Loading...
HomeMy WebLinkAboutResolutions - 1970.09.03 - 16607At a regular meeting of the Board of Commissioners 6f Oakland County, Michigan, held in the Commissioners' Auditorium in the County Service Center, in the City of Pontiac, Michigan, on ihursdSy the 3rd day of September , 1970, at 9:30 o'clock A. M, Eastern Standard Time PRESENT: Aaron, Bawden, Benson, Brennan, Coy, Edwards, Gabler, Grba, Haml Horton, Houghten, Kasper, Mainland, Mastin, O'Brien, 0! Donoghue, Olson, Patna] es, Peri noff Pernick, Powell, Richards, Richardson, Szabo, Walker, Wilcox. (26) ABSENT: Mathews. (1) Miscellaneous Resolution No 5472 Recommended by the Board of Public Works Re: glat..2222:-Oakiland Sey_tr ._-_-_g_lakland Township Extensions Horton presented the following resolution, a copy of which has been sent to each member of the Board of Commissioners. Mr. This Resolution also has to do with the OAKLAND TOWNSHIP EXTENSIONS OF THE CLINTON-OAKLAND SYSTEM and is to approve the Bond Resolution authorizing sale of $170,000 of bonds The resolution has been approved by both the Board of Public Works and the Public Works Committee and since the Resolution was previously mailed to all members of the Board --- I respectfully request that reading of the resolution be waived and move its adoption " t r on the o'clock f7 .. Eastern Standard Time, it was: day of „ 19 7 0 at , James M. Brennan :(7) Harry'W. 4orton, Chairman Wiljiarn M. Richards , Thoma,s_a.. CYDonoghue -Ge9rge ".Grba ahlon Benson, Jr. E. Prank Richafdson At a meeting of the Public Works Committee of the Board of Commissioners held at Moved by/k supported by - 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. Yeast Nays: Absent: Motion . TION Extensions to said Clinton- 05.,'8roll system and the 5472 Miscellaneous Resolution No, Recommended by Boa k4 of Public Wsks Re CLINN-OAKLAND SEWAGE DI220SAL . SYSTM -- OAKLAND TOWNSUIP.EIXTEION Submitted by Mr, Horton Mr. Horton offered thel following resolution which was approved by the Board of Public Works at their meeting of August 12, 1970 WHEREAS, the Board of Supervisors of Oakland County, by Miscellaneous Resolution No 4342 1 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 Township of Oakland; and WITP,=AS, pursuant to Board of Commissioners Resolution Miscellaneous No 5472 adopted on this date, and a resolution adopted by the governing body of the Township of Oakland the County of Oakland a.rld the s a id Township entered into . . • a•••COntract dated as of August 1, 1970, whereby the County agred tO -Construct and finance in one or more bhaF,3es, the Oakland Township Township agreed to pay the tot.70, cost t.h.o,", based upon the total estimated cost of the project, and as bonds issued by the County to by the amount of Id Oakla.:1 Township sions, which said Contract is it. :;L7rth in full in the said •resolutiri of this Board of constructi: :nd fclficattom; for the Ciinton-tOakla4 Sewage Disposal System --.0ek3and TownnhjT Extensions as prepaxLby Johnson & Ande::r:. Inc registered pxfotes$ional engineers, and an estimate of ;$170,000 as the c o st said Extensions and an .estimate of fifty (50) ).;,a.r::; and .:furds as the period of usefulness thereof, as prepared by said registered pro- fessional engineers, have been .y:JoNed by the Board of Public Works and by this Board of ec,sioners of Oakland County and by the governing body of the Toww4hip Oakland; and WHEREAS, pursuant to the proviSions of said Contract of August 1, 1970, the aggregate amounts of the several annual install- ments to be paid by the Township to finance the project are the same as the annual bond maturities hereinafter set forth; and WUEREAS, under said Contract of August 1, 1970, the said Township is to pay annually the amount of each annual installment to the County and in addition thereto is to pay semi -annually interest and paying agent fees and other bond handling costs as determined pursuant to said Contract; and WHREA$, the County is desirous of issuing bonds in anticipation of the payments to be To Isy the said Township under said Contract of palgust 1, 1970; and WaERS, the Coty Board of p ,.111 , T.I'Tk.s has appzc .J. this resolution and recommended its adoption by the Board of Commissioners. THEREFORE, an IT VESOLVED BY iiw BOARD OF COMMISSIONERS OF OAKLAND COUNTY, MICHIGAN, ,:as follows! of ac.,TAr . said hi o