HomeMy WebLinkAboutResolutions - 1961.11.07 - 19738A.t a regular meeting of the Board. of Super-
visors of Oakland. County, Michigan, held in the Supervisors' Room
in the County Office Building, No 1 Lafayette Street, in the City
November
of Pontiac, Michigan, on , the 7th day of
but., 1961, at 9 :30 o'clork A M Eas tern Standard Time. A, 6J
PRESENT: Allerton, Alward, Anable, Archambault, aloe, Bonner, Brickner, Calhoun,
Carden, Carey, Charteris, Cheyz, Clack, Clarkson, Cummings, Davis, Demute, Dcwan,
Dickens, Dohany, J. W. Duncan, R. Duncan, W1P. Duncan, Edward, Edwards, Elliott,
Fouts, Frid, Gabler, Goodspeed, Hall, Hamlin, Heacock, Hill, Hoard, Hocking,
Horton, Huber, Wallace Hudson, Wm. Hudson, Huhn, Hulet, Hursfall, Ingraham,
Johnson, Johnston, Kephart, Knowles, Lahti, Lessiter, Levinson, Lewis, Love,
MacDonald, Majer, Marshall, McCartney, McGovern, Melchert, Menzies, Clarence
Miller, Cyril Miller, Mitchell, Noel, O'Doneginie, Oldenburg, Osgood, Potter,
Rehard, Remer, Rbinevault, Rowston, Semann, Smjth, Soiley, Stamab, Taylor,
Tiley,'Tinsman, Veil, Webber, Wood, Yooey. (3)
ABSENT: Durbin, Ewart. (2)
Miscellaneous Resolution No. 3877
The following resolution was offered by
and seconded. by Mr. Ingraham .
Mr. Levinso
WHEREAS, pursuant to Act No 51, Michigan Public Acts
of 1951, as amended. (hereinafter sometimes referred to as
No. 51"), the "Motor Vehicle Highway Fund' was established and is
maintained in the State Treasury, into which fund taxes collected
by the State of Michigan on gasoline and other motor fuels and on
motor vehicles registered in the state are required by said Act to
be deposited, and all moneys in said fund_ (after deduction of
administrative and enforcement expenses) are by said Act appor-
tioned and approp riated for each fiscal year (July 1 - June 30)
and required to be distributed and used for highway purposes as
follows: 477 to the State Highway Department, 35% to the several
Boards of County Road Commissioners of the state, and 13% to the
incorporated cities and villages of the state; and
WHEREAS, Section 12 of said Act No. 51 provides that
the moneys so appropriated and. distributed to any Board. of County
Road Commissioners shall be deposited by the County Treasurer to
the credit of the County Road Fund and used first for debt service
requirements in the following order of priority: (1) For payment
of obligations assumed. prior to July 1, 1957, (the effective date
of said provision) for bonds issued. under Act No 205, Michigan
Public Acts of 1941, as amended, or notes issued. under Act No 143,
Michigan Public Acts of 1943, as amended; (2) For payment of
obligations assumed. after said date for bonds issued under Section
13c or Section 18d of said Act No 51; and.
WHEREAS, under the provisions of Section. 13c of said.
