HomeMy WebLinkAboutResolutions - 1970.03.18 - 16513/7 /
At a regular meeting of the Board of Supervisors of
Oakland County, held in the Supervisors Auditorium in the City
of Pontiac, Michigan, on the 19th day of March , 1970,
at 9 :30 o'clock A.M., Eastern Standard Time
PRESENT: Aaron, Bawden, Benson, Coy, Edwards, Grba, Horton,
Houghten, Kasper, Mainland, Mastin, Mathews, O'Brien,
O'Donoghue, Olson, Patnales, Per1noff, Pernick, Powell,
Richards, Richardson, Szabo ., Walker, Wilcox (24)
ABSENT: Brennan, Gabler, Hamlin. (3
offered the following resolution Mr. Horton
Miscellaneous Resolution No 5313
Recommended by Board of Public Works
Re: CLINTON - OAXLAND SEWAGE DISPOSAL SYSTEM.
- WATERFORD EXTENSIONS PHASE I
Submitted by Mr. Horton
BOND RESOLUTION
which was approved by the Board of Public Works at their meeting
of f-e A 71, , 1970:
WHEREAS, this Board of Supervisors, 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 the Charter Township of Waterford; and
WHEREAS, pursuant to Board!of Supervisors Resolution
Miscellaneous No .77 and pursuant to a resolution adopted by I i
the governing body of the Charter Township of Waterford, the
County of Oakland and the said Township entered into a Contract
dated as of April 1, 1969, whereby the County agreed to construct
and finance in one or more phases, the Waterford Extensions to
said Clinton - Oakland Sewage Disposal System and the Township
agreed to pay the total cost thereof based upon the total esti-
mated cost of the project, and as represented by the amount of
bonds issued by the county to finance said Waterford Extensions,
which said contract is set forth in full in the said resolution of
this Board of Supervisors; and
WHEREAS, construction plans and specifications for Phase
I of the Clinton - Oakland Sewage Disposal System - Waterford
Extensions as prepared by Johnson & Anderson, Inc., registered pro-
fessional engineers, and an amended estimate of $12,850,000 as the
cost of Phase 1 of said Extensions and an estimate of fifty (50)
years and upwards as the period of Usefulness thereof, (Amended
Exhibit B-Phase I) as prepared by said registered professional
engineers, have been approved by the Board of Public Works and by
the governing body of the Charter Tewnship of Waterford; and
WHEREAS, pursuant to the provisions of said Contract of
April 1, 1969, and Amended Exhibit C-Phase I thereto, the aggregate
amounts of the several annual installments to be paid by the
Township to finance Phase I of the project are the same as the
annual bond maturities hereinafter set forth; and
WHEREAS, under said Contract of April 1, 1969, and amended
exhibits thereto, the said Township 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 April 1, 1969, and amended exhibits thereto; and
WHEREAS, the County Board of Public Works has approved
this resolution and recommended its adoption by the Board of
Supervisors.
THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
OAKLAND COUNTY, MICHIGAN, as follow:
I. That the bond resolution (Misc. Res. No,
heretofore adopted by this Board, of Supervisors is rescinded and
that the Amended Exhibits B and C Phase Ito the Contract -
Clinton - Oakland Sewage Disposal System, Waterford Extensions,
dated as of April 1, 1969, are hereby approved and the County
Clerk is hereby directed to endorse on said amended exhibits the
fact of such approval and return the same to the Board of Public
Works.
