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HomeMy WebLinkAboutResolutions - 1969.11.20 - 19498GeV THIS RESOLUTION IS IN eieMPLIMPWWITH THE OAKLAND COUNTY WATER SUPPLY AND SEWAGE DISPOSAL SYSTEM FOR AVON TOWNSHIP - PROJECT "A'', APPROVING THE PLANS, SPECIFICATIONS, ESTIMATE OF COST AND BOND RESOLUTION, THE SAME HAS PREVIOUSLY BEEN APPROVED BY BOTH THE BOARD OF PUBLIC WORKS AND THE PUBLIC WORKS COMMITTEE AND SINCE COPIES OF THE RESOLUTION HAVE PREVIOUSLY BEEN SENT TO ALL MEMBERS OF THE BOARD, I RESPECTFULLY REQUEST THAT READING OF THE RESOLUTION BE WAIVED AND MOVE ITS ADOPTION. Moved by , supported by ei,C6 Mary W. forton, -Lee 'Walker Thomas H. O'Donoghue -GIéorge N. Grba ( William M. Richards Mahlon Benson, jr. E. Prank RiChafdson airman At a meeting of the Public Works Committee of the Board of Supervisors held at the day of f •• , 1969 at — -7 o'clock .M., Eastern Standard Time, it was: that the attached Resolution, having previously been approved by the Board of Public Works, is approved by this Committee and transmitted to the Board of Supervisors with the recommendation that same be adopted. Yeas: Nays: Absent: / Motion C(-7 PUBLIC WORKS COMMITTEE , the Thursday 20th 9 :30 day of November , 1969, at o'clock A.M., At a regular meetino- 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 Eastern Standard Time. PRESENT; Aaron, Bawden, Benson, Brennan, Coy, Edwards, Gabler, Grba, Norton, Houghten, Kasper, Mainland, Mastin, O'Brien, O'Donoghue, Olson, Patnales, Perinoff, Pernick, Powell, Richards, Richardson, Szabo, Walker, Wilcox. (25) ABSENT: Hamlin, Mathews. (2) Miscellaneous Resolution No. 5224 Recommended by Board of Public Works Re: OAKLAND COUNTY WATER SUPPLY AND SEWAGE DISPOSAL SYSTEMS FOR AVON TOWNSHIP - PROJECT A Submitted by Mr. Horton BOND RESOLUTION Horton Mr. offered the following resolution which was approved by the Board of Public Works at their meeting of , 1969: WHEREAS, the County of Oakland and the Township of Avon have heretofore entered into the CONTRACT - OAKLAND COUNTY WATER SUPPLY AND SEWAGE DISPOSAL SYSTEMS FOR AVON TOWNSHIP, dated November 1, 1968, pursuant to which contract the County of Oakland, acting through its Department of Public Works, has agreed to acquire the Oakland County Water Supply and Sewage Disposal Systems for Avon Township and to finance the acquisition thereof by the issuance of one or more series of county bonds to be primarily secured by the agreement of the Township of Avon the pay the entire cost of the project; and WHEREAS, plans and specifications for the sewage disposal facilities to. be acquired and constructed pursuant to said contract have been prepared by Johnson & Anderson, Inc., registered professional engineers and have been approved by the Board of Public Works and an estimate of $2,630,000 as the cost of Project A of the Oakland County Water Supply and Sewage Disposal Systems for Avon Township, consisting of sewage disposal facilities to serve the Township of Avon, has also been approved by the Board of Public Works; and WHEREAS, the Township of Avon, pursuant to said Contract of November 1, 1968, has aagred to pay to the County the amount of the principal and interest on bonds issued to finance the project or any portion thereof end, in addition, to pay all paying agent fees and other bond handling costs as determined pursuant to said Contract; and WHEREAS, this County is desirous of issuing bonds in anti- cipation of payments to be made by the Township of Avon pursuant to said Contract of November 1, 1968, to finance the cost of acquiring and constructing Project A of the Oakland County Water Supply and Sewage Disposal Systems for Avon Township; and WHEREAS, the County Board of Public Works has approved . this resolution and recommenced 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 plans and specifications for the sewage disposal facilities to be acquired and constructed pursuant to said Contract of November 1, 1968, and the estimate of the cost. of Project A of the Oakland County Water Supply and Sewage Disposal Systems for Avon Township are hereby approved and the County Clerk is hereby authorized to endorse on said plans and specifications and estimate the fact of such approval and return same to the Board of Public Works. 2. That the bonds of said County of Oakland, aggregating -2- the principal sum of Two Million Six Hundred Thirty Thousand Dollars ($2,630,000) be issued for the purpose of defraying the cost of acquiring Project A of the said Oakland County Water Supply and Sewage Disposal Systems for Avon Township. That said bonds shall be known as "Oakland County Sewage Disposal and Water Supply Bonds - Avon Township, Series A'; shall be dated March 1, 1970; 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 six percent (6%) per annum, payable on November 1, 1970 and semi- annually thereafter 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: 1974 - $50,000 1975 - 50,000 1976 - 50,000 1977 - 50,000 1978 - 75,000 1979 - 75,000 1980 - 75,000 1981 - 75,000 1982 - 75,000 1983 - $ 75,000 1984 - 75,000 1985 - 109,000 1986 - 100,000 1987 - 100,000 1988 - 100,000 1989 - 100,000 1990 - 100,000 1991 - 125,000 1992 - $125,000 1993 - 125,000 1994 - 125,000 1995 - 150,000 1996 - 150,000 1997 - 150,000 1998 - 175,000 1999 - 180,000 Bonds maturing prior to May 1, 1990, shall not be subject to redemp- tion prior to maturity. Bonds maturing on and after May 1, 1990, shall be subject to redemption in inverse numerical order at the option of the county prior to maturity on any one or more .interest payment dates on and after May 1; 1989. Bonds so called for redemp- tion 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, 1989, but prior to May 1, 1996. 