Act No 51, any county may borrow money and issue bonds, pledging
for the payment thereof moneys received or to be received by the
Board. of County Road. Commissioners of such county from the Motor
Vehicle Highway Fund, for the purpose of paying all or any portion
of the cost of the construction or reconstruction of any highways
which by law the said Board. is authorized to construct or recon-
struct, or participate with other governmental units in the con-
struction or reconstruction of, including the construction or the
enlargement, reconstruction or relocation of existing highways and
the acquisition of necessary rights-of-way therefor and all work
incidental thereto; and
WHEREAS, any such pledge of Motor Vehicle Highway Funds
under Section 18c of said Act No 51, is by said section made
subordinate to any pledges thereof made by the county or its Board
of County Road Commissioners prior to July 1, 1957 (the effective
date of said Section 18c) for payment of contractual obligations
under Act No. 205, Michigan Public Acts of 1341, as amended, or
for payment of notes issued under Act No. 143, Michigan Public
Acts of 1943, as amended, but any such pIage under Section 13c
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is made of equal standing and priority subs- dges
quent to said date under either of said Acts or under the said
Act No 51; and
WHEREAS, there are currently outstanding no bonds,
notes or contractual obligations of the County of Oakland or its
Board of County Road. Commissioners, nor have any such bonds, notes
an a or contractual obligations heretofore b thorized to be issued
or assumed, pledging for the payment of the principal thereof or
interest thereon any moneys received or to be received by said
county or said Board from the Motor Vehicle. Highway Fund, except
that the said Board of County Road Commissioners by contracts r-da
with the State Highway Commissioner pursuant to iict NC. 205,
Michigan Public Acts of 1941, as amended, has pledged certain
moneys to be received from said Motor Vehicle Highway the
said pledges being as follows for current and subsequent years:
(1) $15,000 per year uncl2r contract dated December
21, 1354 for payment of the county's portion of the cost
of financing the construction of the Farmington-Brighton
Expressway through the issuance by the State of Michigan
of $5,000,000 in bonds dated as of December 1, 1954,
which Oiedged payments are to continue .f,c.A- 25 years from
the data of said contract or such lesser period within
which all of said bonds are paid and all obligations for
payment of the cost of said expressway are discharged;
(2) $90,000 per year under contract dated March 7,
1957, for a term of twenty years expiring March 31,
1977, fur payment of thc, county's portion of the cost
of financing the construction of the Northwestern
Expressway through the issuance by the state of Michi-
gan of $25,000,000 of bonds date7', as of May 1, 1957;
from the Vahicie Highway Ft-..71.kd uring tae fiscal
which pledges by said Act No. 51 are given priority over the
pledge hereinafter made for the payment of principal and interest
on the bonds hereinafter authorized to be issued; and
WHER2A?, the total aggregate amount of bonds which
may be issued by any county under the provisions of Section 13c
of said Act No 51, pledging moneys received or to be received
from the Motor Vehicle ffigt'•ay Fund, is subject to the followin
limitations:
(1) The maximum annual principal and interest
requirements on ail such bonds issued under Section
18c of Act No. 51 may not exceed 2,C7! of the moneys
received by the Board of County Road Commissioners of
the county from the Motor Vehicle Highway Fund d
the fiscal year next preceding issuance of the bonds;
(2) The maximum annual principal and interest
requirements on (a) all such bonds issued under Sec-
tion 18e of said Act No 51 plus (b) all contractual
obligations assumed under Section 13d of said Act No
51, plus (c) all notes issued. under Act No 143,
Michigan Public Acts of 1943, as amended, may not in
the aggregate exceed 50% of the moneys received by
the Board of County Road Commissioners of the county
year next preceding issuance o± the bonds; and
WHEREAS, the County of Oakland received fror,z the Motor
Vehicle Eihay 7.-'].7Z during the fiscal year ended June 30, 1961,
the total sum of *4023,695.24, of which total ”,497,393.52
was allocated for the county primary roadsand $826,296.72 was
allocated for county local roads; ancl
- 4 -
1963 and in the amount of $495,000 Loh amount when added to the
WHEREAS, a gal requirements have accordingly
WHEREAS, the highest annual requirement for principal
and interest (computed at 5% per annum) on the bonds hereinafter
authorized to be issued is in the fiscal year ending June 30,
combined annual pledges of $105,000 under Act 205, Michigan Public
Acts of 1941, as amended, makes a total of $600,000 as the maxi-
mum annual requirement for principal and interest on all obliga-
tions (inclu-'in8 thDsc.- bonds henlin authorize:]) of the County of
Oakland pledging moneys received or to be received from the _Lotor
Vehicle Highway Fund, the same being less than iCk of the moneys
so received during the fiscal year ended June 30, 1961; and
WHEREAS, the Board of County Road Commissioners of the
County of Oakland by resolution has determined that the hereinafter
designated county primary road improvements are necessary and
should be made and has estimated the total cost thereof as
$11,052,000 and the I:eriod of usefulness thereof as 25 years and
upwards, and has in writing and by said resolution recommended
and approved the issuance of the bonds hereinafter authorized to
be issued in the agg4',2,gat',., principal amount of $6,000,000 to .1?.-
fray a part of the cost of said improvements and the adoption of
this resolution by the Board of Supervisors of said county for
such purpose, the balance of such cost to be defrayed from other
funds available to the county for primary road purposes or con-
tributed by municipalities or other governmental units to be
benefited by said improvements; and
of the State
issued his
as required.
