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HomeMy WebLinkAboutResolutions - 1968.12.17 - 19020DANIEL W. BARRY CommisLioger JAMES R. NICHOLS Chief Deputy Commissioner ORTON RELIEF DRAINS D148 :es OAKLAND COUNTY DRAIN COMMISSIONER 550 SOUTH TELEGRAPH ROAD PONTIAC, MICHIGAN 48053 FEDERAL 8-4585 December 2, 1968 JAMES E. PEMBERTON Deputy and Chief Engineer HOWARD V. RUMMELL Accounting Supervisor Honorable Supervisors, Oakland County, Michigan Reference: Horton Relief Drains Mr. Chairman, Ladies and Gentlemen: The Drainage Board for the Horton Relief Drains at a meeting_ held on the 8th day of November, 1968 adopted a resolution authorizing the issuance of Drain Bonds for the said Horton Relief Drains in the aggregate amount of $310,000.00 pursuant to the provisions of the Drain Code of 1966 0 as amended, and other applicable law. In connection herewith there is submitted to you a form of pro- posed resolution for adoption by the Board of Supervisors for the purpose of pledging the full faith and credit of the County of Oakland as secondary security for the prompt payment of said Drain Bonds. The said Drain Bonds are issued in anticipation of the payment by the City of Southfield of drain assessments at large against the said corporation in amount at least equal to the amount of said bonds. The full faith and credit of said public corporation is pledged, by law, to the prompt payment of said assess- ments and the interest thereon, when due. The law further authorizes and obligates the said public corporations to levy a tax in an amount sufficient to make said payments (unless other funds are on hand available for said purpose) which tax may be levied without limitation as to rate or amount. The County is entitled by law to recover from said public corporation the amount advanced from County funds at any time in fulfillment of the County's secondary pledge of its full faith and credit. It is respectfully requested that the enclosed resolution be adopted for the reasons set forth in the preamble thereto and because the pledge of the County's full faith and credit will result in a material saving in bond interest to be paid. Yours very truly, At a meeting of the Board of Supervisors of the County of Oakland, State of Michigan, held in the Supervisors Auditorium in the City of Pontiac, Michigan, on the day of , 1968, at o'clock A.M., astern Standard Time, which meeting was part of the regular session of said Board. PRESENT: ABSENT: Misc. 4967 The following resolution was offered by Mr. Valentine and seconded by Mr. Peasley WHEREAS, proceedings have been taken by the Statutory ° Drainage Board for the location, establishment and construction of the Horton Relief Drains under the provisions of Act No. 40 of the Michigan Public Acts of 1956, as amended, pursuant to a petition filed by the city of Southfield on February 27, 1968; and WHEREAS, the Drainage Board for said Horton Relief Drains by resolution on November 8, 1968, authorized and provided . for the issuance of bonds in the aggregate principal amount of $310,000 in anticipation of the collection of an equal amount of unpaid special assessments against the City of Southfield ps its share of the cost of said drain, said special assessments having been theretofore duly confirmed by said Drainage Board; and WHEREAS, said bonds are to be designated Drain Bonds, are to be dated January 1, 1969, will bear interest at a rate not exceeding 5-1/2%, and will not be subject to prior redemp- tion; and WHEREAS, Section 474 of said Act No. 40, as amended, provides in part as follows: "If any public corporation fails or neglects to account to the county treasurer for the amount of any installment and interest, then the county treasurer shall advance the amount thereof from county funds in the following _cases: -2- "(1) If any bonds or other evidence of indebted- ness have been issued to finance a project, the :petition for which was filed after June 6, 1961, in anticipation of the collection of the install- ment and interest pursuant to the provisions of this chapter and the board of supervisors has previously acted, by a resolution adopted by a 2/3 vote of its members elect, to pledge the full faith and credit of the county for the prompt payment of the principal of and interest on the bonds or evidences of indebtedness, or "(2) If any bonds or other evidence of indebted- ness.have been issued to finance a project, the petition for which was filed prior to June 6, 1961, in anticipation of the collection of the install- thent and interest pursuant to the provisions . of this chapter." ; and WHEREAS, said Drainage Board deems it advisable and necessary to obtain from this Board a resolution consenting to the pledge of the full faith and credit of the county on the aforesaid bonds; and WHEREAS, the said drainage project is immediately: necessary to protect and to preserve the public health and, therefore, it is in the best interest of the County of Oakland that said bonds be. so sold. