HomeMy WebLinkAboutResolutions - 1965.06.28 - 19609Mr Rehard offered the following resolution,
copies of which were previously mailed to all members of this 7=,i
Miscellaneous Resolution No 4459
Recommended by Board of Public Works
Re: MILFORD SEWAGE DISPOSAL SYSTEM
Submitted by Mr. Rehard
BOND RESOLUTION
mr. Rehard offered the following resolution which
was approved by the Board of Public Works at their meeting of
/ , 1965:
WHEREAS, the said Board of Supervisors, by miscellaneous
resolution No 4420,adopted on February 23, 1965, as amended by
miscellaneous resolution No 4444, adopted on April 27, 1965, did
approve of the establishment of a sewage disposal system to be known
as the "Milford Sewage Disposal System" for the purpose of disposing
of sanitary sewage from the Milford Sewage Disposal District, which
district lies in the Village of Milford and environs and is more
particularly described in said miscellaneous resolution No, 4444; and
WHEREAS, pursuant to resolution of this Board of Supervisors
adopted herewith, and pursuant to a resolution adopted by the govern-
ing body of the Village of Milford, the County of Oakland and the said
village are entering into a contract dated as of May 1, 1965, whereby
the County agrees to construct and finance said Milford Sewage Dis-
posal System and the village agrees to Day the cost thereof, based
upon an estimated cost of $465,000, and as represented by the amount
of bonds issued by the county to finance said System, which said con-
tract is set forth in full in the said resolution of this Board of
Supervisors; and
WHERE13, construction plans and specifications for the
Milford Sewage Disposal System as prepared by Hubbell, Roth & Clark,
Inc., registered professional engineers, and an estimate of $485,000
as the cost of said System and an estimate of 40 years and upwards as
the period of usefulness thereof, as prepared by said registered pro-
fessional engineers, have been approved by the Board of Public Works
and by this Board of Supervisors of Oakland County and by the Council
of the Village of Milford; and
WHEREAS, pursuant to the provisions of said contract
May 1, 1965, the amounts of the several annual installments to be
paid by the village are the same as the annual bond maturities here-
inafter set forth; and
WHEREAS, vnez' said contract of May 1, 1965, 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 pursuant
to said contract; and
WHEREAS, the County is desirous of issuing bonds in anticipa-
tion of the payments to be made by the village under said contract of
May 1, 1965; 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, IITCHIGAff, as follows:
1. That the bonds of said County of Oakland, aggregating
the principal sum of Four Hundred and Eighty-Five Thousand Dollars
($485,000) be issued for the purpose of defraying the cost of acquir-
ing said Milford Sewage Disposal System, said bonds shall be
known as 'Oakland County Sewage Disposal Bonds Nilfcrd System,
shall be dated August 1, 1965; shall be 7_u;1,3red consecutively in
the direct order of their mat_:-ities from 1 upwards; shall be in the
denomination of $1,000 or $5,030 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 (5) per annum, payable on
April 1, 1966 and semi-annually thereafter on the first days of April
and October in each year and shall mature on the first day of October
in each year as follows:
1966 $ 10,000
1967 10,000
1968 10,000
1969 10,000
1970 10,000
1971 15,000
1972 15,000
„1973 15,000
1974 15,000
1975 15,000
1976 20,000
1977. 20,000
Bonds maturing on or after October
1978 $• 20,000
1979 20,000
1980 20,000
1981 25,000
1982 25,000
1983 25,000
1984 25,000
1985 25,000
1986 25,000
1987 25,000
1988 25,000
1989 30,000
1990 30,000
1978 shall be subject to re-
demption as a whole, at the option of the County prior to maturity on
any interest payment date on or after October 1, 1973, and 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 October 1, 1978, 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;
3% if called to be redeemed on or after October 1, 1973
but prior to October 1, 1975
2-1/2% if called to be redeemed on or after October 1, 1975
but prior to October 1, 1978
2% if called to be redeemed on or after October I, 1978
but prior to October 1, 1981
1-1/2% if called to be redeemed on or after October 1,
but prior to October 1, 1984
1% if called to be redeemed on or after October 1, 1984
but prior to October 1, 1987
1/2% if called to be redeemed on or after October 1, 1987
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 t han thirty (r) 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 1978 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 there-
on shall be payable in lawful -ore -: of the United States of America,
