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HomeMy WebLinkAboutResolutions - 1968.01.18 - 18902PUBL1G WORKS COMMITTET,' omer Case, Chai; Harry W. Horton Charles B. Edwards Jr, At a regular meeting of the Oakland County Boaro or Supervisors, Oakland County, Michigan, held in the Supervisors Auditorium in the City of Pontiac,. Michigan, on January 18 , 1968, 9:30 at 108DP00 o'clock A.M. , Eastern Standard Time PRESENT: BaChert„ Bailey, Beecher, Bingham, Birhkrant, Brennan, Bremer, Case, Charteris, Clarkson, Cline, Colburn, Dewan, Doherty, Duncan, Edward, Edwards, Eldridge, E. Fisher., Forbes,,Fouts .„Frid„ Fusilier, Gabler, Geralds, Hagstrom, Hall, Hamlin, Horton, Hudson, Hursfall, Ingraham, Inwood, Johnson, Kephart, Kramer, Lessiter, Levinson, Linley„ Long, Mainland, Maly, Mastin, Mozvoy„ McDonnell, Melchert, Melstrom, Miller, Mitchell, OiDonoghue, Oldenburg, Peasley, Perinoff, Peterson, Potter, Powers, Reid, Berner, RhinevauIt, Rusher, Schiffer, Schwartz, Shepherd, Sinson, Slavens„ Smith, Solberg, Tapp, Taylor, Tinsman, Treacy, Valentine, Wahl, Walker, Webber, Wilcox, Wilmot, Woods (78) ABSENT: Bryant, W. Fisher, Gallagher, Grisdale, Jones, Lahti, Lyon, Nelson. (8) Case Case Miscellaneous Resolution No. 4820 Recommended by Board of Public Work Re: CLINTON-OAKLAND SEWAGE DISPOSAL SYS= Submitted by Mr, ;4Dfl7NTS TO f2,2.7DED BOT7 RESOLUTLI offered :he following resolution which was approved by the Board of Public Works at their meeting of , 1968: WREAS, the said Board of Supervisors, by miscellaneous resolution No 4691, adopted on March 9, 1967, ctid approve an Amended Bond Resolution which was amended by miscellaneous resolution No 4728, adopted on May 25, 1967, providing for the issuance of $16,900,000 of Oakland County Sewage Disposal Bonds-Clinton-Oakland stem, Series A, to be dated l, 1967, and it is now necessary to amend paragraphs 2 and 6 and the form of bond set forth in para- graph 7 of said amended resolution; and WHEREAS, the County Board of Public Works has approved this resolution and recommended its adoption by the Board of Super- visors THEREFORE, BE IT fl.. SOLVED BY THE BOARD OF SUPERVISORS OF OAKLAND COUNTY, MICHIGAN, that paragraphs 2 and 6 of the Amended Bond Resolution, as amended and heretofore adopted by this Board on March 9, 1967 and May 25, 1967, be and they hereby are further amended to read as follows: percent (6%) per Table on November 1, 1968 and semi-annually shall mature on the fir of May in each year as follows: 2. That the bonds of said rolznty of Oakland, aggregating the principal sum of Sixteen Million Pine Hundred Thousand Dollars ($16,900,000) be issued for the purpose of defraying the cost of acquiring the initial stage of construction of said Clinton-Oakiand Sewage Disposal System. That said bonds shall be known as "Oakland County Sewage Disposal Bonds - Clinton-Oakland System, Series A"; shall be dated May 1, 1968; shall be numbered consecutively in the direct order of their maturities from I upwards; shall be in the denomination of $5,000 each shall bear interest at an average net e, to be hereafte: !,Aetermined, not exceeding, five percent (5Z) per annum, with no rate of interest on any one bond to exceed six thereafter on the first days of May and November in each year; and 1972 - $215,020 1!";92 - $425,000 1973 - 215,0CJ:) - 450,000 1974 - 225,000 l9..14- 475,000 1975 - 250,000 15 - 500,000 1976 - 275,000 _9:36 - 525,;)og 1977 - 3 0 0,00 0 1987 - 550 ,000 1978 - 325,000 1933 575,000 1979 - 350,000 1989 - 600,000 1980 - 375.000 1990 - 625,000 1981 - 400,000 1991 - 650,000 1992 - 67T,,000 993 7,000 1994 - 725,000 1995 - 750,000 1996 - 775,00o 1997 - 800,00o 1998 - 825,000 1999 - 825,000 2000 - 840,000 2001 - 8,')(10 2002 - :Bonds maturing on or after May 1985 shall be subject to redemp- tion as a whole at the option of the County prior to maturity on any one