HomeMy WebLinkAboutResolutions - 1970.11.05 - 16564/67
f)
;
, 1970 at
o'clock
• Frank Richarddon
/767
Thomas H. O'Donoghue
James M. Brennan
Grba fr Mahlon Benson, Jr.
1
William M. Richards
At a meeting of the Public Works Committee of the Board of Commissioners held at
it290 -77-4;ApeY1 #676(>
on (.:0ert the /7 day of
V;e7
.M., Eastern Standard Time, it was;
Moved by O'Donoghue supported by Richards
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.
Yeas: 5
Nays: 0
Absent: 2
Motion
PUBLIC WORKS COMMITTEE
offered the following resolution Mr. Horton
upon the total estimatod cost ject, and as repre3ente.d
the amount of bonds by to fina.ncEi5 said
Miscellaneous Resolution No 5 53 0
Recommended by Board of Public Works
Re: - CLINTON-OAKLAND. SEW&GE DISPOSAL
SYSTEM - LAKE ORION L'X'.i.IONS
Submitted by Mr Horton
BOND RESOLUTION
Uf
which was approved by the Board of Public Works at their meeting
of October 29, 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 the Village. of Lake Orion; and
WHEREAS, pursuant to Board of Commissioners Resolution
Miscellaneous No, 5529 , adopted On this date, and pursuant to
a resolution adopted by the governing body of the Village of Lake
Orion, the County of Oakland and the aid Village approved revised
exhibits to the Contract dated as of May 1, 1970, whereby the
County agreed to construct and finance in one or more phases, the
Lake Orion Extensions to said Clinton-pakland Sewage Disposal
System and the Village agreed to pay the total cost thereof, based
Extensions, which said Contract and revised ,,mhtits are set forth
In full in the resol u ti on of ard of r'.7.7:Tioners: and
and an fifty 5t7J) year's and'
prep
englhera, and a r j00 as
!.e-ms for
d Cc
ed
di
to the
WHEREAS,
exhih rits theretot
each annual inst.a1
1970, and
:ao pay flrhoally the amoht
and in addition is
the CC: ta
OF OAKLAND COUYTY, as foliowan
period of usefl
professional. cog n ea rs,
Works and by this Board oi
the gova:ming body of the ViT
•::
by tho
as of Oaki
WHEREAS, pu)::s7.t to the pro'Arll of
May 1, 1970, and ,revised.exhibf_ts th.et::› the a
the several annuaT.I ins r a nts to bE 1.nad by
of
finance the project are the sp.r.s.
hereinafter set forth 7 and
abc annual bond ma
to pay semi-annilally interest and
handling costs as...1z-J .=.71.:.
W=EAS,
•,ylng agent fees and other bond
O:t j-r;, Contract: puz,,
the County is desi of issuing bonds in
anticipation of the to be made by the said Village under!
said Contract of May 1, 1970 and revised exhibits thereto and
this resoltli-n and race it by the
BE IT R7.:_ri;;;.).„.rvLID 77: TEE BOARD
red. Ninety- T1.12;,:au
5e of defraying t.r.i.e cost
.1",-:sposal System - Like
Sewage Disposal Bc-11:,, Cln Lake
interest payment dates on and after
for redemption shall be r
accrued interes t plus premier
of the face alm:-:-=t in
at
1 19.7Q B.r.). CO called e
0100
compute
foTL:
That the bonds of said County of Oakland, aggregating
the princi
Dollars ($3 t 390,000) be iSVaaC7t fm
of acquiring said Clinton-Oad
sum of V7:1
Extensions, That said boncTh a,11 be known 3 'Oakland County
Extensions"; shall be dated Never: 1970; shall be
consecutively in the direct order of thcir maturities
'shall, be in the denomination of $5,000 each; shall bear interest
a rate. or rates to be hereafter determ
(8%) per annum, payable on May 1, 1971
on the first days of May and November :
ned not exceeding eight per c ent
and semi-annually there
n each year; and shall mature
on the first day of May in each year as follows:
1974 - $ 40,000
1975 - 75,000
1976 - 75,000
1977 - 75,000
1978 - 75,000
1979 - 75,000
1980 - 75,000
1981 - 75,000
1982 - 100,000
1983 - 100,000
1984 - $100,000
1965 - 100,000
126 - 100,000
1987 - 125,000
1988 - 125,000
1989 - 125,000
1990 - 125,000
1991 7 150,000
1992 - 150,000
1993 - 150,000
1994 - $175,000
1995 - 175,000
1996 - 175,000
1997 - 200,000
1998 - 200,000
1999 -
2000 - 225,000
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
newsnaT..e.r or publication ci
and directed to execute• 17,s • behalf of said
th
2% if called to be redeem-Ed on or after May . 1, 1979, but
prior to May I,
1% if called
prior to ma
on or LI:v 7, 1990, but
Notice of be 47„1.th hndex's of the
be redeemd of such no
days prior to the date fixed f,:,.)r redeon, at lo ne cre en
which carries as a part of its :r:lar:service, noL]....s of the sale
of municipal bonds. Bonds so called fcbr redemption not bear
interest afirer the (Dte fiNed for redeMpton, are on
hand with the py.17,g 7.gent to redeem the ;F:an:e. All bonds s',1all have
to their proper coupons attached thereto evide no
respective dates of maturity,
2, That the principal of said bonds and the
thereon shall be payable in lawful rey of the United Stoner of
America, at such bank and/or trust fay wl-ffch qualifies as a
Int
paying agent under Fe rd l or 1' law and which be
designated by the orlinal purchi: of the bonds irthpurcha6.
