HomeMy WebLinkAboutResolutions - 1965.04.13 - 19592February 15, 1965
Miscellaneous Resolution No.
Recommended by Board of Public Works,
Re: FONTTAC TOWNSHIP WATER SUPPLY SYSTEN
Rehard Mr, presented the following Bond
ResOlution, a copy of which has been sent to each member of the
Board of Supervisors.
4429
BOND :.T°SOLUTION
WHEREAS, pursuant to Act No. 135, Michigan Public Acts of
1957, as amended, the Board of Supervisors of Oakland County,
Michigan, by Miscellaneous Resolution No 4291, adopted March 6, 1964,
approved the establishment of the "Pontiac Township Water Supply -
em" for the purpose of supplying water to the Township of
Pontiac (hereinafter sometimes referred to as the "Township") in
said County of Oakland (hereinafter sometimes referred to as the
'Conty'), the said system to be acquired and financed by the County
and to consist of pumping stations, transmission mains and additional
lateral distribution facilities to be constructed by the County; and
WHEREAS, the said County and the said Township,
respective governing boards, have authorized the execution of a
contract by the terms of which the County would acquire said pumping
stations and transmission mains and operate the same to serve the
County for Oakland University and the Township and would acquire
said additional lateral distribution facilities and lease the same
to the Township, and would finance the cost thereof by issuing bonds
of the County pursuant to said Act No. 185, as amended, secured by
and payable primarily from payments to be made by the Township and
by the County on behalf of Oakland University to defray the cost of
acquiring the system and secondarily, upon appropriate vote of the
Board of Supervisors, by the full faith and credit pledge of the
County; and
WHEREAS, plans and specifications for said system, together-
with an estimate of the cost thereof in the sum of $1,342,000 and an
estimate of 40 years and upwards as the period of usefulness thereof,
Sys
have been prepared by Hubbell, Roth & Clark, Inc., registered pro-
fessional engineers, and have been approved by the Board of Public
Works and by the Board of Supervisors of said County, and by the
Township Board of the Township of Pontiac and it is desired that of
such estimated cost $1,242,0.00 be financed by the issuance of County
bonds, and
WHEREAS, the above-mentioned contract between the County
and the Township requires that the Township and the County on behalf
Oakland University pay to the County certain principal amounts
in the years 1966 through 1959 which are equal to the bond maturities
for the same years as hereinafter provided (such annual amounts to
be paid each year on April 1), and that the Township and the County
pay interest on April 1, 1966 and semi-annually thereafter on the
unpaid balance owing from each to the County; and
WHEREAS, the Board of Public Works of the County has
approved this resolution and recommended its adoption by the Board
of Supervisors in order that the County may issue its bonds in the
aggregate amount of $1,242,000 to finance the acquisition of said
system:
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 Nillion Two Hundred Forty-Two Thousand
Dollars ($1,242,000) shall be issued for the purpose of defraying
the cost of acquiring the Pontiac Township Water Supply System; shall
be known as 'Oakland County Water Supply Bonds (Pontiac Township
System)", shall be dated as of June 1, 196; shall be numbered con-
secutively in the direct order of their matrities from.1 upwards;
bonds numbered 1 and 2 shall be in the denomination of $1,000 each
and all other bonds shall be in the denomination of either $1,000
or $5,000 each as specified by the original purchaser; shall bear
interest at a rate or rates to be hereafter determined not exceed-
ing five per cent (5%) 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 fo,llows:
Year Due Principal Amot Due Year Due Principal Amount Due
1966 $ 22,000 1978 $ 60,000
1967 45,000 1979 60,000
1968 60,000 lc:c?,-, r4",,000
1969 60,000 1981 45,000
1970 60,000 1982 45,000
1971 60,000 1983 45,000
1972 60,000 1q84 45,000
1973 60 n '') 1985 45,000 ,---- 1974 60,080 1986 45,000
1975 65,000 1987 45,000
1976 60,000 1988 45,000
1977 60,000 1989 45,000
Bonds maturing on and after May 1, 1981 shall be subject
to redemption prior to rdaturity in inverse numerical order, at the
option of the County, on any one or more interest payment dates on
and after May 1, 1976, at the par value thereof and accrued interest
plus a premium on each bond computed as a percenta ge of the face
amount thereof In accordance with the following schedule:
3% if called to be redeemed prior to May 1, 1978
2-1/2 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, 1932
1 -1/2% if call to be redeemed on or after May 1, 1962 but
prior to May 1, 1984
1% if called to be redeemed on or after May 1, 1984 hut
prior to Nay 1, 1986
1/2Z if called to be redeemed on or after May 1, 1986 but
prior to maturity .
