HomeMy WebLinkAboutResolutions - 1964.10.26 - 19541Miscellaneous Resolution No, 4382
Recommended by the Board of Public Wl -yrks
Re: Oakland County Water Supply System. for Farmingt:1 Township'.
Industrial Section One
The following bond resolution was offered by 1r Rehard
nND RESDUT.TON
WHEREAS. the said Hoard of Supevlsors by reso tion Misc.
No 3778, adopted April 11, 7.961, did approve of the etablishment
the Oakland Cuntv Water Suppl System for Farmingtcn Township
to seine the Oakland County Water Supply District for Farmington
Township, withix.., which districz lies all of the Tuwnship of Farmington;
and
WHEREAS, Act No. 185 of the Michigan Public Acts of 1957, as
amended, grants to the Boani of Pub -.1.7 Works in any county having a
Department of Public Works the power to extend any system established
pursuant thereto; and
WHEREAS, It is necessary to extend said water supply system
in said 7-.hip of Farmingtn under the provisions of Act No, 185
of the Michigan Public Acts of 1?57, as amended, for the purpose of
dilstributing Detroit water in the industrial area in said township,
and to issue bonds to finance such extension. (herein sometimes referred
to as "Industrial Section One") 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 re s olution of this Board of Supervisors
adopted on this date, and pursuant to resolutions adopted by the
governing bodv of the sad, the County of Oakland and said
township entered into an agreeent dated as of October 1, 1964,
whereby the county &.d a;217ee to extend said Oakland County Water
Supply- System for Tia -,:mington Township by acquiring, constructing
and financinR :ndstrial Section One thereto and the said township
did area to pay 100% of the capital cost thereof divided as
therein set forth, which agreement apneas in full in said resolution
of this Bard; snd
WHEREAS, oonstictm plans and snecTiications fe,r - the
extension of and Cc -unt'y SyFtEm for Farmington
TownshlD b cc,n,stn.lction of IndustrIal Section One as p repared by ,
Fate, Him and heae Trio professional engineers, and
the estima.A.,e, of 5,70,000 the cost of said extension and 40 years
and upwards as the period ofusefuinesg 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 Super-
visors of Oakland Co
WHEREAS, in said agreement 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 $520,000, which is the
estimated cost of said extension; and
WHEREAS, tu said agreement, said $520,000, shall be
paid in annual instals in amounf:s set forth in a revised
Exhibit "C" co :aid ;.;.:rement (the. said amounts being the same as
the annual 1cu(: maturitfes herinafter set forth) the first such
installment t!.) be payable on 1, 196, and the remaining
WHEREAS, the C is desirous of issuing bonds in anticipation
installments to be paid an.slV on each April 1st thereafter, and
in addition thereto th,esal.d tnsbip is to pay annually on April 1st,
beginning AprIl I, 1965, intest as provided in said agreement on
the outstanding unpaid insta1I.:me:ts and
of the payments to he made by thc said Iownship of Farmington under
said agreement: of Octoe::-: 1, 19E4 .and
WHEREAS, the Oakland ao=.. Boa r d of Public Works has approved
this reso1ution and r,reded iT,s adoption by the Board of Super-
visors,
THEREFORE, BE IT RESCIED BY THE BOARD OF SUPERVISORS OF
OAKLAND COUNTY, MICHICAN as f ,t1law„s:
1. That the bonds of 'said County of Oakland, aggregating the
principal sum of Five llodred Twenty Thousand Dollars ($520,000) be
issued for the purpose of defraying the cost of acquiring Oakland
County Water S upply Tws ran for F,,3yzmington Township - industrial
Section One, That said b“Ids shall be known as "Oakland County
Water Supply B*nds-Farmington System-Industrial Section One", shall
be dated December 1, 1964; shall te numbered consecutively in the
direct o r der of their maturits from 1 upwards, shall be
in the dennIfInaticvn of [fl ,000 arol. or 5,000 each at the option of
the original pT,:t-; shall interest at a rate or rates to
be hereafter dee.r notx.,oeeding six per cent (6%) per annum,
payable on May I 7,..w:4ailv thereafter on the first
a7s of Nov and 7:3 -vemb.27 ',7(aa`: and shall mature on the
first day of M.a7 in eax:b 7e.a .r as follows:
- 3 -
$10,000 in each of the years 1968 thru 1970
15,000 in each of the years 1971 and 1972
20,000 in each of the years 1973 and 1974
25,000 in each of the years 1975 and 1976
30,000 in each of the years 1977 thru 1979
35,000 in each of the years 1980 thru 1987
Bonds maturing on and after May 1 1981, from time to time
outstanding, shall be subject to redemption as a whole, at the
otpion of the county prior to maturity on any interest payment date
on or after May 1, 1976, Bends 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 par value
thereof in accordance with the following schedule:
3% if called to be redeemed on c'e after May 1, 1976 but prior
to May 1 19 7 8
2,5% if called to be redeemed on or after May 1, 1978 but prior
to May 1, 1980
2% if called to be zedeemed on or after May 1, 1980 but prior
to May 1, 1982
1.5 if called to he redeemed on or after May 1, 1982 but prior
to May 1 1984
1% if called to be redeemed on or after May 1, 1984 but prior
to May 1, 1.985
0,5% if called te be redeemed on CT after May 1, 1985, but prior
to maturity.
