HomeMy WebLinkAboutResolutions - 1968.01.18 - 18904PUBLIC WORKS COMMITTEE
irrnan
Harry W. Horton Charles B. Edwards, jr.
33: 33 „, , -a r •
1-* 3 ,
on January 18 C
71)7:7:S.71‘,":?: Bachert, Bailey, Beecher, Bingham, Birnkrant, Brennan, Brewer, 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, MeAvoy, McDonnell, Melchert, Melstrom, Miller,
Mitchell, OtDonoghue, Oldenburg, Peasley, Perinoff, Peterson, Potter,
Powers, Reid, Remer„ Rhinevault, Rusher, Schiffer, Schwartz, Shepherd,
Simson, Slavens, Smith, Solberg, Tapp, Taylor, Tinsman, Treacy, Valentine,
Wahl, Walker, Webber, Wilcox, Wilmot, Woods. (78)
Bryant, W. Fisher, Gallagher, Grisdale, Jones, Lahti, Lyon, Nelson. (8)
Mr. Case
January 15 , 1968:
Arms - Stage One, to be dated November 967, and it is now necessary
Mizoellaneous Resolution No. 4822
Recommended by Board of Public Works
Re EVERGREEN SEWAGE DISPOSAL SYS1n: -
BLOOMFIELD TO1IP TRUNK AFV3 -
STAGE ONE
Submitted by Mr.
AMENDMENTS . TO
BOND RESOLUTION
offered the following resolution which
was approved by the Board of Public Works at their meeting of
Case
WHEREAS, the said Board of Supervisors, by miscellaneous
resolution No. 4720, adopted on A! il 25, 1967, did approve a Bond
Resolution providing for the issuance of $220,000 of Oakland County
Sewage Disposal Bonds - Evergreen System - Bloomfield Township Trunk
to amend paragraphs 1 and 5 and the form of bond set forth in para-
graph 6 of said 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 RESOLVED BY THE BOARD OF SUPERVISORS OF
OAKLAND COUNTY, MICHIGAN, that paragraph 1 of the Bond Resolution
heretofore adopted by this Board on April 25, 1967, be and it hereby
is amended to read as follows
1. That the bonds of said County of Oakland, agregating
the principal sum of Two Million Twenty Thousand Dollars ($2,020,000)
be issued for the purpose of defraying the cost of acquiring said
Bloomfield Township Trunk Arms - Stage One In the Evergreen Sewage
Disposal System. That said bonds shall b& -non as "Oakland County
Sewage Disposal Bonds - Evergreen System - Bloomfield Township Trunk
Arms - Stage One", shall be dated May 1, 1968, shall be numbered con-
secutively in the direct order of their maturities from 1 upwards,
qhall be in the denomination of $5,000 each, shall bear interest at
an average net interest rate, to be hereafter determined, not exceed-
ing five-per cent (5%) per niam with no rate of interest on any one
bond to exceed six per cent (5) per annum, payable on November 1,
1963 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:
1970 -
1971 - 90,000
1972 - 55,OCO
1973 - 55,000
1974 - 60,000
1975 - 60,000
1976 - 65,000
1977 - 65,000
1978 - $70,000
1979 - 70,000
1980 _
- 80,000
2 - 80,000
1963 - 85,000
1984 - 90,000
1985 - 95,000
1986 - $10 0 ,0 0 0 1987 - 105,000
1988 - 110,000
1989 - 115,000
1590 - 120,000
1991 - 120,000
1992 - 125,000
1993 - 125,000
Bonds maturing on or after May 1, 1131 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, 1977, Bonds called for
redemption shall be redeemed at the par value thereof and accrued
Interest plus a premium on each bend computed as a percentage of the
face amount thereof in accordance with the following schedule:
35 if called to be redeemed on or after Nay 1, 1977, but
prior to May 1, 191
2% if called to be re0.eemed on or after May 1, 1981, but
prior to May 1, 7987
1% if called to be redeemed on or after May 1, 1987, but
prior to maturity.