2. That the bonds of said County of Oakland, aggregating
the principal sum of Twelve Million Eight Hundred Fifty Thousand
ars ($12,850,000) be issued for the purpose of defraying the
cost of acquiring Phase I of said Clinton - Oakland Sewage Dis-
no]
pose! System - Waterford Extensions. That said bonds shall be
known as "Oakland County Sewage Disposal Bonds - Clinton - Oakland
System, Waterford Extensions Phase T."; shall be dated May 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
November 1, 1970 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
1973 - 200,000
1976 - 225,000
1977 - 225,000
1978 - 250,000
1979 - 250,000
1990 - 275,000
1981 - 275,000
1982 - 300,000
1983 - 300,000
1984 - $325,000
1935 - 325,000
1936 - 350,000
1997 - 375,000
1986 - 375,000
1969 - 400,000
1990 - 425,000
1991 - 450,000
1992 - 475,000
1993 - 5 00,000
1994 - $525,000
1995 - 550,000
1996 - 575,000
1997 - 600,000
1998 - 625,000
1999 - 650,000
2000 - 675,090
2001 - 700,000
2002 - 725,000
2003 - 725,000
Bonds maturing prior to May 1, 1976 shall not be subject to re-
demption prior to maturity. Bonds Maturing on and after May 1,
prop er coupons attached thereto evidenclr L inters,st to their respec
1976, shall be subject to redemption as a whole on any one interest
payment date on or after May 1, 1976 and sh,-111 he subject to
redemption in inverse numerical at the option of the county
prior to maturity on any one or merT interest payment dates on
and after May 1, 1986. Bonds se cald for redemption shall be
redeemed at the par value thereof an,:d accrued interest plus a
premium on each bond computed as a percentage of the face amount
thereof in accordance with the folloing schedule;
3% if called to be redeemed
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 to
hand with the paying agent to redeem . the same. All bonds shall
or after May 1, 1976, hut
tive dates of matl.ari
3. That the principal of Said bonds and the interet
thereon shall be payable in lawful money of the United States Df
America, at such bank and/or trust co=any which qualifis 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 simrly qualified cr.a-T)ay!Ing agent,
execution of saJd bonds and attachd coulsons shall be 7.4.aMe
:'2cceurit to be Used solely
f anti Trtp1-9t on the
4. That the Chairman of the loard of vs. morn
County Clerk, of the County of are hereby authorized and
directed to execrts said bonds for and on behalf of the s-,*(1 county -
and to affix the seal of said county fhe-rete, and. to execaa the
interest coupons to be attached to said bends by causing to be
affixed thereto their facsimile sidnal=re; and i-h7-,t urcr the
delivered to the Treasurer of said county who is 1-1.rpy 70..ator_Lzea
and directed to deliver said „bonds 'and attached cocoons to the
purchaser thereof, upon receit of the purchase price ther e for.
5. That the said bonds ire to he issuecl warsuant to
the provisions of Act No. 185 of the Michgan Public Acts of 1957,
as amended, in anticipation of tho'nayments to become due to the
county from the Charter Township of Waterford under said Contract
of April 1, 19E-9, and Amended Exhibits I-3 and C - Phase T thereto,
which payments are in the principal amount of the bonds with
interest thereon as therein provided. As provided in said Act
185, the full faith and credit of the Charter Township of Waterford
is pledged to the making of the said •,av -ale when due, and in
addition there is hereby pledged, as authorized in said Act No.
185, the full faith and crodt of the County of Oakland to the
payment of the bonds, both princpal and interest, when due.
6. That all moneys 70.1w to the County by the Charter
Township of W aterford. pursuant to said Contract of April 1, 1969,
and amended exh:iIilts thereto, shall be sat aside by the County
Treasurer in a separate fund 711-,77
for the payment of the r‘r 4 --4--1
herein authorized- Interest rayabla on the bonds on 7
1970, May 1 and N(7)77enher 1, 1971, nat 'ay 1, 1972, is -a
and is payable from the proceeds bonds .
7. That id bond! b can on s 71-, a .1. 1. suL-
stantially in the following fornw
-
• W ,„„
1976, but
-r' -7 -- 7 -"---17 ,"„
Number $5,-"(r
ILL U
Michigan, hc:r.,v
promises to o.so to the
on the first day of May, A,D,
from the date hereof until. -
( ) per c
and thereafter sem
each year Both prin
money of the United F
in
1,
1
,
icse
upon
attached as they eeverLi
This bond is (-rf'" a soothe of h oo f s—
tenor exce-t as to maturity
numbered c0nsecutd -710 in
1 to 2570, both ::!-,:771rve,
Million. Eight H1,.rn;:3 ce Tift.7)
under and i iroant to „9.1.1.d inY..11
and Statutes of the Si-ate of
of the Michigan Public Acts of
defrayin ,7,1 cost of Phase r,af the7
posaJ Sys!Lem - Waterford Extemsioe
Waterford.