WHEREAS, the State Highway Comm
of Michigan has, under date of September 1, 1951,
approval of such county primary road improvements
by Section 18f of said Act No 51; and
enn
,000,000 to defray
hereby approved. and
satisfied for the issuance of the bonds hereinafter authorize
to b2 issued and said bon. may properly be issued within the
limitations prescribed by law;
THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS
OF THE COUNTY OF 01='),ZILLUL ,, STATE OF MICHIGL,N, as follows
I. That the above-mentioneJ resolution and writt en
recommendation and: pproval of the Board. of County Road Commission-
ers of the County of Oakland are hereby approved, ratified and
confirmed, and the determination therein as to the necessity of
making the hereinafter designated county primary road improve
ments, the estimates therein of the cost and the period of use-
fulness of such improvements and the recommendation therein that
bonds pledging future receipts of Motor 77hicle Highway Funds be
issued in the aggregate principal =oun
a part of the cost of said improvements,
adopted-
2. That in accordance with the said recommendation of
the Board. of County Road Commissioners, and pursuant to Section
18c of said Act No 51, Michigan Public Acts of 1951, as amended,
the County of 0,71, State of Michigan, shall borrow the sum of
Six Million Dollars (!.;1 3,00C,000) and issue its bonds therefor in
such aggregate principal &wunt, for the purpose of defraying a
part ofthe cost of making -improvements to the primary roads of
said county, such improvements being sometimes herein referred to
as the "county primary road improvements and consisting of the
construction or reconstruction as indicated below, of
following county i;rimary roads and between the following termini,
to-wit:
Crooks Road
Walton
to Grade & 24'
concrete
Dequindre
John R
to 2"x22'Bit,Agg
Surf .
County Road
Adams
Avon
- Baldwin
Baldwin
Big Beaver
Bogie Lake
Clintonville
Cooley Lake
Cooley Lake
Crooks
Dequindre
Dequindre
Termini of
vent
Pontiac City
Limits to Lake
Angelus Road
Seymour Lake Road
to Oakwood Road
M-150 to Adams
Road
Commerce to M-59
Mann Road to 1-75
Elizabeth Lake
Road to Union
Lake Road
Bogie Lake Road
east to blacktop
14 Mile Road to
Maple
Hamlin Road to
Avon Road
Avon Road to
Par kdale
Nature of
IMEL21-.91.1Lit.
Construct 24'
wide pavement
Grade, 2''x22'
Bit,Agg,Surf.
Grade and 24'
concrete pavement
Grade and 2'x22'
Bit.Agg.Surf.
Grade and 2x22
Bit.Agg.Surf
Also curve at
Lake Oakland
Reconstruct
24 concrete
2'x22'Bit,Agg.
Surf.
'Widen to 48'
concrete
2"X22' Bit.Agg.
Surf.
Relocate, grac,a
Surf. - Bridge
Length
LOU
1.00
1.02
9 .94
3,97
4.07
1.10
4.27
0.80
1.00
1.25
0,84
Eight Mile
Eight Mile
Eleven Mile
Elizabeth Lake
Farmington
Curves
Haggerty Co
Farmington
Napier to Taft
Dequindre to
1-75
Cass Lake Road
to Cooley Lake
Road
North of 10 Mile
Road
Grade & 24' concrete 3,00
pavement
Widen to 22' & 2 3/4" 3,00
Bit,Conc,Sfc,
Widen to 48' 1,50
concrete
1.30
Relocate and 2"x22' 0.30
Bit,AggSurf,
Widen to 48
concrete
2.43
0.30
County Road
1.9 be LEIEL9.17 1
Farmington
Farmington
Fourteen Mile
Fourteen Mile
Fourteen Mile
14 Mile and
Cranbrook
Greenfield
Haggerty
Haggerty
Halstead
Hatchery
Grade, 2"x22'
Surf.