Notice of redemption shall be giver to the holders of the bonds to
be redeemed by publication of such notice net 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 th .'..tate fixed for re d emption, provided funds are
on hand with the paying agent to redcem the same. Bonds maturing
prior to the year J.981 shall not be subject to retetion prior to
maturity. All bonds shall have proper c oupons attached thereto
evidencing interest to their respective dates of maturity.
BE IT FURTHEP 717 q01=, that paragarph 5 of said Bond
Resolution heretofore adopted by this Board be and it her
ar..ended to read as follows:
y is
That all moneys paid to the County by the Township of
Bloomfield pursuant to said Contract of March 1, 1967, shall be set
aside by the County Treasurer in a separate fund and honk account
to b used solely for the pa7./-ner of the principal and interest on
the bonds herein authorized. Iuterest payt;tie on the bonds on
November 1, 1968 and May 1 and 1.veriber 1, 1969, is capitalized and
is payable from the proceeds of eel bonds.
G
BE IT FURTHER RESOD/ED, tha rrT17,raph 6 of said Bond
Resolution heretofore adopted by this Board be and it hereby 1
amended to read as follows;
6, That said bonds and attached coupons snail be sub-
stantlally in the following form:
Number $5,000
=ED STATES OF A71FFICA
STATE OF MICHIGA
COUNTY OF OAKLAND
OAKI-,P:.:E. COUNTY SEWAGE DISPOSAL BOND -
-i'VERCIFT'IN SYSTEM - BLOOMFT7LD TOWNSHIP
TRUNK ARMS - STAGE ONE
KNOW ALL NEN BY THESE PRESENTS, that the County of Oakland,
Michigan, hereby ackno:ledges 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
from the date hreof until paid, at the rate of
) per centum per annum, payable Nvemb
8 and thereafter seml-ar3m)ally on the first days of May und
Nc7:27,ter in each year, Both. principal and interest hereof are payable
in lawful money of the United States of AmerLca at
in the City
Presentation and surreer of this bond and the
coupons hereto attached as they severally mare.
This bond is one of a serles of bonds of like date and
tenor except as to maturity
numbered consecutively in the direct order of their maturities from
1 to 404, both inclusive, aggregating the principal stun of Two
Million Twenty Thousand Dollars ($2,020,000), issued ,,In .J ,=-r 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 Michigan
Public Acts of 1957, as amended, for the purpose of defraying the
cost of the Bloomfield Township Trunk Arms - Stage One in the
Evergreen System.
Bonds of this series maturing prior to May 1, 1981 are not
lect to redemption prior to riarit7. Bonds maturing on or after
!Lay 1, 1981 shall be subject to re2rlption as a whole, at the option
of the County prior to maturity oPt any interest payment date on or
after May 1, 1977. 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 accor-
dance with the following schedule:
=1 if called to be redeemed on or after May 1, 1977, but
prier to Nay 7, 1 981
2% if calle ,j o be redeemed on or after May 1, 1981, but
prior to fay 1, 1987
17, if called to be redeemed on or after May 1, 1987, but
prior to maturity.
interest thereon
Notice of redem7tion shall be 7iven to the holders of bonds called
for redemption by publication of such notice not less than thirty
(30) c.ys. prior to the date fixed for rem.:4.ytion, at leEst once in a
newsrper or publication circulated in '.:e City of Detroit, nigan,
which carries as a part of its regular service, notices of the sale
of municipal b.,n.dz, Bonds so called for redemption shall not bear
Interest after tie date fixed for redemption, provided funds are on
hand with the paying agent to redeem the same,
This bond as to both principal and interest, is Payable
from moneys to be paid to the County of Oakland by the Township of
Eloomfield pursuant to a certain ,i:::reement dated March I, 1967,
between the County of Oakland and said Township whereby the said
Township agrees to pay to the said County the cost of said Bloomfield
Township Trunk Arms - Stae One in the 7A .ergreen Sewage Disposal
System in annual instalints in the sane amounts as the annual
maturities of the bonds of this issue and semi-annually to pay the
amount of the interest and bond handling charges such payments to
he made at least thirty (30) days prior to the respective due dates
specified in this bond, The full faith and credit of said Township
is pledged for the prompt payment of its obligation pursuant to
said contract, and in addition, by affirmative vote of three-fifths
(3/5ths) the members elect of its Board of Supervisors, the full
faith and credit of the County of Oakland is placed to the payment
of this bond, principal and interest when due.
