HomeMy WebLinkAboutResolutions - 1965.08.10 - 196244472 Miso-
Recommended by the Board of Public Works
IN RE: PONTIAC TOWNSHIP WATER SUPPLY SYSTEM
Submitted by Mr. Rehard
Mr. Chairman, Ladies and Gentlemen:
I offer the following resolution which was approved by the
Board of Public Works at their meeting on July 26, 1965:
AMENDMENTS TO
BOND RESOLUTION /
WHL=3, pursu-a-n-t—t -No. 185, Michigan Public Acts of
1957, as amended, the Board of Supervisors of Oakland County,
Michigan, by Miscellaneous Resolution No 44-0; adopted February
15, 1965, authorized the issuance of V1,242,000 of Oakland County
Water Supply Bonds, Pontiac Township System, to be dated June 1,
1965, to defray part of the cost of the Pontiac Township Water Supply
System, then estimated to cos $1,342,000, which bonds are secured
by and payable primarily from payments to be made by the Township
and 4T the County on behalf of Oakland University to defray the cost
of acquiring the system and secondarily, by appropriate vote of the
Board of Supervisors, by the full faith and credit pledge of the
County; and
WHEREAS, by reason of the receipt of construction bids in
excess of the estimated cost of construction it has been necessary
to increase the estimate of cost of said system from $1,342,000 to
$1,570,000, which revised estimate of cost has been prepared by
Hubbell, Roth & Clark, Inc., registered professional engineers, and
has 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 $1,470,000
be financed by the issuance of County bonds; and
WHEREAS, as amended by the attachment of revised Exhibits
and "C', the contract between the County and the Township now
requires that the Township and the County on behalf of Oakland
University pay to the County certain principal amounts in the years
1966 through 1989 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 therafter on the unpaid
balance owing from each to the County; and
WHEREAS, the Board of Public Works of the County has
approved this resolution amending the Bond Resolution heretofore
adopted by this Beard and recommended its adoption by this Board of
Supervisors in order that the County may issue its bonds in the
aggregate amount of $1,470,000 to defray part of the revised cost of
the acquisition of said system:
THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
OAKLAND COUNTY, MICHIGAN, that raragraphs 1, 4 and 6 of the Bond
Resolution adopted on February 15, 1965, be amended to read as
follows:
1. That the bonds of said County Oakland, aggregating the
principal sum of One Million Four Hundred Seventy Thousand Dollars
($1,470,000) shall be issued for the purpose of defraying part of
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, 1965; shall be numbered con-
secutively in the direct order of their maturities from 1 upwards;
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 exceeding five per cent (5)
per annum, payable on November 1, 1965 and semi-annually thereafter
on the first days of May and Novetber in each year; and shall mature
on the first day of May in each year as follows
Year Due Principal Amount Due Year Due Principal Amount Due
1966 $ 30,000 1978 $ 65,000
1967 55,000 1979 65,000
1968 70,000 1980 55,000
1969 70,000 1981 55,072
1970 70,000 1982 55,000
1971 70,000 1983 55,020
1972 70,000 1984 55,000
1973 75,000 1985 55,000
1974 75,000 1986 55,000
1975 75,000 1987 55,000
1976 65,000 1988 55,000
1977 65,000 1989 55,000
Bonds maturing on and after May 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 Dar value thereof and accrued interest
plus a permium on each bond computed as a percentage of the face
value thereof in accord an ce with the following schedule:
3% if called to be redeemed prior to flay 1, 1978
2-1/2% if called to be redeemed on or after Nay 1, 1978 but
prior to Nay 1, 1.980
2% if called to be redeemed on or after May 1, 1980 but
prior to May 1, 2982
1-1/2% if called to be redeemed on or after May 1, 1982 but
prior to May 1, 1.984
if called to be redeemed on or after May 1, 1984 but
prior to May 1, 1986
1/2'4 if called to be redeemed on or after May 1, 1986 b ut
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 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.
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 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 $1,470,000, with interest as therein provided. The interest pay-
able 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 payment of
the principal of and interest on said bonds as the same become due.
