HomeMy WebLinkAboutResolutions - 1971.02.04 - 16060presented the plans, specifications, mr. Lennon
At a regular meeting of the Board of Commis-
sioners of Oakland County, Michigan, held in the Board of Commissioners
Auditorium Building, Oakland County Service Center, 1200 North
Telegraph Road, Pontiac, Michigan, on the 4th day of February
1971, at 10:00 o'clock A.M., Eastern Standard Time
PRESENT: Aaron, Barakat, Bawden, Brennan, Burley, Coy, Daly, Edwards, Gabler, Hamlin,
Harrison, Horton, Houghten, Kasper, Lennon, Mainland, Mathews, Olson, Patnales, Perinoff,
Pernick, Powell, Richards, Richardson, Simson, Szabo, Wilcox. (27)
ABSENT: None (0)
Miscellaneous Resolution No
Recommended by Board of Public Works
Re: WEST BLOOMFIELD WATER SUPPLY SYSTEM
5609
estimates and contract mentioned in following resolution a copy
5609 Miscellaneous Resolution No
Recommended by Board Of Public Works
Re: WEST ELOOMFIELD 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 of
January 28, 1971 AeoN
WHEREAS, the County of Oakland and the Township of West
Bloomfield have heretofore entered into the WEST BLOOMFTELD WATER
suppLy SYSTEM CONTRACT, dated December 1, 1970, pursuant to which
Contract the County of Oakland, acting through its Department of
Public Works, has agreed to acquire the West Bloomfield Water Supply
System and to finance the acquisition thereof by the issuance of
one or more series of county bonds to be primarily secured by the
agreement of the Township of West Bloomfield to pay the entire cost
of the project; and
WHEREAS, plans and specifications for all of the sewage
disposal facilities to be acquired and constructed pursuant to
said Contract have been prepared by Neree D. Alix, registered
- professional engineer and have been approved by the Board of Public
Works, and an estimate of $4,825,000 as the cost of Section I of
the West Bloomfield Wa ter Supply System, consisting of part of
the water Supply faoiIitips to serve the Township of West Bloom-
field, has also been approved by the Board of Public Works; and
WHEREAS, the Township of West Bloomfield, pursuant to
said Contract of December 1, 1970, has agreed to pay to the County
the amount of the principal and interest on $4,85,0 00 of bonds
issued to finance the project or any portion thereof and, in
addition, to pay all paying agent fees and other bond handling
costs as determined pursuant to said Contract; and
WHEREAS, this County is desirous of issuing bonds in
anticipation of payments to be made by the Township of West
Bloomfield pursuant to said Contract of December 1, 1970, to
finance the cost of acquiring and constructing Section I of the
West Bloomfield Water Supply System; 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 COPNTY, MICHIGAN, as follows:
1. That the plans and specifications for the water
supply facilities to be acquired and constructed pursuant to said
Contract of December 1, 1970, and the Exhibit B to said Contract,
estimate of the cost of Section I of the West Bloomfield Water
Supply System and the Exhibit C to said Contract, schedule of
annual principal payments, are hereby approved and the County Clerk
is hereby authorized to endorse on said plans and Specifications
and exhibits the fact of such approval aid return same to the Board
of Public Works.
2, That the bonds of said County. of Oakland, aggregating
the principal sum of F our Million Eight Hundred Twenty-Five Thousand
Dollars ($4,825,000) be issued for the purpose of defraying the
cost of acquiring Section I of the said West Bloomfield Water Supply
System. That said:bonds shall be known. as "Oakland County Water
Supply Bonds (West Bloomfield Township System)"; shall be dated
May 1, 1971; shall be numbered consecutively in the direct order
of their•maturities from 1 upwards; shall be in the denomination
of $5Q00 each; shall bear interest at a rate or rates to be
.hereafter determined not exceeding seven and one-half percent
(7-1/2%) per annum, payable on November .- 1, 1971 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 - $ 75,000
1977 - 75,000
1978 - 75,000
1979 - 75,000
1980 - 75,000
1981 - 75,000
1982 - 75,000
1983 - 100,000
1984 - 100,000
1985 - $125,000 .
1986 - 125,000
1987 - 150,000
1988 - 175,000
1939 - 200,000
1990 - 200,000
1991 - 225,000
1992 - 250,000
1993 - $275,000
1994 - 275,000
1995 - 300,000
1996 - 300,000
1997 - 300,000
1998 - 300,000
1999 - 300,000
2000 - 300,000
2001 - 300,000
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, •1979, 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, 1989. 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 accordance with the following schedule;
3% if called to be redeemed on or after May 1, 1979, but
prior to May 1, 1989
2% if called tO be redeemed on or after May 1, 1989, but
prior to May 1, 1996
1% if called to be redeemed on or after May 1, 1996, 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 it 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 re-
spective dates of maturity,
3. 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.
4,.. That the Chairman- of the Board of Commissioners and
the County Clerk, of the County of Oaklana• are hereby authorized
and directed to e xecute 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.
5 0 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 Township of West Bloomfield under said Contract of
December 1, 1970, 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 Township of
West Bloomfield 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,
66 That all moneys paid to the County by the Township
of West Bloomfield pursuant to said Contract of December 1, 1970,
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. Interest payable on
the bonds on November 1, 1971, May 1 and November 1, 1972, is
capitalized and is payable from the proceeds of said bonds.
. That said bonds and attached coupons shall be
substantially in the following form:
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
Number $5,000
OAKLAND COUNTY WATER SUPPLY BOND
(WEST -BLOOMFIELD TOWNSHIP SYSTEM)
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
'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, 1971, 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 presentation 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 965, both inclusive, aggregating the principal sum of Four
Million Eight Hundred Twenty-Five Thousand Dollars ($4,825,000),
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 Section I of the West Bloomfield
Water Supply System consisting of water supply facilities in said
Township,
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, 1979, 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, 1989. 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, 1979, but
prior to May 1, 1989.
2% if called to be redeemed on or after May 1, 1989, but
prior to May 1, 1996
1% if called to be. redeemed on or after May 1, 1996, but
prior to maturity.
n o oard of Supervisors Chai
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,
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 Township of
West Bloomfield pursuant to a certain Contract dated December 1,
1970, between the County of Oakland and said Township whereby the
said Township agrees to pay to the said County the cost of said
Section I of the West Bloomfield Water Supply System 17, K]t Bim-
field Township in annual installments in the same amounts 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
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 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 dedlared 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 Chan and County . Clerk, all as of
the first day of May, A.D. 1971,
COUNTY OF OAKLAND, MICHIGAN
By
By
Its 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 (WeSt Bloomfield
Township System), dated May 1, 1971, No.
(FACSIMILE) (FACSIMILE)
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.
Be,rnard F. Lehnon, Chad
an Dale C. Burley
Patrick K. Daly
Robert F. Patnales
PUBLIC WORKS COMMITTEE
Lennon and seconded by Mr. Mainland Mr.
The adoption of the foregoing resolution was moved by
On roll call the resolution was adopted by the following
vote:
AYES: Aaron, Barakat, Bawden, Burley, Coy, Daly, Gabler, Hamlin, Harrison, Horton,
Kasper, Lennon, Mainland, Mathews, Perinoff, Pernick, Powell, Richardson, Simson,
Wilcox. (20)
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 reguTar meeting held on February 4, 1971,
in the. matterof $4,$25,000 Oakland County Water Supply Bonds
(West Bloomfield Township System), 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 4th
day of February , 1971.
County Cler