HomeMy WebLinkAboutResolutions - 1970.01.08 - 16430Y:
At a Regular meeting of the Board of S .upervi4
of Oakland County, held in the Supervisors' ,Auditorium in the City
of Pontiac, Michigan, on the 8th day Of January, 1970, at 9:30
o'clockA .M., Eastern Standard Time.
PRESENT:
Aaron, Bawden, Benson, Brennan, Coy, Edwards, Gabler, Grba, Hamlin,
Horton, Houghten, Kasper, Mainland, Mastin, Mathews, O'Brien, O'Donoghue,
Olson, Patnales, Perinoff, Pernick, Powell, Richard, Richardson, Szabo,
Walker, Wilcox,, (27)
ABS=T: None„ (0)
Submitted byMr. Horton and duly seconded,
47
Miscellaneous Res. No. t7K
Resolution Re: BLOOMPIELD HILLS WATER SUPPLY SYSTEM
WHEREAS, Bond Counsel has advised this Board that the
:::onds to be issued by the County to finance the Bloomfield Hills
Water Supply System pursuant to the Contract between ,the County
and the City of Bloomfield Hills cannt be sold at an interest
rate of 6% or less; and
WHEREAS, the City of Bloomfield Hills and the Board of
Public Works of the County of Oaklandl have approved and recommended
that the maximum interest rate on the bonds to be issued by the
County to finance the Bloomfield Hills Water Supply Syst= be
increased so that such bonds can be issued at a rate of interest
not to exceed the 8% per annum maxi=E.1.1 rate provided by law.
THEREFORE, BE IT RESOLVED by the Board of Supervisors
of Oakland County, Michigan, as follows:
I. That the Bond resolution authorizing the issuance
of $3,480,000 Oakland County Water Supply Bonds (Bloomfield
Hills System) be amended to provide that such bonds be issued at
a rate of interest not to exceed the 18% per annum maximum intee cs
rate provided by law-
• 2. That the Notice of Sale for $3,133,300 0a-;‹Liand
County Water Supply Bonds (Bloomfield Hills System) heretofore
adopted by the Board of Public Works be amended to provide tl.t
said bonds shall be issued at a rate or interest not to exceed the
6% -per annum maximum interest rate provided by law but in no event
to exceed such average net annual interest cost as such Board of
Public Works may determine.
Harry W. Horton•
District #6 Supervisor
Moved by Horton supported t)
immediate consideration of the resolutión,
the rules be suspended for
Moved by Horton supported by_ the resolution be adopted.
3. That the Oakland County "Board of Public Works shall
advise the Municipal Finance Commission of the State of Michigan
of such amendment to increase the interest rate limitation and
obtain an order of approval or revised order of approval of such
increased interest rate on the above described bonds.
4. That all resolutions and parts of resolution in
conflict herewith be and are hereby repealed and rescinded.
A sufficient majority having Vote therefor, the motion carried.
3. That the Oakland County Board of Public Works shall
adviSe the Municipal Finance Commission of the State of Michigan
. .
f such 'amendment to increase the interest rate limitatiOn and
obtain an order of approval or revised order of approval of such
increased interest rate on the above described bonds.
4. That all resolutions and parts of resolution in
conflict herewith be and are hereby repealed and fescinded.
Harry W. Horton
District #6 Supervisor
- Moved by Horton supported by the rules be suspended for
immediate consideration of the resolution.
A sufficient majority having voted therefor,
!
Moved by Horton supported by the resolution be adopted.
'
-Y4aS:
Aaron, Bawden, Benson, Coy, Edwards, Gabler, Grba, Hamlin,
Horton, Houghten, Kasper, Mainland, Mastin, Mathews,.
O'Donoghue, Patnales, Perinoff, Pernick, Powell, Richards,
Richardson, Szabo, Walker, Wilcox. • (24)
Nays : Brennan, O'Brien, OlSon
the motion carried.
STATE OF MICHIGAN )
)
COUNTY OF OAKLAND )
I, the undersigned, the duly qualified and acting
County Clerk of the County of Oakland do hereby certify that
the foreDi',ng is a true and complete C ,7)py of a resolution adc,pted
a t a Regular meeting of the Oakland County Board of
Supervisors, held on the 8th day of January, 1970, the original
of which is on file in my office.
IN WITNESS WHEREOF, I have hereunto affixed my
official signature this
1970.
8th day o f January , A.D.
Oakland County Clerk