HomeMy WebLinkAboutResolutions - 1971.05.20 - 16203At 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 20th day of may , 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. 5710
Recommended by Board of Public Works
Re: EVERGREEN AND BINGHAM FARMS SEWAGE
DISPOSAL SYSTEMS AND EXTENSION NO 1
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 April 26 , 1971:
WHEREAS, the Board of. Supervisors of Oakland County,
by Miscellaneous Resolutions No. 3269, 3435 and 4115 adopted
August 12, 1957 and October 13, 1958 and March 6, 1963, did
approve of the establishment and enlargement of the Evergreen
Sewage Disposal System to serve the Evergreen Sewage Disposal
District, as enlarged * within which district are .located the
Village of Bingham Farms and the Village of Franklin; and
WHEREAS ., pursuant to Board. of Commissioners Resolution
Miscellaneous No. 5709 , adopted on this date, and pursuant to
resolutions adopted by the governing: bodies of the Village of
Bingham _Farms and the Village of Franklin„ the County of Oakland
and the said Villages entered into a Contract dated as of April
1, 1971, whereby the County agreed to construct and finance the
Evergreen Sewage Disposal System - Bingham Farms Extension No. 1
and the Villages agreed to pay the total cost thereof, based upon
an estimated cost of $440,000 and as represented by the amount of
bonds issued by the County to finance said Extension No. 1 * which
said Contract-is set forth in full in the said resolution of this
Board of Commissioners; and
WHEREAS., the Board of Supervisors of Oakland County,
by Miscellaneous Resolution No. 5315, adopted March 19, 1970, did
approve of the establishment of the Bingham Farms Sewage Disposal
System, a storm sewer system to serve the Bingham Farms Sewage
Disposal District within which district is located all of the
Village of Bingham Farms; and
WHEREAS, pursuant to Board of Commissioners Resolution
Miscellaneous No 5708 , adopted on this date, and pursuant to
resolutions adopted by the governing body of the Village of
Bingham Farms the County of Oakland and the said Village entered
into a Contract dated as of April 1, 1971, whereby the County
agreed to construct and finance the Bingham Farms Sewage
Disposal System and the Village agreed to pay the total cost
thereof, based upon an estimated cost of $285,000 and as re-
presented by the amount of bonds issued by the County to finance
said System, which said Contract is set forth in full in the said
resolution of this Board of Comnissioners; and
WHEREAS, construction plans and specifications for the
Evergreen Sewage Disposal System - Bingham Farms Extension No. 1,
as prepared by Giffels-Webster Engineers, Inc., registered pro-
fessional engineers, have been approved by the Board of Public
Works and by this Board of Commissioners of Oakland County and by
the governing bodies of the Village of Franklin and of the Village
of Bingham Frams; and
WHEREAS, construction plans and specifications for the
Bingham • Farms Sewage.Disposal System aS prepared by Giffels-
Webster Engineers, Inc., registered professional engineers, have
been approved by the Board. of Public Works and by this Board of
Commissioners of Oakland • County- and by the governing body of the
Village of Bingham Farms; and
WHEREAS, pursuant to the provisions of said Contracts of
April 1, 1971, the aggregate amounts of the several annual install
ments• to be. paid. by the respective Villages are the same as the
annual bond- maturities hereinafter set forth; and.
WHEREAS, under said Contracts of April 1, 1971, each: of
the said Villages is to pay annually its respective share of the
aggregate amount of each annual installment 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 Contract; and
WHEREAS, the County is desirous of issuing bonds in the
aggregate principal amount of $725,000 in anticipation of pay-
ments to be made by the said Villages under said Contracts of
April 1, 1971; and
WHEREAS,. the County Board-of•Public Works has approved
this resolution and reccnded its adoption by the Board of
Commissioners.
THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS•
OF OAKLAND COUNTY, MICHIGAN, as follows:
I. That the bonds of said County. of Oakland, aggregating
the principal sum of Seven Hundred Twenty -Five Thousand Dollars
($725,000) 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 Fa.::76 System and Extension No 1)"; 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 $5,000 each; shall bear interest at a rate or
rates to be. hereafter determined not exceeding eight per cent
(?%) 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:
1972 - $30,000
1973 - 30,000
1974 - 30,000
1975 A0,000
1976 - 40,000
1977 - 40,000
1978- 40,9.00
1979 - 40,000
1980 - $40,000
1981— 45,000
1982 - 15,000
1983 - 15,000
1984 - 15,000
1985 - 15,000
1986 - 20,000 .