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE COUNTY OF OAKLAND, MICHIGAN: 1. That pursuant to the authorization provided in Section 474,..of Chapter 20 of the Drain Code, the Beard of Super- visors of the County of Oakland does hereby irrevocably pledge the full faith and credit of the County of Oakland and does •agree that in the event the City of Southfield shall fail or neglect to account to the County Treasurer of the County of -3- Oakland for the amount of any installment and interest for the Horton Relief Drains, when due, then the amount thereof shall be immediately advanced from County funds, and the County Treasurer is directed to immediately make such advancement to the extent necessary. 2. That in the event that, pursuant to said pledge of full faith and credit, the County of Oakland advances out of County funds, all or any part of said installment and inter- ° est, it shall be the duty of the County Treasurer, for and on behalf of the County of Oakland, to take all actions and pro- ceedings and pursue all remedies permitted or authorized by law for the reimbursement of such sums so paid. 3. That all resolutions and parts of resolutions insofar as the same may be in conflict with the provisions of this resolution be and the same hereby are rescinded. ADOPTED: Yeas - Bachert, Bawden, Beecher, Birnkrant, Brennan, Brewer, Bryant, Case, Charteris, Clarkson, Cline, Doherty, Duncan, Edward, Edwards, Eldridge, Famularo, Fouts, Enid, Gabler, Grisdale, Hall, Hamlin, Horton, Holyoke, Hursfall, Inwood, Johnson, E. Kephart, J. Kephart, Kramer, Lahti, Lessiter, Levinson, Linley; Long, Mainland, Maly, Mastin, McDonnell, McNamee, Melchert, Mitchell, O'Donoghue, Oldenburg, Paholak, Peasley, Perinoff, Peterson, Powers, Reid, Remer, Rhinevault, Rusher, Schiffer, Schwartz, Simson, Slavens, Solberg, Tapp, Taucher, Taylor, Tinsman, Valentine, VanNatta, Wahl, Walker, Webber, Wilcox, Wilmot, Woods. (71) Nays - None. (0) Dated: , 1968 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 adopted by a 2/3rds vote of its members elect at the meeting ,(which was a part of the regular September session) of the Board of Super- 17th • visors of the County of Oakland held on the day of • December office. Lynn D. Allen County Clerk Deputy CTerk December 17 , 1968, the original of which is on file in my By MINUTES OF THE MEETING OF THE DRAINAGE BOARD FOR THE HORTON RELIEF DRAINS A meeting of the Drainage Board for the Horton Relief Drains was held in the office of the Oakland County Drain Commis- sioner, 550 South Telegraph Road, in the City of Pontiac, Oakland County, Michigan, on the day of , 1968, at o'clock A.M., Eastern - Time. The meeting was called to order by the Chairman. PRESENT: ABSENT: ALSO PRESENT: The minutes of the October 9, 1968 meeting of the Board were presented, copies having been previously furnished each member of the Board. It was moved by and seconded by that the said minutes be approved as presented. ADOPTED: Yeas - Nays - The Chairman presented a report from Hubbell, Roth & Clark, Inc., recommending acceptance of the low bid for construc- tion of the Horton Relief Drains project. The following resolu- tion was offered by and seconded by RESOLVED, that the contract to -construct the Horton Relief Drains be awarded to Sterling Garrett Const., the lowest bidder, in the amount of $238,313.95, and that the Chairman of this Drainage Board be and he hereby is authorized to execute the construction contract with said company, subject to the sale of bonds, and subject to the furnishing of the proper certifi- cates of insurance, construction and performance bonds and other information required by the terms of said contract and the bid specifications. ADOPTED: Yeas - Nays - The Chairman presented to the Drainage Board a revised estimate of the cost of the Horton Relief Drains in the aggregate amount of $310,000, in which the following items and amounts are set forth, to wit: -2- HORTON RELIEF DRAIN 1. Construction $ 238,313.95 2, Engineer's Design Fee Resident Engineer's Expense $16,562.82 11800.18 18,363.00 3. Inspection Incl, Layout 6,400.00 4. Legal & Financial a. Legal $3,050.00 b. Financial 1,280.00 4,330.00 5, Administrative Expense to date 195.05 6. Publishing Notices a. The Daily Tribune b. The Southfield News c. The Southfield Sun d. Michigan Contractor & Builder e. Michigan Investor 7. Rights-of-Way Incl., Cost of Negotiator 8. Capitalized Interest (1 yr. @ 6% x $310,000.00) 9. Contingencies (7.8403%) 660.00 600.00 18,600.00 22.538.00 $ 150.00 100.00 100.00 80.00 230.00 TOTAL ESTIMATED COST $ 310,000.00 Dated: October 28, 1968- The following resolution was offered by and seconded by RESOLVED, that the revised estimate of cost of the Horton Relief