or more interest payment dates, on or after May 1, 1984, Bonds called for redemption shall he redeemed at the par value the:,: of and accrued interest plus a premium on each nd computed as a percentage of the face-amount ing schedule; hereof in accordance with the foil 3% if called to be redeemed on or after May 1, 1984, but prior to May 1 2 199 0 2% if called to be redeemed on or after !'ay 1, 1990, but prior to May 1, 1995 1% if called to be redeemed on or after N .y 1, 19952 Out prior to May 1, 2000 0": if called to be redeemed on or after May 1 9 2000 2 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) it:477s prior to the date fixed for redemption, at least once in a rspaper or publication circulated in the City of New York, New York, 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 paying agent to rodeem the same Bonds maturing prior to the year 1985 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, 6, TI--7. all moneys paid to the Coty by the participa- ting municipalities pursuant to said Amended Contract of January 11, 1967, 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 on the bonds for eighteen (18) months from their date due November 1 2 1968, May 1, 1969 and November 1, 1969 is capitalized and is payable from the proceeds of said bonds. BE IT FURTHER KSOLVED, that lnaragraph 7 of said Amended Bond Resolution heretofore a0 ,irted by this Board be and it hereby is amended to read as follows: 'T That said bonds and attachd coupons shall be subztantially in the following form: S•7 P; rk :,!,TT7,7TCA Number OAKLAND COUNT S $5 O00 W.4.017, DISPO S AL BOND .W-71F•, SFRIT7S A KN•Vi ALL MEN BY THESE PRESENTS, that the County of Oakland, MichiFan, hereby acknowledges itself indebted and for value received promises to pay to the bearer hereof, the sum of FIVF THOUSAND DOLLARS on the first day of May, AD. 19 , together with interest thereon from the da t e hereof until paid,it the rate of ) per centum per an payable Rovezber i71966 and thereafter semi-annually on the first days of May and lovember in each year Both principal and interest hereof are ay e.r in lawful money of the United States of America at in the City of - , .)p;on presentation and surrender of this bond and the coupons hereto at ta ched 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 3380, both. inclusive, aggregating the principal sun. of Sixteen Million. Nine Hundred Thousand Dollars ($16,900,00), issued under and pursLant to and in full conformity with the Constitution and Statutes of the State of Michigan, and especially ct No 185 of the Michigan Public Acts of 1957, as amended, for the buTpose of defraying the cost of acquiring the initial stae of co nstruction of the Clinton-Oakland Sewage Disposal System_ Bonds of this series maturing prior to May 1, 1985 are not subject to redemption prior to maturity Ponds maturing on or after May i, 1935 shall he subject to redemption as a whole, at the option of the County prior to maturity on any one or more interest payment dates on or after r2.7i Bonds called for redemption shall be redeemed at the par value thereof and accrued interest plus a premium on each bond comput7id se a percentage of the face amount thereof in. accordance with t.c following schedule: 3!;=, if called to be redeemed on or I, 1984,- but prior to May 1, 1990 2% if called to be redeemed on or after May 1, 1990, but prior to May 1, 1995 1% if called to be redeemed on or after May 1, 1995, but prior to Nay 1, 2000 () if called to be redeemed on or after hay 1, 2000, but prier to maturity, ,Teto.,e of redemption shall be given to the holders of tends called for redemption by publication of such notice not less than thirty (=M days prior to the date fixed for redemption, at least once in a newspaper or publication circulated in the City of New York, New York, which carries as a part of its regular