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HomeMy WebLinkAboutResolutions - 1968.08.27 - 18885arty W.: Hortoif hetld B .-Ed-A*8 s ; IWO WORKS COMMITTEE at Mr. Case At a regular meeting of the Board of Supervisors of Oakland County, Michigan, held in the Supervisor's Auditorium in the County Service Center, in the City of Pontiac, Michigan, on_ Tuesday , the Z]fth day of August , 1968, o'clock A.M., Eastern Daylight Time. PRESENT: ABSENT: Miscellaneous Resolution No. Recommended by the Board of Public Works RE: FARMINGTON SEWAGE DISPOSAL SYSTEM - 13 MILE ROAD ARM (FINAL) presented the following resolu- tion, a copy of which has been sent to each member of the Board of Supervisors: 4918 Mr. Case 4918 Miscellaneous Resolution No. Recommended by Board of Public Works Re: FARMINGTON SEWAGE DISPOSAL SYSTEM - 13 MILE ROAD ARM - SECTION III (FINAL) Submitted by Mr. AMENDED BOND RESOLUTION offered the following resolution' • which was approved by the Board of Public Works at their meeting August 19 WHEREAS, this Board of Supervisors, by Miscellaneous Resolution No. 3270, adopted August 12, 1957, as amended by Miscellaneous Resolution No. 3239, adopted January 24, 1958, did approve of the establishment of a sewage disposal system to be known as the "Farmington Sewage Disposal System" for the purpose of disposing of sanitary sewage from the •Farmington Sewage Dis- posal District, within which district lies all of the Township of Farmington, part of the area in the Township of West Bloomfield and other areas; and WHEREAS, pursuant to Board of Supervisors Resolution Miscellaneous No. 4803, adopted on December 19, 1967, and pursuant to resolutions adopted by the governing bodies of the Township of Farmington and the Township of West Bloomfield, the County of Oakland and the said Townships entered into an Agreement dated as of March 1, 1967, whereby the County agreed to construct and finance the 13 Mile Road Arm in Farmington Sewage Disposal System Case of 1968: and the Townships agreed to pay their shares of the total cost . thereof, based upon an estimated cost of $1,810,000 and as rep- resented by the amount of bonds issued by the county to finance said Arm', which said Agreement is set forth in full in the said resolution of this Board of Supervisors; and WHEREAS, construction plans and specifications for the 13 Mile Road Arm in the Farmington Sewage Disposal System as prepared by Main Engineers, registered professional engineers, have been approved by the Board of Public Works and by this Board of Supervisors of Oakland County and by the governing bodies of the Township of Farmington and the Township of West Bloomfield; and WHEREAS, pursuant to Board of Supervisors Resolution No. 4917 , adopted on..this date and pursuant to a resolution adopted by the governing bodies of the Township of Farmington and the Township of West Bloomfield, the County of Oakland and the said townships entered into an Amendment to Agreement dated as of August 1, 1968, whereby a revised estimate of cost of said . 13 Mile Road Arm in the amount of $2,650,000 was approved and the townships agreed to pay the total cost thereof based upon the revised estimated cost of $2,650,000, and as represented by the amount of bonds issued by the County to finance said Arm, which said Amendment to Agreement is set forth in full in said resolution of this Board of Supervisors; and WHEREAS, pursuant to the provisions of said Agreement of March 1, 1967, and said Amendment to Agreement dated August 1, 1968, the aggregate amounts of the several annual installments to be paid by the Townships are the same as the annual bond matur- ities hereinafter set forth; and -2-- WHEREAS, under said Agreement of March 1, 1967, and said Amendment to Agreement dated August 1, 1968, the said Town- ships are to pay annually the amount of each annual installment to the County and in addition thereto are to pay semi-annually interest and paying agent fees and other bond handling costs as determined pursuant to said Agreement; and WHEREAS, this Board of Supervisors by Resolution Miscellaneous No. 4804, adopted December 19, 1967, authorized the issuance of bonds in the aggregate principal amount of $1,810,000 in anticipation of payments to be made by the Town- ship of Farmington and the Township of West .Bloomfield under said Agreement of March 1, 1967; and