County accrued inters st Plus a as a percentage I. That the ?!J.t s.aid COO of OaR-Iand, the principal. sun, of One Hundred Seventy ghotisand Dollars ($170, 000) be issued fpr the purpose of Tey!g the so Clinton-Oakland Sewa9e Disposal System - Caki Extensions. That said bonds shall be k -n: Sewage Disposal BORds - Clinton-Oakland Oakland Township Extensions"; shall be dated November I, 1970;. shall be numbered consecutively in the direct O:&.: tnrities from 1 upwards; shall be in the denomi n ation of.H$S,C,00 each; shall bear interest at a rate or rates to be hereafter dete rmined not exceedin 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 fo1lows2 1974 - $ 5,000 1975 - 5,000 1976 - 5,000 1977 - 5,000 1978 - • 5,000 1979 - 5,000 1980 - 5,000 1981 - $ 5,000 1 1988 - $10,000 1982 - 5,000 ! 1989 - 10,000 1983 - 10,000 1990 - 10,000 1984 - 10,000 1991 - 15,000 1985 - 10 9 000 1992 - 15,000 1986 - 10,000 1 1993 - 15,000 1987 - 10,000 1 Bonds maturing prior to May 1, 1980, shOl not be subject to re- rnption prior to maturity. Bonds maturig on and after May 1, .n80, shall be subject to redemption in inversenumerical order at the option of the County prior to maturity on any one or more interest payment dates on a nd after May 1, 1979. Bonds so call6 for ree:r.tipi-, shall be reui:•;rrd. at the par value thereof and of the face amo'Ant thereof in socorancc i wt4 the folOwing schedule 2% if called to be prior to: 19(. it if called 'co be prior to 0 11, t 7-0 May I 1 990, but be redeema.d publication of such which carries as a part of tce notices of the 8al€ nti.c hall not be. provided funds are on same. All bonds shall have Notice oi i.:.Ms:rM:.ion shall be cliven -tty (20) days prior to the date fied for least cne ,3 in a :newspaper or publication circulated in Jo City of Detroit, Miohle of municipal bonds. Bonds so called thr interest after the date fi.sad for ref hand with the paying agent to redeem thq' proper coupons attached thereto evidenc"iina interest to their respective dates of maturity, 2. 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 cmany which qualifies as a paying agent under Federal or Michign law and which shall be designated. by the original purd shall have the right to name a simiari . :,onds. Such purchaser i!:-Aified co-paying agent, 3. That the Chap;man of the 11.3ard. of gnat :o*nty at are he:-F:by on behalf of the Ly theretc, and to causing. to be and ':•:,t upon the the e County Clerk, of the County c and directed to said bond County and. to aff:ix the seal ci the interest • to be attached affixed thereto their facsimile execution of said , delivered to and diected to de liver purcha s er th ereof, s to as amer, in anticipation of the due to the 4. That the said 3 are td be iss7.:.od the provisions of Act No. 185 of the Midhigan Acm of 1957, County frQm the Township of Oakland uner saidon -sraot of August 1 0 1970, which payments are in the prinajp f the bends with interest thereon as therein provd. As provided in said Act. No. 185, the full faith and ?.6L. of the Township of Oakland is pledged to the making of the said payotF1 when due, and in addition there - is hereby pied ::.d as aut:horized in said Act No 185, the full faith and crealt-of the.County of Oakland to the payment of the bonds, both principal and interest, when due. 5. That all moneys paid to the County by the Township of Oakland pursuant to said Contract of August 1, 1970, 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 authorixed interest payable on the bonds on May 1, 1971, November 1, 1971 And May 1, 1972, is capitalized and is payable from the proceeds of said bollds, 6. That said bonds and attached coupons shall be substantially in the following form: 1, 1979, 19 90 , CLI'NTON-OAKYAND SYSTEM, Number $5,000 KNOW. ALL MEN BY Lha t. County of Oakie Michigan, hereby aCkOW dçe itself an.d for value race promises to pay to the bearer hereol the of FIVE THOUSAND DoLiqkps 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, 1 .5-Ir-iii —thereefLc2- 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 present--i- tion and surrender -6-4 Tfial-bona-and the coupns 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 th Ii of-Their maturities 1 to 34, both inclusive, aggregating the principal sum of One Hundred Seventy Thousand Dollars ($170,0=, issued under and pur- suant to and in full conformity with the Constitution. and Statutes of the State of Michigan, and especially Act No 185 of the Micigan. Public Acts Of 157, as amcnd., for the' of defrayiAg the ocost of the Clinton-Oakland to wng' Di.sn 1. item - Oakland Town- :ship Extensions in the Township of Oakl Bond: of this series roaturing !prior to May 1, 1980, a re not subject to redo=tion prior tomaturity. Bonds maturing onafter May 1, 1980 shnil be subject to redermtion in .