HomeMy WebLinkAboutResolutions - 1971.11.03 - 16219At 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
at 9:30
, the 4th day of November 1971,
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)
5854 Miscellaneous Resolution No
Recommended by the Board of Public Works
Re: CLINTON-OAKLAND SEWAGE DISPOSAL SYSTEM -
CLARKSTON-INDEPENDENCE EXTENSIONS
Mr. Lennon presented the following resolution, _
a copy of which has been sent to each Member of the Board of
Commissioners.
offered the following resolution Mr. Lennon
of October 26 , 1971:
Miscellaneous Resolution No 58 54
Recommended by Board of Public Works
Re: CLINTON-OAKLAND SEWAGE DISPOSAL
SYSTEM - CLARKSTON-INDEPENDENCE EXTENSIONS
Submitted by Mr. Lennon
AMENDED BOND RESOLUTION
which was approved by the Board of Public Works at their meeting
WHEREAS, the Oakland County Board of Supervisors, by
Miscellaneous Resolution No 4342, adopted on June 22, 1964, did
approve of the establishment of a sewage disposal system to be
known as the "Clinton-Oakland Sewage Disposal System" for the
purpose of disposing of sanitary sewage from the Clinton-Oakland
Sewage Disposal District, within whichHlistrict lies all of tthe
Township of Independence, including the Village of Clarkston; and
WHEREAS, the County of Oakland, the Township of Independence,
and the Village of Clarkston entered into a Contract dated as of
September 1, 1970, whereby the County agreed to construct and finance
the Clarkston-Independence Extensions in the Clinton-Oakland Sewage
Disposal System and the Township and Village agreed therein to pay
the total cost thereof, based upon an estimated cost of $12,500,000
and as represented by the Amount of bonds issued by the county to
finance said Extensions; and
WHEREAS, construction plans and specifications for the
Clarkston-Independence Extensions as prepared by Kieft Engineering,
Inc. and Johnson & Anderson, Inc, registered professional engineers,
and a revised estimate of $13,776,508 aS the cost of said Extensions
and an estimate of fifty (50) years and '1.1pw .arcis as the period of
usefulneSs thereof, as prepared by said 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
bodies of the said Township and Viliage and
WHEREAS, pursuant to the provisions of said Contract of
September 1, 1970, as revised the aggregate amounts of the several
annual installments to be paid by the TOwnship and, Village are the
same as the annual bond maturities hereinafter set forth; an
WHEREAS, under said Contract Of. September 1, 1970, as
revised, the said Township and Village are to pay annually the
amount of each annual installment to the County and in addition
thereto are 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 and
Village under said Contract of September 1, 1970, as revised; 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
"Oakland County Sewage Di Bonds Clinton-Oakiand. System - pc
1- That the bonds of said County of Oakland, aggregating
the principal sum of Twelve Million Five Hundred Thousand Dollars
($12,500,000) be issued for the pu --cpo,se of defraying the cost of
acquiring said Clinton-OakIand Sewage Disposal System - Clarkston-
Independence Extensions. That said bonds shall be known as
Clarkston-Indedence Extensions"; shall be dated November 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 seven and one-ithalf percent (7-1/2%) per
annum, payable on May 1, 1972 and semiannually 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 - $200,000
1977 - 200,000
1978 - 25,000
1979 - 25,000
1980 - 250,000
1981 - 275,000
1982 - 300,000
1963 - 325,000
1984 -
1985 - ?,5,000
1986 - 400,060
1967; - 425,000
1968 - 450,000
1969 - 500,000
1990 - 550,000
1991 - 600,000
1992 - $650,000
1993 - 700,000
1994 - 750,000
1991 - 750,000
1996 - 800,000
1997 - 800,000
1998 - 800,000
1999 - 800,000
2000 - 800,000
Bonds maturing after May I, 1963, shall be subject to re-
demption in inverse numerical 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 perentage 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 or afte May 1, 1988, but
prior to May I, 1994.
