HomeMy WebLinkAboutResolutions - 1970.09.03 - 16609At a regular meeting of the Board of Commissioners Of Oakland County,
Michigan, held in the Commissioners' Auditorium in the County Service Center,
in the City of Pontiac, Michigan, on Thursday the 3rd day of
September , 1970, at 930 1 o'clock A. M. , Eastern
Standard Time.
PRESENT: Aaron, Bawden, Benson, Brennan, Coy, Edwards, Gabler, Grba, IHam4in,
Horton, ,Houghten, Kasper, Mainland, Mastin, O'Brien, O'Donoghue, Olson, Patnales,
Perinoff, Pernick, Powell, Richards, Richardson, Szabo, Walker, Wilcox. (26)
ABSENT: Mathews. (1)
Miscellaneous Resolution No. 5474
Recommended by the Board of Public Works
Re: CLINTON-OAKLAND SEWAGE DISPOSAL SYSTEM - WATERFORD EXTENSIONS
Mr. Horton presented the following resolution,
a copy of which has been sent to each member of the Board of Commissioners.
6-2,-(a)
I have two (2) Resolutions concerning the WATERFORD TOWNSHIP
EXTENSIONS OF TIAE LINTON-OAKLAND SY TEM ---- The first resolution
serves to amend EXI-TIBI. "B" and EXHIBIT "C" which is the Estimate of
Cost and Supplemental Bo rre Schedule
The Resolution has be- ap/ roved by both the Board of Public Works
and the Public Works Committee .; d since the Resolution has previously
been mailed to all members of 4 e Bo3rd — I respectfully request that
reading of same be waived --, and mov'.- its adoption.
(Vote on first Resolution -- then present the second Resolution) J
61Z- (b)
The second resolution is to do with the same project, and is to
approve a Supplemental Bond Resolutien for $4,150,000 of bonds.
This resolution also has been approved by both the Board of Public
Works and the Public Works Committee, since it too was previously mailed
to all members of the Board --- I respectfully request that reading of same
be waived and move its adoption.
day of
o'clock .1\4., Eastern Standard Time, it was:
Moved by
James M. Brennan
/
H rry W. y'orton, Chairman
illiam M. Richards
E. Prank Riehardson
Mahlon Benson, Jr.
Thorn as
Ge6r
O'Donoghue
At a meeting of the Public Works Committee of the Board of Commissioners held at
970 at
, 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.
Yeas:
Nays:
Absent: /
Motion'
,
Resoll,tjo
as ame(7..ni
December 14, 1966,
Sewage 7).:
d of b UnerVISOr S
tlan
th
Clinton-
tT,:e
,7,4ibed and
anc..•7)ted bv th
ford,
•
• . 3 MU 1
,
1967, anCi
of the
the Boatd of
t to resolution
TQwnshlp of wate:—
of Oakland and
munlc1P the oart
as
and fin -,rice
„- the cost
and as reçr.fen by
to -F"..7
7xtensns, wo 1-1
resolution (7-r. the
said C1i:nt,.c,::
Qaid•Cont
excess of
revise the said e
iit.E1 int„-c„ 0 Contract
CDu:wy agreez
flysltem, Water-
t0
of $12,850,000,
the Corit.v- ,
-cje DiEpo5a.]: System, Waterio:cd.
rol:, In tne afores
fr,rtin. construction 01:
pursuant, to
:anti ally -in
..:,ecessax.y to
L2,850,000 to $17,000,000,
:7.onst:ruct
-9
/, - has been approved and "
by the Br-).,7-trd of Public Works, on
sale of
b- county.
8. if the 1.7,7co-
thE t-
to nane rh!,,
0
flOG
a a at or
E; to
of
ary to
t or
Ity as
Dnal issue
77.7on
T 111-,op
to provide
prrolct,"
the bc
the 13c.,
a
additi brn .'`77
Di
pa.J.
