HomeMy WebLinkAboutResolutions - 1970.07.02 - 16443THIS RESOLUTION ALSO IS WITH REFERENCE TO THE PAINT CREEK INTERCEPTOR tilvemseag~monsmannwoolommosossoinemo
PROJECT AND IS TO APPROVE THE BOND RESOLUTION, WHICH PROVIDES AUTHORITY
TO SELL $5,340,000 OF BONDS.
THE RESOLUTION HAS BEEN APPROVED BY BOTH THE BOARD OF PUBLIC WORKS
AND THE PUBLIC WORKS COMMITTEE -- AND SINCE A COPY HAS PREVIOUSLY BEEN
MAILED TO ALL MEMBERS OF THIS BOARD -- I RESPECTFULLY REQUEST THAT READING
OF SAME BE WAIVED AND MOVE ITS ADOPTION.
Nays: (cor2)
James M. Brennan
„ omas H. OrDonoghue
be
E. .pi--ank Richer<
011/7-\,r' -e (,7
Mahlon Benson,
At a meeting of the Public Works Committee of the Board of Commissioners held at
/ or IY: ie p -4,4 /eV, e2 ere>
on /704 „y the OS tt day of
7'30 &clock /9 .M., Eastern Standard Time, it was:
1970 at
Moved by CrrAlig suppOrted by /16;;Ctica,e145Y)",
that the attached Resolution, 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:
Absent: '0
Motion frid
PUBLIC WORKS COMMITTEE
At a regular meeting of the Board of Commissioners of
Oakland County held in the Commissi
Service ARea in the City of Pontiac,
Auditorium in the County
Michigan, on Thursday
1970, at the 2nd day of July
Eastern Standard Time.
9:30 o'clock A.M.,
PRESENT:
Aaron, Bawden, Benson, Brennan, Coy, Edwards, Gabler, Grba,
Hamlin, Horton, Houghten, Mainland, Mastin, Mathews, O'Brien,
0 1 Donoghue, Olson, Patnales, Perinoff, Fernick, Powell,
Richardson, Szabo, Walker, Wilcox. (25)
ABSENT:
'Kasper, Richards. (2)
5433 Miscellaneous Resolution No.
Recommended by Board ofPublic Works
Re: CLINTON-OAKLAND SEWAGE DISPOSAL SYSTEM
PAINT CREEK INTERCEPTOR
Submitted by Mr. Horton
BOND RESOLUTION
Horton Mr. offered the following resolution
which was approved by the Board of Public Works at their meeting
of June 15, 1970.
WHEREAS, the Oakland County Board of Supervisors, by
Miscellaneous Resolution No. 4342, adopted 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 which district are located the
Townships of Oxford, Orion, Avon and Oakland and the Villages of
Oxford and Lake Orion; and
WHEREAS, pursuant to Board of Supervisors Resolution
Miscellaneous No. 5215, adopted on November 6, 1969, and pursuant
to resolutions adopted by the governing bodies of the aforesaid
Townships and Villages, the County Of Oakland and the said Townships
and Villages entered into a Contract dated as of January 15, 1969,
whereby the County agreed to construct and finance said Paint
Creek Interceptor in the Clinton-Oakland Sewage Disposal System
and the Townships and Villages agreed therein and by subsequent
revisions thereto to pay the total cost thereof, based upon a
revised estimated cost of $5,340,000 and as represented by the
amount of bonds issued by the county to finance said Interceptor,
which said Contract is set forth in fill in the said resolution
of the Oakland County Board of Supervisors; and
WHEREAS, construction plans and specifications for the
Paint Creek Interceptor in the Clinton-Oakland Sewage Disposal
System as prepared by Johnson & Anderson, Inc., registered pro-
fessional engineers, and a revised estimate of $5,340,000 as the
cost of said Interceptor and an estimate of forty (40) 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 bodies of the said Townships and
Villages; and
WHEREAS, pursuant to the provisions of said Contract of
January 15, 1969, the aggregate amounts of the several annual
installments to be paid by the Townships and Villages are the same
as the annual bond maturities hereinafter set forth; and
WHEREAS, under said Contract of January 15, 1969, the
said Townships and Villages 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 payments to be made by the said Townships and
Villages under said Contract of January 15, 1969; 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 Five Million Three Hundred Forty Thousand Dollars
($5,340,000) be issued for the purpose Of defraying the cost of
acquiring said Paint Creek Interceptor in the Clinton-Oakland Sewage
Disposal System. The said bonds shall be known as "Oakland County
Sewage Disposal Bonds - Clinton-Oakland System - Paint Creek Inter-
ceptor"; shall be dated November 1, 1970; 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 eight per cent
(8%) 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 - $ 80,000
1974 - 85,000
1975 - 85,000
1976 - 95,000
1977 - 95,000
1978 - 110,000
1979 - 110,000
1980 - 120,000
1981 - 130,000
1982 - 130,000
1983 - $140,000
1984 - 150,000
1985 - 150,000
1986 - 160,000
1987 - 170,000
1988 - 170,000
1989 - 180,000
1990 - 190,000
1991 - 190,000
1992 - 200,000
1993 - $210,000
1994 - 210,000
1995 - 220,000
1996 - 230,000
1997 - 230,000
1998 - 240,000
1999 - 240,000
2000 - 250,000
2001 - 250,000
2002 - 260,000
2003 - 260,000
Bonds maturing on or after May 1, 1980 shall be subject to redemp-
tion prior to maturity, at the option of the County in inverse
numerical order on any one or more interest payment dates on and after
May 1, 1979. 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, 1979, but
prior to May 1, 1990
2% if called to be redeed on or after iv;av 1, )990, but
prior to May 1, 2000
1% if called to be redeemed on or after May 1, 2000, 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 redemption, provided funds are on
hand with the paying agent to redeem the same. Bonds maturing prior
to the year 1980 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 signaures; 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 Townships of Oxford, Orion, :.Avon and Oakland and the Villages
of Oxford and Lake Orion under said Contract of January 15, 1969,
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 each of the said Townships
and Villages 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 said
Townships and Villages pursuant to said Contract of January 15,
1969, 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, 1972, is
capitalized and is payable from the proceeds of said bonds.
