HomeMy WebLinkAboutResolutions - 1970.11.05 - 165661970 at the „9„:„_4/ day of
M., Eastern Standard Time, it was:
1;300
o n d
o'clock
James M. Brannan
Thomas H. OlDonoghue
, yge/IsT
,
Gr1.41 Mahlon Benson, Jr.
At a meeting of the Public Works Committee of the Board of Commissioners held at
Moved by CYDonoghue , supported by Grba
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:
,Nays:
Absent: 2
Motion carried
PUBLIC WORKS COMMITTEE
-1:ted by Mr, Horton
he foil °7-re r)<-
7,7,'..),kka at t
17 -1;strit, within System to serve the ClJnt.on-Oa:
pursuant to 1.7.1a
5531 MIsceilSOSnO No
1 , a reso,u
on L15
rr--- body the
pursuant to
io of
(-R
on by th
1971',,, whereby revised
the County
the Oakland
Dl 5
there
o f
s • .s,,,T1) a c; and finance said Oakfl.
this 7:fl-ar3 of C
-
R$ $01
Mr Horton
which was by the Board ci
of Octobr 29, 1970;
, the Board of S.prvisors, of Oakland Cc7)unty,
by Miscellanu3 Resolution No„ 4342, adopted on June 22, 1,94, dd
alporovo of the establi5h7nt of the Cli nnO gewac.:1-
• istrict lies all of the 1 4.JJw.,-) of Oakland; and
Oakland the County of 0,akln and ...as sail TownP,:
construction plans an
Clini-on-Oakiand 1
as prepared by on Inc„ regisuered professi onal
engineers, and a revised estimate of $235,000 as the cost of said
Extensions and an estimae of fifty (50) years and upwards as the
period of usefulness t:r1of, as prepd by said regiTa. pxo-
feGsional engineers, have been a?,)Trved by the Board of
Works and by this Board of Commiaioners of Oakland Coun7 and by
the governing body of the Township of Oak1and; and
WHEREAS, pursuant to the provisions of said Contract of
August 1, 1970, and revised .exhibits :thereto the aggregate amounts
of the several annual installments to be paid by the Township to
finance the project are the same as the annual bond maturities
hereinafter set forth; and
WHEREAS, under said Contract of August 1, 1970, and
revised 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 aont fees and
other bond handling costs as determined purSuant to sad 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 August 1, 1970 and revised exhibits thereto; and
WHEREAS, the Coly.',-E.y P.,7,a:v.-';! of Public Works :s approved.
this resolution and recc --7.7:rdF,1 its adoption. by the. 3 -..pf of
Commissioners
777r770RE, BE IT RESOLVED BY THE BOARD OF C..7:MTSSIONFRS
OF OAKLIAN . as
,s1.1.m of Two 13.2 Dollars
the cost def
System -
accrued interest plus .a
of.the face amount thereof i fr7)1,
'1 ot sa i d
the pr.n
($235,0)) be for
acquiring said Clinton-Oakiand Sewage D
Township Extensions That said bonds skate be known as
Col„Inty Sewage Disposal Bonds -
'472-...Yr.ship Extensions'; shall b
-Oakland Syst em,
be
consecutively in the dir72 ties
from 1. upwaxds; shall be in thE, df::n.sTination.of $5,000 each.;
bear interest at •a rate or rates to 56 hereafter detmined not
exceeding eight percent (W per annum, payable on May 1, 1971 and
semi-annually thereafter on the first days f May and November in
c,7y7h .year; and shall mature on the first day of May in
follow's:•
yeax as
1974 - $ 5,000
1975 - 5,000
1976 - 5,000
1977 - 5,000
1973 - 5,000
1979 - 10,000
1380 - 10,000
1981 - $10,000
1982 - 10,000
1983 - 10,000
1984 - 10,000
1985 - 15,000
1986 - 15,000-
1987 - 15,000
1988 - $15,000
1989 - 15,000
1990 - 15,000
1991 - 20,000
1532 - 20,000
1993 - 20,000
Bonds maturing prior to May 1, 1980, not te., subje to re-
!.11Dtion prior ity. 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
interest payment dates on and after May 1, 1979 Bonds so called
for rd ,,7,ion shall be redo ninth. t the par value th ene and
2% if called to be red::
prior to May 1, 39'
1% if called to be rte
n-ior to
1, 1979, but
onsilos I, 1990, but
on or aft
of the
cue
ile ant
and directed to deli ve r said bonds and
Notice of redemption stall. be to th ,:,
days prior to tlia fi...Ked. for at ]east
yw.spaper or publioatin circulated in the City of Det
which carries as a part of its ran
of municipal bonds, Bonds so
interest after the date fixed for
hand with the paying agent to redeem
proper coupons attached thristo
respective dates of maturity .
2. That the principal of said bonds
thereon shall be payable in lawful money of the 1:,nitd
America, at.such bank and/or trust ccp2ny
paying agent under Federal or Michigan law and TA&
designated by the original 7;
shall have the right to name a sd
3, That the Chairman of the Board of
the County Clerk, •of the County of Cs.k7,.
and directed to execute said b :
County and to affix the seal of Sa
the interest cc-c ..s-to be att
affixed thereto their fa!:
ion of said bond.; d aft.soft 7,5urons, the
ac.Aivered to the of
purchaser thereof, ul.-.Jo7i receipt of 17,
4, That the said bonds ore to be
the provisions of Act No, 185 of th ,a Michio'Rn Pfl',7,-117
to the
185, the fvt,1 faith
t of
5aid Contract of -c,
of
t a ily
UNT.- A
C,AY.L.A.CD C
CLINTON-M.XIX:JD EX7EN5IoNs
ear.
