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HomeMy WebLinkAboutResolutions - 1959.10.25 - 19187Misc. 3593 Recommended by the Board of Public Works IN RE: CITY OF KEEGO HARBOR SEWER SYSTEM Submitted by Mt. Thatcher Mr. Chairman, Ladies and Gentlemen: I offer the following resolution which was approved by the Board of Public Works at their meeting of October 26, 1959: WHEREAS, pursuant to Act No 105 of the Michigan Public Acts of 1957, the Board of Supervisors of Oakland County, Michigan, by miscellaneous resolution No 3237 adopted on June 24, 1957, by a vote of more than 2/3 of its members elect, did establish a Department of Public Works in and for said county for the adminis- tration of the powers conferred upon the county by said act; and WHEREAS, the said Board of Supervisors, by miscellaneous February 9 resolution No. 3479, adopted on _ , 1959, as amended by miscellaneous resolution No. Q.-- , adopted on October -26 1959, did approve of the establishment of a sewage disposal system to be known as the "Keego Harbor Sewage Disposal System" for the purpose of disposing of sanitary sewage from the Keego Harbor Sewage Disposal District consisting of all of the City of Keego Harbor, , as particularly set forth in said miscellaneous resolutilm No 3'59i; and WHEREAS, pursuant to said resolution of said Board of Supervisors adopted on October " , 1959, and pursuant to a resolution adopted by the governing body of the City of Keego Harbor, the County of Oakland and said city entered into a contract dated October 12, 1959 whereby the county did agree to construct and finance said Keego Harbor Sewage Disposal System and the city did agree to pay 1007 of the capital cost thereof, which contract is set forth in full in said resolution; and WHEREAS, construction plans and specifications for the Keego Harbor Sewage Disposal System as prepared by Johnson & Anderson, Inc., registered professional engineers, and the estimate of $530,000 as the cost of said system and 40 years and upwards as the period of usefulness thereof, as prepared by said registered professional engineers, have been approved by the Board of Public Works and by the Board of Supervisors of Oakland County; and WHEREAS, in said contract of October 12, 1959, the amounts of the annual installments to be paid under said contract by the city are provided which amounts are the same as the annual bond maturities hereinafter set forth which annual installments are to be paid by the city on January 1st in each year beginning January 1, 1962, and in addition thereto the city is to pay annually on January 1st, interest as provided in said contract on the out- standing unpaid installments and WHEREAS, the county is desirous of issuing bonds in anticipation of the payments to be made by the City of Keego Harbor under said contract of October 12, 1959; and WHEREAS, the County Board of Public Works has approved this resolution and recommended its adoption by the Board 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 Five Hundred Thirty Thousand Dollars ($530,000) be issued for the purpose of defraying the cost of acquiring said Keego Harbor Sewage Disposal System. That said bonds shall be known as "Oakland County Sewage Disposal Bonds - Keego Harbor System," shall be dated March 1, 1960; shall be numbered con- secutively in the direct order of their maturities from 1 to 530, both inclusive; shall be in the denomination of $1,000 each; shall bear interest at a rate or rates to be hereafter determined not exceeding six per cent (6%) per annum, payable on September 1, 1960 and semiannually thereafter on the first days of March and September in each year; and shall mature on the first day of March in each year as follows: $ 5,000 in each of the years 1962 thru 1965 10,000 in each of the years 1966 thru 1970 15,000 in each of the years 1971 thru 1976 20,000 in each of the years 1977 thru 1981 25,000 in each of the years 1962 thru 1985 30,000 it each of the years 1986 thru 1990 20,000 in the year 1991 Bonds maturing on and after March 1, 1977, from time to time outstanding, 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 March 1, 1976. Bonds called for redemption shall be redeemed at the par value thereof and accrued interest plus a premium on each bond in accordance with the following schedule: $30 if called to be redeemed on or after March 1, 1976 but prior to March 1, 1978 73r $25 if called to be redeemed on or after March 1, 1978 but prior to March 1, 1980 $20 if called to be redeemed on or after March 1, 1980 but prior to March 1, 1982 $15 if called to be redeemed on or after March 1, 1982 but prior to March 1, 1984 $10 if called to be redeemed on or after March 1, 1984 but prior to March 1, 1986 $ 5 if called to be redeemed on or after March 1, 1986 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 1977 shall not be subject to redemption prior to maturity. All bonds shall have proper coupons attached thereto evidencing interest to their respective dates of maturityi 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 as shall be designated by the original purchaser of the bonds. Such purchaser shall have the right to name a 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 -4- 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, in anticipation of the payment of the amounts to become due to the county under said contract of October 12, 1959, which amounts aggregate the sum of $530,000 with interest as therein provided. 