HomeMy WebLinkAboutResolutions - 1966.02.08 - 19704Mi sc. 4539
14,*9...,77,277A1
Recommended by Board of Public Works
KEEGO HARBOR WATER SUPPLY SYSTEM
Mr Reh ard Submitted by ___________
Mr. Chairman, Ladies and Gentlemen:
offer the following resolution, which was approved and -
:recomviended by the Board of Public Works:
BOND RESOLUTION
WHEREAS, pursuant to Act No. 185, Michigan Public Acts of
1957, as amended, the Board of Supervisors of Oakland County,
Michigan, by Miscellaneous Resolution No, 4355, adopted October 5,
1954, approved the establishment of the "Keego Harbor Water Supply
System" for the purpose of supplying water to the City of Keego
Harbor (hereinafter sometimes referred to as the "City") in said
County of Oakland (hereinafter sometimes referred to as the 'County"),
the said system to be acquired and financed by the County and to
consist of acquiring, a supply of water from the City of Detroit and
of water supply facilities to be constructed by the County in the
City; and
WHEREAS, the said County and the said City, by their
respective governing boards, have authorized the execution of a
contract by the terms of which the County would acquire said system
and lease the same for operation by the City to s erve the City and
would finance the cost thereof by issuing bonds of the County pur-
suant to said Act No. 185, as amended, secured by and payable
primarily from payments to be made by the City to defray the cost
of acquiring the system and secondarily, upon appropriate vote of
the Board of Supervisors, by the full faith and credit pledge of
the County; and
WHEREAS, plans and specifications for said system, together
with an estimate of the cost thereof in the sum of $745,000 and an
estimate of 50 years and upwards as the period of usefulness there
have been prepared by Spalding, DeDecker & Associates, Inc.,
registered professional engineers, and have been approved by the
Board of Public Works and by the Board of Supervisors of said County,
and by the City Council of the City of Keego Harbor and it is desired
that such estimated cost of $745,000 be financed by the issuance of
County bonds; and
WHEREAS, the above-mentioned contract between the County
and the City requires that the City pay to the County certain
principal amounts in the years 1969 through 1998 which are equal
to the bond maturities for the same years as hereinafter provided
(such annual amounts to be paid each year on January 1), and that
the City pay interest on January 1, 1968 and semi-annually thereafter
on the unpaid balance owing to the County; and
WHEREAS, the Board of Public Works of the County has
approved this resolution and recommended its adoption by the 'Board
of Supervisors in order that the County may issue its bonds in the
aggregate amount of $745,000 to finance the acquisition of said
system:
THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
OAKLAND COUNTY, MICHIGAN, as follows:
That the bonds of said County of Oakland, aggregating
the principal sum of Seven Hundred Forty-Five Thousand Dollars
($745,000) shall be issued for the purpose of defraying the cost of
acquiring'. the Keego Harbor Water Supply System; shall be known as
"Oakland County Water Supply Bonds (Keego Harbor System)", shall be
dated as of March 1, 1966; shall be numbered consecutively in
direct order of their maturities from 1 upwards; shall be in the
denomination of either $1,000 or $5,00 each (but not both) as
specified by the original purchaser; shall bear interest at a rate
.
the
or rates to be hereafter determined not exceeding five per cent
(5%) per annum, payable on September 1, 1966 and semi-annually
thereafter on the first days of March and September in each year;
and shall mature on the first day of March in each year as follows:
Year Amount Due Year Amount Due
1969 $ 10,000 1984 $ 30,000
1970 10,000 1985 30,000
1971 10 ,000 , 1966 30,000
1972 10,000 1987 30,000
1973 10,000 1988 30,000
1974 15,000 1989 30,000
1975 15,0.00 1990 30,000
1976 20,000 1991 30,000
1977 20,000 1992 30,000
1978 25,000 1993 30,000
1979 30,000 1994 30,000
1980 30,000 1995 30,000
1981 30,000 1996, 30,000
1982 30,000 1997 30,000
1983 30,000 1998 30,000
Bonds maturing on and after March 1, 1984 sall be subject
to redemption prior to maturity in inverse numerical order, at the
option of the County, en any one or more interest payment dates on
and after March 1,.1980, 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 prior to March 1,
2-1/2% if called to be redeemed on or after MarcoI, 19 ,4 but
prior to March 1, 1987
2% if called to be redeemed on or after March 1, 1$07 but
prior to March I, 1990
1-1/2% if called to be redeemed on or after March 1, 1990 but
prior to March I, 1993
1% if called to be redeemed on or after March 1, 1993 but
prior to March 1, 1996
1/2% if called to be redeemed on or after March I, 1996 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 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 1984 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 Interest
thereon shall be payable in lawful money of the United States of
America, at such bank and/or trust company, qualified to serve as
paying agent under- the laws of the State of Michigan or the United
States of America, as shall be designated by the original purchaser
of the bonds. Such purchaser shall also have the right to name a
similarly qualified ccepaying agent,
3. That the Chairman of the Board of Sirvisors and the
County Clerk of the County of Oakland are hereby a u thorized 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 Michigan Public Acts of 1957, as
amended, in anticipation of and payable from the collection
of the amounts to become due to the County from the City under said
contract between the County and the City, ..nLch amounts aggregate
the sum of $745,000, with interest as therein provided The interest
payable on said bonds on September 1, 1966 and March 1 and September
1, 1967 is hereby capitalized and shall be paid from the proceeds
of the sale of said bonds. The full faith and credit of the Cou
is hereby pledged for the prompt payment of the principal of and
interest on said bonds as the same become
5. That all moneys paid to the County by the City pur-
suant to said contract shall be set . aside by the County Treasurer
in a separate fund and bank account to be used for the payment of
the principal and interest on the bonds herein authorized and other-
wise as provided in sid contrPP
6. That said bonds and attached coupons shall be sub-
stantially in the following form:
I .:P.
