HomeMy WebLinkAboutResolutions - 1970.12.17 - 16386At 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 17th day of December r 1970, at 14).A0Qc 7:00
P.M.
o'clock ADOU, Eastern Standard Time
PRESENT: Aaron, Bawden, Benson, Brennan, Coy, Edwards, Gabler, Grba, Horton,
Houghten, Kasper, Mainland, Mastin, Mathews, O'Brien, O'Donoghue,
Olson, Patnales, Perinoff, Pernick, Powell, Richards, Richardson,
Szabo, Walker, Wilcox. (26)
,ABSENT: Hamlin. (I)
offered the following resolution Mr. Horton
es, the more ph
5567 Miscellaneous ResolutiOn.NO
Recommended by Board of Public Works
Re: MILFORD SEWAGE DISPOSAL
SYSTEM - SEWER EXTENSIONS
Submitted by M.r. Horton
BOND RESOLUTION
which was approved by the Board of Public Works at their meeting
of November 23, 1970:
WHEREAS, the Board of Supervilsors of Oakland County,
by Miscellaneous R On N-0. 4420, adopted on February 23, 1965,
did approve of they establishment of the Milford Sewage Disposal
System to serve the Milford Sewage Disposal District, within which
district lies all of the Village of Mi1ford7 and
WHEREAS, pursuant to Board of Commissioners Resolution
Miscellaneous No 5566 adopted on this date, and pursuant to
a resolution adopted by the governing body of the Village of Milford,
the County of Oakland and the said Village entered into a Contract
dated as of September 1 4 19-704 whereby
and finance in one
sppsal System and the
the County agreed to construct
Sewer Extensions to said
Village agreed to pay the Milford Sewage D
total cost thereof, based upon the total estimated cost of the project,
and as represented by the amount of bonds issued by the County to
finance said Sewer Extensions, which said Contract is set forth in
full in the said resOlution of this Board of Commissioners; and
WHEREAS, construction plans specifications for the
Milford Sewage Disposal System - Sewer Extensions as prepared by
Hubbell, Roth & Clark, Inc., registered professional engineers, and
an estimate of $430,000 as the cost of said Extensions and an
estimate of fifty (50) years and upwards as the period of usefulness
thereof, as prepared by said. registered 'profesnal engineers, have
been approved by the Bo ard of Public TW.';rks and by this Board of
Comrniselone vs of Oakland County and by
Village of Milford; and
the governing body of the
WHEREAS, pursuant to the pro v isions of said Contract. of
September I., 1970, the aggregate amounts of the several annual install-
ments to be paid by the Village to filln.c.e the project are the same as
the annual bond maturities hereinafter, set forth; and
WHEREAS, under said Contract! of September 1, 1970, the said
Village is to pay annually the amount Of each annual installment to
the County and in addit:Lon thereto is to pay semi-annually interest
and paying agent fees aYtd ..othr 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 mad, by the. said Village under
said Contract of September 1, 1970; a0
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.
L That the bonds of said County of Oakland, aggregating
the principal sum of Four Hundred Thirty Thousand Dollars ($430,000)
be issued for the purpose of defraying the cost of acquiring said
Milford Sewage Disposal System - Sewer gxtensions. That said bonds
shall be known as "Oakland County Sewage Disposal Bonds - Milford
System, Sewer. Extensions"; shall be dated February 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-half percent (71-1/2%) per annum, payable
on May 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:
1973 - $15,000
1974 - 15,000
1975 - 15,000
1976 - 15,000
1977 - 15,000
1978 - 15,000
1979 - 20,000
1980 - $20,000
1981 - 20,000
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 - 25,000
1991 - 25,000
1992 - 23,000
1993 - 25,000
Bonds maturing prior to May 1, 1980, shall not be subject to re-
demption prior to maturity. Bonds maturing on and after May I.,
1980, shall be subject to redemption in inverse numerical order at
the option of the County prior to maturAety on any one or more
interest payment dates on and after May, 1, 1979. 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
2% if called to be redeemed on or after May 1, 1979, 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••r 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 data fixed for redemption, provided funds are on
hand with the paying agent to redeem the same All bends 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 thelpurchase 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 Village of Milford under said Contract of September
1, 1970, which payments are in the prinOipal amount of the bonds
with interest thereon as therein provided. As provided in said Act
No 185, the full faith and credit of the Village of Milford is
pledged to the making of the said paymetts 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 Village of
Milford pursuant to said Contract of September 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, and November 1, 1971 and May 1, and partly on November 1,
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:
Number $5,000
of their maturities
r ...ncipal sum of Four
issued under and pursuant
torn
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY SEWAGE DISPOSAL BOND -
MILFORD SYSTEM, SEWER EXTENSIONS
' KNOW ALL MEN BY THESE PRESE NTS, that the County of Oakland,
Michigan, hereby ackn•widges itself indebted and for value received,
promises to pay the bearer hereof 1:ie sum of
FIVE THOUSAND DOLLARS
on the first day- of May, A.D. 19_, togther with interest thereon
from the date hereof until paid, at the rate of
) per centum per a .:.n:am, payable: May 1, 1971 and thereafter.
