HomeMy WebLinkAboutResolutions - 1970.03.18 - 16514At 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,
0r Donoghue, Olson, Patnales, Perinoff, Pernick, Powell,
Richards, Richardson, Szabo, Walker, Wilcox. (24)
ABSENT: Brennan, Gabler, Hamlin, (3)
offered the following resolution which Mr. Horton
5314 Miscellaneous Resolution No.
Recommended by Board of Public Works
Re: OAKLAND COUNTY WATER SUPPLY AND
SEWAGE DISPOSAL SYSTEMS FOR AVON
TOWNSHIP - PROJECT A
Submitted by Mr. Horton
BOND RESOLUTION
was approved by the Board of Public Works at their meeting of
/
A , 1970.
WHEREAS, the County of Oakland and 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 an of the sewage
disposal facilities to be acquired and constructed pursuant to
said Contract have been prepared by Johnson & Anderson, Inc.,
registered professional engineers and have been approved by the
Board of Public Works, and an amended estimate of $2,775,000 as
the cost of Project A of the Oakland County Water Supply and
Sewage Disposal Systems for Avon Township, consisting of part of
the sewage disposal facilities 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, has agreed to pay to the County the amount
of the principal and interest on bonds issued to finance the
project 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 amended exhibits
thereto, to finance the cost of acquiring and constructing Project
A 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
Supervisors.
THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
OAKLAND COUNTY, MICHIGAN, as follows:
1. That the bond resolution (Misc. Res. No
heretofore adopted by this Board of Supervisors is rescinded.
2. That the plans and specifications for the sewage
disposal facilities to be acquired and constructed pursuant to said
Contract of November 1, 1968, and Amended Exhibits B-1, B-2 and C
to said Contract, and the amended estimate of the cost of Project A
of the Oakland County Water Supply and Sewage Disposal Systems for
Avon Township are hereby approved and the County Clerk is hereby
authorized to endorse on said plans and specifications and are
exhibits the fact of such approval and return same to the Board. of
Public Works.
3. That the bonds of said County of Oakland, aggregating
the principal sum of Two Million Seven. Hundred Seventy-Five
Thousand Dollars ($2,775,000) be issued for the purpose of defray-
ing the cost of acquiring Project A 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 A"; shall be dated
May 1, 1970; shall be numbered consecutively in the direct or d er
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 - $ 50,000
1975 - 50,000
1976 - 50,000
1977 - 50,000
1978 - 75,000
1979 - 75,000
1930 - 100,000
1981 - 100,000
1982 - 100,000
1983 - $100,000
1984 - 100,000
1985 - 100,000
1986 - 100,000
1987 - 100,000
1988 - 125,000
1989 - 125,000
1990 - 125,000
1991 - 125,000
1992 - $125,n00
1993 - 125,030
1994 - 125,000
1995 - 150,000
1996 - 150,000
1997 - 150,300
1998 - 150,000
1999 - 150,000
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 orr'ier at the option of the
county prior to maturity on any one or more interest payment
dates on and after May I, 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, but
prior to May 1, 1936
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.
4. 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.
5. That the Chairman of the Board of Supervisors 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 thercto their faclimi.le sicArlat=s; end
that upon the execution of said h‘.en ds and attached. coupons, the
same shall be delivered to the Treasur e r of said county who is
hereby authorized and directed to deliver said bonds and attached
coupons to the purchaser thereof, Lp::n receipt of the purchase
price therefor.
6. That the said bonds are to be issued 1:1117 .sanf to the
provisions of Act No, 185 of the Mihic -Tan Public Acts of 1957, as
amended, in anticipation of the paTi=ts to become due to the
County from the Township of Avon under said Contract of November
1, 1968, and amended exhibits thereto, which payments are in the
principal amount of the bonds with interest thereon as there
provided. As prc)vided in said Act N.(- 185, the full faith
credit of the Towns7hip of Avon is pl_d:ed to the making
said payments when due, and in additon there is herby pledged,
as authorized in said Act No, 185, the full faith and
the County of Oakland to the payment of the bonds, bcth
and interest, when. due.
