HomeMy WebLinkAboutResolutions - 1970.07.02 - 164456-3— (b)
THIS RESOLUTION ALSO IS WITH REFERENCE TO THE LAKE ORION EXTENSIONS ismemeamisamamaftememicamew
TO THE CLINTON—OAKLAND SEWAGE DISPOSAL SYSTEM, AND IS TO APPROVE THE
BOND RESOLUTION PROVIDING AUTHORITY TO SELL $2 , 69 0, 00 0 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.
(or /14 I r) Nays:
Harry W.,. Horton,
Willi-am M. Richards
prank Ribhardson
Mahlon Benson, Jr.
airman
James M. Brennan
Thomas H. O'Dono
Ge9)--0 N. 205a
/
At a meeting of the Public Works Committee of the Board of Commissioners held at
the #45-16-4 day of \73.0e, e 1970 at
o'clock idg .M., Eastern Standard Time, it was:
Moved by _eckecie.s n , supported by
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 carpi,I.
2nd the
. At a regular meeting of the Board. of Commissioners of
Oakland County held in the Commissioner's Auditorium in the County
Thurday Service ARea in the City of Pontiac, Michigan, on
day of July , 1970, at 9:30 o'clock A—M.,
Eastern Standard Time.
PRESENT:
Aaron, Bawden, Benson, Brennan,. Coy, :.Edwards, Gabler, Grba,
Hamlin, Horton, Houghten, Mainland, Mastin, Mathews, O'Bri-en,
O'Donoshue, Olson, Patnales, Perinoff, Pernick, Powell,
Richardson, Szabo, Walker, Wilcox. (25)
ABSENT:
-Kasper, Richards. (2)
Miscellaneous No. , adopted on this date, and pursuant to 5434
5435 Miscellaneous Resolution No
Recommended by Roard of Public t
Re: CLINTON-OAKLAND SEWACF DISPOSAL
SYSTEM - LAKE ORION EXWNSIONS
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 June 15, 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 all of tthe Village of Lake Orion; and
WHEREAS, pursuant to Board of Commissioners Resolution
a resolution adopted by the governing body of the Village of Lake
Orion, the County of Oakland and the said Village entered into a
Contract dated as of Miv 1, 1970, whereby the County agre
construct and finance in one or more phases, the Lake Orion
Extensions to said Clinton-Oakland Sewage Disposal System and the
Village agreed to pay the 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 Lake Orion Exten$ion,
which said Contract is set for in full in the said resolution of
this Board of Co7nssionerJ:5; an6,
to
WHEREAS, construction plans and specifications for the
Clinton-Oakland Sewage Disposal System - Lake Orion Extensions as
Prepared by Hubbell, Roth & Clark, Inc., registered professional
engineers, and an estimate of $2,690,000 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
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 Village of Lake Orion; 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 Village to finance the project are the
$4Me as the annual bond maturities hereinafter set forth; and
WHEREAS, under said Contract of May 1, 1970, the said
Village 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 Village 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 BOARD OF COMMISSIONE7q5
OF OAKLAND COUNTY, MICHIGAN, as follows:
1. That the bonds of said County of Oakland, aggregating
the principal sum of Two Million Six Etandred Ninety Thousand Dollars
($2,690,000) be issued for the purpose, of defraying the cost of
acquiring said Clinton-Oakland Sewage Disposal System - Lake Orion
Extensions. That said bonds shall be known as "Oakland County
Sewage Disposal Bonds - Clinton-Oakland System, Lake Orion Extension
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 percent
(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:
1974 - $ 40,000
1975 - 50,000
1976 - 50,000
1977 - 50,000
1978 - 50,000
1979 - 50,000
1980 - 50,000
1981 - 50,000
1982 - 75,000
1983 - 75,000
1984 -.$ 75,000
1985 - 75,000
1986 - 75,000
1987 - 100,000
1988 - 100,000
1989 - 100,000
1990 - 100,000
.1991 - 100,0100
1992 - 125,000
1993 - 125,000
1994 - $125,000
1995 - 150,000
1996 - 150,000
1997 - 175,000
1998 - 175,000
1999 - 200,000
2000 - 200,000
Bonds • maturing prior to May 1, 1980, shall not be subject to re-
demption prior to •maturity. Bonds maturing on and after May 1,
1980, shall be subject to redemption in inverse numerical order at
the option of the Countyprior to maturity on any one or-more
interest, paymentdates 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;
after May 1, 1979, but
)n or after May 1, 1990, but
2% if called to be red
prior to May 1, 1990.
1% .if called to be
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. 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 Village of Lake Orionunder said Contract 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 No. 185, the full faith and credit of the Village of Lake Orion
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 Village of
Lake Orion 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 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:
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY SEWAGE DISPOSALBOND e
- CLINTON-OAKLAND SYSTEM, LAKE ORION 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, 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 presenta-
tion 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 538, both inclusive, aggregating. the principal sum of Two
Million Six Hundred Ninety Thousand
Dollars ($2,690,000), 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 ccost of the Clinton-
Oakland Sewage Disposal System - Lakr Orion Extensions in the Village
of Lake Orion.
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 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, 1979. Bonds called for
redemption shall be redeemed at the par value thereof and accrued
interest plus a permium 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 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 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 princiOal and interest, is payable
from moneys to be paid to the County of Oakland by the Village of
Lake Orion pursuant to a certain Contract dated May 1, 1970, between
the County of Oakland and said Village whereby the said Village
agrees to pay to the said County the cost of the Clinton-Oakland
Sewage Disposal System - Lake Orion 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 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 exist, 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 November, A.D. 1970.
COUNTY OF OAKLAND, MICHIGAN
Chairman of its Board of Commissioners
Its County Clerk
(SEAL)
(COUPON)
Number
On the 1st day of A.1) 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, Lake Orion Extensions, dated November 1,
1970, No.
(FACSIMILE) (FACSIMILE)
County Clerk Chairman of the Board of Commissioners
I ( / - I r
)1-81-ry AM. Iqpt-ton , 41
/ /IX/
William M. Richards,: ,
Mahlon Benson, Jr.
ir)
7. That the said bonds shall not be issued until the
Municipal Finance Cr:7-ision . of the State of Michigan shall have
first issued its order granting permission to so do, as provieed 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.
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 resolution.
9. All resolutions and parts of resolutions, insofar as
the same may be in conflict herewith, are hereby rescinded.
'.PUBLIC WORKS COMMITTEE
James M. Brennan , „
„r7
—/;
-
Thomas H. O'Dohoghue Enk Richardson
Supported by Mr. Olson
AYES:
AYES:
Mainland, Mastin, Mathews, O'Brien, O'Donoghue, Olson, Patnales,
Perinoff, Pernick, Powell, Richardson, Szabo, Walker, Wilcox, Aaron,
Bawden, Benson, Coy, Edwards, Gabler, Grba, Hamlin, Horton, Houghten. (24)
NAYS:
Brennan. (1)
ABSENT:
Kasper, Richards. (2)
NAYS:
ABSENT:
Motion carried.
July missioners, held on the 2nd day of 1970, the
official signature this 2nd day of , A.D. 1970, July
STATE OF MICHIGAN )
) as:
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. Al len, County Clerk