HomeMy WebLinkAboutResolutions - 1970.08.06 - 16349/7// ci4
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M. , Eastern Standard Time, it was:
supported by
, 1970 at
Moved by ,
r
the
Absent: / t„
a meeting of the Public Works Committee of the Board of Commissioners held at
that the attached Resolutic,,n, having previously been approved by the
Board of Public Works, is approved by this Committee and transmitted
to the Board of Commissioners with the recommendation that same be
adopted.
Yeas:
Nays:
/- Motion
PUBLIC WORKS COMMITTEE
arry Worton, Chairman • (.,/
of a regularTe .:Ly •:Df. the 7::!
in the City of
Aubtst
Pontiac, Michigan, on the a t 9:30 6 th clay of M.Mi,
o'clock A,M,, Eastern Standard Time
PRE57NT: Aaron, Bawden, Benson, Brennan, Coy, Edwards, Gabler, Grba, Hamlin,
Horton, Houghten, Kasper, Mainland, Mastin, Mathews, O'Brien, 0' Donoghue,
Olson, Patnales, Perinoff, Pernick, Powell, Richards, Richardson, Szabo,
Walker, Wilcox, (27)
Oak land County, held in.tha
ABSENT; None. (0)
:7,:e ,77:luti,on No. 5451
Recommended by Doard of Publi
Re: CLINTON-OAKLAND SEWAGE DISPOF7,,T,
SYSTEM - PONTIAC T.rv:n -SHTP 7=
Submitted by Mr. _Horton
BOND RESOLUTION
Mr . Horton offered the following resolution
which was approved by the Board of Public Works at their meeting
of July 20, 1970:
WHEREAS, the Board of SuperviSors of Oakland County,
by Miscellaneous Resolution No. 4342, adopted on June 22, 1964, did
approve of the establishment of the Clinton-Oakland Sewage Disposal
System to serve the Clinton-Oakland Sewage Disposal District, within
which district lies part of tthe Township of Pontiac; and
W=REAS,, pursuant to Board of,Comanissioners Resolution
Miscellaneo No 5445, ado pte d on July 2, 2.970, and pursuant to
a resolution adopted by the governing h*ly of the Township of Pontiac,
the County of Oakland andthe said Township entered into a Contract
dated as of May 1, 1970, whereby the Co unty agreed to construct
finance the Ponti- TowY)•hil-;, 77 .7.ionslto said Clinton-Oakland•
Sewage Disposal Syt'=, Ou:hi o to pay the tcA;a1
thereof, ',Lain upon the total
represented by the amount of s•J ,.,3 by the Co•
said Pontiac Township Extensions, whi-Th Did Contat, is set forth in
full in the said resolution of this Bod of Commission and
::.!cost of the -rroject,
WHEREAS, construction plans and specifications for the
Clinton-Oakland F:-,sr.qe Disposal System 1Pont1ac Townsh* T:stsnsisns
as prepared by John E. Hiltz & Associates, Inc., registered pro-
fessional engineers, and an estimate of $7,520,000 as the cost of
said E.;:tsnsjons and an estimate of fifty: (50) years and upwards 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 body of the Township of Pontiac; and
WHEREAS, pursuant to the provisions of said Contract of
May 1, 1970, the aggregate amounts of the several annual install-
ments to be paid by the Township to finance the project are the
same as the annual bond maturities hereinafter set forth; and
WHEREAS, under said Contract of May 1, 1970, the said
Township 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
anticipation of the payments to be made by the said Township under
said Contract of May 1, 1970; 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 TynnD 02
OF OAELAND COUNTY, MICHIGAN, as follows
1, 1970; shall 3-).=,
f their mai-urits Fi-nm
Cs $5,C7;;0 each; shF 1 1
the
amlln
of
Toy,:
the
akian
($7,520,000) be
.ring said Clinton.
72.hand.