WHEREAS, the County is now desirous of issuing bonds in the aggregate principal amount of $2,650,000 in anticipation of payments to be made by the said townships under said Agree- ment of March 1, 1967 and said Amendment to Agreement of August 1, 1968; 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 bonds of said County of Oakland, aggre- gating the principal sum of Two Million Six Hundred Fifty Thousand Dollars ($2,650,000) be issued for the purpose of defraying the -3- cost of acquiring said 13 Mile Road Arm in the Farmington Sewage Disposal System. The said bonds shall be known- as "Oakland County Sewage Disposal Bonds - Farmington System - 13 Mile Road Arm"; shall be dated October 1, 1968; shall be numbered consecutively in the direct order of their maturities from 1 upwards; shall be in the denomination of $5,000; shall bear interest at a rate or rates to be hereafter determined not exceeding six percent (6%) per annum with the net interest cost not to exceed five and one quarter percent (5-1/4%) per annum, payable on May 1, 1969, 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: 1972 - $40,000 1973 - 45,000 1974 - 65,000 1975 - 70,000 1976 - 80,000 1977 - 95,0.00 1978 - 105,000 1979 - 105,000 1980 - $120,000 1981 - 125,000 1982 - 135,000 1983 - 140,000 1984 - 140,000 1 .985 - 145,000 1986 - 145,000 1987 - 145,000 1988 - $145,000 1989 - 160,000 1990 - 160,000 1991 - 160,000 1992 - 160,000 1993 - 165,000 Bonds maturing on or after May 1, 1981 shall be subject to re- demption as a whole, at the option of the County prior to maturity on any interest payment date on or after May 1, 1980. 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 schedulel - 3% if called to be redeemed on or after May 1, 1930, but prior to May 1, 1984 2% if called to be redeemed on or after May 1, 1984, but prior to May 1, 1987 1% if called to be redeemed on or after May 1, 1987, 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 pay- ing agent to redeeni the same. Bonds maturing prior to the year 1981 shall not be subject to redemption prior to maturity. All bonds shall have proper coupons attached thereto evidencing 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 company which qualifies as a paving 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. 3. 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 thereto their facsimile signatures; and that upon the execution of said bonds and attached coupons, the same shall be delivered to the Treasurer of said County who is -5- hereby authorized and directed to deliver said bonds and attached coupons to the purchaser thereof upon 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'Township of Farmington and the Township of West Bloomfield under said Agreement of March 1, 1967, and Amendment to Agreement of August. 1, 1968, which payments are in the principal amount of the bonds with interest thereon as there- in provided. As provided in said Act No. 185, the full faith and credit of each the Township of Farmington and the Township of West Bloomfield is pledged to the making of the said payments when due, and in addition there is hereby pledged, as authorized in said Act No. 185, the full faith and credit 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 Farmington and the Township of West Bloomfield pursuant to said Agreement of March 1, 1967, and Amendment to Agreement of August 1, 1968, shall be set aside by the County Treasurer in a separate fund and bank account to be used solely for the pay- ment of the principal of and interest on the bonds herein authorized. Interest payable on the bonds on May 1 and November 1, 1969 and May 1, 1970, is capitalized and is payable from the proceeds of said bonds. 6. That said bonds and attached coupons shall be sub- stantially in the following. form: -6- UNITED STATES OF AMERICA STATE OF MICHIGAN • COUNTY OF OAKLAND OAKLAND COUNTY SEWAGE DISPOSAL BOND - FARMINGTON SYSTEM - 13 MILE ROAD ARM Number $5,000 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, pay- able May 1, 1969, 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 530, both inclusive, aggregating the principal sum of Two Million Six Hundred Fifty Thousand Dollars ($2,650,000), 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 the 13 Mile Road Arm in the Farmington System. Bonds of this series maturing prior to May 1, 1981 are not subject to redemption prior to maturity. Bonds maturing on or after May 1, 1981 shall be subject to redemption as a whole, at the option of the County prior to maturity on any interest payment date on or after May 1, 1980. Bonds called for redemp- tion shall be redeemed at the par value thereof and accrued interest plus a premiumon 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, 1980, but prior to May 1, 1984 •% if called to be. redeemed on or after May 1, 1984, but prior to May 1, 1987. 