1,00
1,75
Termini of
Improvement
12 Mile to
13 Mile
13 Mile to
14 Mile
Dequindre to
Rochester
Greenfield to
Southfield
Haggerty Inter-
section Relocation
Nature of Length
IppLoyement, (Approx.Mil.q.L
2x22 Bit,Agg.
Surf.
1.00
Widen to 48
concrete
Widen to
concrete
Relocate and
Surf.
1,00
Grade and 2"x22'
• Bit.Agg.Surf.
Jackson
Lake George
Livernois
Southfield to
Lincoln
11 Mile to
14 Mile
Maple to M-218
14 Mile to Maple
Grand River to
12 Mile
US-10 west 0,6
of a mile
Duck Lake Road
to Eagle.
Stoney Creek Road
to Stoney Creek
Road
14 Mile to
7. J:lapla
Grade and 24'
Corcrcl-e
pavement
Iden to
oncrte
Grade 8, 24'
concrete
Grade & 2'x22'
Bit,Agg,Surf,
Grade and 2x
22' Bit.Agg,Surf,
Grade, 2"m22'
Bit,Agg,Surf.
and bridge
Aden to 48'
concrete
1,50
2.99
1.30
1,00
2.01
0.60
1.03
Grade & 2'x22' 0.45
Bit.Ag,Surf,
2'x22' Bit.Agg.Surf, 0,47
Long Lake (east) Dequindre to M-150 2'x22' Bit-Agg,Surf. 1-90
Maple (east)
Maybee
Middle Belt
Milford
Coolidge to Adams
Sashabaw to US-10
1-696 to
Northwestern
10 Mile to
Grand River
Widen to 48
concrete
Grade and 2"x22'
Bit.Agg,Surf.
Reconstruct to
24' concrete
3.37
Termini of Nature
roveme
County Road
to be Im p roved
Length
rox.Mils)
1.50 ,ke to Mt. Clemens & 24'
concrete
1,avrament
14 Mile to M-I50 to 43'
con crete and
bridge
1.74 e.r
-,...,Lizabeta Lake
to US-10
ino.,„:onstruct t o
•
▪
concrete
Sc o tt Lake
MIL-Z to
- th
2.00
2.50
2.00
0.1 0
0 nn,
Richardson 1=reen Lake Road 2' x 22' Bit. 1.06
to Haggerty A. Surf,
Seymour Lake
South Boulevard
Southfield
Southfield
Stoney Creek
Ten Mile
Tan Mil,.
12 Mile
12 Mile
Union Lake
V(:)orheis
Ward
East of Dartmouth
▪
bride
M -24 to Adams
Road
Widen to 60'
concrete
to 60'
cr;nc -rPt
M-150 to Lake 2' x 22 Bit, 2-00
Agg. Surf.
E,Ltz.Ferndale to 7.,..iden to 40' 1.75
E.
Lt s . Oak Park concrete
& 24'
M-213 to US -10
C. Lts. Oak Park
to Northwestern
Southfield to
:raenfield
Stel.,henson to
Comh,erce to
2y Lake
kiden to
concret
to 4.3'
concrete
Reconstruct to
24' concrete
4,44
1 ,00
(!_onstruct to 0.40
j concrete
James K to M-59 ..e.construct to
7 concrete
and 2" x 22'
Starf .
be payable as to b( 1 principal and interest in lawful money of
Year of
Maturity.
