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HomeMy WebLinkAboutResolutions - 1968.05.27 - 18967Misc. 4884 Recommended by Board of Public Works Re: WALLED LAKE WATER SUPPLY SYSTE0 Submitted by Mr . Case Mr. Chairman, Ladies and Gentlemen: I offer the following resolution, which was approved and recommended by the Board of Public Works and the Public Works Committee: WHEFTAS, pursuant to Act ho. 135, Michigan. Public Acts of 1957 ? as an:. , the board of Eurervisors of Oakland County, igan, by Misclianeous ResolutIon No, 4680, adopted January 20, . 1967, approved the establi s hment of the "Walled Lake Water Supply System" for the purpose of supplyinp: water to the City of Walled Lake (hereinafter sometimes referred to as the 'City") in said Count:: of Oakland (hereinafter sometimes referred to as the "County"), the said •yotem to be acquired and financed by the County and to consist of :77uiring a supply of water from wells or from another municipality and of water sucply facilities to be constructed by the County in the City; and )i -EHETi, the said County and the said City, by their respective 7:-,2er ,.ling hoards_ have authorized the execution of a contract by the terms of which the County would acQuire said system and lease the same for oberation by the City to serve the City and would finance the cost thereof by issuing bonds of the CourYty pur- suant to said Act No, 185, as amended, secured by payable primarily from payments to be made by the City to defray the cost of acquiring the system and secondarily, upon appropriate vote of the board of Supervisors, by the full faith and credit pledge of the County; and WHEREAS, plans and 5 ,0ecifications for said svstem, together with an estimate of the cost thereof i.n the sum of .:.:1,950,000 and an estimate of 50 years and upwards as the neriod of usefulness `Hhereof, have been prepared by Johnson and Anderson, Inc„ registered professional englneers, and have been aroved by the per cent (5-1 /2%) annum, payable on bay i, 1969 and semi- , Board of Public Works and by the Board of Supervisors of said County, and by the City Council of the City of Walled Lake and it is desired that such estimated cost of $1,950,000 be financed by the issuance of County bonds; and WHEREAS, the above-mentioned contract between the County and the City requires that the City pay to the County certain principal amounts in the years through 2002 which are equal to the bond maturities for the same years as hereinafter provided (such annual amounts to be paid each year on October 1), and that the City pay interest on April 1, 1970 and semi-annually thereafter on the unpaid balance owing to the (:Inty; and WHEREAS, the Board of Public Works of the County has approved this resolution and recommended its aaP:ption by the Beard of Supervisors in order that the County may issue its bonds in the aggregate a7,u,nt of $1,950,000 to finance the acquisition of said system; THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF OAKLAND COUNTY, MICHIGAN, as follows: l; That the bonds of said County of Oakland, aggregating the principal sum of One Million Nine Hundred Fifty Thousand Dollars ($1,90,000) shall be issued for the purpose of defraying the cost of acquiring the Walled Lake Water Supply . System; shall be known "Oalanc7. County Water Supply Bon'ts (Walled hake System)'; shall be dated as of September 1, 1968 be .P,ored consecuttvely in the direct order of their maturities from 1 upwards; shall be in the denomination of $5,000 each; shall he sold at an annual net intereut cost to be hereafter determined not exceeding five and one-half 7('177 1373 74. - 1975 - 1976 -- 1978 - Ig79 1 ')!'7,7 -(988 1985 7986 3937 1950 1990 ,000 to Use 5,000 ,000 annually thereafter on the first days of May and Novemb e r in each year; and. shall rture on the first day of November in each year as fells: nnn - Y",)5 • , E0 000 - 6 ,5000 cfl,uuu - 70.9 0') ,ho-) 1953 1994 1996 1999 I 997 2001 LUL,L -8 75 , n00 - 75,000 - 80,000 - gi;; non - 90,000 - 95,000 - 100,000 - 100,000 - -105,000 - 110,000 - 115,000 r'snO7 maturin7 on and after November 1, 1987 shall be subject to ref.,---ntin,prior to maturity in inverse rfl7-17-al order at the option of the County, on ;.::TT one or more interest payment dates or and aft or lovenber 1, 196 7 the ear value thereof and accrued interest r 1 as a premium on each bond computed as a percent- age of the fae, nmourt thereof in accordance with the following schcdul_e: 25 if nalTed to be redeemed on or after November 1, 1986, but Prinn tn 2000 No