7. That all moneys paid to the C by the Tcrncl
of Avon pursuant to said Contract of November 1, 1968, and
amended exhibits thereto, shall be set aside by the Colintv
Treasurer in a separate fund and hank account to be 1.
for the payment of the principal of and interest on the bonds
herein authorized— Interest payable on the bonds on November 1,
1970, May I and November 1, 1971, and May. 1, 1972, is calaltall.zed
and is payable from the proceeds of said bonds.
8. That said bonds and attache coupons shall be
substantially in the following form:
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
Number $5,000
OAKLAND COUNTY SEWAGE DISPOSAL AND WATER
SUPPLY BOND - AVON TOWNSHIP, SERIES A
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 November 1, 1970, 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 555, both inclusive, aggregating the principal sum of Two
Million Seven Hundred Seventy-Five Thousand Dollars ($2,775,000),
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 A of the Oakland
County Water Supply and Sewage Disposal Systems for Avon Township
consisting of 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 after May 1, 1975, and shall he
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 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 redemrtion, 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,
This bond as to both principal and interest, is payable
from moneys to be paid to the County of Oakland by the Township of
Avon pursuant to a certain Contract dated November 1, 1968, between
the County of Oakland and said Tewnshin whereby the said Township
agrees to pay to the said County the cost of said. Project A 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 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
Township is pledged for the prompt payment of its obligatdon pursuant
to said Contract, and in addition, by affirmative vote of three
fifths (3/5ths) of the members elect of its Board of Supervisors,
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 WIT 555 WHEREOF, the County of Oakland, Michigan, by
its Board of Supervisors, has caused this bend 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 signatures of said Chairman and County Clerk, all as of
the first day of May, A.D. 1970.
COUNTY OF OAKLAND, MICHIGAN
By
Chairman of its Board of Supervisors
By
Its County Clerk
(SEAL)
(COUPON)
Number
On the 1st day of , A.D. 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 jnterPst duo
on that day on its Oakland County Sewage Disposal and Water E,11oply
Bond - Avon Township, Series A, dated May 1, 1970, No
(FACSIMILE) (FACSIMILE)
County Clerk Chairman of the Board of Supervisor
and
Tio is hereby authorized tc, 10. The Board of
ThOmaS H. O'Donoghue
, , I.
(4-
.z
1,r-1
Mahlon Benson, jr.
9. That the said bonds shall not be iss -1,e,-7
Municipal Finance Commi ss ion of the STale of M sh;,11
first issued its order granting p,cnr -Lc to so do, as in
in Act No. 202 of the Michigan Public Af7ts of 1943, as 2
the Board of Public Works through its Direct or is hereby
and directed to make application to-said
of such order.
frp r
sell said bonds at not less oar and accrued intorest in
accordance with the laws of this state and to do all thin
sary to effect. the sale and issuance of said bonds, subject to th
provisions of this resolution,
11. All resolutions and parts of resolutions, infar
as the same may be in conflict are here b y
PUBLIC WORKS COMMITTEE
j/
/
Harry W. .6rtion, Chairman
James M. Brennan .
.. .. i , Willtiam„, M . Richards!
E Frank Richardson . ,.
Moved by Horto. supported by Richardson the resolution be adopted.
ADOPTED ; Yeas
Aaron, Bawden, Benson, Coy, Edwards, Grba, Horton, Houghten,
Kasper, Mainland, Mastin, Mathews, O'Donoghue, Olson, Patnales,
Perinoff, Pernick, Powell, Richards, Richardson, Szabo, Walker,
Wilcox, (23)
Nays
O'Brien. (1)
STATE CT 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
Supervisors, held on the 19 th day of March
the original of which is on file in my office.
1970,
IN WITNESS WHEREOF, I have hereunto affixed my official
signature this 19th day of March , A.D. 1970,
Lynn D. Allen, County Clerk