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HomeMy WebLinkAboutResolutions - 1971.11.03 - 16217At 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 4th day of November , 1971, at 9:30 o'clock A.M., Eastern Standard Time. PRESENT: Aaron, Barakat, Brennan, Burley, Coy, Dearborn, Doyon, Gabler, Harrison, Horton, Houghten, Kasper, Lennon, Mainland, Mathews, Olson, Patnales, Perinoff, Pernick, Powell, Richards, Richardson, Simson, Szabo, Wilcox. (25) ABSENT: Daly, Hamlin. (2) 585 2 Miscellaneous Resolution No. Recommended by the Board of Public Works Re: HOLLY SEWAGE DISPOSAL SYSTEM Mr. Lennon presented the following resolution, a copy of which has been sent to each member of the Board of Commissioners. 5852 Miscellaneous Resolution No Recommended by Board of Public Works Re: HOLLY SEWAGE DISPOSAL 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 October 26 , 1971: WHEREAS, the Oakland County Board of Commissioners, by Miscellaneous Resolution No. 550 .2, adopted on October 5, 1970, did approve of the establishment of a sewage disposal system to be known as the "Holly Sewage Disposal System" for the purpose of disposing of sanitary sewage from the Holly Sewage Disposal District, which district consists of all of the territory in the Village of Holly; and WHEREAS, the County of Oakland and the Village of Holly entered into a Contract dated as of September 1, 1971, whereby the County agreed to construct and finance the Holly Sewage Disposal System and the Village agreed therein to pay the total cost thereof not defrayed by grants based upon an estimated cost of $680,000 to be paid by the Village and as represented by the amount of bonds issued by the dounty to finance said System; and WHEREAS, pursuant to the provisions of said Contract of September 1, 1971, the amounts of the several annual installments to be paid by the Village are the same as the annual bond maturities hereinafter set forth; and WHEREAS-, under said Contract of September 1, 1971, the said Village 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 anti- cipation of the payments to be made by the said Village under ,said Contract of September 1, 1-971; 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: 1. That the bonds of said County of Oakland, aggregating the principal sum of Six Hundred Eighty Thousand Dolls ($680.Q00) be issued for the purpose of defraying the cost of acquiring said Holly Sewage Disposal System. That saidbonds shall be known as "Oakland County Sewage Disposal Bonds - Holly System"; shall be dated November I, 1971; shall be numbered consecutively in the direct order of their maturities from I upwards; shall be in the denomination of $5,000 each; shall bear interest at a rate Or rates to be hereafter determined not exceedingHseven and one-half percent (7-1/2%) per annum, payable on May 1, 1972 and semi-annually there- after 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: 2- ion, provided funds are on same. Bonds maturing prior 1975 - $ 5,000 1976 - 10,000 1977 - 10,000 1978 - 10,000 1979 - 15,000 1980 - 15,000 1981 - 15,000 1982 - 20,000 1983 - 20,000 1984 - $20,000 1985 - 20,000 1986 - 25,000 1987 - 25,000 1988 - 25,000 1989 - 25,000 1990 - 30,000 1991 - 30,000 1992 - 30,000 1993 - $30,000 1994 - 35,000 1995 - 35,000 1996 - 35,000 1997 - 35,000 1998 - 40,000 1999 -. 40,000 2000 - 40,000 2001 - 40,000 Bonds maturing on or after May 1, 1983, 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, 1982. 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 I, 1982, but prior to May 1, 1988; 2% if called to be redeemed on or after May 1., 1988, but prior to May 1, 1994; 1% if called to be redeemed on prior to maturity. or after May I, 1994, but Notice of redemption shall be given to the holders of the bonds to be redeemed by publication of such noticenot less thanthirty. (30) days prior to the date fixed for redempti on, 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 redempt hand with the paying agent to redeem the to the year 1983 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. -3- 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 execu- tion 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 the payments to become due tothe County from the Village of Holly under said Contract of September 1971, which- payments are in the aggregate 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 said Village is pledged to the making of the said payments when due, and in addition there is hereby pledged, as authorized ih 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 clue. -4- 5. That all moneys paid to the County by the said Village pursuant to said Contract of September 1, 1971, 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 May 1, and November 1, 1972 and May 1, 1973, is capitalized and is payable from the proceeds of said bonds. 6. 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 - HOLLY SYSTEM 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 May 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 0 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 136, both inclusive, aggregating the principal sum of Six Hundred. Eighty Thousand Dollars ($680,000), 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 the Holly Sewage Disposal System. • Bonds of this series maturing prior-to Ma y• l r .1g83, .are not subject to redemption prior to maturity. Bonds maturing, on or after May 1, 1983, 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, 1982. 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, 1982, but prior to May 1, 1988; 2% if called to be redeemed on br after May 1, 1988, but prior to May 1, 1994; 1% if called to be redeemed on or after May 1, 1994, but prior to maturity. -6- 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 Village of Holly pursuant to a certain Contract dated September 1, 1971, between the County of Oakland and said Village Whereby the said Village agrees to pay to the said County the cost of the Holly Sewage Disposal System in annual installments in the same amounts as the annual maturities of the bonds of this issue and semiannually 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 Village is pledged for the prompt payment of its obligations 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 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 pf 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 November, A.D. 1971. COUNTY OF OAKLAND, MICHIGAN By Chairman of its Board of Commiss oners By (SEAL) Its County Clerk -7- (FACSIMILE) (FACSIMILE) (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 Sewage Disposal Bond.- Holly System, dated November 1, 1971, No . County Clerk Chairman of the 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 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. 8. The Board of Public Works is hereby authorized to sell said bonds at not less than par and with the laws of this state and to do all the sale and issuance of said bonds, subj this resolution. accrued interest in accordance things necessary to effect ect to the provisions of 9. All resolutions and parts of resolutions, insofar as the same may be in conflict herewith, are hereby rescinded, PUBLIC WORKS COMMITTEE Bernard F. Lennon, Chairmnn -9- resolution. The motion was supported Mr, Mainland by On Mr. Lennon moved the adoption of the foregoing roll call the resolution was adopted by the following vote: Richards, Richardson, Simson, Szabo, Wilcox, Aaron, Barakat, Brennan, Burley, Coy, Dearborn, Doyon, Gabler, Harrison, Horton, Houghten, Kasper, Lennon, Mainland, Mathews, Olson, Perinoff, PernicK, Powell, (24) YEAS: NAYS: None. (0) 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 regular adopted at a meeting of the Oakland County Board of Commissioners, held on the 4th day of November , 1971, the original of which is on file in my office. IN WITNESS WHEREOF, I have hereunto affixed my official signature this 4th day of Noverrber , A.D. 1971. Allen, County Clerk Lynn