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HomeMy WebLinkAboutResolutions - 1968.03.12 - 189431968, at 9:30 o'clock A.M., Eastern Standard o f March At a regular meeting of the Board of Supervisors of Oakland County held in the Supervisors Auditorium at the Oakland County Building in the City of Pontiac, Michigan, on Wednesday , the 13th day Time. PRESENT: Bachert, Bailey, Beecher, Birnkrant, Brennan, Brewer, Bryant, Case, Charteris, Clarkson, Cline, Colburn, Dewan, Doherty, Duncan, Edward, Edwards, Eldridge, Forbes, Fouts, Frid, Fusilier, Gabler, Geralds, Grisdale, Hall, Hamlin, Hudson, Hursfall, Ingraham, Inwood, Kramer, Lahti, Lessiter, Long, Mainland, Maly, Mastin, McAvoy, McDonnell, Miller, Mitchell, Nelson, O'Donoghue, Oldenburg, Peasley, Perinoff, Peterson, Reid, Berner, Schiffer, Schwartz,Shepherd, Simson, Slavens, Smith, Solberg, Tapp, Taylor, Tinsman, Valentine, Wahl, Walker, Webber, Wilcox, Woods, (60 ABSENT: Bingham, F. Fisher, W. Fisher, Gallagher, Hagstrom, Horton, Johnson, Jones, Kephart, Levinson, linley, Lyon, Melchert, Melstrom, Potter, Powers, Rhinevault, Rusher, Treacy, Wilmot, (20) Mr. Case PUBT WORKS COMMITTEE Miscellaneous Resolution No 4837 Recommended by Board of Public Works Re: FARMINGTON AND EVERGREEN SEWAGE DISPOSAL SYSTEMS - SOUTHFIELD SANITARY LATERAL SYSTEM NO. 7 — Marry \AT: Horton Charles B.EdwaTa-d- Case Submitted by Mr. BOND RESOLUTION offered the following resolution which was approved by the Board of Public Works at their meeting of , 1968: WHEREAS, this Baord of Supervisors, by Miscellaneous Resolution No. 3270, adopted on August 12, 1957, as amended by Miscellaneous Resol- ution No.3339, adopted on January 24, 1958, did approve of the establish- ment 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 Disposal District, within which district lies part of the City of Southfield; and WHEREAS, this Board of Supervisors, by Miscellaneous Resolution No. 3269, adopted on August 12, 1957, as amended by Miscellaneous Resol- ution No. 3435, adopted on October 13, 1958, did approve of the establish- ment of a sewage disposal system to be known as the "Evergreen Sewage Disposal System" for the purpose of disposing of sanitary sewage from the Evergreen Sewage Disposal District, within which district lies part of the City of Southfield; and WHEREAS, pursuant to Board of Supervisors Resolution riscellan- eons No. 4836 , adopted on this date, and pursuant to a resolution adopted by the governing body of the City of Southfield, the County of Oakland and the said City entered into an Agreement dated as of February 1, 1968, whereby the County agreed to construct and finance said Southfield Sanitary Lateral System No 7, in the Farmington and Evergreen Sewage Disposal Systems and the City agreed to pay the total cost thereof, based upon an estimated cost of $1,200,000, and as represented by the amount of bonds issued by the county to finance said System, which said contract is set forth in full in the said resolution of this Board of Supervisors; and WHEREAS, construction plans and specifications for the South- field Sanitary Lateral System No. 7, in the Farmington and Evergreen Sewage Disposal Systems as prepared by Hubbell, Roth & Clark, Inc, registered professional engineers, and an estimate of $1,200,000, as the cost of said Lateral System and an estimate of fifty (50) years and up- wards as the period of usefulness thereof, as prepared by said 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 body of the City of Southfield; and WHEREAS, pursuant to the provisions of said Agreement of February 1, 1968, the aggregate amounts of the several annual install- ments to be paid by the said City are the same as the annual bond matur- ities hereinafter set forth; and WHEREAS, under said Agreement of February 1, 1968, the said City is to pay annually the amount of each annual installment to the county and in addition thereto is to pay semi-annually interest and paying agent fees and other bond handling costs as determined pursuant to said Agree- ment; and WHEREAS, the county is desirous of issuing bonds in anticipa- tion of the payments to be made by the said City under said Agreement of February 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, aggregating the principal sum of One Million Two Hundred Thousand Dollars ($1,200,000) be issued for the purpose of defraying the cost of acquiring said Southfield Sanitary Lateral System No 7, in the Farmington and Evergreen Sewage Disposal Systems. That said bonds shall be known as "Oakland County Sewage Disposal Bonds - Farmington and Evergreen Systems - Southfield Sanitary Lateral System No. 7 1 ; shall be dated May 1, 1968; shall be numbered consecutively in the direct order of their maturities from 1 upwards; shall be in the denomination of $5,000 each; shall bear interest at a rate or rates to be hereafter determined not exceeding five and one half percent (5-1/2%) per annum, payable on November 1, 1968 and semi-annually there- after 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 1969 - $40,000 1970 - 40,000 -1971 - 40,000 1972 - 40,000 1973 - 40,000 1974 - 40,000 1975 - 40,000 1976 - 40,000 1977 - 40,000 1978 - 40,000 1979 - $40,000 1989 - $40,000 1980 - 40,000 1990 - 40,000 1931 - 40,000 1991 - 40,000 1982 - 40,000 1992 - 40,000 1983 - 40,000 1993 - 40,000 1984 - 40,000 1994 - 40,000 1985 - 40,000 1995 - 40,000 1986 - 40,000 1996 - 40,000 1987 - 40,000 1997 - 40,000 1988 - 40,000 1998 - 40,000 Bonds maturing on - after May 1 1988 shall he 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, 1997. 