6
in
this con -
by
5
;: are
Of CCO 35- OfliTS a - Phase I to said
in 1 7ents to be paid
`igh r"b -VA c 7,n.. a nec-Je5.:s3r,..., the' by said 7 ,Thurity
of additicr - an the • •-,÷-7'. n as „
from the Se ,-.°.-7.=1-
this Board of
pr=d by
is ohe dad in mare each •R of said
Contract as 10 1
; and
1i he5 7 t.0 this •&.-,Dard
Conf,Lact dated as
adopted by the
which is set forth a E ,:rhaau.le of pa7p*nts 4--o be by the
township to the county ccc: the sun. of $4,10,000; and
1sinna of said SulDpetaj,,
Exhibit C - Phase 1 to said r7 -' HE April 1, 1.969, the
aggregate
by the town.ehp. P'-el the ee-me as the an.ual Se.çond. Series bond
matl,ritiFs forth
s
.Z(9.• .=nd said Contract of April I, 1969, emental Exhibit C
the bonds of said County of Oakland, aggre- rn
Clinton-CeMe Disposal Sv'si.,eM, Waterford Extensions TAT
said Contract of -/YT:riTi 1, 1969,
and the Ennui. t. C Phase . T th•;:eto, the tewnsh.ip
is to pay anniially the amount of each annual installment to
the County, and in addition thereto is to pay seni-annually,
interest and paying agent fees and other bond handling costs
as determi.ned pur-s ..:ent to said Contrac't; and
WHEREAS, Ule .7eunty is desLrpue of issuing bonds in
anticipation of the p.,.,Trien .!'is to be mad le by the towshn under
Phase I thereto; and
W7.77FTES, t'ne County Board of Public Works has approved
this bond ri':.3!.711,1t„i.on, and reonmended Its adoption by the Board
of Cannissioners.
THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF OAXILAND COUNTY, MICHIGAN, as
gating the prin7ipal sum of Four Million One Hundred Fifty
Thousand Dollars ($4,150,000) be -is'ued for the purpose of
defraying the increased cost of acTiiring Phase I of sai(1.
That said bonds shall be known as"Oaleland County Sewage
Disposal Bonds - Clinton-Oakiand. S7se7v, Waterford Extensions
Phase I, qe7nod Re...ries"; shal be dat ed N5:vc7Jsar 1 , 1970;
shall be nuored consecutively in the direet• order of their
maturities from 1 LT:vrds; shall be it ith denomi7ation of
$5,000 each; shall bear interest at aHrate or rates to be
hereafter determined not raceeding ei41“) percept (8%) per annum,
payable on May i r 1971 end seni-annLIal.ly thereafter on the
first days of May and each year; and shall 11-J
roar on the first day of May ip sa as follows
71: to rede
after on or
interest pa:ment dates on after May 1986, Bonds so nr.1
thereof in
after May 1, 3% if called
1976, but
to be
prior
Not ice of shall be given to the holders of bonds je-1,e
of such notice not less
redemption, at least
than
to the date fi.nd for
to be
thirty
77. tunIs are on hand with the F
1974 -
1975 -
1976 -
1977 -
1978 -
1980 -
1981 -
1982 -
1983 -
$ 50,000
50,000
50,000
75,000
lnfr nnn
100 ,908
100,000
100,000
inPA = nnr:
1985 - 125,00:0
1906 - 129,050
1987 - 125,000
1988 - 15fl,Oqn
1;0,00:0
12°n - 10,000
1991 - 10,000
1992 - 159,000
1993 - 175,0Q0
10C1.1
1 995
1996
1997
1998
1 0 99
2000
2nol
:7003
- $175,080
- 17.5,090
- 73
- 200,090
- 200,000
- 200,0
- 200,000
- 200,300
- 200,000
- 200,000
Bonds maturing prior to May . I, 1976, -Shall not be subject to.
redemption prior to maturity Bonds .Maturing on and after
May 1, 1976, shall be
ORS interest paYment date
Tption in invers,-
as a whole on any
1, 1976, and shall
17a1 order at the be subj
option of th t-v prior to maturity on any one or more
called for •.:.on shall be redee -.7,7id at the par value
thereof and csco -,:Lied Intrest
• •
plus apt mtun on each bond
computed as a percentage of the fare amount
accordance with the following schedule:
redeemen or
to May 1; 1986
2% if called
1996, but
to be
prior
reemed'on or
to :nry 1, 1996
fter May 1,
1% if called
1996, hut
to be redeemed:on
pt±r to mat nity-
0r .after May 1,
once in a ro...)aper or publication -Asted in the City of
Detroit, Michi7aa,
service, notices of
called for
fixed for red=
which c7arries assH_Da0, of its regular
the sale of municipal bonds, Bonds so
shall n'.7,t bear nterest after the date
paying agent to redeem the samo All have proper
coupons alt..Do thc,reto evid,,,,ncJn(7., interest
dates of maturY
to their resrr
- 10 -
said bonds and attached coupons to the purcha thereof, upon
2. That the principal of said 'Hr)717i and the interest
thereon shall be payable in lawful money of the United States
of America, at such bank and/or trust company which dualities
as a paying agent under 7:eds.r.711 or Miehigan law and which shall
be desicmated by the original purchaser of the bonds. Such
purchaser shall have the right to cane a similarly qualified
co-paying agent.
