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HomeMy WebLinkAboutResolutions - 1964.10.26 - 19539WHEREAS, the said d of Supervisors by resolution, Miscellaneous Resolution 1,10 4380 Recommended by tn Board of Public 4oris, Re FARMINGTON mwAGE DISPOSAL, SYSTEM.-TARABUSI ARN-EXT2NSION NO, The following bond resolution was offered by Mr . Rehard BOND RESOLUTION Misc, No, 3270, adopted A ,..1:at 12, 1957, as amended by resolution, Misc No, 3439, adopted Jtan.iry- 24, 1958, did approve of the establishment-. of the Farmingtnn Disposal System to serve the Farmington Sewage Disposal District within which district lies all of the Township of Farmington and other areas; and WHEREAS, pursuant to the Farmington Sewage Disposal System Agreement, dated November 1, 1957, as amended by amendatory agreements dated December 22, 1958 and February 9, 1959, all between the County of Oakland and the Cities of Southfield and Keego Harbor and the Townships of West Bloomfield and Farmington, municipal corporations in said County of Oakland, the said county acting thin its Department of Public Works, did acquire the original Farmington Sewage Disposal System and did finance such acquisition by the issuance of bonds in anticipation of payments to he by- said municipal corporations to the county in accordance with the provisions of said agreement, as amended; and WHEREAS, Act No 185 of the Michigan Public Acts of 1957, as amended, grants to the Board of Public Works in any county having a Department of Public Works the power to extend any system acquired pursuant thereto; and WHEREAS, said county has heretofore extended said sewage disposal. system in said Township of Farmington (hereinafter re- ferred to as "Tarabusi Industrial Arm") under the provisions of Act No 185 of the Michigan. Public Acts of 1957, as amended, and has issued bonds to finance such Tarabusi Industrial Arm in anticipation of the collection by the county of amounts to become. due under a contract between the county and the said township; and WHEREAS, it is necessary to further extend said sewage disposal system in said Township of Farmington under the provisions of Act No. 185 of the Michigan Public Acts of 1957, as amended, for the purpose of collecting and disposing of sewage originating with- in a part of said township, 'and to issue bonds to finance such extension (herein sometimes referred to as "Extension No 1") in anticipation of the collection by the county of amounts to become due under the hereinafter mentioned contract between the county and the said township; and WHEREAS, pursuant to a resolution of this Board of Super- visors adopted on this date, and pursuant to resolutions adopted by the governing body- of the said township, the County of Oakland and said township entered into a contract dated as of October 1, -2- 1964, whereby the county did agree to extend said Farmington Sewage Disposal System and the said township did agree to pay 1007 of the capital cost thereof divided as therein set forth, which contract appears in full in said resolution of this Board; and WHEREAS, construction plans and specifications for the extension of Farmington Sewage Disposal System by construction of Extension No 1 to the Tarabusi Industrial Arm as prepared by Pate, Him n and Bogue, Inc, registered professional engineers, and the estimate of $61,000 as the cost of said extension and 40 years and upwards as the period of usefulness thereof, as prepared by said registered professional engineers, have been obtained and approved by the Board of Public Works and approved by the Board of Supervisors of Oakland County, and WHEREAS, in said contract of October 1, 1964, the amounts of the annual installments to be paid under said agreement by the said township are provided, aggregating the sum of $61,000, which is the estimated cost of said extension, which amount shall be paid in annual installments in amounts set forth in Exhibit "C" to said agreement (the said amounts being the same as the annual bond maturities hereinafter set forth) the first such installment to be payable on April 1, 1966, and the remaining installments to be paid annually on each April 1st thereafter, and in addition thereto the said township is to pay annually on April 1st, begin- - fling April 1, 1965, interest as provided in said agreement on the outstanding unpaid installments; and WHEREAS, the County is desirous of issuing bonds in anticipation of the payments to be made by the said Township of Farmington under said agreement of October 1, 1964; and WHEREAS, the Oakland 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, MIC14ICAN, as follows 1. That the bonds of said County of Oakland, aggregating the principal sum of Sixty One Thousand Dollars ($61,000) be issued for the purpose of defraying the cost of acquiring Farmington Sewage Disposal System-Tarabusi Industrial Arm-Extension No. 1. That said bonds shall be known as "Oakland County Sewage Disposal Bonds-Farmington System-Tarabusi Industrial Arm-Extension No. 1"; shall be dated November 1, 1964; shall be numbered consecutively in the direct order of their maturities from 1 to 61, both inclusive; shall be in the denomination of $1,000 each; shall bear interest at a rate or rates to be hereafter determined not exceed- ing six per cent (6%) per annum, payable on May 1, 1965 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: $ 1,000 in the year 1966 $ 5,000 in each of the years 1967 thru 1978 -4- Bonds maturing on and after May 1, 1975, 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 May 1, 1973.. 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: $20. if called to be redeemed on or after May 1, prior to May 1:1975 $10 if called to be redeemed on or after May 1, prior to maturity . 