 1990. 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, 1980, but prior to May 1, 1990 2% if called to be redeemed on or after May 1, 1990, but prior to May 1,2000 1% if called to be redeemed on or after May 1, 2000, but prior to maturity. Notice of redemption shall be given to the holders of bonds called for redemption 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, notice of the sale of municipal bonds. Bonds so called for redemption shall not bear interest after the date fixed for redemption, pro- vided 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 Charter Township of Waterford pursuant to a certain Contract dated April 1, 1969, and Revised Exhibit B - Phase II and Revised Exhibit C - Phase II thereto, between the County of Oakland and said Charter Township whereby the said Charter Township agrees to pay to the said County the cost of said Phase II of the Clinton-Oakland Sewage Disposal System 7 Waterford Extensions along with the cost, as increased, of Phase I thereof, in annual installments in the same amounts as to Phase II as the annual maturities of the bonds of this issue and semi-annually to pay the 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 Charter Township is pledged for the prompt payment of its obligation pursuant to said Contract and all amended exhibits thereto, and in addition, by affirmative vote of three-fifths (3/5ths) of the members elect of its Board of Commis- Sioners, the full faith and credit of the County of Oakland is pledged to the payment of this bond, principal and interest, when due, on a parity and without priority with the bonds of the County of Oakland issued for Phase I in the amount of $12,850,000, dated May 1, 1970, and $4,150,000, dated November 1, 1970. 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 May, A.D. 1972. COUNTY OF OAKLAND, MICHIGAN an of its Board of Commissioners By Its County Clerk (SEAL) (FACSIMILE) (FACSIMILE) (COUPON) Number On the 1st day of , A.D. 19 the County of Oakland, Michigan, will payto 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 Sewage Disposal Bond - Clinton-Oakland System, Waterford Extensions Phase II, dated May 1, 1972, No County Clerk Chairman of the Board of Commissioners 8. 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. 9. 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 neces- sary •to effect the sale and issuance of said bonds, subject to the provisions of this resolution. 10. All resolutions and parts of resolutions, insofar as the same may be in conflict herewith, are hereby rescinded. It was moved by Mr. Lennon , seconded by Mr. Olson , that the foregoing resolution be adopted: Upon roll call the vote was as follows: Kasper, Lennon, Mainland, Mathews, Olson, Patnales, Perinoff, Pernick, Powell, Richards, Richardson, Simson, Szabo, Aaron, Barakat, Burley, Coy, Daly, Doyon, Gabler, Harrison, Horton, Houghten. (23) Yeas: Nays: None. (0) STATE OF MICHIGAN ) ss: COUNTY OF OAKLAND ) I, the undersigned, the County Clerk of the County of Oakland, do hereby certify that the foregoing are true and complete copies of Miscellaneous Resolution No. 5889 and of the proceedings pertaining thereto duly adopted and taken by the Board of Commissioners of said County at Regular meet- ing held December 30, on file in my office. , 1971, the originals of which are Lynn Allen County Clerk, Oakland County Dated: December 30 r 1971.