HomeMy WebLinkAboutResolutions - 1964.10.26 - 19542At a regular meeting of the Board of Supervisors
of Oakland County, Michigan, held in the Supervisors Auditorium
at the County Service Center, in the City of Pontiac, Michigan, on
the 27th day of October
Eastern Standard Time,
„ 1964, at 10:00 o'clock A.M.,
PRESENT:
Alward,Tachert„ Brewer, Campbell, John Carey, Case, Charteris, Cheyz, Davids,
Demute, DOhany, J. W. Duncan, Wm, Duncan, Durbin, Edward, Edwards, Ewart, Fouts,
Goofteed, Hall, Hamlin, Heacock, Horton, Hudson, Hursfall, Ingraham, Julian,
Kennedy, Knowles, Laurie, Levinson, Mainland, Marshall, McAvoy, McGovern,
Melchert, Menzies, Mercer, Michrina, Mitchell, OlDonoghue, Oldenburg, Osgood,
Patnales, Potter, Potthoff, Powers, Rehard, Rhinevault, Seeterlin, Simson,
Slavens, Sthith, Tapp, Terry, Tiley, Tinsman, Turner, Val, Webber, Wrobel. (61)
ABSZNT:
Allerton, Bloe, Brickner, James Carey, Clarkson, Dewan, Forbes, Grisdale, Hagstrom,
Kephart, Lahti, Levin, Lessiter, Linley, Maier, Miller, Moore, Perinoff, Remer,
Solley, Stephenson, Travis, Woods, Yockey. (24)
Miscellaneous Resolution No. 4383
Recommended by Board of Public Works
Re: LAKE ORION SEWAGE DISPOSAL SYST EM
Mr. - Rehard presented the following, bond
resolution, which has been recommended and approved by the Board of
Public Yorks, a copy of which has been sent to each member of the
Board of Supervisors: •
T6.0 RESOLUTION
WHEREAS, the said Board of Supervisors, by miscellaneous
resolution No 4252, adopted on December 10, 1963, did approve of
the establishment of a sewage disposal system to be known as the
"Lake Orion Sewage Disposal System! for the purpose of disposing of
sanitary sewage from the Lake Orion Sewage Disposal District, which
district lies -r!----Aly within the Village of Lake Orion and is more
particularly described in said miscellaneous resolution No 4252;
and
WHEREAS F pursuant t, miscellaneous resolution No, 4361 of
said Board of Supervisors adopted October 5, 1964, and pursuant to
a resolution adopted by the governing body of the Village of Lake
Orion the County of Oakland and the said village entered into a
contract dated as of August 1, 1964, whereby the County did agree
to construct and finance said Lake Orion Sewage Disposal System and
the village did agree to pay the cost thereof, based upon an
estimated cost of $1,360 1,000, and as represented by the amount of
bonds to be issued by the c..7.,%-.1;y to finance said System, which said
contract is set forth in full in the said resolution of this Board
of Supervisors; and
WHEREAS, construction plans and specifications for the
Lake Orion Sewage Disposal System as prepared by Hubbell, Roth &
Clark, Inc., registered professional engineers, and an estimate of
$1,360,000 as the cost of said System and an estimate of 50 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 by the Council of the Village of Lake Orion; and
WHEREAS, pursuant to the provisions of said contract of
August 1, 1964, the amounts of the several annual installments to
be paid by the village are the same as the annual bond maturities
hereinafter set forth plus interest; and
WHEREAS, under said contract of August 1, 1964, the village
is to pay annually the amount of each annual installment to the
county and in addition thereto is to pay semi-annually interest and
paying agent fees and other bond handling costs as determined pur-
suant to said contract; and
WHEREAS, the County is desirous of issuing bonds in
anticipation of the payments to be made by the village under said
contract of August 1, 1964; and
WHEREAS, the 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, MICHIGAN, as follows:
1. That the bonds of said County of Oakland, aggregating
the principal sum of One Million Three Hundred and Sixty Thousand
Dollars ($1,360,000) be issued for the purpose of defraying the cost
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of acquiring said Lake Orion Sewage Disposal System. That said
bonds shall be known as "Oakland County Sewage Disposal Bonds-Lake
Orion System", shall be dated April 1, 1965; shall be rw7bered con-
secutively in the direct order of their maturities from 1 upwards;
