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HomeMy WebLinkAboutResolutions - 1970.07.02 - 164476-4-- (b) THIS RESOLUTION ALSO IS WITH REFERENCE TO THE OXFORD TOWNSHIP Assemagumesma EXTENSIONS OF THE CLINTON-OAKLAND SYSTEM AND IS TO APPROVE THE BOND ammonamemmagozum RESOLUTION PROVIDING AUTHORITY TO SELL $3,270,000 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 . 0 Yeas: Nays: Absent: Motion &lie-044 em James M. Brennan ThOmas H. O'Donoghue At a meeting of the Public Works Committee of the Board of Commissioners held at 1970 at on NeeePese:14:1 the OS" day of ao, 2 # o'clock G M ., Eastern Standard Time, it was: Moved by A. ,e‘Q'ieci;:Siete? , supported by /E0 that the 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. At a regular meeting of the Board of Commissioners of Oakland County, Michigan, held in the Commissioners Auditorium the County Thursday Service Center, in the City of Pontiac, Michigan, on 9:30 the 2nd day of JulY' , 1970, at )PM90 o'clock A.M., Eastern Standard Time. PRESENT: Aaron, Bawden, Benson, Brennan, Coy, Edwards, Gabler, Grba, Hamlin, Horton, Hoo9hten, Mainland, Mastin, Mathews, O'Brien, O'Donoghue, Olson, Patnales, Perinoff, Pernick, Powell, Richardson, Szabo, Walker, Wilcox,. (25) ABSENT: 'Kasper, Richards, (2) Miscellaneous Resolution. No 5437 Recommended by Board of Public Works Re: CLINTON-OAKLAND SEWAGE DISPOSAL SYSTEM - OXFORD TOWNSHIP EXTENSIONS Submitted by Mr. Ho rton BOND RESOLUTION Mr. Herten 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 Township of Oxford; and WHEREAS., pursuant to Boardof Commissioners Resolution 5436 a resolution adopted by the governing body of the Township of Oxford, the County of Oakland and the said Township entered into a Contract dated as of May 1, 1970, whereby the County agreed to construct and finance in one or more phases, the Oxford Township Extensions to said Clinton-Oakland Sewage Disposal System and the Township 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 Oxford Township Extensions, which said Contract is set forth in full in the said resolution of this Board of Commissioners; and Miscellaneous No , adopted on this date, and pursuant WHEREAS, construction plans and specifications for the Clinton-Oakland Sewage Disposal Systen. 01c -ford Township Extensions as prepared by Johnson & Anderson, Inc.,- registered professional engineers, and an estimate of $3,270,000 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 pro- fessional 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 Oxford; 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 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 BOARD OF COMMISSIONERS OF OAKLAND COUNTY, MICHIGAN, as follows: L That the bonds of said County of 'Oakland, aggregating the principal sum of Three Million Two: Hundred Seventy Thousand Dollars ($3,270,000) be issued for the purpose of defraying the cost of acquiring said Clinton-Oakland Sewage Disposal System - Oxford Township Extensions. That said bonds shall be known as "Oakland County Sewage Disposal Bonds - Clinton-Oakland System, Oxford. Township Extensions"; 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 - $ 20,000 1975 - 50,000 1976 - 50,000 1977 - 50,000 1978 - 50,000 1979 - 75,000 1980 - 75,000 1981 - 75,000 1982 - 75,000 1983 - 100,000 1984 - $100,000 1985 - 100,000 1986 - 100,000 _1987 - 125,000 1988 - 125,000 1989 - 125,000 1990 - 150,000 1991 - 150,000 1992 - 150,000 1993 - 175,000 1994 - $175,000 1995 - 175,000 1996 - 200,000 1997 - 200,000 1998 - 200,000 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 County prior to maturity on any one or more interest payment dates on and after May 1, 1979. Bonds so called for redemption shall he 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 7iaeed. 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 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 4. That the said bonds are to be issuod pursuant to the provisions of Ac;t No. 185 of the Michigan fdsLiu Acts of 1957 as amended, in anticipation of the payMents to become due to the County from the Township of Oxford under said Contract of May 1, 1970, which payments are in the principal amount of the bonds with interest thereon as therein provided- HAs provided in said Act No 185, the full faith and credit of the Township of Oxford 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 Oxford 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 DISPOSAL BOND - CLINTON-OAKLAND SYSTEM, OXFORD, TOWNSHIP 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 654, both inclusive, aggregating the principal sum of Three Million Two Hundred Seventy Thousand Dollars .($3,270,000), issued Under and ptrsuant 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 opost of the ClintonHOakland Sewage Disposal System - Oxford Township Extensions in the Township of Oxford. 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 palled to be redeemed on or after. May 1, 1979, but prior to May 1, 1990, lst.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 (30) days prior to the date fixed for redemption, at least once i 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 bends, 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 Township of Oxford pursuant to a certain Contract dated May 1, 1970, between the County of Oakland and said Township whereby the said Township agrees to pay to the said County the cost of the Clinton-Oakland Sewage Disposal System - Oxford Township Extensions in annual install- ments in the same amounts as the annual maturities of the bonds of this issue and semi-annually to pay the amount of the interd -at 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 Township 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 ha $ 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 By Chairman of its Board of Commissioners By Its County Clerk (SEAL) (COUPON) Number On the 1st day of. T.1D. 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, Oxford Township Extensions, dated November 1, 1970, No (FACSIMILE) (FACSIMILE) County Clerk Chairman of the Board of Commissioners James M. Brennan, HarryT H,orton, \-Chairn)ap William M Richaras 7,// ;,:" 7. That the said bonds shall not be issued until the Municipal Finance Comnision 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 Acs 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 - , Thomas H. O'Donoghue E. IT'ank Richarcfson Supported by mr. Aaron AYES: Mastfn, Mathews, O'Brien, O'Donoghue, Olson, Patnales, Perinoff, Pernick, Powell, Richardson, Szabo, Walker, Wilcox, Aaron, Bawden, Benson, Coy, Edwards, Gabler, Grba, Hamlin, Horton, Houghten, Mainland. (24) NAYS: Brennan. (1) ABSENT: Kasper, Richards. (2) Motion carried. " NAYS: ABSENT: Motion carried. 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 Corn-' missioners, held on the 2nd day of Jul Y original of which is on file in my office. , 1970, the IN WITNESS WHEREOF, I have hereunto affixed my official signature this 2nd day of JuIY A.p. 3,970. Lynn D. Allen, County Clerk