1, 1979, but nn or
Number $5,000
KNOW ALL MEN BY asJE PPTm f.-t. the County of
Michigan, hereby acknowILd9 and for value ct.c
promises to pay.. to the tear hereof the of
FIVE THOUSAND DOLLARS
on the first day of May, AD. 19 k together with interest t
from the date hereof • until paid, at the rate of
( • ) per centum per-annum, payable May 1, 19fl
semi-annually on the first.days of May and November
Both principal.and interest hereof are payable in law
the United States of America at
in the City of• %f!= presenta-
tion and surrender of this bond and the coupons hereto attached as
they severally mature,
This bond is one of a series of bonds of like date and
tenor except as to maturity
numbered consecutively in the direct ordr of thei7,: TT43tiat
1 to 47, both inclusive, auçlregating the principal
Hundred Thirty-Five Thousand Dollars ($,235,000), issued u
pursuant to and in full conformity with the ConstituLion and
of the State of Michigan, and especially Act No. 185 of the
Public Acts of 1957, as amended, for the purpose of defray..
the cost of the Clinton-Oakland Sewage Disposal System - Oakin
Township Extensions in the Township of Oala .nd
Bonds of this series maturing prior to May
subject to redemption prior, tonity. Bonds
May 1, .1980 shall be subject to rrn:nLion in inver
at the option of th ,s County prior to m,aturity or
interest paymnt d.1 on and aft: 1, -1C1 790
redemption shá.17 he Tr(m.st ;-F7 th th
interest plus a1:t:fmu.z. ooLf.u.ted as
face amount t.".pei,:yr: -.11o1A7Lc:
2%-if called to be riad
prior. to May 1, 1;3D.
1% if called to be redeemed on or after 1, 1990, but.
prior to maturity.
Notice of re.ftion s11. be cyir -
for redemption by publication of,su, n.7Jice not less
Ilad.
(30) days prior t(
a newr-
Michigan, whi(-:ck
of the sale of
shall not bear
vided funds are c'n
at least once in
Detroit,-
By
Bv
This to bt)
from moneys to be paid to
Oakland pursuant to a . ca:-
revised exhibits thereto,
Township whereby the said Tc
County the cost of the Ciintoc,-
- Oakland Township Extensións
amounts as the annual maturi7Y
semi-annually to pay the amount of the 1 .1tt and bond 1
charges such payments to be imads at least thirty (30) da.77
to the respective due date :T.)fied in this bond, The
faith and credit of said Township is pledged for the prequt payment
of its obligation pursuant to said Co7tr•yot, and in
by affirmative vote of (3/5ths) of the
of its Board of Commissioners the full faith and oradlt of
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 perF7.7med
precedent -to and in the issuance of the bonds of this Se.riE3 f exist
have happened and have been performed in due time, form i
as required by the Constitution and Statut e s of the St
and that the total indebtedness of said County, inoludi
of bonds, does not exceed any constitutional or statut7y
IN WITNESS WH 7.7:ROF, the County of Oakland, Mi(.:?,11a,
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 (hi.
Clerk of the. County, and its corporate seal to be affixed hereto,
and has the annexed interest coupons to be executed with the
facsimile signatures of said Chairman and County Clerk, all as of t.h.
first day of November, AD 1970.
•:::,TJTTY OF C•2:.X.7,3=, IFICT(T•
Chairman of -Its . .7-;eard of Ci:r)m.i.sioners
_
'CO ty Clerk
(SEAL)
(FACSIMILE) (FACSIMILE)
Number
On the 15t
of Oakland, Michdgan,
hereon in lawful mofy
in. the City of , 6ame beinu t
interest due on that day on its ,:ilkl=andt aDio:DGsal Bcr
- Clinton-Oakland. Sy.stem, Oakind Townsh17
1, 1970,
County Clerk Chairman of the Board of Commispr5
; - ••=,
first Issued .it.s c.
Act .No. 202 of the Mic
the Board of Public Wo
1943,- as amen
Oire is hereby ',a;,.hoi
7. That the said bonds shall not be issued until the
and directed to za,R. to sa.:1:1.
of such order.
1.5.suae
8. The Board of Publ i c Wrk ,:i is Ilehy- authorized to !6 ,1
said bonds at not less than par and accrued interest in acccranc:e. •
with the laws of this state and to do all things necessary to .e.tect
the sale and issuance of said bonds, subject to the provi,:,..
this resolution.
9. All resolutions and parts of resolutions, insofar as
the same may be in conflict herewith, and especially the bond
resolution previously adopted. this Board of Commissioners on
September 3, 1970, Misc, No. 5472,- are hereby rescinded.
signature this day of A.D. 1970.
STATE OF MICHAN )
) ss:
COUNTY OF OAKLAND )
1, 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 by the Board
of Commissioners at a regular meeting of said Board, held on the
day of , 1970, the original of which is on
file in my office.
IN WITNESS WifER4OF, I have hereVinto affixed my official
County Clerk
Moved by Horton supported by Perinoff the resolution be adopted.
ADOPTED.
YEAS: Brennan, Coy, Edwards, Gabler, Grba, Horton, Houghten, Kasper,
Mainland, Mastin, Mathews, O'Donoghue, Patnales, Perinoff, Pernick, Powell
Richards, Richardson, Szabo, Walker, Wilcox, Aaron. (22)
NAYS: None. (0)