premium if clied to e redeemed on or after Novemher 1, 2000, but drier to m aturity Notice of red-tier 7-Cnall be Fiver to the holders of the bonds to be .h-v--a....n- y ouolicatien of such notice not les than thirty (30) dz•! crier to the date fixed for n,Td.':nuytdn, at least once in a or 7.Jublication circulate in the City of Detroit, Michigan, which carries as a part or its rep7ular service, notices of the sale of municipal bonds, Bonds so called for redemption shall not bear interest after the date fixed for redemption, orov1ded funds are on hand with the sun no ar:ert to redoeit the same. Bends maturing prior to the year 1987 shall not be subject to redemption crier to maturity . All bonds shall have prooer col)ponii7. attached th e reto evidencing interest to their respective dates of maturity . 3 . That the Chairman of the F.-ro of Supervisors and the ark of the County of Oakland are hereby authorized and County iiL,°=:r 1, 1969 and interest payable on said bonds c 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 c,cmray, qualified to serve as paying agent under the laws of the State of Michigan or the United States of America, as shall be designated by the original purchaser of the bonds and approved by the Director of Public_ Such purchaser shall also have the right to name a similarly Qualified co-paying agent. 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 execu- tion of said bonds and attached .ou7ons, 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 purchaser thereof, upon mceipt of the purchase price therefor. 4. That the said bonds are to be issued pursuant to the provisions of Act C. the Michigan Public Acts of 1957, as amended, in anticiation of and payable primarily from the collection of the =aunts to become due to the County from the City under said contract between. the County and the City, which amounts aggregate the sum of $1,950,000, with interest as therein provided. The part of the interest :payable on May 1, 1970 is hereby capitalized and shall be paid from the proceeds of the sale of said bonds. The full faith and credit of the Coty is hereby pledged for the prompt payment of the principal of and interest on said bonds as the same become due. That all moneys Daid to the County by the City pur- zuant to said contract shall be set aside by the County Treasurer in a separate fund and bank account to be used for the payment of the principal and interest on the bons nerein authorized and other- wise as provided in said contract C. That said bonds and attached coupons shall he sub- stantially in the following form: Number $5 ,000 UNITED STATES C7 3TATT OF MICYI:,7,AT 001177.7 OF Of.:-;LA'n OAND r0i=v YjL7.,F.F SUPPLY BOND (WALLED LAKE SYSTEM) i.F0J,4 ALL BY THESE PRESZTS, that the County of Oakland, State of MiChigan, hereby acknewlee itself in ,.1Fhted and for value received, promises to pay to the bearer hereof, the sum of FIVE THOUSAND DOLLARS on the first day of ...Joiramber, AD. 19_, together with interest thereon from the date hereof until paid, at the rate of ) per centum per annum, Payable May 196-9 and thereafter semi-annually on the first days of - May and November in each year. Both principal and interest hereof are pay- able 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 'Itercra consecutively in the dre.',:_t ordr. cf their matties from I to ".90, ooth inclusi7Te, aggreating the principal sum .o): One Million Nine Hundred Fifty Thousand Dollars ($1,95:0,000), issued under and pursuant to and in full conformity with the Constitution and Statutes of the State of Michigan, and especially Act Nd. 185 of tho V.ichigan Public Acts of 1957, as amended, for tho purpose of defraying the cost of acquiring the Walled Lake Water .:ply System. This bond is payable, as to both principal and interest, primarily from moneys to be pal.d to said County by the City of Walled Lake in said County pursuant to a certain contract dated May 1, 1968, between the said 7onty and City, whereby said City has agreed to pay to the said -,:ouhty the total capital cost of said water supply system, with interest, in installments which are sufficient in each year to pay the principal and interest maturing in such year on this series of bonds. In addition by affirmative vote of 3/5ths of the members elect of the Oakland County. Board of Supervisors, the full faith and credit of said County is pledged to the prompt payment of the principal of and interest on this series of bonds, Bonds of this series maturing prior to November 1, 1987 are not. subject to rode7ption prior to maturity. Bonds maturing on and after Neveber 1. 