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 schedule: 2% if called to be redeemed on or after May 1, 1987, but prior to May 1, 1992. 1% if called to be redeemed on or after May 1, 1992, 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 paying agent to redeem the same. 'Bonds maturing prior:to the year -1988 shall not be subject to re- demption 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 paying 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 he 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 hereby authorized and directed to deliver said bonds and attached coupons to the -4- purchaser thereof, upon receipt of the purchase price therefor. 4. That the said bonds are to be issued pursuant to the pro- visions 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 City of Southfield under said Agreement of February 1, 1968, which pay- ments are in the principal amount of the bonds with interest thereon as therein provided. As provided in said Act No 185, the full faith and credit of the City of Southfield is pledged to the making of the said pay- ments 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 City of Southfield pursuant to said Agreement of February 1, 1968, 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 on November 1, 1968 and May 1, 1969 is cap- italized and is payable from the proceeds of said bonds. 6. That said bonds and attached coupons shall be substantially in the following form: UNITED STATES OF AMERICA STATE OF MICHIGAN COUNTY OF OAKLAND OAKLAND COUNTY SEWAGE DISPOSAL BOND - FARMINGTON AND EVERGREEN SYSTEMS - SOUTHFIELD SANITARY LATERAL SYSTEM NO. 7 Number $5 ,0 0 0 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, payable November 1, 1968 and there- after 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 presenta- tion 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 240, both inclusive, aggregating the principal sum of One Million Two Hundred Thousand Dollars (1,200,000), 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 Southfield Sanitary Lateral System No. 7, in the Farmington and Evergreen Sewage Disposal Systems. Bonds of this series maturing prior to May 1, 1988, are not subject to redemption prior to maturity. Bonds maturing on or after May 1, 1988 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, 1987. 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 schedule: 2% if called to be redeemed on or after May 1, 1987, but prior to May 1, 1992. 1% if called to be redeemed on or after May 1, 1992, but prior to maturity. -6- 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 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 City of Southfield pur- suant to a certain Agreement dated February 1, 1968, between the County of Oakland and said City whereby the said City agrees to pay to the said county the cost of said Southfield Sanitary Lateral System No 7, in the Farmington and Evergreen Sewage Disposal Systems in annual installments in the same 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 be made at least thirty (30) days prior to the respective due dates specified in this bond. The full faith and credit of said City is pledged for the prompt payment of its obligation pursuant to said con- tract, and in addition, by affirmative vote of three-fifths (3/5) 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 in- debtedness of said county, including this series of bonds, does not ex- ceed 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 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.D. 1968. COUNTY OF OAKLAND, MICHIGAN By Chairman of its Board of Supervisors By Its County Clerk (SEAL) -7 - (COUPON) Number On the 1st day of , A.D. 19 , the County of Oakland, Michigan, will pay to the bearer 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 - Farm- ington and Evergreen Systems - Southfield Sanitary Lateral System No. 7, dated May 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\_Baordof 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, subject 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. Mr. Case moved the adoption of the foregoing resolution. The motion was supported b Mr. Forbesy On roll call the resolution was adopted by the following vote: Yeas: Bachert, Bailey, Beecher, Birnkrant, Brennan, Brewer, Bryant, Case, Charteris, Clarkson, Cline, Dewan, Doherty, Duncan, Edward, Edwards, Eldridge, Forbes, Fouts, Frid, Fusilier, Gabler, Geralds, Grisdale, Hall, Hamlin, Hudson, Hursfall, Ingraham, Inwood, Kramer, Lahti, Lessiter, Long, Mainland, Maly, Mastin, McAvoy, McDonnell, Miller, Mitchell, Nelson, O'Donoghue, Oldenburg, Peasley, Peterson, Reid, Schiffer, Schwartz, Simson, Slavens, Smith, Solberg, Tapp, Taylor, Tinsman, Valentine, Wahl, Walker, Webber, Wilcox, Woods. (62) Nays: None. (0) Absent Bingham, Colburn, F. Fisher ., W. Fisher, Gallagher, Hagstrom, Horton, Johnson, Jones, Kephart, Levinson, linlev, Lyon, Melchert, Melstrom, Perinoff, Potter, Powers, Berner, Rhinevault, Rusher, Shepherd, Treacy, Wilmot. (24) session) 13th March day of office. STATE.; OF MICHIGAN ) ) SS; COUNTY OF OAKLAND ) I, the undersigned, the duly qualified and acting County Clerk and Clerk of the Board of Supervisors of the County of Oakland, do hereby certify that the foregoing is a true and complete copy of a resolution resolution adopted by a three -fifths (3/5) vote of its members elect at the meeting (which was a part of the regular September of the Board of Supervisors of the County of Oakland held on the , 1968, the original of which is on file in my John P. Murphy County Clerk Deputy Clerk By Dated: March 13 , 1968