Year of Principal
Maturit:.: Amount
3. That the said bonds shall be known as "Motor
V..,hicle Highway Fund Bonds; shall be dated. as of January 1, 1962;
shall be numbered consecutively in the direct order of their
maturity from 1 to 6,000, both inclusive; shall be in the denomina-
tion of $1,000 each; shall bear interest at a rate or rates,
be hereafter determind, not exceeding 5% per annum, payable on
ly 1, 1962 and semi-annually thereafter on the first days of
January and July in each year; shall have proper coupons attached
thereto evidencing interest to their respective maturities; shall
the United States of America, at such bank or trust company as
shall be designated by the original purchaser of the bonds, who
may likewise designate one or more co-paying agents; and shall
mature on the first day of July in years and principal amounts
as follows:
1963 $200,000
1964 210,000
1965 215,000
225,000
1967 235,000
1963 250,000
1969 260.000
270,000
20,000
1973 $300,000
1974 310,000
1975 325,000
1976 335,000
1977 350,000
1973 365,000
1979 375,000
1980 390,000
19:3 400,000
1970
1971
1972 000 1982 415,000
4. That said. bonds maturing prior to the year 1978
shall not be subject to redemption prior to maturity. Bon.1:9 matur-
ing in the years 19 7 P thru 1982 shall ..subject tc,, redemption
prior to maturity at the option of the County of Oakland in inverse
10
numerical order, on any one or more interest payment dates on
and after July. 1, 1972, at the par value thereof and accrued in-
terest plus a premium or each bond in accordance with the follow-
ing schedule:
$.70 if called to be re .,:eemed on or after July 1, 1972, but prior
to July 1, 1974
$20 if called to be rdeamed on or after July 1• 1974, but prior
to July 1, 1976
$10 if called to be redeemed on or after July 1, 1975, but prior
to July 1, 1973
No premium if called to be redeemed on or after July. 1, 1973.
Notice of redemption shall be given to holders of bonds called 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,wtich carries, as a part of its regular service, notices
of the sale of municipal bonds Provided, that where any bond shall
registered, than notice of the redemption thereof shall also be
given by registe.2c. United States mail addressed to the registered
holder thereof at the address shown on the registration books of
the County Treasurer, which notice shall be mailed not lass than
thirty (30) days prior to the data fixed for redemption 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
5. That the said bonds shall be registrable as to
principal only in the names of the holders on the books of the
County Treasurer of said county, which registration shall be
7.iDted in the registration form printed on the backs of said bonds,
and. thereafter no transfer shall be valid unless made on said
books and likewise noted in said registration form. Transferability
by delivery may be restored by registration to the bearer. Ne-
gotiability of the interest coupons shall not be affected. by
- 11 -
registration of the bonds.
6. That the Chairman of the Board of Supervisors and
the County Clerk of said County of Oakland are hereby authorized and
directed to execute said bonds for and on behalf of said county by
signing the same and affixing the seal of the county thereto, and to
execute the interest coupons Co be attached to said bonds by causing
to be affixed thereto their facsimile signatures; and upon 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 the said bonds and attached coupons to the purchaser
thereof upon receipt of the purchase price therefor.
7. That the principal of and the interest on said. bonds
shall be payable primarily from revenues derived from the state
collected taxes returned from the Motor Vehicle Highway Fund to the
Board of County Road Commissioners for the County of Oakland for
highway purposes pursuant to said Act No. 51, and there are hereby
irrevocably appropriated and pledged from the moneys received and to
be received from said Fund by said Board, except to the extent that
such moneys have been heretofore appropriated and pledged by con-
tract, as hereinbefore set forth, for payment of contributions by
the County of Oakland in accordance with Act No. 205, Michigan Public
Acts of 1941, as amended, for financing the construction of the
Farmington-Brighton Expressway and the Northwestern Expressway, an
amount sufficient to pay such principal and interest, The Board of
County Road. Commissioners of said county is hereby required and di-
rected, while any of the principal or interest on the bonds herein
authorized remains outstanding and unpaid, to direct the County
Treasurer to set aside in a separate fund. (to be known as the 'Motor
Vehicle Highway Bond Redemption Fund') from the moneys so received
from the Motor Vehicle Highway Fund from time to time, an amount
sufficient to pay the principal and interest next maturing on said
bonds, and the County Treasurer shall set aside such amounts in said
fund Any other monies available to the County Road Commission for highway construction
- may also be used to pay principal and interest on said bonds.
- 12 -
13,„ That, as additional security for the payment of
said bonds herein authorized to be issued, and as permitted. by
Section lac of said Act No. 51, this Board of Supervisors hereby
covenants and agrees on behalf of said County of Oakland that in
the event that the funds hareinbefore pledged for the payment of
said bonds are insufficient to pay the principal and interest
thereon as the same become due, the County Treasurer of said.
county shall advance sufficient moneys from the general funds of
the county to make up the :iency, and reimbursement shall be
made from the first subsequent revenues received by the Board. of
County Road Commissioners from the Motor Vehicle Highway Fund not
pledged or required to be set aside and, used for the payment of
the principal and interest on bonds, notes or other evidences of
indebtedness.