-inverse nume 3rder at the option of the Coonty r,!“.ty on any one or interest payment dates on•rild aer 1979. call for redemption shall be red -at ras: thren interest plus a cc no each it'ad as ap t the face amount thereof in coordane,,.. with the following s 2% if called to be radernd. on or after prior to May 1, 1990. 1% if called to be r€. ..•c on or aft prior to maturity .., Notice of redemption shall be given tz) bonds cal/ea for redemption by publication of such nOtice not less than thirty (30) ,Jay!,(, prior tc the date a Mic! of flIc, shall n_c-t int vided are. on hand This bond as to from moneys to be paid to Oakland purs -nt to a ce:c the County of Oakland and agrees to .pay to the said Sewage Disposal System - installmets in the bonds of this issue and interest and bond handling least thirty (-30) days pri. in this bond The full fid for the prompt payment of it and in addition, by affi the members elect of its and credit of the County or o, this bond, principal and inte the Town t -id TownEhip: t-Jakland in annual :ies of the of the to be made at Lve due dates sa:l.d Township is p:L - to said flc.cntr, !throe-fifths (3/5ths) of sioners the full faith pledged to the payllnt of en. UJue. It is hereby certified, recitOd and declared that all conditions and thw;s required to e .x-71t; precedent to an.a the is4uance of the .1 have happned been pert: as required 1./. th ,a ;7nsitution iY es. and th.i tot.):1 of bo..=.d, excz.ed any constitutioal or IN WITNESS WHEREOF, the County of Oakland, Michigan, by its Peerd of ro;:rn-Aioners, han hond to be signed in,its by the C-7'1 of said : Clerk of the (!.olv • and its and has facsimile si first day of -N Bv ,,Aty Clerk (SEAL ) , and be perforic this series, , form and the State of Ms:: including this statutory Ii arnexed int of said C A.D. l9"V.i. ic.mers 5n ,3. by the Cco,Inv be affJd h to be executed wi it the County Clerk, all an: of the O n the let day of of Oakland. Michigan, will pay to t hereon in lawful money of the Unit e d in the City Ol . — interest due on th.t. day on - Clinton-Oakia. !:3vstem, Oalaan.!;', November 1, 197, No, 19 _J the County ..f.ec.f the szla showr. at the h e lug the Feagei. Disposal )r:Aons, dated (FACSTAILE) (FACSIMILE) Cie :k rk , • . ChaLf -Ra.::! of the Board of Commissirm, .1n1.A ), the Tt Monicipal F:inance haw:: 3 80 do, as provie. in first and directed to r...v:s application of such order. for the i8to . The Board of Public Works is said bonds at not less than par and with the laws of this state and t "'"".": _I: Nil HarryV. Horton, Chairman E./Frank kiichaildson Mahlon Benson, Jr. rDa 4 1 Vim larn 1\40 Ri chards ' James M. Brennan Act No, 202 of the Michigan 17:'nblic Acts of the Board of Public Works its is hereby au-th y authorized to F!IJ interest in accordance ings necessary to elct sd,6ject to the provisions of this resolution, 9. Al]. re s olutions and parts of resolutions, insofar as the sale and isnce of said bonds, the same may conflict herewith, are hereby rescinded. certify that the fore(ioip opted by the Board Mr. Horton moved the adoption of the foregoing resolution. The motion was supported by Nr. Szabo On roll call the resolution was adopted by the following vote; Yeas Aaron, Bawden, Benson, Coy, Edwards, Gabler, Grba, Hamlin, Horton, Houghten, kasper, Mainland, Mastin, O'Donoghue, Olson, Patnales, Perinoff, Pernick, Powell, Richards, Richardson, Szabo, Walker, Wilcox. (24)- Nays: Brennan, O'Brien. (2) Absent: Mathews. (1) STATF OF ) - ) ssg COUNTY OF OAKLAND ) 1, the undersigned, the duly 'clulified apd acting County Clerk of the County of Oakland, do her. is a true and complete copy of a resol of Commissioners at a regular ting of said Board, held on the 3rd day of September , i97O Fthe. original of which is on file in my office, IN WITI.•2S W.V .ZOF,I have hereunto affixed my official signature this 3 rd day of September H g A.D. 1970.