Drains in the aggregate amount of $310,000 as presented to this Drainage Board be and the same hereby is approved and adopted -and ordered filed with the Chairman of this Drainage Board. ADOPTED: Yeas - Nays - The following resolution was offered by and seconded by RESOLVED, that Kenower, Mac Arthur & Co. of Detroit, Michigan, be and they hereby are employed as financial consultants to the Drainage Board. ADOPTED: Yeas - Nays - The Chairman reported on the conferences which had been held with the City of Southfield and Kenower, MacArthur & Co., the financial consultants for the Drainage Board, con- cerning the computation and preparation of an assessment roll to assess the costs of the Horton Relief Drains project against the said city, in accordance with the apportionments as adopted and confirmed by the Drainage Board on October 9, 1968. The suggestions which had been made on behalf of the said city and the payment schedule which had been agreed upon were discussed. The following resolution was offered by and seconded by 1970 - $15,000 1971 - 15,000 1972 - 15,000 1973 - 15,000 1974 - 15,000 1975 - 15,000 1976 - 15,000 1977 - 15,000 1978 - 15,000 1979 - 15,000 1980 - $15,000 1981 - 15,000 1982 - 15,000 1983 - 15,000 1984 - 15,000 1985 - 15,000 1986 - 15,000 1987 - 15,000 1988 - 20,000 1989 - 20,000 WHEREAS, the Drainage Board for the Horton Relief Drains has fixed and confirmed apportionments of the cost of said drain as set forth in the resolution of the Board adopted on October 9, 1968, and in the final order of apportionment of the cost of said drain filed in the office of the Chairman of this Board on October 9, 1968. THEREFORE, BE IT RESOLVED BY THE DRAINAGE BOARD FOR THE HORTON RELIEF DRAINS, as follows: 1. That the Chairman of said Drainage Board. is hereby directed to prepare a special assessment roll assessing the sum of $310,000 (which is the estimated cost of the Horton Relief Drains) against the City of Southfield in accordance with the said apportionments heretofore confirmed, and to divide the total amount assessed against the city in 20 annual installments, the first of which shall become due and payable on April 1, 1970 and one additional installment shall become due and payable on the first day of April in each year there- after. That unpaid installments shall bear interest at the rate of 6% per annum from such date as shall be hereafter established. 2. That the aggregate of the installments of principal payable on April 1st of each year by the city shall be as follows: -4- 3. That the said special assessment roll shall be prepared in accordance with the provisions of Chapter 20 of Act No. 40 of the Michigan Public Acts of 1956, as amended, and that when the said special assessment roll shall have been prepared it shall be presented to this Drainage Board for approval. ADOPTED: Yeas Nays - The Chairman presented to the Drainage Board Special Assessment Roll No. 1 for the Horton Relief Drains which special assessment roll contains a statement signed by the Chairman and the other members of this Board to the effect that it was pre- pared in accordance with the directions of this Board and the statutory provisions applicable thereto. The following resolution was offered by and seconded by BE IT RESOLVED BY THE DRAINAGE BOARD FOR THE HORTON RELIEF DRAINS, as follows: 1. That Special Assessment Roll No. 1 for the Horton Relief Drains to be constructed pursuant to a petition filed with the Oakland County Drain Commissioner on February 27, 1968, upon which special assessment roll are spread assessments against the City of Southfield aggregating the principal sum of $310,000, be and the same is hereby approved and ordered to be filed with the Chairman. 2. That the Chairman shall execute the statement affixed to said roll setting forth the date of such approval. .3. That the several annual installments of the total assessment against such public corporation as set forth on said special assessment roll, shall become due on April 1 of each year as indicated thereon, and that all installments from time to time unpaid shall bear interest from January 1, 1969 until paid, at the rate of.6 96 per annum, payable annually on the due • date in each year of each installment: Provided, that if •at any time the amount of the assessment installments and the in- terest on unpaid installments collected by the Drainage Board and on hand shall exceed the amount of principal and interest which said Board is required to pay, pursuant to the schedule of maturities, upon the bonds to be issued in anticipation of the payment of said special assessments, then any excess in the amount of assessment installments and interest so collected and on hand (after allowance for administrative expenses in connection with said bonds, and after allowance for any excess in assessment installments in one or more years required to be accumulated to meet bond maturities in a subsequent year or years) shall be credited to the city in accordance with the several amounts of assessment installments . and interest paid by it to such time, which credit shall be applied first to reduce the amount of the interest becoming due on the next assessment installment payment date and second to reduce the amount of the next such assessment installment. . 