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HomeMy WebLinkAboutResolutions - 1965.11.09 - 19656/I t Miscellaneous Resolution No 4502 Recommended by Board of Public Works Re: EVERGREEN SEWAGE DISPOSAL SYSTEM - SOUTHFIELD-ROUGE ARM 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, this Board of Supervisors, by miscellaneous resolution No. 3269, adopted on August 12, 1957, as amended by miscellaneous resolution No. 3435, adopted on October 13, 1958, did approve of the establishment of a sewage dipsosal system to be known as the "Evergreen Sewage Disposal System' for the purpose of dispos- ing of sanitary sewage from the Evergreen Sewage Disposal District, within which district lies part of the City of Southfield; and WHEREAS, the said Board of Supervisors, by miscellaneous resolution No. 4115, adopted March 6, 1963, did enlarge the Evergreen Sewage Disposal District to include all of the Village of Franklin and all of the Village of Bingham Farms within the area to be served by the Evergreen Sewage Disposal System; and WHEREAS, pursuant to resolution of this Board of Supervisors adopted June 22, 1964, miscellaneous No. 4343, and pursuant to a resolution adopted by the governing bodies of the City of Southfield and Village of Bingham Farms, the County of Oakland and the said City and Village entered into an Agreement dated as of April 15, 1964, whereby the County agreed to construct and finance said resolution No. adopted 1965; and Southfield-Rouge Arm to the Evergreen Sewage Disposal System and the City and the Village each agreed to pay its share of the cost thereof, based upon an estimated cost of $1,760,000 and as repre- sented by the amount of bonds issued by the county to finance said System, which said contract is set forth in full in the said resolu- tion of this Board of Supervisors; and WHEREAS, said Agreement was amended by an Amendment to Agreement dated as of January 15, 1965, as approved and adopted by the governing bodies of the City of Southfield and of the Village of Bingham Farms and by the Board of Supervisors in its miscellaneous WHEREAS, revised construction plans and specifications for the Southfield-Rouge Arm of the Evergreen Sewage Disposal System as prepared by Spalding, DeDecker and Associates, Inc., registered pro- fessional engineers, and a revised estimate of $2,060,000 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 professional engineers, have been approved by the Board of Public Works and by this Board of Supervisors of Oakland County and by the governing bodies of the City of Southfield and of the Village of Bingham Farms; and WHEREAS, pursuant to the provisions of said Agreement of April 15, 1964, as amended as of January 15, 1965, the aggregate amounts of the several annual installments to be paid by the said City and the Village are the same as the annual bond maturities hereinafter set forth; and WHEREAS, under said Agreement of April 15, 1964, as amended as of January 15, 1965, the said City and Village are each to pay annually its share of 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 Agreement; and WHEREAS, the county is desirous of issuing bonds in anticipation of the payments to be made by the said City and Village under said Agreement of April 15, 1964, as amended as of January 15, 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, MICHIGAN, as follows: 1. That the bonds of said County of Oakland, aggregating the principal sum of Two Million and Sixty Thousand Dollars ($2,060,000) be issued for the purpose of defraying the cost of acquiring said Southfield-Rouge Arm to the Evergreen Sewage Disposal System. That said bonds shall be known as "Oakland County Sewage Disposal Bonds - Evergreen System - Southfield-Rouge Arm"; shall be dated January 1, 1966; shall be numbered consecutively in the direct order of their maturities from 1 upwards; shall be in the denomina- tion of $5,000 each; 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: 1967 $ 35,000 1982 $ 65,000 1968 35,000 1983 70,000 1969 35,000 1984 70,000 1970 40,000 1985 75,000 1971 40,000 _1986 80,000 1972 40,000 1987 85,000 1973 45,000 1988 90,000 1974 45,000 1989 95,000 1975 45,000 1990 100,000 1976 50,000 1991 105,000 -1977 50,000 1992 105,000 1978 55,000 1993 105,000 1979 60,00o 1994 105,000 1980 60,000 1995 105,000 1981 65,000 1996 105,000 Bonds maturing on or after October 1, 1980 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, 1975, 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, 1980. 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, 1975 but prior to October 1, 1977 2 -1/2% if called to be redeemed on or after October 1, 1977 but prior to October 1, 1980 2% if called to be redeemed on or after October 1, 1980 but prior to October 1, 1984 1-1/2% if called to be redeemed on or after October 1, 1984 but prior to October 1, 1988 1% if called to be redeemed on or after October 1, 1988 but prior to October 1, 1992 1/2% if called to be redeemed on or after October 1, 1992 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 New York, New York, 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 1980 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 money of the United States of 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 execu- tion 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 T:lichigan Public Acts of 1957, as amended., in anticipation of the payments to become due to the County from the City of Southfield and the Village of Bingham Farms under said Agreement of April 15, 1964, as amended as of January 15, 1965, which payments are in the principal amount of the bonds with interest thereon as therein provided. As provided in said Act No. 185, the full faith and credit of each the City of Southfield and of the Village of Bingham Farms is pledged to the making of the respective share of each of said payments when due, and in addition there is hereby pledged, as authorized in said Act No. 