semi-annually cn the fi -r3t of May and November -in each year
Both principal and intere.st nerscf are payable in lawful money of
the United States of America.
in the City of
ti -on and surrender of this bond and thel coupons hereto attached as
they severally mature,
This bond is one of a series bf bonds of like date and
tenor except as to maturity
numbered consseuvely in the direc
I to 86, both. Inclusive, aggregatn
Hundred Thirty Thousand Dollars ($43
to and in full conformity with the CoEsution and Statutes of the
State of Michigan, and especially Act k,T, 185 of the Michigan Public
Acts of 1957, as amended, for the of defraying the cost of
the Milford Sewage Disposal. System - S.r' Extensions in the Village
of Milford.
Bonds of this series maturing prior- to May 1, 1980, are not
subject to redemption prior to maturly Bonds maturing on or after
May 1,• 1980 shall be subject to redeF in inverse numerical order,
at the option of the County prior to maturity on any one or more
interest p..,mmt dates on and after Me' 1, 1979 Bonds called for
redemption hell be redeemed at the pa:J:1 e thereof and accrued
interest plus a premium on ea cth bond .'mpud 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, 1979, 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 bonds called
for redemption by publication of such notice not less than thirty
upon presenta-
(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, 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 Village of
Milford pursuant to a certain Contract dated September 1, 1970,
between the County of Oakland and said Village of Milford whereby
the said Village agrees to pay to the said County the cost of the
Milford Sewage Disposal System - Sewer 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 charge$ 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 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 declared that all acts,
conditions and things required to exit, 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 Chairman and County Clerk, all as of the
first day of February, AD 1971.
couNTy OF OAKLAND, MICHIGAN
By
Charman of its Board of Commissioners
By
Its County Clerk
(SEAL)
, same being the
Coun -tv Sewage Disposal Bond
February i, 1971,
(COUP ON)
Number•
On the 1st day- of 19. , the County.
of Oakland, Michigan, will pay to the hearer hereof the sum shon
hereon in lawful money of the United States of America, at the
in the City of
interest due on that .day on its Oak:Or
- Milford System, Sewer Extensions,
No
(FACSIMILE)
County. Clerk
(FACSIMILE)
Chai of the Board of Commiss,ionrs •
lames M. Brennan WinLim M. Richards
ariy W./Horton, Chairman
r) /2
Thomas H. O'Donoghug-----)
1\T-; Grba . Mahlon Benson, Jr.
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 No0 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 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 resolution0
9 All resolutions and parts: of resolutions, insofar as
the same may be in conflict herewith, are hereby rescinded,
PUBLIC WORKS COMMITTEE
E. Frank Richardson
Nays: None. ( ) r
Mr. Horton moved the adoption of the
foregoing resolution. The motion was supported by Mr. Gabler
On roll call the resolution'was adopted by the following vote:
Yeas: Grba, Horton, Houghten, Kasper, Mainland, Mastin, Mathews, O'Brien,
O'Donoghue, Olson, Patnales, Perinoff, Pernick, Powell, Richards,
Richardson, Szabo, Walker, Wilcox, Aaron, Bawden, Benson, Brennan,
Coy, Edwards, Gabler. (26)
Absent: Hamlin, (1)