HomeMy WebLinkAboutResolutions - 1970.07.02 - 164546-8 - (a)(b)
THIS RESOLUTION IS WITH REFERENCE TO THE OAKLAND COUNTY WATER
SUPPLY & SEWAGE DISPOSAL SYSTEM FOR AVON TOWNSHIP AND IS TO APPROVE
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THE WATER PLANS AND SPECIFICATIONS (THE SEWER PLANS AND AGREEMENT
HAVING PREVIOUSLY BEEN APPROVED BY THIS BOARD) AND THE BOND RESOLUTION
PROVIDING AUTHORITY TO SELL $11,725,000 OF BONDS SERIES "B"
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
Yeas:
Nays:
Absent:
Motion
ref?'"Co, e,
vp,V, oeh, 4- .
James M. Brennan
Thomas H. O'Donojhue Frank RiCidson
Mahlon Benson, Jr.
orton,Chairman
(
Harr
• .., . ,
At a meeting of the Public Works Committee of the Board of Commissioners held at
on the der eL4 day of ,
, supported by
, 1970
CPAS9 •Aor Moved by C-,746/0
o'clock M, Eastern Standard Time, it was:
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.
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 p 1970, at 3WEP3 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'Donoghuc, Olson, Fatnales, Perinoff, Pehlick, Powell,
Richardson, Szabo, Walker, Wilcox. (25)
ABSENT:
'Kasper, Richards. (2)
offered the following resolution which Mr. Horton
Miscellaneous Resolution No 5444
Recommended by Board of Public Works:
Re: OAKLAND COUNTY WATER SUPPLY AND
SEWAGE DISPOSAL SYSTEMS FOR AVON
TOWNSHIP - PROJECT B
Submitted by Mr. Horton
BOND RESOLUTION
was approved by the Board of Public Works at their meeting of
June 15, 1970.
WHEREAS-, the County of Oakland the the Township of Avon
have heretofore entered into the CONTRACT - OAKLAND COUNTY WATER
SUPPLY AND SEWAGE DISPOSAL SYSTEMS FOR AVON TOWNSHIP, dated November
1, 1968, pursuant to which Contract the County of Oakland, acting
through its Department of Public Works, has agreed to acquire the
Oakland County Water Supply and Sewage Disposal Systems for Avon
Township and to finance the acquisition thereof by the issuance of one
or more series of county bonds to be primarily secured by the agreement
of the Township of Avon to pay the entire cost of the project; and
WHEREAS, plans and specifications for all of the sewage
disposal facilities to be acquired and constructed pursuant to said
Contract have been heretofore approved and a part of said facilities,
identified as Project A costing $2,775,000, are now under construction
and plans and specifications for all,of the water supply facilities to
be acquired and constructed pursuant to said Contract have now been
prepared by Johnson SeAnderson, Inc., registered professional engineers
and have beenapproved by the Board of Public Works, and an aggregate
estimate of $11,725,000 as the cost of Project B of eie Oakland County
Water Supply eonsjsti.ne 1 Sys*.:7...7 for Avon
Of the r emaining part of .the sewage disposal facilities and all Of
the:water:supply fa6i1i -Eies to serve -the Township of Avon, has also
been: approved by. the Board of Public Works; and
WHEREAS, the Township of Avon, pursuant to said Contract
of November 1, 1968, and Exhibits B-1, !B-2 and C thereto has
agreed to pay to the County the aggregate amount of the principal
and interest on the $2,775,000 of Series A bonds and $11,725,000
of Series B bonds issued to finance the projects or any portion
thereof and, in addition, to pay all paying agent fees and other
bond handling costs as determined pursuant to said Contract; and
WHEREAS, this County is desirous of issuing bonds in
anticipation of payments to be made by the Township of Avon
pursuant to said Contract of November 1, 1968, and exhibits thereto,
to finance the cost of acquiring and constructing Project B of the
Oakland County Water Supply and Sewage:Disposal Systems for Avon
Township; 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 plans and specifications for the water supply
facilities to be acquired and constructed pursuant to said Contract
of November 1, 1968, and the Exhibit B-1 to said Contract, estimate
of the cost thereof, and are hereby approved and the County Clerk is
hereby authorized to endorse on said plans and specifications
the fact of such approval and return Same to the Board of Public Works.
2. That the bonds of said County of Oakland, aggregating
the principal sum of Eleven Million Seven Hundred Twenty-Five
Thousand Dollars ($11,725,000) be issued for the purpose of defray-
ing the cost of acquiring Project B of the said Oakland County
Water Supply and Sewage Disposal Systems for Avon Township. That
said bonds shall be known as "Oakland County Sewage Disposal and
Water Supply Bonds - Avon Township, Series B"; 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 - $200,000
1975 - 200,000
1976 - 250,000
1977 - 250,000
1978 - 275,000
1979 - 275,000
—1980 - 300,000
1981 - 300,000
1982 - 350000
1983 - $350,000
1984 - 400,000
1985 - 400,000
1986 - 450,000
1987 - 450,000
-1988 - 475,000
1989 - 475,000
1990 - 525,000
1991 - 525,000
1992 - $575,000
1993 - 625,000
1994 - 625,000
-1995 - 650,000
1996 - 700,000
1997 - 700,000
1998 - 700,000
1999 - 700,000
Bonds maturing prior to May 1, 1975, shall not be subject to re-
demption prior to maturity. Bonds. maturing on and after May 1,
1975, shall be subject to redemption as a whole on any one
interest payment date on or after May 1, 1975, and shall be subject
to redemption in inverse numerical order at the option of the
-county prior to maturity on any one or ijnoe interest 'payt
dates on and after May 1, 1986 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:
3% if called to be redeemed on or after May 1, 1975 9 but
prior to May 1, 1986
2% if called to be redeemed on or after May 1, 1986, but
prior to May 1, 1996
1% if called to be redeemed on or after May 1, 1996, 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 re-
spective dates of maturity.