7 tha
Aac
Thr:34-: said bonJM7::; Tp
czawage Dis - Clintoh-
19$4
1985
1986
7,ticn prior to maturity,
7 a t
inte.rest na-
for r
accrIled losus
of th's face
on nn ,:9. P.Ftee
1-le I
Tilus a 17cr..amm. on e
t thereof in a.c,
li7C70
p4: as
nan the fo all.e7,,7i7-
Y1.1
•• „:
c --
1. ThE,,,t the
Township 17,xtn -Hn5"; shall be dated No
numbered consec-ftively in the direct
1 upwards; shall be in the
interest at a rate or rates to be he7,:e0ter 77termired not axcoe.T
eight percent (8%) per annum, payable .• May 1, 1971 and semi-a ,11-
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
1974 -
1975 -
1976 -
1977 -
.H.1978 -
1979 -
1990 -
1921 -
1982 -
1983 -
$ 20,000
100,000
100,000
125,000
125,000
125,000
150,uvu
150,000
175,000
$175,000
)(r)
rr qpn
225,000
225,000
- 250,000
1990 - 250,000
1991 - 275,000
1902 - 300,000
325,00
j0D4 - $350,000
- 375,000
- 400,000
- 400,033
- 400,DC,
- 400,
2000 - 400,00
2001 - 400,000
,;Lfa
Ane-1 p UL
Ponds maturing prior to May 1, 1980, shll not be subject to ra=
matunino n and after Ya: 1,
1980, shall be subject to rr on 1-umcric
the option of the Cnnr prior to m,T-irl.ty on anv one or :1771
and directed to deliver s if. bonds
purchaser ther e of, upon Y.
2% if called to be redeemed. on or after May 1, 1 979, but
prior to I, 19,
1% if called. to I, 199C, buit.,
prior to 7
Noti c e of rede72+'ion shall be given to the holders of the bi.T.s
be rede. by publication of such notice not less than thirty (3P)
to the date fixed for red.,em ion, at least once in a • •
nows:2aper or publication circulated in the City of Detroit,
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, rrovided funds are on
hand with the paying agent to redeem the same. All bonds shall h ave
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 simile ly qualified co-paying agent
3. That the Chairman of the =3::::;:d of Commissios
the County Clerk, of the County of OakVaTid are hereby authorized
and directed to crxcute said bonds for and or, bch.alf of the said
County and to affix the seal of said Co unty ther e to, and to etocu
the interest upons to be attar. to said s by cal:)ir b
affixed thereto their facsimil that
execution of said bonds and attache eapc7, the
delivered to the TJ -reT: of C7D is
4.. That the said bonds are to: be issued rursuant to
the provisions of Act No, 185 of the Public 1957
as amende, in anticipation of the payments to be
County the Township of Pontiac under said Cont7i7ct of May 1,
1970, which payments are in the principal amount of the bonds with
interest thereon as therein provided. As provided in said Act N,),
185, the full faith and credit of the Township of Pontiac 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. !
5. That all moneys paid to the County by the Township
of Pontiac pursuant to said Contract of May 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
May 1, 1971, November 1, 1971 and May l 1972, 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:
Notice of redo
for redemption
ion he given to the hcT.thon. of
publication of SUrTh. notice rc.t
_UNITED STATES OF MT:RICA
OF
C017,77 OF
OAKLAND COUNTY SEWk7E DISPOSAL
C7 77.-CULAND SYSTEM, PONTIAC OVINSE.7:7?
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 TH01-7D 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, 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
e , upon presenta- in the City of
tion and surrender of this bond and the Counons 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 ..7neT -
1 to 1504, both inclusive, aggregating the principal sum of Seven
Million Five Hundred Twenty Thousand Dollars ($7,520,000), 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 Clinton-Oakland Sewage Disposal System -
Pontiac Township Extensions in the Township of Pontiac,
Bonds of this series maturing prior to May 1, 1980, ar-r:4 nc
subject to redemption prior to maturity. Bonds maturing on or af
May 1, 1980 shall be subject to rede=ti6n in inverse numerical
at the option of the County prior to m2trity on any one or mor
interest payment dates on and after May I, 1979. Bonds call ,
redemption shall be redeemed at the p77 value therc -7 and
interest plus a Premium on each bond cc.7 -,Tted an a
face amount thereof in accordance with followj
2% if called to be red ,7.:d on or after May 1, 1979, but
... prior to May 1, 1990.