1% if called to be redeemed pn or after May 1, 1994, 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 redeOption, provided funds are on
hand with the paying agent to redeem the same. Bonds maturing prior
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,
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 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 the payments to become due to the
County from the Township of IndependenCe and the Village of
Clarkston under said Contract of September 1, 1970, as revised,
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:Township and
Village 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 prinOipal and interest, when
due.
5. That all moneys paid to the County by the said
Township and Village pursuant to said Contract of September 1,
1970, as revised, shall be set aside by the County Treasurer in
a separate fund and bank acc ount 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, and November 1, 1973, is capita4zed and is payable from
the proceeds of said bonds —
That said bonds and attaChed coupons shall be
substantially 1 the following form;
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY SEWAGE pisposAL BOND -
CLINTON-OAKLAND SYSTEM - CLARKSTON-INDEPENDENCE EXTENSIONS
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, AD 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 , upon presenta-
tion and surrender of this bon:. 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 th;--d.i.rt oder of their maturities from
1 to 2500, both inclusive, aggregatigthe principal sum of Twelve
Million Five, Hundred Thousand Dolle $12,500,000), issued under
and pursuant to and in full conformitylwith the Constitution .... and
Statutes of the State of Michigan, and, especially Act No 185 of
the Michigan Public Act. e of 1957, as amended, for the purpose of.
defraying the cost of the Clin-Oakland Sewage Disposal System
Clarkston-Independene Ext ,--nsLons,
Bonds of this series maturing prior to May 1, 1983, are not
subject to redemption prior to matur, Bonds maturing on or after
May I, 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 redoemed at the ps4'. value thereof and accrued
interest plus a premium on each bond cmputed as a percentage of the
face amount thereof in accordance with. the following schedule:
1, 1982, but
1, 1988, but
1, 1994, but
3% if called to be redeemed on or after May
prior to May 1, 1988.
2% if called to be redeemed on or aftet May
prior to May 1, 1994.
1% if called to be redeemed on or after May
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
By
By
(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 to 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 Township of
Independence and the Village of Clarkston pursuant to a certain
Contract dated September 1, 1970, as re -Vised, between the County
of Oakland and said Township and Village whereby the said Township
and Village agree to pay to the said County their respective shares
of the cost of the ClintoneOakiand Sewage Disposal System -
Clarkston-Independence Extensions 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 and Village is pledged for the
prompt payment of their 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 peirformed in due time, form
and manner as required by the Constitutlen 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 November, A.D. 1971.
COUNTY OF OAKLAND, MICHIGAN
Chairman of its Board of Commissioners
Its County Clerk
(SEAL)
(COUPON)
Number
On the 1st day of AJD. 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
- Clinton-Oakland System - Clarkston-Independence Extensions, dated
November 1, 1971, No,
(FACSIMILE)
County Clerk Chairman
(FACSIMILE)
of the Boar 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
80 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 411 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
PUBLIC WORKS COMMITTEE
Bernard F. Lennon, Chairman
Mr. Lennon moved the adoption of the foregoing
resolution- The motion was supported by Mr. Szabo
On roll call the resolution was adopted by the following vote:
YEAS: Richardson, Simson, Szabo, Wilcox,i Aaron, Barakat, Brennan, Burley, Coy,
Dearborn, Doyon, Gabler, Harrison,! Horton, Houghten, Kasper, Lennon,
Mainland, Mathews, Olson, Patnalesl, Perinoff, Pernick, Powell, Richards. (25)
NAYS: None. (0)
STATE OF MICHIGAN )
ss:
COUNTY OF OAKLAND )
1, the undersigned, the duly: qualified and acting County
Clerk of the County of Oakland, do hereby certify that the fore-
going is a true and complete copy of a resolution adopted at a
regular meeting of the Oakland County Board of Commissioners,
held on the 4th day of November
which is on file in my office.
, 1971, the original of
IN WITNESS WHEREOF, I have hereunto affixed my official
Lynn
signature this 4th day of November A.D. 1971.
Alleni, County Clerk