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HomeMy WebLinkAboutResolutions - 1971.12.30 - 16041day of December , A.D. 1971. STATE OF MICHIGAN ) ss: COUNTY OF OAKLAND ) I, the undersigned, the Clerk of the County of Oakland, State of Michigan, do hereby certify that I have compared the annexed copy of proceedings of the Oakland County Board of Com- missioners taken at a Regular meeting held on December 30 1971, in re: Waterford Water Supply System - Extension No. 3, with the original record thereof now remaining in my office, and that it is a true and correct transcript therefrom, and of the whole thereof. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said County at Pontiac, Michigan, this 30th County Clerk - LYNN D. ALLEN Lennon presented the following bond Mr. At a Regular meeting of the Board of Commissioners of Oakland County, Michigan, held in the Board of Commissioners Auditorium Building, Oakland County Service Center, 1200 North Telegraph Road, Pontiac, Michigan, on the 30th day of 1971, at 10:00 o'clock A.M., Eastern Standard Time December 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 5891 Recommended by Board of Public Works Re: WATERFORD WATER SUPPLY SYSTEM, EXTENSION No 3 resolution a copy of which has been sent to each.member of the Board of Commissioners: BOND RESOLUTION WHEREAS, the Board of Supervisors of the County, having theretofore established a Department of Public Works (hereinafter sometimes referred to as the "DPW") for said County pursuant to Act No. 183, Michigan Public Acts of 1957, as amended, did on February 6, 1962, by adoption of Miscellaneous Resolution No 3909, approve the establishment of the "Waterford Water Supply System" (hereinafter sometimes referred to as the "system") in and for the Township; and WHEREAS, pursuant to the "Waterford Water Supply System. Contract", dated as of November 1, 1963, as modified by a Supple- mental Contract dated as of January 10, 1964 and amended as of March 10, 1964 (the said contract as so modified being hereinafter sometimes referred to as the "Base Agreement"), between said County and said Township, the County acting through the DPW has acquired the said system and has financed the acquisition thereof by the issuance of bonds in anticipation of the receipt of payments to be made by the Township to the County in accordance with the Base Agreement and sa i d Act No 185, as amended; and WHEREAS, it is now necessary to extend and enlarge the system in order to provide additional water supply facilities, and the County is authorized under said Act No 185, as amended, to make such extensions and enlargements and to finance the same by the issuance of bonds by the County to pay the cost of the project described in this .Contract; and WHEREAS, the DPW, acting through its Board of Public Works (hereinafter sometimes referred to as the "Board") has obtained from Johnson & Anderson, Inc,, Consulting Engineers, plans and specifications for an extension of said system (herein called "Extension No 3') and estimates of -the cost and of the period of usefulness thereof; and WHEREAS, the said County and the said Township, by their respective governing boards, have entered into a contract, dated as of December 1, 1971, by the terms of which the County is to acquire said Extension No 3 and lease the same to the Township for operation by the Township and is to finance the cost thereof (or such part which it may be necessary to borrow) by issuing bonds of the County pursuant to said Act No 185, as amended, secured by and payable from payments to be made by the Township to defray the county's cost of acquiring Extension No 3; and WHEREAS, the above-mentioned contract between the County and the Township requires • that the Township pay the County's cost of acquiring said Extension No 3, with interest thereon, in annual installments to be paid to the County on May 1 in each year, the amount to be so paid in any year to be not less than the amount required in such year for principal and interest (not capltalized), paying agents fees, and other charges on or pertaining to the herein authorized bonds; and WHEREAS, the Board of Public Works of the County has approved this resolution and recommended its adoption by the Board of Commissioners in order that the County may issue its bonds in the aggregate amount of $4,200,000 to finance the cost of acquiring said Extension No 3. 