HomeMy WebLinkAboutResolutions - 1970.07.02 - 164536-7—(3)
THIS RESOLUTION ALSO IS WITH REFERENCE TO THE NOVI TRUNK EXTENSION vanwooftwoutroftwagwom.as
NO. 1 AND IS TO APPROVE THE BOND RESOLUTION PROVIDING AUTHORITY TO SELL
$1,240,000 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.
supported by Moved by
James M. Brennan
orton, chairman
:
'ham- M. Richard.
rge N,< a/ Mahlon Benson, jr.
At a meeting of the Public Works Committee of the Board of Commissioners held at
/ROO C/: 759i °AM° "eV irae, /41/_a
. on 40: the day of ed/lc , 1970 at
.M., Eastern Standard Time, it was:
that the attathed 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:
Nays:
Absent:
Motion
At 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
9:30
Thursday . the 2nd day of July , _3,970, at 14x400 o'clock
A.M., Eastern Standard Time.
PRESENT:
Aaron, Bawden, Benson, Brennan, Coy, Edwards, Gabler, Grba,
'Hamlin, Horton, Houghten, Mainland, Mastin, Mathews, O'Brien,
O'Bonoghue, Olson, Patnales, Perinoff, Pernick, Powell,
Richardson, Szabo, Walker, Wilcox, (25)
ABSENT:
-Kasper, Richards. (2)
w
Miscellaneous Resolution No. 5443
ReCOiled '.1d of Public !
Re: HURON-ROUGE SEWAGE DISPOSAL SYSTEM
- NOVI TRUNK EXTENSION NO, I
Submitted by Mr. H or ton
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. 3850, adopted September 11, 1961,
as amended by Miscellaneous ResolutioniNo. 4095, adopted December
20, 1962, did, approve of the establishment of the Huron-Rouge
Sewage Disposal System to serve the Huron-Rouge Sewage Disposal
District within which district are located parts of the City of
Novi and Township of Novi and all of the City of Walled Lake; and
WHEREAS, pursuant to Board of Commissioners Resolution
Miscellaneous No. 5442 , adopted on this date, and pursuant to
resolutions adopted by the governing body of the City of Novi
(formerly Village of Novi) the County Of Oakland and the said
City entered into a Contract dated as Of May 1, 1970, whereby the
County agreed to construct and finance
Disposal System - Novi Trunk Extension
the Huron-Rouge Sewage
No 1 and the City agreed
to pay the total cost thereof, based upon an estimated cost of
$1,240,000 and as represented by the .mount of bonds issued by the
County to finance said Extension No. 1; w.h=1 said Contract is
set forth in full in. said ,rsoluti6n this. L ,Da.s'; of
sioners;
WHEREAS, construction plans and specifications for the
Huron Rouge ge Disposal System - Novi TruV ,;. sLon No I,
as prepared by Johnson & Anderson, Inc, 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 City of Novi (formerly Village of Novi); 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 City are the same as the annual bond
maturities hereinafter set forth; and
WHEREAS, under said Contract of May 1, 1970, the said
City 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 the
aggregate principal amount of $1,240,000 in anticipation of pay-
ments to be made by the said City 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, PE 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 One Million Two Hundred F tv Thousand
Dollars ($1,240,000) be issued for the purpose of defraying part
of the cost of the auxcn-RoUge Disposal
Novi Trunk Extension No 1. The said
"Oakland County Sewage Disposal Bonds
bonds shall be known
(Huron-Rouge System - Novi
Trunk Extension No. 1)"; 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 - $ 65,000
1974 - 75,000
1975 - 100,000
1976 - 100,000
1977 - 125,000
1978 - $125,000
1979 - 150,000
1980 - 150,000
1981 - 175,000
1982 - 175,000
Bonds maturing on and after May 1, 1980 shall be subject
to redemption prior to maturity in inverse numerical order, at the
option of the County, on any one or more interest payment dates on
and after May 1, 1979, at the par value thereof and accrued interest
plus a premium on each bond computed at 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 Maturity.
Notice of redemption shall be given to the holders of the bond
to bereds;-.Jy of nt
(30) days p 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 pa
same. Bonds maturing prior to the yea
ing agent to redeem the
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, qualified to serve as
paying agent under the laws of the State of Michigan or the United
States of America, as shall be designated by the original pur-
chaser of the bonds. Such purchaser shall also 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 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,Hphase price therefor.
A or the prov.lslons of 185 of th
4. That the said bonds are to be issued pursuant to
1957, as amended, in anti ation of and payable primarily from
the collection of the amounts to due to the County from
the City of Novi under said Contract between the County and the
City of Novi, which amounts aggregate the sum of $1,240,000,
with interest as therein provided. The interest payable on said
bonds for a period of 18 months is hereby capitalized and shall be
paid from the proceeds of the sale of said bonds. The full faith
and credit of the County is hereby pledged for the prompt payment
of the principal of .and interest on said bonds as the same become
due.