.• •
1, 1976, a''7
on el(
S whole on any
cooc is
:.nd shall be
of
Bonde, of this series met ,:t7 .7f pr'=
not subject to redemption Prtnr
after May 1, 7 376 sh a ll be
one interest interest payment date on
subject to redemptien in
the county prior to maturit
dates onand after May I.
be redeemed at the par
premium on P7-1ch hon. th,-= "Foe-
thereof in accordance with
3% if called to be rederied on 011
prior to m.,ay I, 7:::6
2% if called to be r,,Heemeii
prior to May I, 1976
1% if called to be reecrned.
prior to maturity.
of Oh.al roan of its Scan visors
Notice of rode ::1c shall be given to the holders of bonds called
for reder7tion by publication of sudh notice not less than thirty
(30) days prior tn the date fixed for adsrmDtio ,), at least once in
a newsraper or rh)blication circulated 7'.n the nity of Detroit,
Michigan, which antics as a oart of ±t -fegula: service notices
of the sale of municipal bonds, Bonds se, called for redemption
shall not bear interest after the date for rcdepLion, oro -
vided. funds are on hanJ with the patina ent to redeem. 1
This bond as to both prin6ipal end. interest, is
from moneys to be Paid to the County of On an by the Charter
Township of Waterford pursuant to a certain Contract dated April 1,
1969, and Amended Exhibits B and n -7 In.: T thereto, between the
County of Oakland (end said Charter whereby the said Charter
Township agrees to cay to the said the cost of said Phase T
of the Clinton - Out. iand Sewage Disposal System - TAlacfld
Extensions in annual installments in the same amounts as the annual
maturities of the bonds of this issue and semi-annu•lly to pay the
amount of the interest and ton:J 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 Charter
Township is pledged for the hromot payment of its obligation
pursuant to said Contract, in addition, by affirmative vote of
three-fifths (3/Saks) of the membes elect of its Board of Super-
visors, the full faith and credit 5...17: 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 Mil acts,
conditions and things reduired to exlot, happen and be ;erformed
precedent to and in the i s suance of the bonds of this existed,
have happened and have deem. oerfored in due time, form a177
as required by the ConstiTution at ion of the State if 7.1ichigan,
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 Supervisors, has caused this bond to be signed in its
name by the Chairman of said Board of Supervisors 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 signatihyes of said Chairman. and County Clerk, all as of
the first day of V:av, A.D. 1970.
COUNTY :7T OAKLAND, MICHIGAN
By
By
Its County Clerk
(SEAL)
(FACSIMILE) (FACSIMILE)
(COUPON)
Number
On the let day of • A.D. 19 , the
County of Oakland, Michigan, will pay to the bearer hereof the sur
shown hereon in lawful money of the United States of America at
the
in the City of , same hen the
interest due on that day on its Oakland County sew.a.cr ,= Dis'ocsal Bond
- Clinton - Oakland. System, Waterford Extensions Phase I, datri,
May 1, 1970, No
County Clerk Chairman of the Board of Suoerejora
lirry W./Horton; Chairman
„
"--7
E../Erank Riehaidson
Mahlon Benson, jr.
James „M. Brennan
Thomas H. O'Donoghue
drba
8. 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.
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 resoi:
PUBLIC WORKS COMMITTEE
Moved by Horton supported by Richardson the resolution be adopted,
ADOPTED: Yeas
Aaron, Bawden, Benson, Coy, Edwards, Grba, Horton, Houghten,
Kasper, Mainland, Mastin, Mathews, O'Donoghue, Patnales,
Perinoff, Pernick, Powell, Richards, Richardson, Szabo,
Walker, Wilcox, (22)
Nays - O'Brien, Olson. (2)
STATE OF MICHIGAN )
ss:
COUNTY OF OAKLAND )
I, the undersicmed, 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
Supervisors, held on the 19th d ay of March
the original of which is on file in my office.
IN WITNESS WHEREOF, I have hereunto affixed my official
signature this 19th day of March , A.D. 1970.
Lynn D. Allen County Clerk