1% if called to be redeemed on or after May 1, 1996, but prior to maturity. -3- 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. All bonds shall have proper coupons attached thereto evidencing interest to their respec- tive dates of maturity. 3. 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 desig- nated by the original purchaser of the bonds. Such purchaser shall have the right to name a similarly qualified co-paying agent. 4. 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. 5. That the said bonds are to be issued pursuant to the provisions of Act No. 185 of the Michigan Public Acts of 1957, as -4- amended, in anticipation of the payments to become due to the County from the Township of Avon under said Contract of November 1, 1968, which payments 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 Township of Avon is pledged to the making of the said payments when duo, and in addition there is hereby pledged, as authorized is 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. 6, That all moneys paid to the County by the Township of Avon pursuant to said Contract of November 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, 1970, May 1, 1971 and November 1, 1971, is capitalized and is payable from the proceeds of said bonds. 7. That said bonds and attached coupons shall be substan- tially in the following form: TTNTTEr) STATES OF 7,,Y,T7ICA ST;V:277, OF MTCHIC4TN CO'f.ft;TY 07 OAKLAND OAKLAND COUNTY SEWAGE DISPOSAL AND WATER ciUmPTN BOND - AVOW TOWNSHIP, SERIES A Number $5,000 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, 1970 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 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 to 526, both inclusive, aqgregatincT the principal sum of Two Million Six Hundred Thirty Thousand Dollars ($2,630,000), 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 Project A of the Oakland County Water Supply and Sewage Disposal Systems for Avon Township consisting of sewage disposal faci- lities in said Township. Bonds of this series maturing prior to May 1, 1990, are not subject to redemption prior to maturity. Fonds maturing on or after May 1, 1990 shall be subject to redemption in inverse numerical order, at the option of the County prior to maturity on any one or more interest paymcns dates on and after May 1, 1989. 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, 1989, but prior to May 1, 1996. 1% if called to be redeemed on or after May 1, 1996, 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 Township of Avon pursuant to a certain Contract dated November 1, 1968, between the County of Oakland and said Township whereby the said Township agrees to pay to the said County the cost of said Project A of the Oakland County Water Supply and Sewage Disposal Systems for Avon Township 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 Township is pledged for the prompt payment of its obligation pursuant to said contract, 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 indebtedness of said county, including this series of bonds, does not exceed 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 March, A.D. 1970. COUNTY OF OAKLAND, MICHIGAN By Chairman of its Board of Supervisors Its County Clerk (SEAL) -7- (FACSIMILE) County Cler] (FACSIMILE) Chairman of the Board of Supervisors (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 the interest due on that day on its Oakland County Sewage Disposal and Water Supply Bond - Avon Township, Series A, dated March 1, 1970, No. 7 , same being -8-- 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 of the 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 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, subect to the provisions of this resolution. 10. All resolutions and parts of resolutions, insofar as the same may be in conflict herewith, are hereby rescinded. I \---Lee\Walker Thomas H. O'Donoghue 2, 41 / William , M. Richards ' / -a_ Harry W. 7i4orton, th-airman //, E. Frank Fdbharcison -George N. Grba Mahlon Benson, Jr. PUBLIC WORKS COMMITTEE Moved by Horton supported by Walker the resolution be adopted. ADOPTED YEAS: Aaron, Bawden, Benson, Brennan, Coy, Edwards, Gabler, Grba, Horton, Houghten, Kasper, Mainland, Mastin, O'Brien, O'Donoghue, Olson, Patnales, Perinoff, Pernick, Powell, Richards, Richardson, Szabo, Walker, Wilcox. (25) NAYS: None. (0) ABSENT: Hamlin, Mathews. (2) STATE OF MICHIGN ) se: COUNTY OF OAKLAND 1, the undersigned, the duly qualified and acting County Clerk of the County of Oakland, do hereby certify that the foregoing IS a true and complete copy of a resolution adopted by the Board of Supervisors at a regular meeting of said Board, held on the 1969 20th day of November , I9tC, the original of which is on file in my office. IN WITNESS WHEREOF, I have hereunto affixed my official signature this 20th day of November • P • 9j•1969.9. • Lynn D. Allen County Clerk