2.31 shall be subject to redemption por to maturity in inverse n=eil.ial order, at the option of the CGunty, on any one or rjre interP, 7 ,7ent dates on after November 1, 1986, at the par value thereof and accrued interest plus a. premium the face value thereof in on each bond computed a perecnt accordance with the folling si 23 if called to be redeemed _)n. or after November 1, 13, tut prThr to November 1, 2 1 No pi'e5f;lum if called to be redeemed on or after November 1, - 2000, but prior to maturity, Notice of redemption shall be given to the holders of the bonds to be redeemed by ,1!Tlication of such notice not less than thirty (30) days y)rior to 1:he date fir ed for vedeirlption, at least once in a newspape or publication circulated ir the City of Detroit, Michigan, which carries as a part of its regular service, notices of the sale of municipal bonds. Ponds so called for redemption siAall not bear interest after the date fixed for redemption, provideu funds are on hand with the paying agent to redeem the same, It is hereby certified, recited and declared that all acts, conditions and things required to exist, happen and be per- formed precedent to and in the issuance of the bcnds of this series, existed, have happened and have been performed in due time, form and manner as required by the Cortitution and Statutes of the State of Michigan, and that the issLance of this series of bonds does not cause any constitutional or statutory limitation to be exceeded. IN WITNESS ',4H5:770F. the County of Oakland, State of Michigan, by its i3ozc:°d of Supervisors, has caused this bond to be signed in its name by t h e Chairman of said Eord of Supervisors and by the County Clerk of the County, and its c.orporate seal to be affixed hereto, Lmc:k has caused the annexed inierest coupors to be executed with the falmile signatures of said Chairman an County Clerk, all as of tbe first day of September, A.D. l968, COUNTY OF 0.,',KLAN71 , STATE CP '7C,iT'7AN By Chai-:;:an of Soar Supervisors By County KSEAL) EXHIBIT A WATER DISTRIBUTION SYSTEM CITY OF WALLED LAKE OAKLAND COUNTY DEPT, OF PUBLIC WORKS JOHNSON B. ANDERSON INC. LEGEND 6" WATER MAIN 8" WAT ER M Al N 12" WATER MAIN guis--0 16 WATERMAIN WELL HOUSE cr) • EXISTING r7f I I -3 WATER SYSTEM H /0.r*: it"T. '1.: ( _-_-7-- 1,...,......-. — 7 rivememonmemasesswannom*.ramosawassossoes..sere=LN! . 0. -- ,,,)1 i ._., 4•00/< I ; - r; f 4. I - , I - ca —J 1-71 r'T •-• I •:' : . r ! ! :-1 1 EXISTING WATER SYSTEM -77?.7M7M t.. 7 -1-t- I 1 -'-i•T Hi • J I .1- • — CITY LIMITS WALLED LAK7,---"-- •j • • Ile "" I ▪ I Clerk Chairman (Fa County (Ficsimile) koara of Supervisors 'qumber On the 1st day of — , -- CoL;L:.1+7 of Oakland. State. of Nichigar., '4i11 p7tct. beareT—hereof araount shown hereon, in lawful ,),,7)nev of the Unft.',:ed. States of America, at the n th in the C L t of' interest on tha day on 1t8On1ud ount:7 (Walled Lake Sysm) dated Septemb e r 1. 1968, same demo the '2,t7,er Supply loud 7 That the said bonds shall not be issued until the Municipal Finance Commission of the 5ta.te of 7lichigan shall have first issued its order granting permission to so do, as provided in Act No, 202, Pichigan Public Acts of 1943, as amended, and the board of Public Norks throrrh its Divectcy is hereby authorized and directed to make application to said Commission for the issuance of such order That the board of Public Works is hereby authorized sell said bonds at not less than par and accrued interest in accor- dance 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 c,,h That all resolutions and 1:arts of resolutions, insofar as the same may be in conflict herewith, are hereby rescinded_ Supported by Mr. Perinoff AYES: Bachert, Bailey, Beecher, Bingham, Birnkrant, Brewer, Bryant, Case, Charteris, Clarkson, Cline, Dewan, Doherty, Duncan, Edwards, Famularo, Fisher, Forbes, Fouts, Frid, Gabler, Gallagher, Geralds, Grisdale, Hall, Hamlin, Horton, Hursfall, Ingraham, Inwood, E. Kephart, J. Kephart, Kramer, Lahti, Lessiter, Iinley, long, Maly, Mastin, McDonnell, McNamee, Melchert, Melstrom, Miller, Mitchell, Nelson, OlDonoghue, Oldenburg, Peasley, Perinoff, Peterson, Powers, Reid, Remer, Rhinevault, Rusher, Schiffer, Shepherd, Simson, Slavens, Solberg, Taucher, Taylor, Tinsman, Valentine, Wahl, Webber, Wilcox, Wilmot, Woods. (70) NAYS: None. (0) ABSENT: Brennan, Colburn, Edward, Eldridge, Fusilier, Johnson, Levinson, Lyon, Mainland, Potter, Schwartz, Smith, Stine, Tapp, Treacy, Walker. (16) Motion carried.