4. That the total amount assessed against the city may, be paid on or before January 1, 1969, without interest. The city may pay in advance of maturity all or any part of an annual installment due from it by Surrendering to the county, bonds issued in anticipation of the said special assessments, of a like principal amount maturing in the same calendar year as the installment, with all future due interest coupons attached thereto. Accrued interest upon the amount so paid upon any installment and the accrued interest upon the bonds surrendered, shall be adjusted to the date of surrender and any difference shall be paid in cash. All bonds and coupons so surrendered shall be cancelled. That the Chairman of the Drainage Board shall certify within ten (10) days hereafter to the City of South- field the amount of the total assessment against it, the amount of the various installments thereof, the due date of each installment and the rate of interest upon the installments from time to time unpaid, and that said Chairman shall also each year as provided by law notify each such city of the amount of the installment and interest next becoming due. ° ADOPTED: Yeas - Nays - The following resolution was offered by and seconded by RESOLVED, that the Drainage Board for the Horton Relief Drains hereby adopts a seal for the drainage district which shall be circular in form and upon.it shall appear the words "Horton Relief Drains Drainage District, Oakland County, Michigan, Corporate Seal". ADOPTED: Yeas - Nays - -7- The following resolution was offered by and seconded by . WHEREAS, pursuant to a petition filed with the Oakland County Drain Commissioner on February 27, 1968, proceedings have heretofore been taken under the provisions of Chapter 20 of Act No. 40 of the Michigan Public Acts of 1956, as amended, for the location, establishment and construction of the Horton Relief ,Drains in the County of Oakland, State of Michigan, at an estimated cost of $310,000,. which amount has been assessed in accordance with the apportionments confirmed by the Drainage Board for said.drain on October 9, 1968; and WHEREAS, the Final Order of Apportionment was filed in the office of the Chairman of the Drainage Board on the 9th day of October, 1968; and WHEREAS, in accordance with said apportionments a special assessment roll designated "Special Assessment Roll No. 1 for Horton Relief Drains" was approved by said Drainage Board on this date upon which special assessment roll the said sum of $310,000 was assessed; and WHEREAS, the amount assessed on said roll to the City of Southfield was divided into 20 installments, one of which installments will become due and payable on April 1 in each year beginning with the year 1970, with interest upon all unpaid installments from January 1, 1969, at the rate of 6% per annum, payable on the due date of each installment in each year with the following proviso: Provided, that if at any time the amount of the assessment installments and the interest on un- paid installments collected by the Drainage Board -8- Installment Due April 1 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 TOTAL and on hand shall exceed the amount of principal . and interest which said Board is required to pay, Pursuant to the schedule of maturities, upon the bonds to be issued in anticipation of the payment of said special assessments, then any excess in the amount of assessment installments and interest so collected and on hand (after allowance for ad- ministrative expenses in connection with said bonds, and after allowance for any excess in assessment installments in one or more years required to be accumulated to meet bond maturities in a subsequent year or years) shall be credited to the city in accordance with the several amounts of assessment installments and interest paid by it to such time, which credit shall be applied first to reduce the amount of the interest becoming due on the next assessment installment payment date and second to reduce the amount of the next such assessment in- stallment • and WHEREAS., the annual installments payable on the assess- ments against the City of Southfield are as follows, to wit: City of Southfield $ 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 20,000 20,000 $310,000 THEREFORE, BE IT RESOLVED BY THE DRAINAGE BOARD FOR THE HORTON RELIEF DRAINS, as follows: -9- 1970 - $15,000 1971 - 15,000 1972 - 15,000 1973 - 15,000 1974 - 15,000 1975 - 15,000 1976 - 15,000 1977 - 15,000 1978 - 15,000 1979 - 15,000 1980 - $15,000 1981 - 15,000 1982 - 15,000 1983 - 15,000 1984 - 15,000 1985 - 15,000 1986 - 15,000 1987 - 15,000 1988 - 20,000 1989 - 20,000 1.. That the said drain project is necessary for the public health and in order to finance the cost thereof it is necessary to issue bonds as hereinafter provided. 