HomeMy WebLinkAboutResolutions - 1968.06.10 - 18926RESOLUTION OF OAKLAND COUNTY
BOARD OF SUPERVISORS
Misc. 4893
By Mr. Valentine
In re: Sale of $4 ., 000, 000 Motor Vehicle Highway Fund Bonds of 1968.
To: The Oakland County Board of Supervisors.
Mr. Chairman., Ladies and Gentlemen:
This morning at 11:00 o'clock was the time set for receiving bids for the
$4, 000, 000 Motor Vehicle Highway Fund Bonds of 1968 to be issued by the County.
The Board of County Road Commissioners, as authorized by the Board of Supervisors,
has received and tabulated all bids submitted in accordance with the terms of the
Notice of Sale and has adopted a resolution referring all bids to the Board of Super-
visors for action and recommending the acceptance of the bid which results in the
lowest net interest cost to the County.
The resolution of the Board of County Road Commissioners is included as a
part of the resolution which I will offer for adoption by the Board of Supervisors. Also
included is a Report submitted by the Road Committee recommending adoption of this
resolution by the Board of Supervisors.
RESOLUTION RELATIVE TO SALE OF
4, 000, 000 MOTOR VEHICLE HIGHWAY FUND BONDS OF 1968
WHEREAS, a certified copy of the proceedings taken on this day by the Board
of County Road Commissioners has been received by this Board of Supervisors, which
proceedings .read as follows:
LI
Tz; L C' ROAD COMMTIONERS PTRrT
At a special meeting of the Board of County
Road Commissioners of Oakland County, Michigan, held in the offices
of said Board, 2420 Pontiac Lake Road, Pontiac, Michigan, on the
10th day of June, 1968 at 11:00 o'clock A. M., Eastern. Daylight Time.
PRESENT: Staman, McGovern
ABSENT: Lomerson
The Secretary presented to the Board of County Road Commis-
sioners the order of the Municipal Finance Commission, dated May 14,
1968, approving the issuance by the County of Oakland of $4,000,000
Motor Vehicle Highway Fund Bonds of 1968, to be dated June 1, 1968,
and approving the form of notice of sale of said bonds.
By unanimous consent, the same was ordered filed.
The Chairman announced that this was the time set for the
opening of proposals for the purchase of the above-mentioned bonds as
advertised in The Pontiac Press on May 24, 1968 (as corrected on
May 31 , 1968), and in The Daily Bond Buyer on May 27, 1968
(as corrected on May 31, 1968).
The Secretary then presented to the Board all such proposals
which had been received by him on or before 11:00 o'clock A. M.,
Eastern Daylight Time, on this day, which proposals were then opened
by the unanimous consent of the members of the Board present, and were
as respectively set forth in the following resolution.
The following resolution was offered by cGovern
and seconded by Starnan
BE IT RESOLVED BY THE BOARD OF COUNTY ROAD COMMISSIONERS
OF OAKLAND COUNTY, MICHIGAN, as follows:
L. That the action of the Secretary in fixing this date
as the date of sale of the $4,000,000 Motor Vehicle Highway Fund
Bonds of 1968, to be issued by the County of Oakland and dated
June 1, 1968, and in causing notice of such sale to be published as
heretofore provided, is hereby ratified and confirmed.
2. That the following is a complete tabulation of all
proposals for the purchase of said bonds which were received by the
Secretary of this Board, at his office in the Oakland County Road
Commission building, 2420 Pontiac Lake Road, Pontiac, Michigan, up
to 11:00 o'clock A.M., Eastern Daylight Time, on this day, said
proposals having at such time and place been presented by the Secretary
to this Board and having been then and there publicly opened and read
by the Secretary, to-wit:
First of Michigan Corporation and Associates
bid par and accrued interest plus a premium of $960.00
bonds bearing interest per annum as follows, viz.:
, for said
5.00 % on 1969
thru 1976 maturities, 4 7/8% on 1977thru maturities, 4 3/4 % on
1978 thru 1981 maturities, _4_30 on J982 thru igR3 maturities.
4.85 % on 1984 thru 1985 maturities, % en thri4
ma-t-u-r-i-ties, and 49O% on 1986 thru 1988 maturities. (Average
net interest rate:
,2-
Halsey, Stuart and Co., Inc. and Associates
bid par and accrued interest plus a premium of $280.00, for said bonds bearing
interest per annum as follows, viz.: 6 % on 1969 thru 1973 maturities,
4.80 % on 1974 thru 1975 maturities, 4 1/2% on 1976 thru 1979
maturities, 4.60 % on 1980 thru 1981 maturities 4.80 % on 1982
thru 1983 maturities, 4.90 % on 1984 thru 1985 maturities, and 5.00 %
on 1986 thru 1988 maturities. (Average net interest rate: 4.8379 %).
3. That this Board has carefully examined all of said proposals and finds
that only the bid submitted by First of Michigan Corporation and Associates complies
with the terms of the notice of sale of said bonds (inasmuch as the notice of sale
specified a maximum interest rate of 5%) and this Board hereby submits said proposals
to the Board of Supervisors of said County of Oakland for action in accordance with
the resolution adopted by said Board of Supervisors on March 13, 1968 (Misc. 4839),
4. That this Board finds that the proposal submitted by First of Michigan
Corporation and Associates , as described above, is the only valid
proposal submitted and this Board therefore recommends to said Board of Supervisors that
said proposal be accepted.