6. That said bonds and attached coupons shall be sub-
stantially in the following form:
UNITED STATES OFeAMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY SEWAGE DISPOSAL BOND -
CLINTON-OAKLAND SYSTEM - PAINT CREEK
INTERCEPTOR
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, 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
, in the City of
, 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 1068, both inclusive, aggregating the principal sum of Five
Million Three Hundred Forty Thousand Dollars ($5,340,000), 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 Paint Creek Interceptor in the Clinton-
Oakland System.
Bonds of this series maturing prior to May 1, 1980 are not
subject to redemption prior to maturity. Bonds maturing on or after
May 1, 1980 shall be subject to redemption prior to maturity, at the
option of the County in inverse numerical order on any one or more
interest payment dates on and after May, 1, 1979 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, 1979, but
prior to May 1, 1990
2% if called to be redeemed on or after: May 1, 1990, but
prior to May 1, 2000
1% if called to be redeemed on or after! May 1, 2000, but
prior to maturity.
Notice of redamption shall be given to tbs holders of bonds called
for redemption by .publication of such notice not less than thirty
- (30) days prior to the date fixed forredon .otion, 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 data fixed for redemption, provided
funds are on hand with the payin• 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 Townships
of Oxford, Orion, Avon and Oakland and the Villages of Oxford and
Lake Orion pursuant to a certain Contract dated January 15, 1969,
between the County of Oakland and said Townships and Villages
whereby the said Townships and Villages each agree to pay to the
said County its sharp of the cost of Said Paint Creek Interceptor
in the Clinton-Oakland Sewage Disposal System in annual installments
in the same aggregate amounts as the annual maturities of the bonds
of this issue and semi-annually to pay the aggregate amount of the
interest and bend 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 Townships and
Villages is pledged for the prompt payment of its obligation pur-
suant to said Contract, and in addition, by affirmative vote of
three-fifths (3/5ths) of the members elect of its Board of Commis-
sioners, 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 performedl 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 af f ixed 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. 1970.1
COUNTY OF OAKLAND, MICHIGAN
By
Chairman of its Board of Commissioners
By
County Clerk
(SEAL)
(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 - Clinton-
Oakland System - Paint Creek Interceptor, dated November 1, 1970,
No
(FACSIMILE) (FACSIMILE)
County Clerk Chairman of the Board of Commissioners
,15(' I " y
- (
air 1-1,orton, Chain a,n
)
:
James M. Brennan.
/ .
,t s c,
- :
Thomas H. O'Donoghue
7/xY
Mahlon Benson, Jr.
; - E. :Frank Richardson
- • •
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.-
S. 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 resolution.
9. All resolutions and parts of resolutions, insofar as
the same may be in conflict herewith, are hereby rescinded.
PUBLIC WORKS COMM TTEE
,#
Mr. Horton moved the adoption of the fore-
going resolution, which motion was supported Mr. Mastin
vote:
On roll call, the resolution was adopted by the following
AYES:
Mainland, Mastin, Mathews, O'Brien, O'DOnoghue, Olson, Patnales,
Perinoff, Pernick, Powell, Richardson, !Szabo, Walker, Wilcox, Aaron,
Bawden, Benson, Coy, Edwards, Gabler, Glrba, Hamlin, Horton, Houghten. (24)
NAYS:
Brennan. (1)
ABSENT:
Kasper, Richards. (2)
missioners, held on ti.„ 2nd day Of , 1970, the July
official signature th i s 2nd day of A.P. 1970. July
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 adopted
at a Regular meeting of the Oakland County Board of Com-.
. original of which is on file in my office.
IN WITNESS WHEREOF, I have hereunto affixed my
Lynn D. Allen, county Clerk