3. 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 similarFly aualified co-paying aqent.
L; That the Chairman of the 'Board of Cc=155ioners and
the County Clerk, of the County . of Oakland are herc;Dy authorized
and directed to execute said bonds for and on behalf of the said
county and the seal o4 unty teretop and to
execute the inte r est 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.
5. 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 Township of Avon under said Contract of November
1, 1968, and exhibits thereto, 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
Township of Avon 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.
6. That all moneys paid to the County by the Township
of Avon pursuant to said Contract of November 1, 1968, and
exhibits thereto, 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 and November 1, 1972, is capitalized and is payable from the
proceeds of said bonds.
7. That said bonds and attached coupons sha l l be
substantially in the following form:
UNITED STATES OF A'eaeICA
STATE OF MICHIGAN
OF OAKLAND
Number $5,000
OAKLAND COUNTY SEWAGE DISPOSAL AND WATER
SUPPLY . BOND - AVON TOWNSHIP, SERIES B
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 2345, both inclusive, aggregating the principal sum of Eleven
Million Seven Hundred Twenty-Five Thousand Dollars ($11,725,000),
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 project B of the Oakland
County Water Supply and Sewage Disposal Systems for Avon Township
consisting of water supply and sewage!disposal facilities in said
Township.
Bonds of this series maturing prior to May 1, 1975, are
not subject to redemption prior to maturity. Bonds maturing on or
after May 1, 1975 shall . be subject to redemption as a whole on any
one interest payment date on or aftemeMay 1, 1975, and 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, 1986. 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, 1975, but
prior to May 1, 1986
2% if called to be redeemed on or after May 1, 1986, but
prior to May 1, 1996
1% if called to be redeemed on or after May 1, 1996, but
prior to maturity.
Notice of redemption shall bi.,J given to the holders of bonds ce1.11i
for redemption by publicatin of such Jictice not less than thirty
(30) days prior to tto fixed for redemption, at least once in
a newspaper or publi c ati o n 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.
This series of bonds as to both principal and interest
and the $2,775,.090 Series A bonds, dated May 1, 1970, are each
equally and tatably)payable from moneys to be paid to the County
of Oakland by theTownship of Avon pursuant to a certain Contract
dated November 1, 1958, between the County of Oakland and said
Township whereby the said Township agrees to pay to the said County
the cost of Project A and Project B of the Oakland County Water
Supply and Sewage Disposal Systems for Avon Township in annual
installments in the same amounts as the annual maturities of the
bonds of both series and seMi-annualiy'to pay theLamount 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 Township is
pledged for the prompt payment of its obligations 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 indue 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
By
Chairman of its Board
BY
Its County Cl erk
(SEAL)
(COUPON)
Number
On the 1st day of , A.D. 19 , the County
of Oakland, Michigan, will pay to the bearerhereof 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 and Water Supply
Bond - Avon Township, Series B, dated November 1, 1970, No
(FACSIMILE) (FACSIMILE)
County Clerk Chairman of the Board of CommissionefJ
b Harri W. 171,61ton Chai _ Man
William M. Richards/)-'-44--
_ZS;
E iFrank. Richa(dson
in
'12
Mahlon' Benson, Jr.
;0-
James M. Brennan
us
_ Thomas H. O'IDonoghue • c
;
8. That the said bonds shall not be issued until the
Municipal Finance (7,,,,=i,sion 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 i943, 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.
9. 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 neces-
sary to effect the sale and issuance of said bonds, subject to the
provisions of this resolution.
10. All resolutions and parts of resolutions, insofar
as the same may be in conflict herewith, are hereby rescinded.
Supported by Mr. Houghten
AYES:
Olson, Patnales, Perinoff, Pernick, Powell, Richardson, Szabo, Walker,
Wilcox, Aaron, Bawden, Benson, Coy, Edwards, Gabler, Grba, Hmlin,
Horton, Houghten, Mainland, Mastin, Mathews, O'Brien, OrDono9hue. (2)-f)
NAYS:
Brennan. (1)
ABSENT:
Kasper, Richards. (2)
Motion carried.
Motion carried.
official signature this day of , A.D. 1970. 2nd July
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
foregoing is a true and complete copy of a resolution adopted
at a Regular meeting of the Oakland County Board of Com--;
d missioners, held on the 2n day of •. July , 1970, the
original of which is on file in my office,
IN WITNESS WHEREOF, I have hereunto affixed my
Lynn D. Allen, County Clerk