5. That all moneys paid to the county by the City of Keego Harbor toward the capital cost of said Keego Harbor Sewage Disposal System, pursuant to said contract of October 12, 1959, 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 substantially in the following form: Number $1,000 UNITED STATES OF AMERICA 7'' STATE OF MICHIGAN" COUNTY OF OAKLANDt OAKLAND COUNTY SEWAGE DISPOSAL BOND - KEECO HARBOR SYSTEM 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 ONE THOUSAND DOLLARS an the first day of March, A.D. 19 , together with interest thereon from the date hereof until paid, at the rate of ) per cent-um per annum, payable September 1, 1960 and thereafter semi-annually on the first days of March and September 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 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 con secutively in the direct order of their maturities from 1 to 530, both inclusive, aggregating the principal sum of Five Hundred Thirty Thousand Dollars ($530,000), 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, for the purpose of defraying the cost of acquiring the Keego Harbor Sewage Disposal System Bonds maturing on and after March 1, 1977, from time to time outstanding, 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 March 1, 1976 t Bonds called for redemption shall be redeemed at the par value thereof and accrued interest plus a premium on each bond in accordance with the following schedule: $30 if called to be redeemed on or after March 1, 1976 but prior to March 1, 1978 $25 if called to be redeemed on or after March 1, 1978 but prior to March 1, 1980 $20 if called to be redeemed on or after March 1, 1980 but prior to March 1, 1982 $15 if called to be redeemed on or after March 1, 1982 hut prior to March 1, 1984 !="6, $10 if called to be redeemed but prior to March 1, 1966 $ 5 if called to be redeemed on or after March 1, 1984 on or after March 1, 1986 Notice of redemption shall be given to the holders of 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 redemp- tion 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 Keego Harbor, pursuant to a certain contract dated October 12, 1959 between the County of Oakland and said city, whereby said city agrees to pay to the said county 1007 of the capital cost of said Keego Harbor Sewage Disposal System, with interest, in 30 annual installments beginning January 1, 1962. 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 county, including this series of bonds, does not exceed any constitutional or statutory limitation. IN WITNESS =,,EFREOF, 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 March, A.D. 1960. COUNTY OF OAKLAND, MICHIGAN By Chairman of its Board of Supervisors Its County Clerk (COUPON) Number On the 1st day of , A.D. 19 , the County of Oakland, Michigan, will pay to the bearer hereof the sum of Dollars lawful money of By County Clerk Chairman of the Board of Supervisors the United States of America at the LQ the City of same being the interest due on that day on its Oakland County Sewage Disposal Bond - Keego Harbor System, dated March 1, 1960, No 8. 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. 9. The Board of Public Works is hereby authorised 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 provie .Thns of this resolution. 10. All resolutions and parts of resolutions, insofar as the same may be in conflict herewith, are hereby rescinded. ADOPTED: Yeas - Allerton, Alward, Bender, Bonner, Calhoun, Cardon„ Carey, Charteris, Cheyz, Clack, Clark, Croteau, Cummings, Davis, Dickens, J. W. Duncan, R. Duncan) Ealiott, EWart„ Fouts, Gillis, Goodspeed, Hall, Hamlin, Heacock, Hildebrandt, Hill, Hoard, Hocking, Holmes, Horton, Hulet, Hursfall, Johnson, Kephart, Lahti, Levinson, Lewis, McCartney, McGovern, McPherson, Neichert, Menzies, Clarence Miller, Cyril Miller, Mitchell, OlDonoghue, Oldenburg, 011ar, Osgood, Quinlan, Ransom, Remer, Rhinevault, Schack, Sinclair, F. Smith, Solley,. Staman, Stevens, Swanson, Taylor, Thatcher, They, Tinsman, Veil, Webber. (67) Nays - None. (0)