OAKWD :".Tr."7.7 ,Z1-777177 V
S 7 qT 74.)
1TH .27171) STATE2 -0
STAT ":1f..TC7j1M
COUNTY OF CALAND
Number
KNOW ALL rTrf BY F2EaNTS, the County of Oakland,
State of Michigan, e eh ac l itsel' indebted and for value
received, prom.z3a to pay to the bearer kar-2I',!, the sum of
THOUSAND DOLLARS
on the first day of nrsh AD l9 together with interest thereon
from the date hereof until paid, at !:'ate of
) per centum per ann:,,m, payable tember 1, 156f. _
and thereafter semi-animally on the first days of March and
September in each year. Both principal and interest hereof are pay-
able 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 to maturity
numbered consecutively in the direct bFaT177-f their maturitie -S-frO7--
1 to • both inclusive, aggregating the principal sum of Seven
Hundred Forty-Five Thousand Dollars ($745,000, issued under and pur-
suant to and in full conformity with the Contittion and Statutes
of the State of Michigan, and especilly Ac‘, 185 of the Miohian
Public Acts of 1957, as amendi, for the plirl .se of defraying the
cost of acquiring the Keego hrbor Vater 1;)1 -y System. This bond
is payable, as to both prir-Jipal and primarily from moneys
to be paid to said County ty Lhe Ci7y .:7;f :e.Eo Harbor in said County
pursuant to a certain c.:.rnt:vao dated Dece4e:,e'i" 1, 1965, between the
said County and City, wered7 said C'ty 1 -1 -,s agreed to e to the
said Countv the total caxl_al cost of said sup7Dli $-ystem, with
interest, in instalints which are sufficnt in eac year to pay
the principal and interest maring in 5-aell ':ear on this series of
bonds. In addition by affirmative vote cLf ..:,/':,5ths of the members
elect of the Olidand County R. .arc of 2 ,,Iprvi,ors, the full faith ad
credit of saId Outy to prompt payment of the prin.o1-
pal of and interest on this series if bonds.
Bonds of this series maturl 7r.or to k6.rc.h 1, 1Ceij arc
not subject to redemption prior to 71.1rt:7, on ad
after March I, 1984 shall be subject to reder. to NP .tity
in inverse numerical order, at the option of bbs County, on any one
or more interest payment dates on and after arch 1, 1980, at the
par value thereof and accrued interest pluz, a premium on each bond
computed as a percentage of the face value thereof in accordance
with the following schedule:
3% if called to be redeemed prior to March 1, 198 1=
2 -1/2% if called to be redeemed on or after March 1, 1984 but
prior to March 1, 1987
2% if called to be redeemed on or after March 1, 1987 but
prior to March 1, 1930
1-1/2% if called to be redeemed on or after March 1, 1990 but
prior to March 1, 1993
1% if called to be redeemed on or after March 1,.1993 but
prior to March 1, 1996
1/2% if called to be redeemed on or after March 1, 1996 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 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 per-
formed precedent to and in the issuance of the bonds of this series,
existed, have happened and have beer 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 WHEREOF, the County of Oakland. State cf
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 March, Ad) 1966.
COUNTY OF OAKLA7D,
STATE OF MICHIAN
By
Chairman of Board of Supervisors
By
County Clerk
(SEAL)
(COUPON)
Number
On the let day of , A.D. 19 , the
County of Oakland, State of Mi c higan ., will py to the bearer hereof
the amount shown hereon, 1wful 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 Water
Supply Bond (Keego Harbor System) dated March 1, 1966, No
(Facsimile)
, County Clerk
(Facsd
Chairman of Bc ard 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. That the Board of Public Works is hereby authorized to
sell said bonds at not less than par and accrued interest in accor-
dance 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. That all resolutions and parts of resolutions, insofar
as the same may be in conflict hereith, are hereby rescinded.
Supported by Mr . Edwar
AYES: 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, OlDonoghue, Oldenburg,
Olson, Patnales, Peterson, Powers, Rehard, Remer, Rhinevault, Rowston, Simson,
Slavens, H. Smith, W. Smith, Strong, Tapp, Tiley, Tinsman, Travis, Turner,.
,Valentine, Von, Walker, Wilcox, Woods. (68)
NAYS: None. (0)
ABSENT: Briekner, Clarkson, Cohen, Durbin, Frye, Hall, Hudson, Hursfall,
Ingraham, Knowles, 1evinson, Menzies, Miller, Potter, Solberg, Terry, Webber,
Yockey. (Is)
Motion carried.
-T7
STATE OF MICHIGAN )
) se:
COUNTY OF OAKLAND )
1, the undersigned, the duly Qualified and acting County
Clerk of the County of Oakland, do hereby certify that the foregoing
is a true and complete copy of a resolution adopted by the Board
of Supervisors at a regular meeting of said Board, held on the
8th day of February
on file in my office.
l96 the original of which is
IN WITNESS WHEREOF, I have hereunto affixed my official
signature this 8th day o f February A.D. 19F6,
John B. Murphy
Coun