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 Four Million Two Hundred Thousand Dollars ($4,200,000) shall be issued for the purpose of defraying the cost of acquiring the Waterford Water Supply System, Extension No. 3; shall be known as "Oakland County Water Supply Bonds, Waterford Township System, Extension No. 3"; shall be dated as of 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 per cent (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 years and principal amounts as follows: 1976 - $ 50,000 1977 - 50,000 1978 - 50,000 1979 - 75,000 1980 - 100,000 1981 - 100,000 --1982 100,000 • 1983 - 100,000 1984 - 100,000 1985 - 100,000 1986 - $125,000 1987 - 125,000 --1988 - 125,000 1989 - 125,000 1990 - 150,000 1991 - 150,000 1992 - 150,000 1993 - 150,000 --1994 - 175,000 1995 - 175,000 1996 - $175,000 1997 - 175,000 1998 - 175,000 .1999 - 200,000 2000 - 200,000 2001 - 200,000 2002 - 200,000 2003 - 200,000 2004 - 200,000 2005 - 200,000 Bonds maturing prior to May 1, 1980, shall not be subject to re- demption prior to maturity. Bonds maturing on and after May 1, 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 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: and 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 he 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 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 from the collection of the amounts to become due to the County under said contract between the County and the Township, which principal amounts aggregate the sum of $4,200,000, with interest as therein provided. The interest payable on said bonds on November 1, 1972, May 1 and November 1, 1973, and May 1, 1974, 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 payment of the principal of and interest on said bonds. 5. That all moneys paid to the County by the Township pursuant to said contract 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 authorized and other- wise as provided in said contract. 6. That said bonds and attached coupons shall be sub- stantially in the following form: UNITED STATES OF AMERICA STATE OF MICHIGAN COUNTY OF OAKLAND OAKLAND COUNTY WATER SUPPLY BOND, WATERFORD TOWNSHIP SYSTEM, EXTENSION NO 3 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 s -e-Eivally 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 r , upon presente- tion and surrender of this bond and the -coulSons 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 840, both in c lusive, aggregating the principal sum of Four Million Two Hundred Thousand Dollars ($4,200,000), 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 Extension No. 3 to the Oakland County Water Supply . System for Waterford Towhip. 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 011 or after May 1, 1980, but prior to May 1, 1990 2% if called to be redeemed on or after May 1, 1590, 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, notices 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 in said County, pursuant to a certain Contract dated December 1, 1971, between the County of Oakland and said Township whereby said Township has agreed to pay to the said County the County's capital cost of said -Extension NQ. 3, with interest, in installments which are sufficient in each year to pay the principal and interest maturing in such year on this series of bonds, The full faith and credit of said Township is pledged for the prompt payment of its obligation pursuant to said contract, and in addition, by affirmative vote of three-fifths (3/5ths) of the members elect of its Board of Commissioner 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 May, A.D, 1972. COUNTY OF OAKLAND, MICHIGAN By Chairman of its Board of Commission By s 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 r same being the interest due on that day on its Oakland County Water Supply Bond Waterford Township System, Extension No 3, dated May 1, 1972, No . This coupon is payable solely from certain contract payments as specified in said bond. (FACSIMILE) (FACSIMILE) County Clerk Chairman of Board of Commissi ners 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 S. 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. Daly and seconded by Mr. . Lennon The adoption of the foregoing resolution was moved by On roll call the resolution was adopted by the following vote: YEAS: Lennon, Mainland, Mathews, Olson, Patnales, Perinoff, Pernick, Powell, Richards, Richardson, Simson, Szabo, Aaron, Barakat, Burley, Goy, Daly, Doyon, Gabler, Harrison, Horton, Kasper. (22) NAYS: None. (0) STATE OF MICHIGAN ) ) ss: COUNTY OF OAKLAND ) I, the undersigned, the County Clerk of the County of Oakland, State of Michigan, do hereby certify that I have compared the annexed copy of proceedings of the Oakland County Board of Commissioners, taken at a . Regular .meeting held on December 30,19W1, in the matter of $4,200,000 Oakland County Water Supply Bonds, Waterford Township System, Extension No. 3, with the original record thereof now remaining in my office, and that it is a true and correct transcript therefrom, and of the whole thereof. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said County at Pontiac, Michigan, this 30th day of December , A.D. 1971. County Clerk - LYNN D. ALLEN