1% if called to be redeed on or after May 1, 1990, bflt
prior to maturity.
the
(30) prior to the data fin
a n:Ts, or oir
M.ich7an,
of the 9,_=.7r• of
shall noi: hear intr aftr the 7.te fcr
vided f1:17 are on 'land with the -17,i):0 1 7t to
this bond as to both urine
from to be paid to the County of
Pontiac irsuant to a certain Contract
the Co=ty of Oakland and said Townshia.
agrees to pay to the said County the
Sewage Disposal System - Pontiac Tow
ments in the same amounts as the annua]
of this issue and Frai-annually to
and bond handling charges such p.
(30) days prior to the re5pecti7 chle
The full faith and credit of said Tcwn51--) is plodged 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 payent of this bond, principal and
interest, when due. -
It is hereby certified, recited and declared that all acts,
conditions and things required to exist,i hal7 ,pen and be performed
precedent to and in the issuance of the bonds of this ser i es, existec7,
have happened and have been performed in due time, form and manner
as required by the Constitution and Statutes of the State of Nich
and that the total indebtedness of said County, including this
of bonds, does not exceed any constitutional or statutory 1.7,.j.ta'7i
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,
F,77d has caused the annexed interest coupons to be w i th the
facsimile signaturs of said Chairman and County Clerk, all as of the
first day of Nover, A.D. 1970.
COUNTY OF OAKLAND, MICHIGAN
By
of its
By
Tftz
(c 'A T )
Clerk
intert, is pH
:land by the T.)wh ,
I. 7.av 1, 1 97 0
170e sail in
Clinto.-
in a..-nn771 install-
ies of the bonds
-it of the interest
)1!-. at least thirty
:_f -;ed in this bond.
Number
(COUPON)
On the 1st day of A.D. 19 , the County
of Oakland, Michigan, will pay to the 1::,er hereof the sum shown
hereon in lawful money of the United Stes of America, at the
in the City of , same being the
interest due on that day on its Oakland Sewage Disposal Bond
- Clinton-Oakland System, Pontiac Township Extensions, dated November
1, 1970, No.
(FACSIMILE)
County Clerk
(FACSIMILE)
Chairman of the Board of Commissioners
of
-C,3.C.
James M. Brennan
f'/Z\ e
kahlonBenson, jr.
7. That the said bonds shall not ho the
Municipal Finance Co7mAo.7 of the
first issued its order fr.7anting permission to so do, as --,Jieed in
Act No. 202 of the Ytic7Agan Public Acts Cf 1943, as 5YJ5d, nd
the B.D .r,5, of Public Works through its Director is hereby authoz
and directed to make application to said commission for the isu ,]cQ
of such order.
8. The Board of Public Works is hereby authorized to sail
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
this resolution.
9. All resolutions and parts Of resolutions, insofar
the same may be in conflict herewith, are hereby rescinded.
PUBLIC WORKS COMMITTEE
arry W .41 orton, Chairman
' /
iz jit --?„,,,, 1 J-...,
• /114140 M. Richarqs :)-1 <,
/I 7/ ./.., -.(/.,..,/,,,,,
1 ----'7i ' ' ' , - . . . - ,: '''';'-- 7 ,r--:,..),-L, ,,,, / . , ' Thoraa.5-1-1-`)0 1 Donoghue ._....-J ,5:". E. Frani( Richardson ---- .
moved ths u3.:: en -A.no Mr. Horton
ion resolution. Mr. Gabler
On roll call the resolution was adonted the fol Ivote,
Yeas; Richards, Richardson, Szabo, Walker, 'Wilcox, Aaron, Bawden, Benson,
Coy, Gabler, Grba, Hamlin, Horton, Poughten, Kasper, Mainiand, Mathews,
O'Brien, O'Donoghue, Olson, Patnales, Perinoff, Pernick, Powell.(24)
Nays: Brennan. (1)
Absent: Edwards, Mast in. (2)
STATE OF MICHICT,N )
) ss:
COUNTY 07 )
I, 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 Bard of Commissioners, held
on the 6th day of August , 11970, the original of which
is on file in my office.
IN WITNESS WHEREOF, I have hereunto affixed my official
signature this 6th day of August , A.D. 1970,
Lynn D. Allen, County Clerk