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HomeMy WebLinkAboutResolutions - 1965.11.09 - 19653g Miscellaneous Resolution No, 4500 Recommended by Boar&of Public Works Re: Farmington and Evergreen Sewage Disposal Systems Walnut Lake ATM BOND RESOLUTION Mr, Rehard presented the following resolution: WHEREAS, pursuant to Act No, 185, Michigan PUblic Acts of 1957, as amended, and pursuant to resolutions ofthis,Board of Super- visors, the County of Oakland, through its Department of Public Works, has heretofore established and acquired- (a) The Farmington Sewage Disposal System to serve the Farmington Sewage Disposal District, which district includes among other lands, those parts of the Townships of,Farmington and West Bloomfield which are to be served by the hereinafter mentioned Walnut Lake Arm; and (b) The Evergreen Sewage Disposal System to serve the Evergreen Sewage Disposal District, which district includes, among other lands, that-part of the Township of Bloomfield which is to be -served:by the hereinafter mentioned Walnut Lake Arm; and WHEREAS, it has been determined to be necessary, and the county through its Board of Public Works is authorized undersold Act No 185, to extend the said Farmington and Evergreen Sewage Disposal Systems by constructing certain additional .sanitary, sewers an d related facilities to serve certain parts of.said.three townships (said exten- sions being described and located as set forth in the hereinafter men - tioned. contract between the county and said townships and being designated in said contract and hereinafter referred to as the Walnut Lake Arm), and to finance the cost thereof by the issuance of county bonds in anticipation of the collection of payments to bemade to:tho: county by said townships in accordance with said contract; and WHEREAS, no other municipalities in the Farmington or Evergreen Sewage Disposal Districts will be affected by the construc- tion-of said Walnut Lake •Arm; and WHEREAS, construction" plans and specifications for said Walnut Lake Arm, an estimate of the cost thereof in the total amount of $1,737,000, and an estimate of 40 years and upwards as the period of usefulness thereof, as prepared and submitted by registered pro- fessional engineers, have been approved and adoPted by the Board of Public Works and by this Board of Supervisors; and WHEREAS, pursuant to Resolution,Misc. No. 4482 adopted7by --- this Board ofSupervisers on September 20, 196, and pursuant to resolutions heretofore adopted by the:Fownship Boards of.theTOwnships of Farmington, Bloomfield and West Bloomfield, the county (through—its7 Board of Public Works) and said townships have entered into a'contract dated as of August 15, 1965 (which contract is set forth in full in said resolution Misc. No. 4482), whereby the county has agreed to con 7 struct said Walnut Lake Arm and to finance the cost-thereof by issuance,. of bounty bonds as hereinafter provided, and whereby the townships have agreed to pay to the•county the capital cost thereof in the following shares: -2- Township Farmington Bloomfield West Bloomfield Totals, Percentage Amount $ 1,570.25 265,854.80 1,469,574.95 $1,737,000.00 .0904% 15.3054% 84.6042% 100.0000% and each of said townships has agreed to pay its specified share, to the county in annual installments on April 1 in years and amounts as set fOrth in Exhibit C attached to said contract (such years and the a gg reg ate annual installments of all townships being the same as the.:: years and principal amounts of the annual maturities of the herein- after authorized bonds), and each township has further agreed to pay interest from the date of said bonds., on its share or such part. as shall from time to time remain unpaid, as provided in -said cOn- tract, such interest being payable on April 1, 1967 and annually there- after; and WHEREAS, the Board of Public,Works of said countr:hmsap proved this resolution and has recommended its adoption -by_this Board of : Supervisors; THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF OAKLAND COUNTY, MICHIGAN, as follows: I. That the bonds of the County of Oakland, aggregating the principal sum of One Million Seven Hundred Thirty-Seven Thousand Dollars ($1,737,000) be issued for the purpose of defraying the cost of extending the Farmington Sewage Disposal System and the Evergreen Sewage Disposal System by acquiring the Walnut Lake Arm, described and located as set forth in the contract, dated as of August 15, 1965, -3- between the County of Oakland and the Townships of Farmington, Bloomfield and West Bloomfield, The said bonds shall be designated and known as the "Oakland County Sewage Disposal System Bonds - Farmington and Evergreen Systems - Walnut Lake Arm"; shall be dated as of February 1, 1966; shall be in the denomination of.