9. That the proceeds of the sale of said bonds shall
be set aside and deposited by the County Treasurer into a special
fund to be known as the 'Primary Road Construction Fund', which
shall be maintained as a separate account in a designated county
depository, and the moneys so set aside and. deposited shall be paid
out only on order of the. Board of County Road Commissioners and
only for the purposes for which said bonds are issued.
10. That the said bonds and attached coupons shall be
in substantially the following form
UNITED STATES CF ZZIZRICk
STATE OF MICT4IP
COUNTY OF OKLAND
- Number
$1,000
.5171...,Banealpepina,1917.111
77HTCLE HT..".;HWEI.Y FUN:7 BOND
KNC1 ALL MEN BY THESE PRESENTS, that the. County of
Oakland, State of 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
ONE THOUSAND DOLLARS
on the first day of July, A.D., 19 , together with interest
thereon from the data hereof until paid, at the rate of
( per centum per annum, payable July 1, 1962, and there-
after semi-annually on tie. first Jays of January and July in each
year Both principal azi interest hereof are payable in lawful
money of the United. States of America at
in the City of .
and. surrender of this bond and the c:
severally mature,
This bond Is one of a series cf bonds of like data and
tenor except as to maturity numbered consecutively
in the direct order of their maturity from I to 6,000, both in-
clusive, aggregating the principal sum of Six Million Dollars
($5,000,000), issued under and pursuant to and in full conformity
with the Constitution and Statutes of the State of Michigan, and
especially Act No. 51, Michigan Public Acts of 1951, as amended,
and pursuant to a resolution adopted by the Board of Supervisors
of said county on 1951 for the purpose of Je
fraying a part of the cost of constructing and reconstructing cer-
tain highways in the primary road system of the county.
Bonds of this series maturing prior to the year 1973
are not subject t3 redemption prior to maturity. 12.0ns maturing
in the. years 1978 to 1932, both inclusive, are subject to redemp-
tion at the option of the county, in inverse numerical order, on
any one or more interest payment dates on and after July 1, 1972,
at the par value thereof and accrued interest, plus a premium on
each bond in accordance with the foilLT7i7 schedule:
$30 if called to ba redeemed on or after July 1, 1972, but prior
to July 1, 1974
$20 if called to be redeemed on or after July 1, 1974, but
to July 1, 1976
$10 if called to be redeemed on or after July 1, 1976, but prior
to July 1, 1973 .
No 7t-cmium if called to be redeemed on or after July 1, 1378,
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 yagular service, notices
of the sale of municipal bonds: Provided, that where any bond
shall bo reistered, then notice of the redemption thereof shall
upon presentation
hereto attached as they
- 14
also be given by registered mail addressed to the registered holder
thereof at the address shown on the registration books of the
County Treasurer of said county, which notice shall be mailed not
less than thirty (3°) days prior to the date fixed for redemption.
Bonds so called for redtion shell not bear interest after the
date fixed for racmption, providRd funds are on hand with the
paying agent to redeem the same.
The principal of and interest on this bond and the
bonds of this series are oayable primarily from funds received and
to be received by the Bcard of County P.r)a:1 CoimmisPioners of said
county from the Motor Vchicle Highway Fund ce the State of Michigan
(consisting of state-7oIlected taxes on gasolo.e an6 other motor
fuels and on motor vehies registered in c.r.c State of Michigan), pur-
suant to Act No. 51, J.i'2higan Public Acts of 1951, as amended, and
the Board of Supervisors of said county, by its above-mentioned
resolution, has irrevocably appropriated al .:d pledged from the moneys
so received and. to be received an amount suiciant to pay such
principal and. interest, subject to the prior L77propriation and pledge
moneys by contract 7;1th the State 11 -i57 .Commissioner of
nt to Act No. 2Jf, .Lhigan Public Acts
ant of contributL:no in the aggregate
S.:Late of MichigFn, putzli
of 1941, as am,,nded, for 7 -,7
amount of '105,000 er year for the purpose of financing in part the
cost of constructing limited-access highways. Pledges of such re-
ceipts from the Motor Vehicle Highway Fund, hereafter made for pay-
ment of bonds, notes or contractual obligations, will have equal
standing and priority with the pledge for payment of the bonds of
this series, as provided in said Act No, 51, Michigan Public Acts
of 1951, as amended. En the event that the funds pledged for the
payment of this bond and the bonds of this series are at any time
insufficient to pay the principal, and interest thereon as the it
become due, the County Ir ,7,asurer of said county shall, as provided.