It is tor,oby certified, recited and declared that all acts,
conditions and thi ngs required to exist, ha7pen and be performed
precedent to and in the issuance of the bonds of this series, existed,
have happened and have been perfo=ed in due time, form and manner as
required by the Constitution and Statutes of the Stae.. of Michigan,
and that toe total indebtedness of said county, including this series
of bonds, does not exceed constitutional or statutory limitation,
IN WITNESS TeT.1=7.ap, the County of Oakland, Michigan by its
Board of Supervisors, ha. ca.u -sed this bond to be signed in its name
by the Chairman of said I7caTd of Supervisors and by the County Clerk
of the County, and its c.inorate seal to be affixed hereto, and has
caused the annexed interest coupons to be executed with the facsimile
signatures of af,,t Chairman and County Clerk, all as of the first day
of May, A,D,
COUNTY OF OfZ,LAND, MICHIGAN
By
Chairman of its
Supervisors
Board of
County Olen
(SEAL)
Townsflip Arms - StaFe One, dated r.;a: 1 19 M,
(FACSIMILE) (1-1 117,/,TLF\
County Clerk Ci.)irman of the RaPrd of uervisors
On the 1st day of 19 , the County.
of Oakland, Michigan, will pay to t17 7.)earer hereof the sum shown
hereon in lawful money of the United States of America at the
, in the City of
s6= eing the interest due cm that day on. its
Oakland Couut7 Sewage Disposal Tond - Evergreen System - Bloomfield
BE IT TPURTH77. R7SOLVED, 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 foregoin7 n
tion,
)ported by Forbes
Discussion followed.
Moved by Clarkson supported by Mitchell the resolution be laid on the
table until the next meeting.
A sufficient majority not having voted therefor, the motion lost.
Vote on resolution:
ADOPTED: YEAS: Bachert, Bailey, Beecher, Bingham, Birnkrant, Brewer, Case, Charteris,
Cline, Colburn, Doherty, Edward, Edwards, E. Fisher, Forbes, Fouts, Frid, Fusilier,
Gabler, Hagstrom, Hall, Hamlin, Horton, Hudson, Hursfall, Ingraham, Inwood, Johnson,
Kephart, Kramer, Lessiter, Levinson, Linley, Long, Mainland, Maly, Mastin, MeAvoy,
Melchert, Melstrom, Miller, Mitchell, Oldenburg, Peasley, Perinoff„Potter, Powers,
Reid, Remer, Rhinevault, Schiffer, Shepherd, Simson, Slavens, Smith, Solberg,
Tapp, Taylor, Tinsman, Treacy, Valentine, Wahl, Webber, Wilcox, Wilmot, Woods. (66)
NAYS: Brennan, Clarkson, Dewan, Duncan, Eldridge, Ceralds, McDonnell,
OtDonoghue, Peterson, Walker. (10)
ABSENT: Bryant, W. Fisher, Gallagher, Grisdale, Amiutsmx, Jones, Lahti, Lyon,
Nelson, Rusher, Schwartz. (10),
STATE OF MICHIGAN )
) as:
COUNTY OF OAKLAND )
I, the undersigned, the County Clerk of the County of
Oakland, do hereby certify that the foregoing is a true and complete
copy of the proceedings pertaining 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 aid. County at a regular meeting held January 18
1968, the originals of which are on file in my office.
John D. Murphy
ounty lerk, Oak and County
By
Deputy Clerk
Dated: January 18 1968.