Loading...
HomeMy WebLinkAboutResolutions - 1968.10.07 - 18989Horton ' Chafle==k--.7-5 jok ro Homer case, Chairman 70= WORKS CTOIVIIVIITTEE Miscellaneous Resolution No. 4942 Recommended by Board of Public Works Re: WALLED LAKE WATER SUPPLY SYSTEM Submitted by Mr. MENDED BOND RESOLUTION Ca se Mr. Case offered the following resolution which was approved by the Board of Public Works at their meeting of , 1968: WHEREAS, this Board of Supervisors, by Miscellaneous Resolution No. 4680, adopted January 20, 1967, did approve of the establishment of a water supply system to be known as the "Walled Lake Water Supply System" for the purpose of supplying water to the City of Walled Lake; and WHEREAS, pursuant to Board of Supervisors Resolution Miscellaneous No. 4883, adopted on ma 27, 1968, and pursuant to resolution adopted by the cToverning body of the City of Walled Lake, the County of Oakland and the said City entered into a Contract dated: as of May 1, 1968, whereby the County agreed to construct and finance the Walled Lake Water Supply System and the City agreed to pay the total cost thereof, based upon an estimated cost of $1,950,000 and as represented by the amount f 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 No. 4941 WHEREAS, construction plans and specifications for the Walled Lake Water Supply System as prepared by Johnson & Anderson, Inc., 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 Walled Lake; and WHEREAS, pursuant to Board of Supervisors Resolution , adopted on this date and pursuant to a resolu- tion adopted by the governing body of the City of Walled Lake, the County of Oakland and the said city entered into an Amend- ment to Contract dated as of October 1, 1968, whereby a revised estimate of cost of said Walled Lake Water Supply System in the amount of $2,200,000 was approved and the city agreed to pay the total cost thereof based upon the revised estimated cost of $2,200,000, and as represented by the amount of bonds issued by the County to finance said System, which said Amendment to Contract is set forth in full in said resolution of this Board of Supervisors; and WHEREAS, pursuant to the provisions of said Contract of May 1, 1968, and said Amendment to Contract dated October 1, 1968, the amounts of the several annual installments to be paid by the City are the same as the annual bond maturities herein- after set forth; and WHEREAS, under said Contract of May 1, 1968, and said Amendment to Contract dated October 1, 1968, the said City is to pay annually the amount of each annual installment to the County and in addition thereto are to pay semi-annually interest and paying agent fees and other bond handling costs as determined pursuant to said Contract; and 2- WHEREAS, this Board of Supervisors by Resolution Mis- cellaneous No. 4884, adopted May 27, 1968, authorized the issu- ance of bonds in the aggregate principal amount of $1,950,000, in anticipation of payments to be made by the City of Walled Lake under said Contract of May 1, 1968; and WHEREAS, the County is now desirous of issuing bonds in the aggregate principal amount of $2,200,000 in anticipation of payments to be made by the said City under said Contract of May 1, 1968 and said Amendment to Contract of October 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, aggre- gating the principal sum of Two Million Two Hundred Thousand Dollars ($2,200,000) be issued for the purpose of defraying the cost of actjuring the Walled Lake Water Supply System. The said bonds shall be known as "Oakland County Water Supply Bonds (Walled Lake System)"; shall be dated November 1, 1968; shall be numbered consecutively in the direct order of their maturities from 1 upwards; shall be in the denomination of $5,000; shall bear interest at a rate or rates to be hereafter determined not exceeding six percent (6%) per annum with the net interest cost not to exceed five and one half percent (5-1/2%) per annum, pay- able on May 1, 1969, and semi -annually thereafter on the first -3- days of May and November in each year and shall mature on the first day of November in each year as follows 1972 - $30,000 1973 - 30,000 1974 - 30,000 1975 - 30,000 1976 - 35,000 1977 - 35,000 1978 - 40,000 1979 - 40,000 1980 - 45,000 :,1981 - 45,000 1982 - 50,000 1983 - $50,000 1984 - 55,000 1985 - 55,000 1986 - 60,000 1987 - 65,000 1986 - 70,000 1989 - 70,000 1990 - 75,000 1991 - 80,000 ,1992 - 85,000 - 90,000 1994 - $95,000 1995 - 100,000 1996 - 100,000 1997 - 105,000 1998 - 110,000 1999 - 110,000 2000 - 110,000 2001 - 110,000 2002 - 110,000 2003 - 85,000 BOnds maturing on and after November 1, 1987 shall be sub-ject to redemption prior to maturity in inverse numerical order, at the option of the County, on any one or more interest payment dates on and after November 1, 1986, 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 November 1, 1986, but prior to November 1, 2000 No premium 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 publication of such rictice not less than thirty (30) days prior to the date fixed for redemption, at least once in a nc7 ,7:707.aper 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 redemp- tion, provided funds are on hand with the paying agent to redeem the same. Bonds maturing prior to the year 1987 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. -4-- 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, 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 pur- chaser of the bonds and approved by the Director of Public Works_ Such purchaser shall also have the right to name a similarly ciPalified 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 be 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 purchaser thereof, upon receipt of the purchase price therefor. 