at such bank and/or trust cc:77 ,a:ly which 11.1a1ifies 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 Chairmen 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
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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 1997, as
amended, in anticipation of the payments to become due to the County
from the Village of Milford under said contract of May 1, 1965, which
payments are in the principal amount of the bonds with interest there-
on as therein provided. As provided in. said Act lqp. IC5, the full
faith and credit of the Village of Milford is pledged to the making
of said payments when due, and in addition there is hereby pledged,
as authorized in said Act Mo. 185, the full faith and credit of the
County of Oakland to the payment of the bonds, both principal and
interest, when due,
5. That all moneys paid to the County by the Village of
Milford rursuant to said contract of May 1, 1965, shall be set aside
by the County Treasurer in a separate fund and bank account to be
used solely for the payment or the principal of and interest on the
bonds herein authorized. Interest payable on the bonds on April 1,
1966, 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:
UNITED &TATES OF AMERICA
STATE OF NICHIr.,A
COUNTY OF OAKI.,:p
OAKLAND COUNTY SEWAGE DISPOSAL BOND - MILFORD SYSTEM
Number
KNOW ALL MEN BY THESE PRESENTS, that the County of Oakland,
Michigan, hereby acXnowiedges itself 1 -...ftebted and for value received,
promises to pay to the bearer hereof, the sum of
THOUS 7D DOLLARS
on the first day of October, A.D. 19 , together with interest there-
on from the date hereof until raid, at the rate of
) per centum per annum, payable April
• 1, 1966 ard tbereafter on the first days of fp'.11 and
October in each year. Both pr•c1pa1 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 bet.b inclusive, agEregating the principal sum of pour
Hundred and Eigh7-vive Thousai:J Dollars ($485,000), 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
cost of the Milford Sewage Disposal System.
Bonds of this series maturing prior to October 1, 1978 are
not subject to redemption prior to maturity. :onds maturing on or
after October 1, 1978 shall be subject to redeption as a whole, at
the option of the County prior to maturity on any interest payment
date on or after October 1, 1973 and 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 October 1, l':;(E, Bonds called for redemption shall be
redeemed at the ;,-ar valud thereof and accrued interest plus a premium
on each bond eomted as a percentage of the face amount thereof in
accordance with 1.Yne following sliedule:
. 3% if called to be redeemed on or after October 1, 1973
but prior to October 1, 1975
27 1/2% if called to be redeemed on or after October 1, 1975
but prior to October 1, 1978
2% if called to be rfeemed on or after October 1, 1978
but prior to OctoOr 1,..19S1
1-1/2% if called to be redeemed on or after OoteLer 1, 1981
but prior to October 1, IS
1% if called to be redeemed on or after October 1,
but prior to October 1, 1987
1/2% if called to be redeemed on or after October
but prior to maturity.'
Notice of redemption shall be given to the holders of lands 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-
paper or publication circulated in the City of Detroit, L;_chigan,
which carries as a part of its regular service, notices of the sale
of municipal bonds. Bonds so c;411ed for redemption shall not bear
interest after tie date fixed for redemption, provided funds are on
hand with the paying agent to redeem the same.
and interest, is payable from
md by the Village of Milford
y 1. 1915 between the County of
•:1J, the said village agrees to pay to
:id Milford Sewage Disposal System in
as the annual maturities of the bonds of this j
to pay the amount of the interest and bond IYar
full faith and credit o salTvillage is pled
ment of its obligations pursuilt to said ,ontrat.
by affirmative vote of 2/3rds of the members elect
Supervisors, the full faith and credit of the County of OaLland 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 required to exist, tzppen and be performed
precedent to and in the issuance of the br.ls of this series, existed,
have happened.and have been performed in time, form and manner
as required by the Constitution and Statutes of the State cf
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 cati,sed this bond to be signed in its
name by the Chairman of said Board of Supervisors and by the County
Clerk of the cou n. and its corporate seal to be affixed hereto, and
has caused the annexed interest coupons to be exe c uted with one
facsimile signatures of said Chairman and County Clerk, all as of the
first day of August, A.D. 1965.