$5,00Teach- except that bonds numbered 2 and 3 shall be in the denomination of $1,000 each; shall be numbered serially in the direct order of their maturities from 1 to 349, both inclusive; and shall mature serially on May 1 in years and principal amounts as follows $5,000 in the year, 1967 $7,000 in the year 1968 $30,000 in the year 1969 $70,.000 in the year 1970 $85,000 in the year 1971 $100,000 in each of the years' 1972 through -1979, $90,000 in each of the years 1980 and 1984 $50,000 in each of the years 198.5 and 1986 $40,-000 in the years 1987 through 1990 $30,000 in the year 1991 The said bonds shall bear interest at a rate or rates to be' hereafter determined; not exceeding 5% per annum payable on . November 1, 1966 and thereafter semiannually on May 1 and November 1 of each .year. None of' said,bonds shall bear interest ata rate per. annum which is less-than_one-half of the interest rate on any other of said bonds. Each bid shall state the annual interest rate or rates upon which it is submitted, expressed in Multiples of 1/8 or 1/20 of 1% or any combina- tion thereof. The interest on any one bond shall be at one rate only and shall be represented by only one coupon for each coupon period. All bonds maturing in the same year shall carry the same interest rate. Accrued interest to date of delivery must. be paid by the purchaserat -4- the time of delivery. The interest due on said bonds. on November 1, 1966 and on May 1, 1967, and one-half-of the interest due thereon on November 1, 1967., is hereby capitalized and shall be paid from the proceeds of said bonds. Bonds maturing on and after May 1, 1976 shall be subject to redemption prior to maturity, at the option of the county in - inverse numerical order, on any one or_ more interest payment dates on and after May 1, 1975, at the par value thereof and accrued in- terest plus a premium on each bond in accordance with the following schedule: , $100 if called to be redeemed on or after May 1, 1975 but prior to May 1, 1979 $75 if called to be redeemed on or after May 1, 1979 but prior to May 1, 1983 $50 if called to be redeemed on or after May 1, 1983 but prior to May. 1, 1987 $25 if called to be redeemed on or after May 1, 1987 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 matur- ing prior to May 1, 1976 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. -5- 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 shallbe -de .-. livered 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 shall be issued pursuant to the provisions of Act No. 185 of the Michigan Public Acts of 1957, as amended, in anticipation of the receipt of the amounts' to be paid to the county under said contract of August 15, 1965; and in addl.-. tion thereto, as authorized by said Act No. "185, the full faith and credit of the County of Oakland is hereby pledged for the.pay- ment of said bonds and the interest thereon when due, -6- S. That all moneys paid to the county under said con.- tract, by the Townships of Farmington, Bloomfield and West Bloomfield, shall be set aside by the County Treasurer in a separateJund and bank account and used solely for the payment of the principal and interest on the bonds herein authorized. There shall also be so set aside and used solely for the payment of interest on said bonds any accrued interest and premium received from the purchaser of said bonds upon their delivery, and there shall likewise be set aside and used, from the proceeds of said bonds., an amount suf- ficient to pay the interest dueon said bonds on November l,1%6 and on May 1, 1967, and one-half of the interest due thereon on November 1, 1967. 6. That said bonds and attached coupons shall be'sub- stantially in the following form: UNITED STATES OF AMERICA STATE-OF MICHIGAN COUNTY OF OAKLAND OAKLAND COUNTY . SEWAGE DISPOSAL BOND- -FARMINGTON AND EVERGREEN SYSTEMS- WALNUT LAKE ARM Number KNOW ALL MEN BY THESE PRESENTS, that .he County of Oakland, Michigan, thereby 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 paid,—Tt therate of ) per centum per annum, payable November 1; 1966: and thereafter semi-annually on the first days of May and November in each year. Both principal and interest hereof are payable 14 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, denomination , numb-ere& consecutively in the direct orderof their maturities from 1 to 349 4 both inclusive, aggregating the principal sum of:One Million Seven. Hundred Thirty-Seven Thousand Dollars ($1,737,000), 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" thecost] of acquiring the Walnut Lake Arm as extensions of the: Farmington Sewage Disposal Systemand'the Evergreen Sewage Disposal System. Bonds of this series maturing prior to May 1,. 