shall be in the denomination of $1,000 or $5,000 each at the option
of the original purchaser; shall bear interest at a rate or rates
to be hereafter determined not exceeding five per cent (57) per
annum, payable on November 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:
May 1, 1969
May 1, 1970
May 1, 1971
May 1, 1972
May 1, 1973
May 1, 1974
May 1, 1975
May 1, 1976
May 1, 1977
J.ia.y 1, 1978
May 1, 1979
May 1, 1980
May 1, 1981
May 1, 1982
May 1, 1983
20,000
20,000
25,000
25,000
25,000
30,000
30,000
30,000
35,000
35,000
35,000
40,000
40,000
45,000
45,000
May 1, 1984 $ 45,000
May 1, 1985 50,000
May 1, 1986 50,000
May 1, 1987 55,000
May 1, 1988 55,000
May 1, 1989 60,000
May 1, 1990 60,000
May 1, 1991 65,000
May 1, 1992 65,000
May 1, 1993 70,000
May 1, 1994 70,000
May 1, 1995 75,000
May 1, 1996 80,000
May 1, 1997 80,000
Bonds maturing on or after May 1, 1976 shall be subject to redemp-
tion as a whole, at the option of the County, prior to maturity on
any interest payment date on or after May 1, 1975, and bonds matur-
ing on or after May 1, 1990, if not called as a whole shall be
subject to redemption as a whole or in part, in inverse numerical
order, at the option of the County, prior to maturity on any one or
more interest payment dates, on or after May 1, 1980. Bonds called
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for redemption shall be redeemed at the par value thereof and
accrued interest plus a premium on each bond computed as a percent-
age of the face amount thereof in accordance with the follming
schedule
37 if called to be redeemed prior to May 1, 1982
2-1/2% if called to be redeemed on or after May 1, 1982 but
prior to May 1, 1985
27 if called to be redeemed on or after May 1, 1985 but
prior to May 1, 1988
1-1/27 if called to be redeemed on or after Nay 1, 1988 but
prior to May 1, 1991
1% if called to be redeemed on or after May l 1991 but
prior to May 1, 1994
1/27 if called to be redeemed on or after May 1, 1994 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,
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 1976 shall not be subject to redemption prior to maturity
and bonds maturing in the years 1976 thru 1989 shall be subject to
redemption only as a part of the whole, 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
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America, at such 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 and payable primarily from the payments
to become due to the County from the Village of Lake Orion under
said contract of August 1, 1964, which payments are in the principal
amount of the bonds with interest thereon as therein provided. In
addition, the full faith and credit of the County is hereby pledged
for the prompt payment of the principal of and interest on said bonds
as the same become due.
5. That all moneys paid to the County by the Village of
Lake Orion pursuant to said contract of August 1, 1964, 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 and interest on
the bonds herein authorized. Interest payable on the bonds on
November 1, 1965, May 1 and November 1, 1966 and May 1 and November
1, 1967, 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:
interest thereon
November 1, 1965,
May and November
are payable in
UNITED STATES OF e:':-R/CA
•STATE OF MICHMAN
COUNTY OF OAKLAND
OAKLAND CQUNTV SEWAGE DISPOSAL BOND-LAKE ORION SYSTEM
Number
KNOW ALL Z THESE PRESENTS, that the County of Oakland,
Michigan, hereby ack004.1qgeo itpplf indebted and for value received,
promises to pay to the boAret hereof, the sum of
THOUSAND DOLLARS
on the first daY of May AtD1 19 , together with
from the date hereof until paid, at the rate of
( per centum per annum, payable
and thereafter semi.annually on the first days of
in each year. Both principal and interest hereof
lawful money of the United States of America at
in the City o
upon presentation and surrender
he coupons hereto attached as they severally matu
of this bond and
re.
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 One
Million Three Hundred and Sixty Thousand Dollars (1,360,000), 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 the Lake Orion Sewage Disposal System.