1973 but 1975 but 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 oublication 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 re- clempt-on shall not bear interest after the date fixed for redemption, provided funds are on hand with the paying agent to redeem the same. Bonds laal;-uring prior to the year 1975 shall not be subject to redemption prior to maturity. All bonds shall have proper coupons attached thereto evidencing interest to their respective dates of matociLy, 2 That the principal of said bonds and the interest thereon shall be p2./i21,;; in lawful money of the United States of America, at a bank and/or trust company which qualifies as a paying agent under Federal or Michigan law and which shall be designated -5 by the original purchaser of the bonds. Such purchaser shall have the right to name a similarly qualified 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 the payment of the amounts to become due to the county under said agreement of October 1, 1964, which amounts aggregate the sum of $61,000, with interest as therein provided. 5. That all moneys paid to the county by the Township of Farmington toward the capital cost of said Farmington Sewage Dis- posal System-TaJabusi Industrial Arm-Extension No. 1, pursuant to said agreement of October 1, 1964, 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 -6- authorized and otherwise as provided in said agreement. Interest payable on the bonds on May 1, 1965, is capitalized and is payable from the proceeds of said bonds. 6. That said bonds and attached coupons shall be sub- stantially in the following form Number $1,000 UNITED STATES OF AMERICA STATE. OF MICHIAN CCITNI OF OAKLAND . OAKLAND COUNTY SEWAGE DISPOSAL BOND-FARMINGTON SYSTEM- TARABUSI INDUSTRIAL ARM-EXTENSION NO, 1 KNOW ALL MEN Michigan, hereby ac.RI:4 promises to pay to the tIESE PRESENTS, that the County of Oakland, itself indented and for value received, re .r hereof, the sum of UNE THOUSAND DOLLARS on the first day of May, A D. 19 , together with interest thereon from the date hereof" dril paid, at the rate of ) per ceritum per annum, payable May 1, 1965 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 ox. United States of America at in the City of , upon presentation and surrender of this bond and the to1utut 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 61, both inclusive, aggregating the principal sum of Sixty One Thousand Dollars 061.,000), issued under and pursuant to and in full conformity with the Constitution and Statutes of the State of Michigan, and especially Aot, No. 185 of the Michigan Public Acts of 1957, for the purpose of defraying part of the cost of acquiring the Farmington Sewage Disposal System-Tarabusi Industrial Arm- Extension No. 1, Bonds of this series maturing prior to May 1, 1975 are not subject to redemption prior to maturity.. Bonds maturing on and after May 1, 1975, from time to time outstanding, are subject to redemption as n whole st the option of the county prior to maturity on any one or g-ov ince6t payment dates on or after May 1, 1973. Bonds called for shall be redeemed at the par value thereof and accrued plus a premium on each bond in accor- dance with ttt ,. ifc311. -8- $20 if called to be redeemed on or after May 1, 1973 but prior to May 1, 1975 $10 if called to be redeemed on or after May 1, 1975 but prior to maturity. 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, pro- vided 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 Farmington, pursuant to a certain agreement dated October 1, 1964, between the County of Oakland and said township, whereby the said township agrees to pay to the said County the total capital cost of said Farmington Sewage Disposal System-Tarabusi Industrial Arm- Extension No. 1, in annual installments beginning April 1, 1966, with interest on unpaid installments payable April 1, 1965, and annually thereafter. The full faith and credit of the said township, supported by an increase in tax millage authorized by the electors of said township on August 7, 1962, is pledged for the prompt payment of the obligations of the township pursuant to said agreement, 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 indebted- ness 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 November, A.D. 1964. COUNTY OF OAKLAND, MICHIGAN By Chairman of its Board of Supervisors -9- (Facsimile) (Facsimile) (SEAL) 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 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 Sewage Disposal Bond-Farming- ton System-Tarabusi Industrial ArmExtension No 1, dated November 1, 1964, No. County Clerk Chairman of the Board of Supervisors 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 heraby authorized and directed to make application ro said commission for the issuance of such order. 8. 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, subject to the provisions of this resolution, 9. All resolutions and parts of resolutions, insofar as the same may be in conflict herewith, are hereby rescinded. Mr Rehard moved the adoption of the foregoing resolution, which motion was supported by Mr, McGovern On roll call, the resolution was (______) adopted by the following vote Yeas Alward, Bachert, Brewer, Campbell, James Carey, John Carey, Case,Charteris, Cheyz, Davids, Demute, Dohany, J. W. Duncan, W. Duncan, Durbin, Edward, Edwards, Ewart, Fouts, Goodspeed, Grisdale, Hall, Hamlin, Heacock, Horton, Hudson, Hursfall, Ingraham, Julian, Kennedy, Knowles, Lahti, Laurie, Levin, Levinson,Mainland, Marshall, McAvoy, McGovern, Melchert, Menzies, Mercer, Michrina, Mitchell, 0/Donoghue, Oldenburg, Osgood, Patnales, Potter, Potthoff, Powers, Rehard, Rhinevault, Seeterlin, Simson, Slavens, Smith, Tapp, Terry, Tiley, Tinsman, Voll, Webber, Wrobel. (64) Nays None, (0) STATE OF MICHIGAN ) COUNTY OF OAKLAND ) 1, the undersigned, the County. Clerk of the County of Oakland, Michigan, do hereby certify that the foregoing are true and complete copies of Miscellaneous Resolutions No and No. 4380 , adopted by the Board of Supervisors of said SS: 4379 County at a regular meeting held October 27 , 1964, the originals of which are on file in my office, David R. Caloun County. Clerk, Oakland County Dated October 27 , 1964,