2. That the bonds of the Horton Relief Drains Drainage District be issued in the aggregate principal sum of $310,000 in anticipation of the collection of an equal amount of special assessments assessed on Special Assessment Roll No. 1 for the Horton Relief Drains, said bonds to be dated January 1, 1969; to be coupon bonds all in the denomination of $5,000 each; to bear interest at a rate or rates to be hereafter determined not in excess of 5-1/2% per annum payable November 1, 1969, and semi- annually thereafter on the first days of May and November in - each year; to be numbered consecutively in the direct order of their maturities from 1 upwards; and to mature on the first day of May in each year as follows: Year Amount Year Amount The said bonds shall not be subject to redemption prior to maturity. 3. That in said bonds the full faith and credit of the said drainage district shall be pledged for the prompt pay- ment of the principal thereof and the interest thereon as the same'become due, and in addition, the full faith and credit of the County of Oakland will also be pledged therefor, pursuant to the pravisions of Section 474 of the Drain Code of 1956, as amended, if two-thirds of the members elect of the Board of Supervisors of the County of Oakland vote favorably on a resol- ution pledging the full faith and credit of the county on these bonds. 4. 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 or trust company which qualifies as a pay- ing agent under Federal or Michigan law and which shall be desig- nated by the original purchasers of the bonds. Such purchasers shall have the right to name a similarly .qualified co-paying agent. 5. , That the Chairman and either one or both of the remaining members of said Drainage Board are hereby authorized to execute said bonds for and on behalf of said drainage district and to affix the seal of said drainage district thereto, and the Chairman is hereby, authorized to execute the interest coupons to be attached to said bonds by causing to be affixed thereto his facsimile signature; and that upon the execution of said bonds and attached coupons, the same shall be delivered to the Treasurer of said drainage district who is hereby authorized and directed to deliver said bonds and attached coupons to the purchasers thereof upon receipt of the purchase price therefor. 6. That the estimated period of usefulness of the project for which said bonds are being issued is hereby determined to be in excess of fifty (50) years. -11- .7. That the issuance and sale of said bonds shall be subject to permission being granted therefor by the Municipal Finance Commission of the State of Michigan and the Chairman is hereby authorized and directed to make application to said Commission for permission to issue and sell said bonds as pro- vided by the terms of this resolution. 8. That of the proceeds of the sale of said bonds an amount equivalent to the interest payable on said bonds on November 1, 1969, at 5-1/2%' per annum is to be used to pay capitalized interest thereon. 9. That all collections (including both principal and interest) on said Special Assessment Toll No. 1, shall be placed in a fund to be known as the "Horton Relief Drains Special Assessment Roll No. 1 Fund" and shall be used solely to pay the principal and interest on the bonds authorized herein. All excess funds, including proceeds of the sale of bonds, remaining after construction of the Horton Relief Drains is completed, and all charges in connection with the location, establishment and construction of said Drain are paid in full, shall be used by the Drainage Board to pay principal and in- terest on the bonds authorized herein, when due, or to purchase said bonds. All bonds so paid or purchased shall be cancelled. 10. That said bonds shall be in substantially the following form, to wit: UNITED STATES OF AMERICA • STATE OF MICHIGAN . COUNTY OF OAKLAND HORTON RELIEF DRAINS DRAINAGE DISTRICT DRAIN BOND Number $5,000 KNOW ALL MEN BY THESE PRESENTS, that the Horton Relief Drains Drainage District, Oakland County, Michigan, hereby acknow- 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 with interest there- on from the date hereof until paid, at the rate of ) per centum per annum, payable on November 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 the , 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 numbered consecutively in the direct order of their maturities from 1 through 62, aggregating the principal sum of Three Hundred - Ten Thousand Dollars ($310,000) issued under and pursuant to and in full conformity with the Constitution and Statutes of the . State of Michigan, and particularly Chapter 20 of Act No. 40 of the Michigan Public Acts of 1956, as amended. The bonds of this series are issued in anticipation of the collection of an equal amount of special assessments assessed against the City of South- field on Special Assessment Roll No. 1 for the Horton Relief Drains (an intra-county drain), which assessments were made to defray the cost of locating, establishing and constructing the said drain and which assessments are a general obligation of said city. The full faith and credit of said Drainage District is hereby pledged to the prompt payment of the principal of and interest on this bond as the same become due and in addition the full faith and credit of the County of Oakland is pledged therefor. -13- The bonds of this series are not subject to redemption prior to maturity. 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 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 indebtedness of said Drainage District, including this series of bonds, does not ex- ceed any constitutional or statutory limitation, and to the prompt payment of this bond.and the interest hereon as the same become due, the full faith and credit of said Drainage District are here- - by irrevocably pledged. • IN WITNESS WHEREOF, the HORTON RELIEF DRAINS DRAINAGE DISTRICT, Oakland County, Michigan, by its Drainage Board, has caused this bond to be signed in its name by the Chairman and at least one other member of said Drainage Board, and its corporate seal to be affixed hereto, and has caused the annexed interest coupons to be executed with the facsimile signature of said Chairman, all as of the 1st day of January, A.D. 1969. HORTON RELIEF DRAINS DRAINAGE DISTRICT By Chairman of the Drainage Board By Member of the Drainage Board By Member of the Drainage Board (SEAL) (COUPON) Number On this 1st day of , A.D. 19 , the HORTON RELIEF DRAINS DRAINAGE DISTRICT, Oakland County, Michigan, will pay to the bearer hereof the sum shown hereon, lawful money of the United States of America, at the , in the City of , same being the interest due on that day on its Drain Bond, dated January 1, 1969, No (FACSIMILE) Chairman 11. That if for any reason the original assessments shall not be sufficient to pay the principal and interest on said bonds then the Drainage Board shall make such additional assessment therefor as may be necessary, apportioned as in the first instance. ADOPTED: Yeas - Nays - The following resolution was offered by and seconded by BE IT RESOLVED, that sealed proposals for the purchase of $310,000 Drain Bonds to be issued by the Horton Relief Drains Drainage District, to be dated January 1, 1969, be received up to such time as shall be later determined by this Drainage Board and that notice thereof be published in accordance with law in the Michigan Investor and in the Daily Tribune (Royal Oak), a newspaper of general circulation in the said Drainage District, which notice shall be substantially in the following form: -16-- 1970 - $15,000 1971 - 15,000 1972 - 15,000 1973 - 15,000 1974 - 15,000 1975 - 15,000 .1976 - •15,000 1977 - 15,000 1978 - 15,000 1979 - 15,000 1980 - $15,000 1981 - 15,000 1982 - 15,000 1983 - 15,000 1984 - 15,000 1985 - 15,000 1986 - 15,000 1987 - 15,000 1988 - 20,000 1989 - 20,000 OFFICIAL NOTICE OF SALE $310,000 HORTON RELIEF DRAINS DRAINAGE DISTRICT COUNTY OF OAKLAND, STATE OF MICHIGAN DRAIN BONDS Sealed bids for the purchase of Drain Bonds to be issued by the Horton Relief Drains Drainage District in Oakland County, Michigan, of the par value of $310,000, will be received by the undersigned at his office, No. 550 South Telegraph Road, in the City of Pontiac, Michigan, until o'clock .M., Eastern Time, on , the day of , 196 , at which time and place said bids will be .publicly opened and read. Said bonds will be dated January 1, 1969, will be coupon bonds all in the denomination of $5,000 each, will be numbered consecutively in the direct order of their maturities from 1 upwards, and will bear interest from their date payable on November 1, 1969 and thereafter semi-annually on May 1 and November 1 of each year and will bear interest at a rate or rates not in excess of 5-1/2% per annum. Each bid shall state the annual interest rate or rates upon which it is submitted, ex- pressed in multiples of 1/8th or 1/20th of 1% or both. The in- terest on all bonds maturing in the same year shall be at one rate only and shall be evidenced by one coupon only for each coupon period. No bond shall bear interest at a rate less than 50% of the rate borne by any other bond of this issue. Accrued interest to date of delivery of such bonds must be paid by the purchaser at the time of delivery. Said bonds will mature serially