1976 are not subject to redemption prior to maturity, Bonds maturing on and after. May 1, 1976, are subject to redemption prior to maturity at the option. of the County, in inverse numerical order, on any one. or moreinterest_ payment dates on and after May. 1, 1975, at the par. thereofand accrued interest plus a premium on each bond in accordance with the following schedule: $100 if called to be redeemed on or after May 1, 1975 but prior to May 1, 1979 $75 if called to be redeemed on or after May 1, 1979 hut, prior to May 1, 1983 $50 if called to be redeemed on or after May 1,, 1983 but prior to May 1, 1987 $25 if called to be redeemed on or after May 1, 1987 -8- 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, previded 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 Townships,of. Farmington, Bloomfield and West Bloomfield in said county pursuant to a certain contract dated as of August 15, 1965, between the County.. of Oakland and said townships, whereby thesaid townships agree to pay to said county their designated sharps of the total capital cost of said Walnut Lake Arm, in annual installments payable on April 1 in years and aggregate amounts which are the same as the years and principal amounts of the annual maturities of the bonds of this is- sue, and to pay interest on the balance of their respective shares from time to time remaining unpaid as provided in said contract, such interest being payable on April 1, 1967 and annually thereafter. The full faith.and credit of each of said townships is by said con-. tract pledged for the prompt payment of its obligations thereunder. In addition, by the affirmative vote of two-thirds of the members- elect of its Board of Supervisors, the full faith and credit of the County of Oakland is pledged for the payment of the principal of and . the interest on this bond and the bonds of this series when due. It is hereby certified, recited and declared that all acts„ conditions and things required to exist, happen and be performeelA3re cedent to and in the issuance of the bonds of this series, existed -r :, have happened and have been performedin 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 facsimile signatures of said Chairman. and County Clerk; all as of the first day of February, A.D. 1966. COUNTY OF OAKLAND, MICHIGAN "Chairman, Board of Supervisors By County Clerk (SEAL) By -9- (Facsimile) Chairman., Board of Supervisors (Facsimile) County Clerk (COUPON) Number On the first day of , A.D. 19the County of Oakland, Michigan, will pay to the bearer hereof —The sum shown hereon, lawful money of the United States :of,America, atthe in the City - same being the interest due on that day on its Oakland County Sewage Disposal Bond-Farmington and Evergreen Systems-Walnut Lake Arm, dated February 1, 1966i .No. 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 is- suance 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. STATE OF MICHIGAN) • ) SS COUNTY OF OAKLAND) I, the undersigned, the duly qualified and acting County Clerk of the County of Oakland, State of Michigan, hereby certify that the foregoing is a true and complete copy of Miscellaneous Resolution No. 450D and of the proceedings pertaining to the adop- tion thereof which were duly adopted and taken by the Board of Supervisors of said county at its regular meeting held November 9 , 1965, the originals of which are.on file in my office. John D. Murphy County Clerk By: Deputy Clerk Dated: November 9 9 1965. moved the adoption of the foregoing Mr. Rehard resolution s which motion was supported by Mr. Case On roll call, the resolution was adopted by the following vote: YEAS: Allerton,,Alward ., Bachert, Beecher, Carey, Case,' Clarkson, Cohen, Demute, Dewan, Dohany, Duncan, Durbin, Edward, Forbes, Fouts, Friid, Frye, Goodspeed, Grisdale, Hagstrom, Hamlin, Heacock, Hudson, Huhn, Johnston, Kennedy, Kephart, Lahti, Laurie, Lessiter, Linley, Macdonald, Maier, Mainland, Mastin, McAvoy, McKinlay, Melchert, Menzies, Mercer, Miller, Mills, Mitchell, Nelson, OtDonoghue, Oldenburg, Olson, Patnales, Peterson, Potter, Powers, Rehard, Remer, Rhinevault, Rowston, Simson, Slovens, H. Smith, W. Smith, Solberg, Tapp, Terry, Tiley, Tinsman, Travis, Turner, Valentine, Voll, Walker, Wilcox, Woods, Yockey. (73) , , None. (0) ABSENT: Brickner, Casey, Charteris, Cheyz, Hall, Horton, Houghten, Hursfall, Ingraham, Knowles, Levinson, Webber. (12) •