COUNTY OF OAKLAND, MICHIaAIT
By
Chairman of its
Supervisors
By
e
(SEAL)
This bond as to both
moneys to be paid to the
pursuant to a certain o
Oakland and said village
the said County the cost c.•, annual installments, beginning September 1 , in the same amounts
nd semi-annually
arges. The
TrF3 prompt pay
in addition,
7 its Board of
Its County
(COUPON)
Number
On the 1st day of AD. 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 beig the interest due on that
day on its Oakland C6unty Sewage Disposal ?.1ilford System,
dated August 1, 1965, No
(FACSIMILE)
County 'Clerk
,(FACSIMILE)
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 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 iszaance of said bonds, subject to the provisions of this
resolution.
9. All 1,esolutions and parts of resolutions, insofar as
the same may be in conflict herewith, are hereby rescinded.
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Mr. Chairman, I move the adoption of the foregoing resolu-
tion.
Supported by Mr. Mainland
ADOPTED: Yeas -
Allerton, Alward, Bachert, Beecher, Carey, Case, Charteris, Clarkson, Cohen,
Dewan, Dohany, Duncan, Durbin, Edward, Fouts, Frid, Frye, Goodspeed, °Tisdale,
Hagstrom, Hamlin, Heacock, Houghten, Hudson, Huhn, Hursfall, Johnston, Kennedy;
Kephart, Lahti, Laurie, Lessiter, Levinson, Linley, Macdonald, Maier, Mainland,
Mastin, McAvoy, McKinlay, Menzies, Mercer, Mitchell, Nelson, O'Donoghue, Oldenburg,
Osgood, Patnales, Peterson, Potter, Powers, Rehard, Remer, Rhinevault, Seeterlin,
Simson, Slavens, W. Smith, Solberg, Tapp, Tiley, Tinsman, Turner, Valentine, Veil,
Walker, Webber, Wilcox, Woods, Yockey. (70)
Nays —
None. (0)
Absent —
Brickner, Casey, Cheyz, Demute, Ewart, Forbes, Hall, Horton, Ingraham, Knowles,
Meichert, Miller, Mills, H. Smith, Terry, Travis. (16)
T-Z ADO.? Yeas —
Mr. Chairman, I move the adoption of the foregoing resolu-
tion.
Supported by Mr. Mainland
Allerton, Alward, Bachert, Beecher, Carey, Case, Charteris, Clarkson, Cohen,
Dewan, Dohany, Duncan, Durbin, Edward, Fouts, Frid, Frye, Goodspeed, Grisdale,
Hagstrom, Hamlin, Heacock, Houghten, Hudson, Huhn,•Hursfall, Johnston, Kennedy,
Kephart, Lahti, Laurie, Lessiter, Levinson, Linley, Macdonald, Maier, Mainland,
Mastin, McAvoy, McKinlay, Menzies, Mercer, Mitchell, Nelson, O'Donoghue, Oldenburg,
Osgood, Patnales, Peterson, Potter, Powers, Rehard, Remer, Rhinevault,
Smson, Slavens, W. Smith, Solberg, Tapp, They, Tinsman, Turner, Valentine, Voll,
Walker, Webber, Wilcox, Woods, Yockey. (70)
Nays —
None. (0)
Absent —
Brickner, Casey, Cheyz, Demute, Ewart, Forbes, Hall, Horton, Ingraham, Knowles,
Melchert, Miller, Mills, H. Smith, Terry, Travis. (16)
STATE OF MICHIGAN )
) es:
COUNTY OF OAKLAND )
1, the undersigned, the County Clerk of the County of
Oakland, do hereby certify that the foregoing are true and complete
copies of Miscellaneous Resolutions No, 4458 and Nn, 4459 and
of the proceedings pertaining tereto, duly adopted and taken by
Board of Supervisors of said County at a regular meeting held June
1965, the originals of which are on file in my office
County Clerk, Oakland ounty
Dated June 28 1965