Bonds of this series maturing prior to May 1, 1976 are not
subject to redemption prior to maturity and bonds maturing in the
years 1976 thru 1989 shall be subject to redemption only as a part
of the whole. Bonds maturing on or after May 1, 1976 shall be sub-
ject to redemption as a whole, at the option of the County prior to
maturity on any interest payment date on or after May 1, 1975 and
bonds maturing on or after May 1, 1990, if not called as a whole,
shall be subject to redemption as a whole or in part, in inverse
numerical order, at the option of the County prior to maturity on
any one or more interest payment dates, on or after May 1, 1980.
Bonds called for redemption shall be redeemed at the par value there-
of and accrued interest plus a premium on each bond computed as a
percentage of the face amount thereof in accordance with the follow-
ing schedule:
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prior to May 1 3
on or after May
on or after May
on or after May
on or after May
on or after May
1982
1, 1982 but
1, 1985 but
1 3 1988 but
1, 1991 but
1, 1994 but
3%
2-1/2%
2%
1-1/2%
1%
1/2%
if called to be redeemed
if called to be redeemed
prior to May 1, 1985
if called to be redeemed
prior to May 1, 1988
if called to be redeemed
prior to May 1, 1991
if called to be redeemed
prior to May 1, 1994
if called to be redeemed
prior to maturity0
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
primarily from moneys to be paid to the County of Oakland by the
Village of Lake Orion pursuant to a certain contract dated August 1,
1964, between the County of Oakland and said village whereby the
said village agrees to pay to the said County the cost of said Lake
Orion Sewage Disposal System in annual installments, beginning April
1, 1969, in the same amounts as the annual maturities of the bonds
of this issue and semi-annually beginning April 1, 1968, to pay the
amount of the interest and bond handling charges. The full faith
and credit of said village is pledged for the prompt payment of its
obligations pursuant to said contract. In addition, by affirmative
vote of 3/5ths of the members elect of the Oakland County Board of
Supervisors, the full faith and credit of said County is pledged to
the prompt payment of the principal of and interest on this series
of bonds as the same become 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
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(SEAL) Its County Clerk
A.D. 19 , the County
hereof the sum shown
of America, at the
same being the
y Sewage Disposal Bond-
facsimile signatures of said Chairman and County Clerk, all as of
the first day of April, A.D. 1965.
COUNTY OF OAKLAND, MICHIGAN
By_
airman of its Board o
Supervisors
By
(COUPON)
Number
On the 1st day of
of Oakland, Michigan, will pay to the bearer
hereon, in lawful money of the United States
in the City of
interest due on that day on its Oakland Coun
Lake Orion System, dated April 1, 1965, 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 alended, 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.
moved the adoption of the foregoing Mr Rehard
resolution. The motion was supported by Mr. They
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. Dunco„ Wm. Duncan, Durbin, Edward, Edwards, Ewart,
Fouts, Goodspeed, Ball, Hamlin, Heacock, Horton, Hudson, Hursfall, Ingraham,
Julian, Kennedy, Knowles, Laurie, Levinson, Mainland, Marshall, McAvoy, McGovern,
Melchert, Menzies, Mercer, Michrina, Mitchell, O'Donoghue, Oldenburg, Osgood,
Patnales, Potter, Potthoff, Powers, Rehard, Rhinevault, Seeterlin, Simson,
Slavens, Smith, Tapp, Terry, Tiley, Tinsman, Turner, Voll, Webber, Wrobel. (61)
Nays: None. (0)
Atiqxxx Absent:
Allerton, floe, Brickner, James Carey„CIArkson, Dewan, Forbes, Grisdale, Hagstrom,
Kephart, Lahti, Levin, Lessiter, Linley, Maier, Miller, Moore, Perinoff, Remer,
Solley, Stephenson, Travis, Woods, Yockey. (24)
October A.D. 1964.
STATE OF MICHIGAN )
) ss:
COUNTY OF OAKLAND )
I, David R. Calhoun, Clerk of the County of Oakland, State
of Michigan, do hereby certify that I have compared the annexed copy
of proceedings of the Oakland County Board of Supervisors taken at a
regular meeting held on October 27 1964, in re: LAKE ORION
SEWAGE DISPOSAL SYSTEM, with the original record thereof now remain-
ing in my office, and that it is a true and correct transcript there-
from, and of the whole thereof.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the seal of said County at Pontiac, Michigan, this 27th day of