4. That the said bonds are to be issued pursuant to the provisions of Act No. 185 of the Michigan Public Acts of 1957, as amended, in anticipation of and payable primarily from the collection of the amounts to become due to the County from the City under said contract and amendment to contract between the County and the City, which amounts aggregate the sum of $2,200,000, with interest as therein provided. The interest payable on said bonds on May 1 and November 1, 1969 and 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 County -5- is hereby pledged for the prompt payment of the principal of and interest on said bonds as the same become due. 5. That all moneys paid to the County by the City pursuant 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 bonds herein authorized and otherwise as provided in said contract. 6. That said bonds and attached coupons shall be sub- stantially in the following form: UNITED STATES OF AMERICA STATE OF MICHIGAN COUNTY OF OAKLAND OAKLAND COUNTY WATER SUPPLY BOND (WALLED LAKE SYSTEM) Number $5,000 KNOW ALL MEN BY THESE PRESENTS, that the County of Oakland, State of 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 November, A.D. 19 , together with interest thereon from the date hereof until paid, at the rate of ) per centum per annum, pay- able May 1, 1969 and thereafter 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 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 440, both inclusive, aggregating the principal sum of Two Million Two Hundred Thousand Dollars ($2,200,000), issued under and pursuant to and in full conformity with the Constitu- tion 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 acquiring the Walled Lake Water Supply System. This bond is payable, as to both principal and interest, primarily from moneys to be paid to said County by the City of Walled Lake in said County pursuant to a certain Contract dated May 1, 1968, and Amendment to Contract dated October 1, 1968, between the said County and City, whereby said City has agreed to pay to the said County 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 Super- visors, 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. , upon presentation and surrender of this bond and the coupons hereto attached as they severally mature. -7- Bonds of this series maturing prior to November 3 , 1987 are not subject to redemption prior to maturity. Bonds maturing on and after November 1, 1987 shall be subject to redemption prior to maturity in inverse numerical order, at the option of the County, on any one or more interest nayment dates on and after November 1, 1986, at the nor value thereof and accrued interest plus a premium on each bond computed as a percentage of the face value thereof in accordance with the following schedule: 2% if called to be redeemed on or after November 1, 1986, but prior to November 1, 2000 No premium if called to be redeemed on or after November 1, 2000, but prior to maturity. Notice of redemption shall he 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 redemt ,tion shall not bear interest after the date fixed for redemption, provided funds are on hand with the paping agent to redeem the same. 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 issuance of this series of bonds does not cause any constitutional or statutory limifation to he exceeded. IN WITNESS WHEREOF, the County of Oakland, State of Michigan, by its Board of Supervisors, has caused this bond to be signed in its name by the Chairman of said Board of Suner- visors 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 November, A.D. 1968. COUNTY OF OAKLAND, STATE 07 MICHIGAN By Chairman of Board of Supervisors By (SEAL) County Clerk (COUPON) Number On the 1st day of , A.D. 19 the County of Oakland, State of Michigan, will pay to the bearer hereof the amount 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 Water Supply Bond (Walled Lake System) dated November 1, 1968, No. (FACSIMILE) (FACSIMILE) County Clerk Chairman of Board of Supervisors -9- 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, Michigan Public Acts of 1943, as amended, and the Board of Public Works through its Director is hereby authorized and directed to make application to said Commission for the issuance of such order. 8. That the Board of Public Works is hereby author- ized 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. That all resolutions and parts of resolutions, insofar as the same may be in conflict herewith, are hereby rescinded. Moved by Case supported by Bingham the resolution be adopted. ADOPTED. YEAS: Bachert, Beecher, Bingham, Birnkrant, Bryant, Case, Charteris, Dewan, Doherty, Duncan, Edwards, Fouts, Fusilier, Gallagher, Geralds, Grisdale, Hall, Hamlin, Horton,Hursfall, Inwood, Johnson, E. Kephart, J.Kephart, Kramer, Lahti, Lessiter, Linley, Long, Mainland, Maly, Mastin, McDonnell, Melchert, Melstrom, Miller, Mitchell, Nelson, O'Donoghue, Oldenburg, Peasley, Perinoff, Powers, Reid, Remer, Rhinevault, Rusher, Schwartz, Simson, Solberg, Taucher, Tinsman, Valentine, Wahl, Webber, Wilcox, Wilmot, woods. (50 NAYS: Taylor. (1) ABSENT: Anderson, Brennan, Brewer, Clarkson, Cline, Colburn, Edward, Eldridge, Famularo, Forbes, Frid, Gabler, Ingraham, Levinson, Lyon, McNamee, Paholak, Peterson, Potter, Schiffer, Shepherd, Slavens, Smith, Stine, Tapp, Treacy, Walker. (27) STATE OF MICHIGAN) ) SS COUNTY OF OAKLAND) 1, the undersigned, the duly qualified Chief Deputy County Clerk of the County of Oakland, Michigan, do hereby certify that the foregoing is a true and complete copy of a resolution adopted by the Oakland County Board of Supervisors at a Regular meeting held on the 7th day of October , 1968 , the original of which is on file in this office. IN WITNESS wHERFOF, I have hereunto affixed my official signature this 7th day of October A.D. 196 8 . Chief Deputy County Clerk