thereon shall be able in lawful money of the -United States of
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 1981 shall not be 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
America, at such bank and/or trust company, qualified to serve as
paying agent under the laws of the State of Michigan or the United
States of America, as shall be designated by the original purchaser
of the bonds. Such purchaser shall also 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 ahd
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 execu-
tion of said bonds and attached coupons, the same shall be delivered
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,
That the said bor..ds 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 collection
of the unpaid amounts to become due to the County from the Township
and the County on behalf of Oakland University under said contract
between the County and the Township, which amounts aggregate the
sum of $1,242,003, with interest as therein provided. The interest
payable on said bonds on November 1, 1965 is hereby capitalized and
shall be paid from the proceeds of the sale of said bonds, The full
faith and credit Of the County is hereby pledged for the prompt pay-
ment of the principal of and interest on said bonds as the same
become due,
5, That all moneys paid to the County by the Township and
the County on behalf of Oakland. University pursuant to said contract
to pay the cost of acquiring said system as provided in said contract
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 sub-
stantially in tha following form:
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY WATER SUPPLY BOND
(PONTIAC TOWNSHIP SYSTEM)
Number
KNOW ALL E7N BY THESE PRESENTS, that the County of Oakland
State of Michigan, hereby acknowledges itself indebted and for value
received, promises to pay to the bearer hereof, the sum of
THOUSAND DOLLARS
on the first day of May, A.D. 19 , together with interest thereon
from the date hereof until raid, at the rate of
) per centum Tor annum, payable November 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
a
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, rate of interest and denomination, numbered
consecutively in the direct order of their maturities from 1 to ,
both inclusive, aggregating the principal sum of One Million Two
Hundred Forty-Two Thousand Dollars ($1,242,000), issued under and
pursuant to and in full conformity with the Constitution and Statutes
of the State of Michigan, and especially Act Na. 185 of the Michigan
Public Acts of 1957, as amended, for the purpose of defraying the
cost of acquiring the Pontiac Township Water Supply System This
bond is payable, as to both principal and interest, primarily from
moneys to be paid to said County by the Township of Pontiac in said
County, and by the County on behalf of Oakland University, pursuant
to a certain contract dated Pebruary 8, 1965, between the said County
and Township, whereby said Township and County have agreed to pay to
the said County the total capital cost of said water supply system,
with interest, in installments which are sufficient in each year to
pay the principal and interest maturing in such year on this series
of bonds. In addition by affirmative vote of 7/5ths 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 princi-
pal of and interest on this series of bonds.
Bonds of this series maturing prior to May 1, 1981 are not
subject to redemption prior to maturity. Bonds maturing on and after
Nay 1, 1981 shall be subject to redemption prior to maturity in
inverse numerical order, at the option of the County, on any one or
more interest payment dates on and after May 1, 1976, at the par value
thereof and accrued interest plus a premium on each bond computed as
a percentage of the face value thereof in accordance with the follow-
ing schedule:
In the City of
3 ,-; if called to be redeemed prior to May 1, 1978
2-1/2% if called to be redeemed on or after May 1, 1978 but
prior to May 1, 1930
2% if called to be redeemed on or after May 1, 1980 but
prior to May 1, 1982
1-1/2% if called to be 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, 1986
1/2% if called to be redeemed on or after May 1, 1986 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.
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 derformed in due time, form and
manner as reduired by the Constitution and Statutes of the State of
Michigan, and t'iyat the issuance of this series of bonds does not
cause any constitutional or statutory limitation to be exceeded_
IN WITNESS :.!hEREOP, the County of Oakland, State of
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, er6 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 June, A.D. 1965
COUNTY OF OAKLAND,
STATE OF MICHIGAN
Chairman of Board of Supervisors
P
County Cle'rk
(SEAL)
in the City of , same being the
(COUPON)
Number
On the let day of , A.D. 19 , the County of
Oakland, State of Michigan, will pay to the bearer hereof the amount
shown hereon, lawful money of the United States of America, at the
interest due on that day on. its Oakland County Water Supply Bond
(Pontiac Township System) dated June l, 1965, No.
Facsimile)
County Clerk
(Facsimile )
Chairman of Board of Supervisors
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 tic, as provided in
Act No. 202, Michigan Public l ets of 1943, as amended, and the Board
of Public ,,J.cs through its D1::.ector is hereby authorized and
directed to make application to said Commission for the issuance of
such order ,
8, Tht the Board of Public Works is hereby authorized to
sell said bonds at not less than par and accrued interest in accor-
dance with the laws of this state and to do all thins necessary to
effect the sale and issuance of said bonds, subject to the provisions
of this resolution.
That all resolutions and parts of resolutions, insofar
as the same may be in conflict herewith, are hereby rescinded,
resolution. The motion was su.roorted Mr. Wrobel On
Mr . R ehard ed the adoption of the foregoi
roll call the resolution was acaopted by the follow'
Yeas: Allerton, Alward, Bachert, Brickner, Carey, Case, Charteris, Cheyz,
Demute, Dewan, Dohany, Duncan, Durbin, Edward, Edwards, Fouts, Goodspeed,
Grisdale, Hagstrom, Hall, Hamlin, Heacock, Horton, Heughten, Huhn, Hursfall,
Johnston, Kennedy, Kephart, Knowles, Lahti, Laurie, Lessiter, Levinson, Linley,
Macdonald, Mainland, Marshall, Mastin,McAvoy, Melchert, Menzies, Mercer, Michrina,
Nelson, 0/Donoghue, Oldenburg, Osgood, Patnales, Peterson, Potter, Potthoff,
Rehard, Remer, Rhinevault, Seeterlin, Simson, Slavens, Smith, Tapp, Tiley,
Tinsman, Travis, Turner, Valentine, Voll, Wilcox, Woods, Wrobel, Yockey.(70)
None. (0)
Absent Bloe, Beecher, Casey, Clarkson, Ewart, Forbes, Hudson, Ingraham, Maier,
McKinlay, Miller, Mitchell, Powers, Terry, Webber. (15)
STATE OF MICHIGAN)
) SS
COUNTY OF OAKLAND)
I, John D. Murphy, 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 April 13, 1965 in re:
Pontiac Township Water Supply System with the original record
thereof now remaining in my office, and that it is a true and correct
transcript therefrom, 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 14th
, .
April , 19 65 .
John D. Murphy
County Clerk
2
14th day of
By:
Julia Maddock, Deputy Clerk
-
• 11V,
e
• STATE OF MICHIGAN)
) SS
COUNTY, OF OAKLAND)
John D. Murphy, 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 April 13, 1965 in ret
Pontiac Township Water Supply Syste with the original record
thereof now remaining in my office, and that it is a true and correct
transcript therefrom, 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 4 1 th day of
April 19 65 2111011tliqq•
John D. Murphy -
County Clerk -
,:4;tiliii-MaddOok, Deputy Clerk
r.
-