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 City of Southfield and by the Village of Bingham Farms pursuant to said Agreement of April 15, 1964, as amended as of January 15, 1965, 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 of and interest on the bonds herein authorized. Interest payable on the bonds on April 1 and October 1, 1966, and April 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: UNITED STATES OF AMERICA STATE OF MICHIGAN COUNTY OF OAKLAND OAKLAND COUNTY SEWAGE DISPOSAL BOND - EVERGREEN SYSTEM - SOUTHFIELD-ROUGE ARM Number $5,000 KNOW ALL MEN BY THESE PRESENTS, that the County of Oakland, Michigan, hereby acknowledges itself indebted and for value received, promises to pay to the bearer hereof, the sum of FIVE THOUSAND DOLLARS on the first day of October, A.D. 19 , together with interest there- on from the date hereof until paid, at the rate of ) per centum per annum, payable April 1, 1966 and thereafter semi-annually on the first days of April and October in each year. Both principal 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 412, both inclusive, aggregating the principal sum of Two Million and Sixty Thousand Dollars ($2,060,000), 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 Southfield-Rouge Arm to the Evergreen Sewage Disposal System. Bonds of this series maturing prior to October 1, 1980 are not subject to redemption prior to maturity. Bonds maturing on or after October 1, 1980 shall be subject to redemption as a whole, at the option of the County prior to maturity on any interest payment date on or after October 1, 1975 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, 1980. 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, 1975 but prior to October 1, 1977 2-1/2% if called to be redeemed on or after October 1, 1977 but prior to October 1, 1980 2% if called to be redeemed on or after October 1, 1980 but prior to October 1, 1984 1-1/2% if called to be redeemed on or after October 1, 1984 but prior to October 1, 1988 1% if called to be redeemed on or after October 1, 1988 but prior to October 1, 1992 1/2% if called to be redeemed on or after October 1, 1992 but prior to maturity. 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 news- paper or publication circulated in the City of New York, New York, 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 from moneys to be paid to the County of Oakland by the City of Southfield and the Village of Bingham Farms pursuant to a certain Agreement dated April 15, 1964, as amended as of January 15, 1965, between the County of Oakland and said City and Village whereby the said City and Village each agrees to pay to the said County its share of the cost of said Southfield-Rouge• Arm to the Evergreen Sewage Disposal System in annual installments in the same amounts as the annual maturities of the bonds of this issue and semi-annually to pay the amount of the interest and bond handling charges such payments to be made by each at least thirty days prior to the respective due dates specified in this bond- The full faith and credit of each said City and said Village is pledged for the prompt payment of its respective obligations pursuant to said contract, and in addition, by affirmative vote of 2/3rds of the members elect of its Board of Supervisors, the full faith and credit of the County of Oakland 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 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 facsimile signatures of said Chairman and County Clerk, all as of the first day of January, A.D. 1966. COUNTY OF OAKLAND, MICHIGAN By Chairman of its Board of Supervisors By (SEAL) Its County Clerk -8- (FACSIMILE) County Clerk (FACSIMILE) Chairman of the Board o Supervisors (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 being the interest due on that day on its Oakland County Sewage Disposal Bond - Evergreen System - Southfield-Rouge Arm, dated January 1, 1966, 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 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 Turner On roll call the resolution was adopted by the following vote: YEAS: Allerton, Alward, Bachert, Beecher, Carey, Case, Charteris, Clarkson, Cohen, Demute, Dewan, Dobany, Duncan, Durbin, Edward, Forbes, Frid, Frye, Goodspeed, Grisdale, Hagstrom, Hall, Hamlin, Horton, Hudson, Huhn, Hursfall, Johnston, Kennedy, Kephart, Lahti, Laurie, Lessiter, Levinson, Linley, Macdonald, Maier, Mainland, Mastin, McAvoy, McKinlay, Melchert, Menzies, Mercer, Miller, Mills, Mitchell, Nelson, OTDonoghue, Oldenburg, Olson, Peterson, Potter, Powers, Rehard, Romer, Rhinevault, Rowston, Simson, Slavens, H. Smith, Solberg, Tapp, Terry, They, Tinsman, Travis, Turner, Valentine, Voll, Walker, Webber, Wilcox, Woods, Yockey, (75) NAYS: None. (0) ABSENT: Brickner, Casey, Cheyz, Fouts, Heacock, Houghten, Ingraham, Knowles, Patnales, W. Smith. (10)