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HomeMy WebLinkAboutResolutions - 1966.02.08 - 19702At a regular meeting of the Board of Supervisors of Oakland County held in the Supervisors' Auditorium in the County Service Area in the City of Pontiac, Michigan, on Tuesday the 8th day of February, 1966, at 9:30 o'clock A. M. , Eastern Standard Time. PRESENT: lalerton, Alward, Bachert, Beecher, Brewer, Carey, Case, Charteris, Cheyz, Demute, Dewan, Dohany, Duncan, Edward, Forbes, Fouts, Frid, Gabler, Goodspeed, Grisdale, Hagstrom, Hamlin , Heaeock, Horton, Houghten, Huhn, Johnston, Kennedy, Kephart, Lahti, Laurie, Lessiter, Linley, Macdonald, Maier, Mainland, Mastin„ McAvoy, Melchert, Mercer,Mills, Mitchell, Nelson,.. 0/Donoghue, Oldenburg, Olson, Patnales, Peterson,Powers, Rehard, Remer, Rhinevault„ Rowston, Simson, Slaver's, H. Smith, W. Smith, Strong, Tapp, Tiley, Tinsman : Travis, Turner; Valentine, Voll, Walker, Wiloox, Woods. (68) ABSENT: Brickner, Clarkson, Cohen, Durbin, Frye, Hall, Hudson, Hursfall, Ingraham, Knowles, Levinson, Menzies, Miller, Potter, Solberg, Terry, Webber, Yockey. (18) At a regular meeting of the Board of Supervisors of Oakland County held in the Supervisors' Auditorium in the County Service Area in the City of Pontiac, Michigan, on the day of February, 1966, at 9:30 o'clock A. M. , Eastern Standard Time. PRESENT: ABSENT: February'S 1965 Mr. presented the following Bond Rehard 4537 Miscellaneous Resolution No. Recommended by Board of Public Works. Re; WIXOM SEWAGE DISPOSAL SYSTEM Resolution, a copy, of which has been sent to each member of the Board of Supervisors, WHEREAS, pursuant to resolution of said 4536 BOND RESOLUTION WHEREAS, the said Board of Supervisors, by miscellaneous resolution No. 4419, adopted on February 23, 1965, did approve of the establishment of a sewage disposal system to be known as the "Wixom Sewage Disposal System" for the purpose of disposing sanitary sewage from all of the areas within the City of Wixom as is more particularly described in said miscellaneous resolution No 4419; and Board of Supervisors adopted on this date and pursuant to a resolu- tion adopted by the governing body of the City of Wixom, the County of Oakland and the said city are entering into a contract dated October 1, 1965, whereby the County agrees to construct and finance said Wixom Sewage Disposal System and the city agrees to pay the cost thereof, based upon an estimated cost of $4,600,000, and as represented by the amount of bonds issued by the county to finance said System, which said contract is set forth In full in the said resolution of this Board of Supervisors; and WHEREAS, construction plans and specifications for the Wixom Sewage Disposal System as prepared by Hubbell, Roth & Clark, Inc., registered professional engineers, and an estimate of $4,600,000 as the cost of said System and an estimate of 50 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 the Board of Supervisors of Oakland County and by the City Council of the City of Nixon; and • county and in addition thereto is to pay annually interest and anticipation of the pa„ to be made by the city under said WHEREAS, pursuant to the provisions of said contract of October 1, 1965, the amounts of the several annual installments to be paid by the city are the same as the annual bond maturities hereinafter set forth; and WHEREAS, under said contract of October 1, 1965, the city is to pay annually the amount of each annual Installment to the paying agent fees and other bond handling costs as determined pur- suant to said contract; and WHEREAS, the county is desirous of issuing bonds in contract of October 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, MICHIGAN, as follows 1. That the bonds of said County of Oakland, aggregat the principal sum of Four Million Six Hundred Thousand Dollars ($4,600,000) be issued for the purpose of defraying the cost of acquiring said Wixom Sewage Disposal System, That said bonds shall be known as "Oakland County Sewage Disposal Bonds - Wixom System, shall be dated May 1, 1966; shall be numbered consecutively in the direct order of their maturities from 1 upwards; shall be in the denomination of $1,000 or $5,000 each at the option of the original purchaser; shall be payable to bearer but may be registered as to principal as provided in the bond form; shall bear interest at a rate or rates to be hereafter determined not exceeding five per cent (5%) per