ADOPTED: Yeas McGovern, Staman
Nays None
-1 3
STATE OF MICHIGAN)
SS7
COUNTY OF OAKLAND)
I, the undersigned, the duly qualified and acting Secretary
of the Board of County Road Commissioners of Oakland County, Michigan,
do hereby certify that the foregoing is a true and complete copy of
proceedings taken at a special meeting of the said board held on the
10th day of June, 1968, relative to the issuance and sale of $4,000,000
Motor Vehicle Highway Fund Bonds of 1968, the original of which pro-
ceedings is on file in my office.
IN WITNESS WHEREOF, I have hereunto affixed my official
signature this 10th day of June, A. D. 1968.
R, G. Worland - Secretary
REPORT OF ROAD COMMITTEE
The Road Committee hereby recommends the adoption of the attached reso-
lution by the Board of Supervisors, accepting the bid submitted by First of
Michigan Corporation
Motor Vehicle Highway Fund Bonds of 1968, to be issued by the County of Oakland and
dated June 1, 1968, at par and accrued interest, plus a premium of $ 960. 00
said bonds to bear interest per annum as follows: 5. 00 % on 1969 thru
1976 maturities; 4 7/8 % on 1977 maturities; 43/4 % on 1978
thru 1981 maturities; 4. 80 % on 1982 thru 1983 maturities;
• 4..85 To on 1984 thru 1985 maturities; and 4. 90 % on 1986 thru
1988 maturities (resulting in a net interest cost of $2, 356, 696.25 and an
average effective interest rate of 4.8516 To per annum. )
and associates for the purchase of $4, 000, Cc
ROAD COMMITTEE Dated: June 10, 1968
WHEREAS, the proposals for the purchase of the $4, 000, 000 Motor Vehicle
Highway Fund Bonds of 1968 to be issued by the County and dated June l s 1968, which
proposals are recited and described in the foregoing resolution of the Board of County
Road Commissioners, have been submitted to this Board of Supervisors for action in
accordance with the terms of the Notice of Sale of said bonds;
THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS,
OAKLAND COUNTY, MICHIGAN, as follows:
1, That the aforesaid resolution of the Board of County Road Commissioners
and the aforesaid Report of the Road Committee be and they are hereby received and
approved,
2, That the proposal of First of Michigan Corporation and associates
to purchase said $4, 000, 000 Motor Vehicle Highway Fund Bonds of 1968, to be issued
by the County and dated June 1, 1968, at the par value thereof and accrued interest to
date of delivery, plus a premium of $960, 00 , and bearing interest per annum as
follow s:
5. 00 % on bonds maturing in the years 1969 thru 1976
4 7/8 % on bonds maturing in the years 1977 thru
4 3/4 % on bonds maturing in the years 1978 thru 1981
4,80 % on bonds maturing in the years 1982 thru 1983
4, 85 % on bonds maturing in the years 1984 thru 1985
4. 90 %on bonds maturing in the years 1986 thru 1988
(resulting in a net interest cost of $2, 356, 696. 25 and an effective interest rate of
4. 8516 % per annum) is hereby found and declared, after review of all proposals
submitted, to be the proposal which results in the lowest net interest cost to the
County after deducting premium, and therefore, said proposal is hereby accepted
and all other proposals are hereby rejected and the bidding checks of the unsuccess-
ful bidders are hereby ordered returned.
3. That the said bonds shall be issued in accordance with the terms of
the bond resolution adopted by this Board of Supervisors on March 13, 1968, and
bearing interest as set forth above,
4, That all resolutions and parts of resolutions, insofar as the same may
be in conflict herewith, are hereby rescinded.
The adoption of the foregoing resolution was moved by
Mr. Valentine and seconded by Mr. Slavens
ADOPTED: Yeas: Bachert, Beecher, Bingham, Birnkrant, Brewer, Bryant, Case,
Charteris, Clarkson, Cline, Colburn, Dewan, Doherty, Duncan, Edward,
Frid, Fusilier, Gallagher, Geraids, Hall, Hamlin, Horton, Hursfall,
Ingraham, Inwood, Johnson, Kephart, Kephart, Kramer, Lessiter,
Levinson, Long, Maly, Mastin, McDonnell., McNamee, Mitchell,
O'Donoghue, Oldenburg, Peasley, Perinoff, Potter, Powers, Reid,
Remer, Rhinevault, Rusher, Schwartz, Shepherd, Simson, Slavens,
Solberg, Tinsman, Valentine, Wahl, Walker, Webber, Wilcox, Wilmot,
Woods. (60)
Nays: None (0)
STATE OF MICHIGAN )
) SS
COUNTY OF OAKLAND)
I, John D. Murphy, Clerk of the County of Oakland, State of Michigan,
do hereby certify that I have compared the annexed copy of proceedings of the
Oakland County Board of Supervisors taken at an adjourned regular meeting held on
June 10, 1968, in re: 4, 000, 000 Bond Issue for County Primary and Local Roads
with the original record thereof now remaining in my office, and that it is a true
and correct transcript therefrom, and of the whole thereof.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal
of said County at Pontiac, Michigan, this 10th day of June, 1968.
John D, Murphy
County Clerk
By
Deputy Clerk