on the 1st day of May in each year as follows: Year Amount Year Amount -17- The bonds will not be Subject to redemption prior to maturity. Both principal and interest will be payable at such bank 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, who may also designate a similarly qualified co-paying agent. The said bonds are to be issued under the provisions of Chapter 20 of Act No. 40 of the Michigan f'ublic Acts of 1956, as amended, in anticipation of the collection of special assess- ments assessed against public corporations on Special Assessment Roll No. 1 for the Horton Relief Drains made to defray the cost of locating, establishing and constructing the said drain. The assessments are against the City of Southfield. The assessments are a general obligation of the said city and it is obligated and has the power to levy ad valorem taxes upon all the property, within its limits in an amount sufficient to pay the assessment against it with interest, without limitation as to rate or amount. The statute under which the bonds are to be issued pro- vides that the full faith and credit of the said Drainage District is pledged to the prompt payment of the principal of and interest on said bonds. No bid for less than all of the bonds or at less than the par value of the bonds will be accepted. For the purpose of awarding the bonds, the interest cost of each bid will be computed by determining, at the rate . or rates specified therein, the total dollar value of all interest on all of the bonds from (here insert the first day, of the month next following the date of receiving bids. or the date of the bonds, whichever is later) to their respective maturities and deducting therefrom any premium. Such bonds will be awarded to the bidder whose bid on the above com- putation produces the lowest interest cost to the Drainage District on all of the bonds.' A certified or cashier's check in the amount of $6,200, drawn upon an incorporated bank or trust company and payable to the order of the Treasurer of the Drainage Board for the Horton Relief Drains, must accompany each bid as a guarantee of good faith on the part of the bidder, to be forfeited as liquidated damages if such bid be accepted and the bidder fails to take up and pay for the bonds. No interest shall be allowed on the good faith checks and checks of the unsuccessful bidders will be promptly returned to each bidder's representative or by registered mail. Bids shall be conditioned upon the unqualified opinion of Dickinson, Wright, McKean & Cudlip, attorneys, Detroit, Mich- igan, approving the legality of the bonds. The cost of said legal opinion and of the printing of the bonds will be paid by the Drainage District. Bonds will be delivered at Detroit, Mich- igan, Chicago, Illinois or New York, New York. The right is reserved to reject any or all bids. -18- , 1968 , 1968 Envelopes containing the bids should be plainly marked "Proposal for Horton Relief Drains Drain Bonds". DANIEL W. BARRY Chairman of the Drainage Board for the Horton Relief Drains 550 South Telegraph Road Pontiac, Michigan Dated: APPROVED: • STATE OF MICHIGAN MUNICIPAL FINANCE COMMISSION * (To be added if Board of Supervisors approves) By resolution adopted by the affirmative vote of two-thirds of the members elect of the Board of Supervisors of the County of Oakland, and pursuant to said Chapter 20 of Act No. 40 of the Michigan Public Acts of 1956, as amended, the full faith and credit of the County of Oakland is pledged. to the prompt payment of the principal of and interest on said bonds. BE IT FURTHER RESOLVED, that the Chairman of this Board be 4nd he is hereby authorized and directed to forward the foregoing Notice of Sale to the Municipal Finance Commission for its approval. ADOPTED: Yeas - , Nays The following resolution was offered by and seconded by RESOLVED, that the in the of be and it hereby is designated the depository for the funds of the Horton Relief Drains Drainage District and the Chairman and the Oakland County Treasurer be and they are hereby authorized to furnish said Bank with banking resolutions, signa- ture cards and other documents required to open and maintain accounts of the Drainage District in said Bank. ADOPTED: Yeas - Nays - It was moved by and seconded by that payment in the amount of $20.00 to Delos Hamlin for attendance at this meeting be approved. • ADOPTED: Yeas - • Nays - There being no further business, upon motion by seconded by and unanimously carried, the meeting was adjourned. Chairman -20- STATE OF MICHIGAN ) ) SS: COUNTY OF OAKLAND ) 1, the undersigned, do hereby certify that the fore- going is a true and complete copy of proceedings taken by the Drainage Board for the Horton Relief Drains, Oakland County, Michigan, at the meeting above indicated, the original of which is on file in my office. Daniel W. Barry, Chairman Dated: , 1968