annum, payable on November 1, 1966 and semi-annually thereafter on the first days of May and November in each year; and shall mature on the first day or November in each year as follows; Year Amount Year Amount 1968 $ 50,000 • 1983 $155,000 1969 70,000 1984 160,000 1970 80,000 1985 165,000 1971 85,000 1986 170,000 1972 90,000 1987 175,000 1973 95,000 1988 185,0cx 1974 100,000 1989 190, 1975 105,000 1990 200,Go0 1976 110,000 1991 210,000 1977 115,000 1992 220,000 1978 125,000 1993 230,000 1979 130,000 1994 240,000 1980 139,000 1995 240,000 1981 140,000 1996 240,000 1982 150,000 1997 240,000 Bonds maturing in the years 1995, 1996 and 1297 shall be subject to redemption as a whole or in part, in inverse numerical order, from excess construction funds, at the option of the co.rIty rrior to maturity on any interest payment date on or before November 1, 1969, and all bonds maturing on or after Noemher 1, 1931, shall be ject to redemption as a whole but not in part, at the option of the county prior to maturity on any one interest payment date, on or after November 1, 19d Bonds called for redemption prior to maturity shall he red e emed at tho par value thereof and accrued interest plus a premium on eeQb bond equal to 2% of the face amount thereof. Notice of redemption s n ail 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 fixect 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: Provided, that where any bond shall be registered, notice of the redemption thereof shall be given by registered United States addressed to the registered holder thereof shown on the registration books of the registrar, which notice shall be maile0, not less than thirty (30) days prior to the date fixed for redemption. Bonds 50 called for redemption shall not bear interest after the date fixed for redemption, pro- vided 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 e -4.(_---ing interest to their respective dates of maturity. 2, That the principal of said bonds and the interest thereon shall be payable in lawful money of the Unted States of America, at such bank and/or trust company which lifies 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 qualifies co-paying agent, The principal paying agent, 50 designated, shall be the registrar for all bonds registered as to principal. 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, anl 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 1957, as amended, in anticipation of the payments to become due to the county from the City of Wixom under said contract of October 1, 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 the City of Wixom is pledged to the making 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 Wixom pursuant to said contract of October 1, 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 and intere6t on the bonds herein authorized. Interest payable on the bonds on November 1, 1966, May 1, 1967 and November 1, 1967, is capitalized and is payable from the proceeds of said bonds, That said bonds and attached coupons shall be sub- stantially in the following form; UNITED STATES OP AMERICA STATE OF MICHIGAN COUNTY OF OAKLAND OAKLAND COUNTY SEWAGE DISPOSAL BOND-WIXOM SYSTEM Number 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 (or if this bond be registered, to the registered holder hereof) the sum of THOUSAND DOLLARS on the first day of November, AD. 1Q , together with interest thereon from the date hereof until paid, at the rate 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 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 and rate of interest, numbered con- secutively in the direct order of their maturities from 1 to both inclusive, aggregating the principal sum of Four Million Six Hundred Thousand Dollars ($4,609,,,OC), 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 Wixom Sewage Disposal System. Bonds of this series maturing prior to November 1, 1981 are not subject to redemption prior to maturity. Bonds maturing in the years 1995, 1996 and 1997 shall be subject to redemption as a whole or in part, in inverse numerical order, from excess construc- tion funds, at the option of the County prior to maturity on any interest payment date on or before November 1, 1969, and all bonds maturing on. or after November 1, 1981, shall be subject to redemp tion as a whole but not in part at the option of the County prior to maturity on any one interest payment date on or after November 1, 1980. Bonds called for redemption prior to maturity shall be redeemed at the par value thereof and accrued interest plus a premium on each bond equal to 2% of the face amount thereof. 