1987- 20,000
1988 - $20,000
1989 - 25,000
1990 - 25,000
1991 - 25A00
1992 - 25,000
1993 - 30,000
1994 - 30,000
1995 - 35,000
1996 - 35,000
Bonds maturing on and after:May 1, 1981 shall be subject
to redemption prier to maturity in inverse numerical order, at the
option of the County, on:any one or more interest payment dates on
and after May 1, 1980, 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' May 1, 1980, but
prior to May 1, 1990
1% if called to be redeemed on or after May 1,1990, 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. Bonds maturing prior to the year 1981 shall not be subject
to redemption prior to maturity. All bonds shall have proper
coupons attached thereto evidenoing 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, qualified to serve as
paying agent.under the laws of the State of Michigan or the United
States of America, as shall be designated by the original pur-
chaser of the bonds. Such purchaser. shall also 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 tosaid 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 he 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
Contract between the County and the said Villages, which amounts
aggregate the sum of $440,000, with interest as therein provided
and of the amounts to become: due to the County from the Village.
of Bingham Farms •under the Contract between the County and said
Village, which amounts aggregate $285,000, with interest as
therein provided. TW.intere8t .payable on said bonds for a period
of 12 months 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 become due.
5. That all moneys paid to the County by each Village
pursuant to said Contracts 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 otherwise as provided in said Contract.
6. That said bonds and attached coupons shall be sub-
stantially in the following form:
Number $5,000
UNITED STATES OF 1;1_71•:ICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY 51'. DISPOSAL BOND
(BINGE4M FARMS SYSM.AND:EXINION 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 May, A.1) 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 onEthe 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 145, both inclusive, aggregating the principal sum • of
Seven Hundred Twenty-Five Thousand Dollars ($725,000), issued
under and pursuant to and in full conformity with the Constitution
and Statutes of.the State of Michigan, and especially Act No 185
of the Michigan Public Acts. of 1957; as amended for the purpose
of defraying the cost of acquiring the Evergreen Sewage.Disposal '
System— Bingham. Farms Extension No. 1 and Bingham Farms Sewage
Disposal System,
Bonds of this series maturing prior to May 1, 1981 are
not subject. toredetion prior to maturity. Bonds maturing • on and
after May 1, 1981' shall be subject to redemption prior to maturity
in inverse numericaA order, at the option of the County, on any one
or more interest payment dates on and after May 1, 1980 9 at the par
value thereof and accrued interest plus . a premium on each bond
computed as a percentage of the. face value thereof in accordance
with the following schedule:
2% if called to be redeemed on or after . May i, 1980, but
prior to May 1, 1990
1% if called to be rede•msd• on or after-May 1, 1990, hut
prior to maturity.
Notice of redemption shall be given to the holders of the bonds to
be redeemed by publication of such noti c e not less than thirty (30)
days prior to the date fixed for redemption, at least once in a
newspaper or publication circulated in the City of Detroit,
Michigan, which ca rries as a part of it$ regu lar service, notices
of the sale of municipal bonds. Bonds so celled 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
Contract dated April 1, 1971 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 and pursuant to a certain
Contract dated April 1, 1971, between the County of Oakland and
the Village of Bingham Farms 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 bonds 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 Contracts,
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
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: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 Commis-
sioners 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.
1971.
COUNTY OF OAKLAND
STATE OF MICHIGAN
By
Chairman of Board of Crici]issioner$
County Clerk
(SEAL)
By
(COUPON)
Number
On.the 1st day ,of AD.. 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 May 1,
1971. No..
(FACSIMILE)
County Clerk
(FACSIMILE)
Chairman of Board of Commissioners
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, 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.
8. That 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. That all resolutions and parts of resolutions,
insofar as the same may be in conflict herewith, are hereby
rescinded.
PUBLIC WORKS COMM/ITTBE
• _ \ „ t /
Chairinan
By
Supported by Mr. Szabo
AYES: Coy, Daly, Edwards, Gabler, Hamlin, Harrison, Horton, Houghten, Kasper, Lennon,
Mainland, Mathews, Olson, Patnales, Perinoff, Pernick, Powell, Richards,
Richardson, Simson, Szabo, Wilcox, Aaron, Barakat, Bawden, Brennan, Burley. (27)
NAYS: NONE. (0)
ABSENT: NONE, (0)
Motion carried.
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 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
20th day of May , 1971, the original of which
is on file in my office.
IN WITNESS WHEREOF, I have hereunto affixed my official
signature this 20th day of May. , A.D. 1971.
County Clerk