1% if called to be redeemed on or after May 1, 1987, 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 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 pay- ing agent to redeem the same. This bond as to both principal and interest, is pay- able from moneys to be paid to the County of Oakland by the Township of Farmington and the Township of West Bloomfield pursuant to a certain Agreement dated March 1, 1967; and Amend- ment to Agreement dated August 1, 1968, between the County of Oakland and said Townships whereby each of said townships agrees to pay to the said County its share of the cost of said 13 Mile Road Arm in the Farmington Sewage Disposal System in annual installments in the same amounts as the annual maturities of the bonds of this issue and semi-annuallyto 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 spec- ified in this bond. The full faith and credit of each of said Townships is pledged for the prompt payment of its obligation 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 indebt- edness of said county, including this series of bonds, does not exceed any constitutional or statutory limitation, IN WITNESS WHEREOF, the County of Oakland, Michigan, by its Board of Supervisors, has caused this bond to be signed in its name by the Chairman of said Board of Supervisors and -8- 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 October, A.D., 1968. COUNTY OF OAKLAND, MICHIGAN By Chairman of its Board of Supervisors By County Clerk (SEAL) (COUPON) Number On the 1st day of , A.D. 19 , the County of Oakland, Michigan, will pay to thebearer hereof the sum shown hereon in lawful money of the United States of America at the , in the City of same being- the interest due on that day on its Oakland County Sewage Disposal Bond - Farmington System - 13 Mile Road Arm, dated October 1, 1968, No . . . . . . . . (FACSIMILE) . (FACSIMILE) County Clerk Chairman of the Board of Supervisors .7. That the said bonds shall not be issued until the Municipal Finance Commission of the State of Michigan shall have first issued its order granting permission to so do, as provided in Act No. 202 of the Michigan Public Acts of 1943, as amended, and the Board of Public Works through its Director is hereby authorized and directed to make application to said Commission for the issuance of such order. 8. The Board of Public Works is hereby authorized to sell said bonds at not less than par and accrued interest in accordance with the laws of this state and to do all things necessary to effect the sale and issuance of said bonds, sub- ject to the provisions of this resolution. 9. All resolutions and parts of resolutions, insofar as the same may be in conflict herewith, are hereby rescinded. ADOPTED. YEAS: -Anderdn, Bachert, Beecher, Bingham, Birnkrant, Brennan, Brower, Bryant, Case, Cline, Colburn, Dewan, Doherty, Duncan, Edward, Edwards, Eldridge, Forbes, Fuuts, 'Fusilier, Gabler, Hall, Hamlin, Horton, Hursfall, Ingraham, Inwood, Johnson, F. Kephart, J. Kephart, Kramer, Lahti, Lessiter, Levinson, Linley, Long, Mainland, Maly, McDonnell, Melchert, Melstrom, Miller, Mitchell, O'Donpghue, Oldenburg, Peasley, Porinoff, Potter, Powers, Reid, Remer, Rhinevault, Rusher, Schiffer, Shepherd, Simson, Slavens, Smith, Solberg, Tapp, Taucher, Taylor, Tinsman, Valentine, Wahl, Walker, Webber, Wilcox, Wilmot, Woods. (70) NAYS: None. (0) day of August the original of which is on file in my office. STATE OF MICHIGAN ) ) SS. COUNTY OF OAKLAND ) ,,,Chief Deputy I, the undersigned, the duly qualified County Clerk of the County of Oakland, Michigan, do hereby certify that the fore- going is a true and complete copy of a resolution adopted by the Board of Supervisors at a Regular meeting held on the 27th IN WITNESS WHEREOF, I have hereunto affixed my official signature this 27th d ay o f August , A.D. 196 8 Chief Deputy County Clerk