5. That all moneys paid to the County by the City
pursuant to said Contract shall be set aside by the County
Treasurer in a separate fund and bank account to be used for the
payment of the principal and interest on the bonds herein authorized
and otherwise as provided in said Contract.
6. That said bonds and attached coupons shall be sub-
stantially in the following form:
ST:LS OF
STATE OF MICHIGAN
COUNri OF OALAT.)
Number $5,
OAKLAND COUNTY SEWAGE DISPOSAL BOND
(HURON-ROUGE SYSTEM - NOVI TRUNK EXTENSION NO 1)
KNOW ALL MEN BY THESE PRESENTS, that the County of
Oakland, State of 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 248, both inclusive, aggregating the principal sum of
One Million Two Hundred Forty Thousand Dollars ($1,240,000), 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 part of the cost of acquiring the Huron-Rouge Sewage
Disposal System - Novi Trunk Extension No. 1.
Bonds of this series maturing prior to May 1, 1980 are
not subject to redemption prior to maturity. Bonds maturing on and
after May 1, 1980 shall be subject to redemption prior to maturity
in inverse nurr,e.rical order, at the option of the County, on any one
or more interest payment dates on and after May 1, 1979, at the par
value thereof and accrued interest plus a permium on each bond
computed as a percentage of the face value thereof in accordance
with the following schedule:
2% if called to be redeemed on or after May 1, 1979, 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 circulatedinth -] V,tv
Michigan, which c','azriGa as a p art ufit ..41,11ar notices
Cha
By
of the sale of municipal, bonds. Bonds so called for redemption
shall not bear interest after the date fixed for redemption,
provided Ja,nd az• on hand with the paying agent to red!.. the
same.
This bond as to both principal and interest is payable
from moneys to be paid the County of Oakland by the City of Novi
(formerly Village of Novi) pursuant to a certain Contract dated
May 1, 1970 between the County of Oakland and said City whereby
said City agrees to pay to the said County its share of the cost
of said Huron-Rouge •Sewage Disposal System - Novi Trunk Extension
No. 1, in annualyinstailments in the same amounts as the annual
maturities of the bonds of this issue, and semi-annually to pay
the amount of interest and bond handling charges. The full faith
and credit of the City is pledged for the prompt payment of its
obligations pursuant to said Contract, and in addition, by
affirmative vote of 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 issuance of this series of
bonds does not cause any constitutional or statutory limitation
to be exceeded.
IN WITNESS WHEREOF, the County of Oakland, State of
Michigan, by its Board of Commissioners, has caused this bond to
be signed in its name by the Chairman of said Board of Commis-
sioners 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,
STATE OF MICHIGAN
By
rman of Board of Commissioners
County Clerk
(SEAL)
(CO UP ON )
Number
On the 1st day of , A.D. 19 , the
County of Oakland, State of Michigan, will pay to the bearer
hereof the amount 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 (Huron-Rouge System - Novi Trunk Extension No 1), dated
November 1, 1970. No
(FAC SIMI LE) (FACSIMILE)
County Clerk Chairman of Board of Commissioners
William M. Richards.f:
_ _
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;t7 / -------- / Thomas H. O 'Donoghue .',/ É.: yfankRichard'son
v "7/
—1/ ,C-.:„.....,:_:,,,,,..„--,: /2/N ----I:A.,' :!N•------ (g,„,::?,
Mahlon Benson, Jr.
James M. Brennan,
C/N /
- )larrW. Hprton , ChairQS,p.
7. That the said bonds shall not be issued until the
Municipal Finance Cicsion of the State of Michi g an shall have
first issued its order granting permission to so do, as provided
in Act No, 202, Michi g an 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. That 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. That all resolutions and parts of resolutions,
insofar as the same may be in conflict herewith, are hereby
rescinded.
PUBL I C: WORKS COMM! TTEE
Supported by Mr. Coy
AYES:
01 Donoghue, Olson, Patnales, Perinoff, Pernick, Powell, Richardson,
Szabo, Walker, Wilcox, Aaron, Bawden, Benson, coy, Edwards, Gabler,
Grba, Hamlin, Horton, Houghten, Mainland, Mastin, Mathews, O'Brien, (24)
NAYS:
Brennan. (I)
ABSENT:
Kasper, Richards, (2)
Motion carried.
NAYS:
ABSENT:
Motion carried.
official signature this 2nd day of , A.D. 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-
missioners, held on e 2 day of , 1970, the
• original of which is on file in my office.
IN WITNESS WHEREOF, I have hereunto affixed my
Lynn 0. Allen, County Clerk