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 New York, New York, which carries as a part of its regular service, notices of the sale of municipal bonds: Provided, that where any bond shall be registered, notice of the redemption thereof shall be given by registered United States mail addressed tc the registered holder thereof shown on the registration books of the rezistrar, which notice shall be mailed not less than thirty 30) days prior to the date fixed for redemption. Bonds so called for redemption shall not bear interest after the date fixed for re demption, pro- vided funds are on hand with the paying agent to redeem the same. This bond as to both principal and interest, is payable frun moneys to be paid to the County of Oakland by the City of Wixom pursuant to a certain contract dated October 1, 1965 between the County of Oakland and said city whereby the said city agrees to pay to the said county the cost of said Wixom Se w age Disposal System in annual installments, beginning October 1, 19E6, in the same amounts as the annual maturities of the bonds of this issue and semi- annually to pay the amount of the interest (not capitalize and bond handling charges. The full faith and credit of said city is pledged for the prompt payment of its oligations pursuant to said contract. As additional security for r:12?- payment of the principal of and interest on this bond, the full faith and credit of the County of Oakland is hereby pledged for -11,e prompt payment thereof. This bond may be registered as to principal only in the name of the holder on the books of the principal paying agent, and such registration noted on the tack hereof by an official of said paying agent, and thereafter no transfer shall be valid unless made upon the said books and likewise noted on the back hereof. Transferability by delivery may be restored by registration to the bearer. Negotiability of the interest coupons shall not be affected by registration. 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 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, a.14.1 as of the first day of May, AD, 165, COUNTY OF OAKLAi.i•, MICHIGAN By Chairman of its Board of Supervisors By (SEAL) Its County Clerli. -7- (COUPON) Number On the let day of AD. 19 , the County of Oakland, Michigan, ;IL11 pay to the bearer hereof the sum shown hereon in lawful money of the United States of America at the in the City of interest due on that day on its Oakland County Sewge Disposal Bond- Wixom System, dated May 1, 1966, Tc. ame being the (FACSIMILE) (FAGS MILE) County Clerk Chairman of the Board o Supervisors REGISTRY Signature of Official In Whose Name Registered Date of Registration of Paying A•-ent 7. That the said bonds shall not be issued until the T-'.aniical Finance Commission of the State of •ir•big..an 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 carts of resolutions, insofar as the same may be in conflict herewith, are hereby - rescir.-2.e.d. Mr, resolution — Supported by ove the adoption of the foregoing Mr, Lahti ADOPTED: veas - Allerton, Alward, Bachert, Beecher, Brewer, Carey, Case, Charteris, Cheyz, Demute, Dewan, Dohany, Duncan, Edward, Forbes, Fouts, Frid, Gabler, Goodspeed, Grisdale, Hagstrom, Hamlin, Heacock, Horton, Houghten, Huhn, Johnston, Kennedy, Kephart, Lahti, Laurie, Lessiter, Linley, Macdonald, Maier, Mainland, Mastin, McAvoy, Melchert, Mercer, Mills, Mitchell, Nelson, O'Donoghue, Oldenburg, Olson, Patnales, Peterson, Powers, Rehard, Remer, Rhinevault, Rowston, Simson, Slavens, H. Smith, W. Smith, Strong, Tapp, They, Tinsman, Travis, Turner, Valentine, Von, Walker, Wilcox, Woods, (68) Nays — None. (0) Absent — Brickner, Clarkson, Cohen, Durbin, Frye, Hall, Hudson, Hursfall, Ingraham, Knowles, Levinson, Menzies, Miller, Potter, Solberg, Terry, Webber, Yockey, (18) STATE OF NICHICAN ) ) ss: a -,:NTY 07 OAKLAND ) 1, the undersigned, the County Clerk of the County of Oakland, do hereby certify that the foregoing is a true and 4537 complete copy of Miscellaneous Resolution No. o the proceedings pertaining thereto, duly adopted and taken Board of Supervisors of said County at a regular meeting held February 8 1966, the originals of which are on file in my office. John D. Murphy County Clerk, Oakland County and Dated: • February 8 • 1966