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 0a7.71 3 are hereby authorized
execution of said ho
delivered-to the
and directed to delir
purchaser
and' a
,
County and to affix the 1 of said County -r.7..be.ce, and. tc,
the interest coupons to be attached to! said bc7;i.
affixedthereto unei* r facsimile
causin. be
the Qad•bond7
the provisions of Act Mo. ..3? of
4. De ours-liant to
pat :'
in tile
).hs. shall be 6. That said bonds and a
Lacome
F,;;aid. Cohtran
of t,17 ,7
in.
as amended, in antii,;datLon of the y.
County from the \
1970, which 12D,y7
t thereori as t71
1b:5, the full faith and
pledged to the mak.Ing of t.17ff3 said
there is hereby pledged, as D
With
due,
.1 said F .:. 185. th
,1,,aicei f ,Lakce,
Cnt No
„.4.7f '
to the ps,y37,-,ent of the faith and credit of the Count,y Gf
both principal and interest, whil due,
5. That all moneys paid to the County by the Village of .
Lake Orion pur:m.D.n. to s710, Contract Of May 1, 1970, ancl
exhibits thereto shall be set aside by the County Treasurer in a
separate f.:ud and thuic. acc ..1. to be used solely for the p.s ,(1,t
of the princ*al.of and interest. on the bonds hun1i. authod,
Interest payable on the b o nds on May 1, 1971, 1.971 snd
May 1, 1972, is capitalized and is payable from the preds
Jtori7 substantially in the fo
FIVE
if caV..cd to be
prior to Nay 1,
1% if called to
prior to
Notice of
for rcc:
1 0'7,Q 2%
on the first day. of 1:2,7, A.D. 19
from the date here -of at ‘ per cent= pay
on
Both 17,rin.c . and
the States of P
in the Cit 9
tier and sn,der. of this bond an
they severally m.D.ture.
c,f
;iv 1 1971 an ,..": ,
lawful
f a :";:5 of bonds of like
tema:
Mill.
under and pursu.
and Statut
185 of the
of defraying
Lake Orion Ext
subject to
May 1, 1990 she
at the
prier to m
upor,
th6. hereto att
CLINTON- •
-
KNOW ALT.
promi,5es to pa7
1Qv TTT
of
shall
:rrrialr-1 ey s
the
t 0
C ;
Is
wh F.,
f
y f
i t I
n
•
IN r:
.1
(1
T :
v 9 7 0
B v
On th
of 0:.ikland.,
h2'.7,n in
-D 1
in tb• C,ty ot
C0 on '0
i970, No,
s
fr
T
=FA(--SlYTTF',
r- Chaii
• •
(FACSIMILE':
County a. of the Board of Comma,
V'.oupoN)
7ser
Munid Ftnance
lon
iti 24rector ;tthor:ed
7 said bonds shah.. -11 . s
first issued its orde.T
Act No. 202 of
the Board of Public WoCE
and directed to make
uch order,
8. The Board of Public Works is her0:)y authorized to sell
said bonds at not less than par and accr ued interest in
with the laws of this and to do all things nece
the sale and issuance of said bonds, subject to the
this resolution,
of
9. All resolutions and parts of resolutions insofar as
the same may be In conflict hezewith, and especially the bond.
resolution previously adopted by this Board of Comni:l.ssionera, on
Sember 3, 1970, Misc. No, • are hereby. rescirided,
Moved by Horton supported by Gabler the resolution be adopted.
ADOPTED.
YEAS: Brennan, Coy, Edwards, Gabier,, Grba, Horton, Houghten, Kasper,
Mainland, Mastin, Mathews, O'Donoghue, Patnales, Perinoff, Pernick, Powell,
Richards, Richardson, Szabo, Walker, Wilcox. ParOn. (22)
NAYS: None. (0)