6. That said bonds and attached coupons shall be sub-
stantially in the following form:
UNITED STATES OF AmTTTcA
STATE OF MICHI G AN
COUNTY OF OAKLAND
OAKLAND COUNTY, WATER SUPPL7 BOND
(PONTIAC TOWNSHIP SYSTE7rj
Number
KNOW ALL MEN BY THESE PFOTSENTS, 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
TlInT217) ITOLLARS
on the first day of Hay, A.D. 19 , together with interest thereon
from the date hereof until paid, at the rate of
) per centum per annum, payable
November 1, 1965 and thereafter semi-annually on the first days o
May and November in each year. Beth principal and interest hereof
are payable in lawful money of the United States of America at
in the City of 2
, upon presentation and surrender of this bond and th ,
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 and rate of interest, numbered consecutively
in the direct order of their maturities from 1 to , in- , , —
elusive, aggregating the principal sum of One MIllIon cur Hundred
Seventy Thousand Dollars ($1,470,000), issued under an':1 pursuant to
and in full conformity with the Constitution. and Statutes of the
State of Michigan, and especially Act No. 185 of the 7ichigan Public
Acts of 1957, as amended, for the purpose of defraying part of the
cost of acquiring the Pontiac Township Water Supply System, This bond
is payable, as to both principal and interest, primarily from =re
to be paid to said County by the Township of Pontiac in said Co
and by the County on behalf of Oakland University, pursuant to a_
certain contract dated February 8, 1965, as amended August 2, 19
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 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.
Bonds of this series maturing prior to May 1, 1981 are not
subject to redemption pr i or to maturity. Fonds maturing on ar.-' after
May 1, 1981 shall he sub j ect to rede-1,:tin -::or to maturity in
inverse numerical order, at the opYon of :-e County, on any or
more interest payment dates on ana afle2 1, 1975, at the value
thereof and accrued interest plus a premi on each bond co-:p.:7,ed as a percentage of the face value thereof In accordance with the fo/1c,w-
4 ng schedule;
3% if called to be redeemed prior to May 1, 19
2-1/2ra 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
1-1/2% 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 lees than thirty (30)
days prior to the date fixed for reer -,ption, at least once in a
newspaper or publication circulate2 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 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 issuance of this series of bonds does not cause any
constitutional or statutory limitation to be exceeded.
IN WITNESS '777=F, the County of .7,akia7.--. State of
Michigan, by its Boar of Supervisors, has cL.)sed bom.1 70
signed in its name by the Chairman of said Board of Slervisors ano
by the County Clerk of the County, and its ccrp:.---:e seal to be
affixed hereto, and has caused the annexed interest coupons to be
executed with the facsimile signatures of said Chairman and
Clerk, all as of the first day of June, AD 1965.
COUNTY OF OAKIXT
STATE OF MICHIttib
By
Chairman of Board of Supelisors
By
County Clerk
(SEAL)
(FACSIMILE) (FACSIMILE
. (C OUPON )
Number
On the 1st day of _ , A.D. 19 , the County
of Oakland, State of Mio'nigan, will pay to the bearer hereof the
amount shown hereon, lawful money of the United States of America, at
the
in the City of , same being the
interest due on thatday on its Oakland County Water Supply Bond
(Pontiac Township System) dated June 1, 1965, No
County Clerk Chairman of Board of Super-visors
BE IT FURTHER RESOLVED, that all resolutions and parts of
resolutions, insofar as the same may be in conflict herewith, are
hereby rescinded.
Mr. Rehard moved the adopti on
resolution. The motion was supported by Mr. Terry
On roll call the resolution was adopted by the following vote:
Yeas:
Allerton, Alward, Bachert, Beecher, Brickner, Carey, Case, Casey, Charteris, Cheyz,
Cohen, Demate, Dobany, Duncan, Durbin, Edward, Forbes, Fouts, Frid, Goodspeed,
Crisdale, Hagstrom, Hall, Hamlin, Horton, Houghton, Hudson, Huhn, Hursfall,
Johnston, Kennedy, Kephart, Knowles, Lahti, Laurie, Lessiter, Levinson, Linley,
Macdonald, Maier, Mainland, Mastin, McAvoy, McKinlay, Meichert, Menzies, Mercer,
Miller, Mills, Mitchell, Nelson, 0/Donoghue, Oldenburg, Osgood, Patnales,
Peterson, Potter, Powers, Rehard, Renter, Rhinevault, Rowston, Seeterlin, Simson,
H. Smith, W. Smith, Tapp, Terry, Tiley, Tinsman, Travis, Valentine, Voll, Walker,
Webber, Wilcox, Woods, Yockey. (78)
e g0
aya
None. (0)
Absent:
Clarkson, Dewan, Frye, Heacock, Ingraham, Slavens, Solberg, Turner, (8)
10th
August ,• 196 5.
STATE OF MICHIGAN )
, es:
C OUNTY OF OAKLAND )
1, 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 Su -oervisors taken at a
regular meeting held on August 10 , 1965, in re:
PC=AC TOWNSHIP WATER SUPPLY SYSTEM, with the orginal record thereof
now remaining in my office, and that it is a true and correct tran-
script therefrom, and of the w'r ,31. thereof,
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the seal of said County of Pontiac, Michigan, this
John D. Murphy
County Clerk
Julia Maddock, Deputy County Clerk
By