.L That the Chairman of the Board of Commissioners
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 co unty and to affix the seal of said county
thereto, and to execute the interest coupons to be attached
to said hone:s by causing to be affixed thereto thsir facsimile
signatures; and that upon the execution of said bonds and
attEn77ned coupons, the same shall be delivered to the Treasurer
of said county who is hereby authorized and directed to deliver
receipt of the purchase price therefor.
4. That the said bonds are to be issued pursuant
to the Provisions of Act No 185 of the Michigan Public Acts
of 1957, as amended, in anticipation of the payments to become
due to the county from the Charter To:17.hip of Waterford under
said Contract of April 1, 1969, and Second Amended Exhibit B and
Supplemental Exhibit C - Phase I thereto, which payments are
in the principal amount of the b::nds t-71th interest thereon
as therein provided. As provided in Said Act No, 185, the
full faith and credit of the Charter township of Waterford is
pledged to the making of the said payments when due, and in
addition there is hereby pledged, as authorized in said Act. No,
l85, the full faith and credit of theCoiJnty of Oakland to the
payment of the bends, both principal ,a.nd interest, when due.
- 11 -
the
5. That all moneys paid to the County by the Charter
T:.J.;.,7) of Waterford i=suant to eaid:r'ontiaot of April I, 1 969,
and :.xhibits thereto, 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 authorized- Interest payable o the bonds on May 1 and
/
Novel-her 1, 1971, and May 1, 1972 is and is payable
from the proceeds of said bonds,
6. That the obligation of township to rake the
payments sat forth in the Contract, and especially Amended
C - Phase I thereto, in anticiPation of which. the Oakland,
County Sewae Disposal Bonds - Clinton1.0akiand System, Waterford
Extensions I, dated May 1, 1970, in the amount of $12,850,000,
are issued is separate but equal and on a parity as a pledge of
full faith and credit with the obligation. Of said township to
set forth in the Contract, as supplemented by
the attachment thereto of the Second Amended Exhibit B and the
Supplcmenta 7x1Y.bit C Phase I thereto, in anticipation of
which the Oakl a nd County Sewage Disposal Bonds - Clinton-Oakland
, Waterford Extensions, Second Series, dated Novembe.r . 1,
1970, in the amount of $4,150,000 are issued The pledge by
th County of Oakland of its full faith and credit to payment
of said bonds, first series and Second Series, as authorized
• in said Act No, 185, applies equally and without preference
and priority to the bonds of each series.
7. That said bonds and attached coupons shall be
s .Jbtantially in the following form7
"7,72
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as the sam,
All
fm reeci
of resolutions, illsol:ar
•
Thdaia'S'H OlDonoghue
./."/
ItitilAiaM. M. Richardq,
—7 /7 /1
E. fank Richaon
James M. Brennan
-
Orton, Chairman
• • - , •
6 -5.T.sn.ad ard. ary...,aya, of
mission to,r
9 Bcar.
to
Pubnc Aots of 1943, as
2ts Directox is
.i.cat7,.ion to said
is r.by authoa:-12ed to
Mahlon Benson, Jr.
547 14
4- was vt 137 condrMl. by Horton
that the topf.jc,Ing zen be Mr Aaron
ye , Upon roll call tizn was as foilowz,:
Yeas: Aaron, Bawden, Benson Coy, Edwards, Gabler, Grba, Hamlin, Horton,
Houghten, Kasper, Mainland, Mastin, O'Donoghue, Patnales, Perinoff, Pernick,
Powell, Richards, Richardson, Szabo, Walker, Wilcox, (23)
Nays: Brennan, O'Brien, (2)
Absent: Mathews, (I)
Resolution adopted,
.STATE OF MICHIGAN)
( SS
COUNTY OF OAKE7',
1, the undersi;ned, the Co unty Clerk of the County
of Oakland, do hereby certify that the foregoing is a true and
complete copy of the proceedinc;.s pertaining to the Clinton -
Oakland Sewage Disposal System, Watexiford Extensions, Phase 1,
duly adopted and taken by the Board of Commissioners of said
County at a regular meetincT held . September
the original of which are on file in my office
, 1970,
Dated: September
County Clerk, Oakia•
, 1970
d County