service, notices of the sale of municipal bonds. Bonds so called for redemption shall net bear interest after the date fixed for redemption, provided funds are on hand with the sayimr agent to redeem the same. This bond as to tpth principal and interest, is oyable from moneys to be paid to the County of Oakland by the Thig7E.11,7) of Waterford, the Town .,:hip of !,von, the Township of West Bloomfield, the Township of Independence, the Township of Orion. and the Township of :Pontiac, pursuant to a certain Amended Contract dated January 11, 1967, between the County of Oakland and said municipalities whereby each of said municipalities agrees to pay to the said County its share of the cost of acquirin.t said initial stage of construction of the Clinton-Oaicland Sewage Disposal System, in annual installments, beginninz April 1, 1972, in the same amounts as the annual maturities of the bonds of this issue, and semi-annually beginning Aril I, 1Q70, to pay the am:punt of the interest and bond handling charges. The full faith and credit of each of said municipalities is pledged for the prompt payment of its obligations pursuant to said .71end nctki:ract, and in addition, by affirmative vote of 3/5ths of tin; .mr-c:ct of its Board of Supervisors, the full faith and credi of runty of Oakland is pledged to the payment of this bon, ihtPrPst, when due, 7t is hereby certified, recited and declared that all acts, conditions and things required to exist, hpsen 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 reg...lired by the Constitution and Statutes of the State of Michigan, that the total indebtedness 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 si7ned in its name by the Chai=r of said Board of Supervisors and 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 May A.7, 1968. CO DOTTY OF orIKLpm, micHIGm By Chairman of Board of Supervisors County Clerk (SEAL) (FACSIMILE) winty Clerc f Boa.T. of Supervisors (COUPON) N,inber On the 1st day of . A.D. I? , the County of Oakland, Michigan, will pay to the hearer hereof, t:Ae sum shown hereon in lawful money of the United States of Ame71 at the in the city of , same being the interest due on that day on Its Oakland County St.wao Disposal Bond - Clinton-Oakland Systeleries A, dated May 1, 196, BE IT FURTHER. RESOLVED, that all resolutions and parts of resolutions, Insofar as the same may be in conflict herewith, are hereby rescinded. Mr. Chairman, I move the adoption of the foregolng resolution Supportedby Mr. Miller ADCOrPD: Yeas - Raehert, Bailey, Beecher, Bingham, Birnkrant, Brennan, Brager, Case, Charteris, Clarkson, Cline, Colburn, Dewan, Doherty, Duncan, Edward, Edwards, E. Fisher, Forbes, Fouts, Frid, Fusilier, Gabler, Geralds, Hall, Hamlin, Horton, Hudson, Hursf all, Ingraham, Inwood, Johnson, Kephart, Kramer, Lessiter Levinson, Linley, Long, Mainland, Maly, McAvoy, McDonnell, Melchert, Melstrom, Miller, Mitchell, 0/Donoghue, Oldenburg, Peasley, Perinoff, Peterson, Potter, Powers, Reid, Remer, Rhinevault, Rusher, Schiffer, Shepherd, Simson, Slavens, Smith, Solberg, Taylor, Tinsman, Treacy, Valentine, Wahl, Walker, Webber, Wilcox, Wilmot, Woods. (73) Nays - None. (0) Ab645gnt - Bryant, Eldridge, W. Fisher, Gallagher, Grisdale, Hagstrom i Jones, Lahti, Lyon, Mastin, Nelson, Schwartz, Tapp. (13) STATE OF MICHIGAN ) ) ss; COUNTY OF OAKLAND ) 1, the undersigned, the County Clerk of the County of Oakland, do hereby certify that the foregoing is a true and complete copy of the pro-ceedings pertaintag to the Clinton-Oakland Sewage Disposal System, and the Evergreen Sewage Disposal System-Bloomfield Township Trunk Arms -Stage One, duly adopted and taken by the Board of Supervisors of zPiAJ. County at a regular meeting held January 18 1968, the originals of which are on file in my office. John D. Murphy County Clerk, Oakland County By uty Clerk Dated: January 18 1968.