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,s,hich carries as a part of its regular service, notices
of the sale of munp37 bonds. Bonds se 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 prier to the year 1981 shall not he subject to redemption
prior to maturity. All bonds shall have proper coupons attached
thereto evidencing interest to their respective dates of maturity.
2. That the principal of said bonds and the interest thereon
shall be payable 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 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 thL L,Im of $520,000, with interest as therein
provided, and in addition the full faith and credit of the County
of Oakland is hereby pledged to the prompt payment of the principal
of and interest on said bonds, when due,
5. That all moneys paid to the county by the Township of
Farmington toward the capital cost of said Oakland County Water
Supply System for Fa—mington Township- Industrial Section One 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
authorized and otherwise as proided in said agreement. Interest
payable on the bonds or Na'' 1, 1_965, is capitalized and is payable
from the proceeds of said bonds
6. That said bonds and attached coupons shall be substantially
in the following form:
UNITED STATES OF AMERICA
Number
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY WATER SUPPLY BOND-FARMINGTON SYSTEM-
INDUSTRIAL SECTION ONE
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 hea r er hereof, the sum of
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 May 1, 1965, 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 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 , both inclusive,
aggregating the principal sum of Five Hundred Twenty Thousand Dollars
($520 9 000), 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 Oakland County Water Supply System
for Farmington Township - Industrial Section One,
Bonds of this series maturing prior to May 1, 1981 are not
subject to redemption prior to maturity. Bonds maturing on and after
May 1, 1981, from. time to time outstanding, are subject to redemption
as a whole at the option of the county prior to maturity on any one
or more interest payment dates on or after May 1, 1976. 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
par value thereof in accordance with the following schedule:
3% if called to 1:e r(y2eemed on or after May 1, 1976 but prior
to May 1, 1976
2.5% if called to be redeemed on or after May 1, 1978 but prior
to May 1, 1980
2% if called to be redeemed on or after May 1, 1980 but prior
to May 1, 1982
1.5% if called to be redeemed on or after May 1 9 1982 but prior
to May 1, 1984
7
1% if called to be redeemed on or after May 1, 1984 but prior
to May 1, 1985
0,57 if called to be redeemed on or after May 1, 1985 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 news-
papet 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 f ixed 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
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 Oakland County Water Supply System for Farmington Township-
Industrial Section One, in annual installments beginning April 1,
1968, 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_ In
addition, the full faith and credit of the County of Oakland is pledged
to the prompt 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 WITNESSWHEREOF, 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 December, AJ),, 1964,
COUNTY OF OAKLAND, MICHIGAN
By
Chairman of its Board of Supervisors
Its County Clerk
(SEAL)
8
(facsimile) (facsimile)
(COUPON)
Number
On the 1st day of , A.D., 19 , the County
of Oakland, 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-Farmington
System-Industrial Section One, dated December 1, 1964, No.
County Clerk Chairman of the 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. 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.
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moved the adoption of the foregoing Mr. Rehard
McGovern resolution, which motion was supported by Mr.
On roll call, the resolution was ( ) adopted by the
following vote
Yeas:
Alward, Bachert, Brewer, Campbell, John Carey, Case, Charteris, Cheyz, Davids, Demute,
Dohany, J. W. Duncan, Wm. Duncan, Durbin, Edward, Edwards, Ewart, Fouts, Goodspeed,
Hall, Hamlin, Heaeock, Horton, Hudson, Hursfall, Ingraham, Julian, Kennedy, Knowles,
Laurie, Levinson, Mainland, Marshall, McAvoy, McGovern, Melchert, Menzies, Mercer,
Miehrina, Mitchell, O'Donoghue, Oldenburg, Osgood, Patnales, Potter, Potthoff,
Powers, Rehard, Rhinevault, Seeterlin, Simson, Slavens, Smith, Tapp, Terry, Tiley,
Tinsman, Turner, Veil, Webber, Wrobel. (61)
Nays: fie
Atlerton y-Bloe, Britkner -,-Jame-s -Carey-,--CIarkson, Dewanrbe-s-z,-Grd:sdale-THHagstrom,
-KePhartTtahti_, Levin, Lessiter, Linley, -Mil1er-7-Moore, -Perinea', _Romer,
SerIley, Ste ph s orr:r-TraYi s )
STATE OF MICHIGAN )
) SS:
COUNTY OF OAKIAND )
1, the undersigned, the County Clerk of the County of
Oakland, de hereby certify that the foregoing are true and complete
copies of Miscellaneous Resolutions No _4381 and No 4382
and of the proceedings pertaining thereto duly adopted and taken
by the Board of Supervisors of said County at a regular
meeting held October 27 P 1964, the originals of which
are on file in my office.
_
David C. Calhoun
County Clerk, Oakland County
Dated: October 27