in said resolution of the Board. of Supervisors, advance sufficient
moneys from the general funds of the county to make up the deficiency.
It is hereby certified, r ec ited 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 THEREOF, the County of Oakland, State of
Michigan, by its Board of Supervisors, has caused this bond to be
signed in its name by the Chairman of said 2oard of Supervisors
and the County Clerk of sid county, and its corporate seal to he
affixed 'hereto, and has caused the annexed interest coupons to be
executed with the facsimea signatures of said Chairman of the Board.
of Supervisors and said County Clerk, all as of the first day of
January, A.D., 1962.
COUNTY OF OAKLAND
By
County Clerk. Chairman, Boa of Sur„,e17 sors
-1 C-
A.D., 19 --- the bearer
Dollars
aunty Cie Chairman, Board of Supervisors
REGISTRY
In Whose Name
red
Date of
Signature of County
Treasurer of Caland
!:
Number
On the first day of
the County of Oakland ! State of Michigan, will pay
hereof the sum of
lawful money of the
day on its
o. Motor Vehic
E America, at
in the City of
, same being the interest due on the
ray Fund Bond, dated January 1, 1962,
ad States
11. That the said bonds shall not be issued until the
Municipal Finance Commission: of the State of Michigan shall have
first issued its order grantin.v. permission to so do as provided
in Act 202, Michigan Public Acts of 1943, as amended, and the
said bonds shall not be advertised for sale until the form of the
notice of sale as hereinafter set forth is approved by the Munici-
pal Finance Commission.
12. That the BoaA of County Road Commissioners of
said county is hereby authorized and directed for and on behalf
of said county (a) to prepare and submit to the Municipal Finance
Commission an application for approval of the issuance of said
bonds and the form of notice of sale thereof, (b) upon receiving
such approval by the Municipal Finance Commission, to fix a time
for receiving sealed proposals for the purchase of said bonds,
(c) to publish the notice of sale of said bonds in The Bond Euyar,
a publication printed in the English language, published in the
City of New York, and circulated in the State of Michigan, and
which carries as a part of its regular service, notices of the
sale of municipal bonds, and also in the Pontiac Press, a news-
paper published in the City of Pontiac, Michigan, and of general
circulation in said county, each such publication to be made at
least seven (7) days prior to the date fixed for receiving sealed
proposals for the pu r chase of said bonds, ard (3) at the time
fixed for receiving such proposals, to receive and tabulate all
bids submitted and to submit the same with the recommendations
of said Board to the.13oad of Supervisors for action thereon.
13. That the notice of the sale of said bonds to be
so published shall be in substantially the following form:
Cn t IL
be h,7\lei at 01.1 the
::T0C
in 77-7, r, - A . rict ,
or the. 1st. 9 ',71 5 ,of Jul
- 1 7
:
„
Ifl 1'ri
12 -7, ”. • .71-) C)
inn -
gan of the tar • ' - ' '
igz at h* offic2 „
- !1:- 07, :T.: -
/rig GT.117 -1• - - ••••• clock
„ FaS t -rn •
of
Oak land Coun
re gi s <2.7 to 77:7: :1,37:, 1
in th.- i1i "7,
17,2: •,-).0.
ea h a
not e7.-,;.:-.....•;=.7,7.]..1.771,2; 74, 1.77 1, 1917, .7;77
after E.,O cc. 00761.17. -7J
the 000
expras , 2.1:::1C171 coiperi
per io ,7)'7'. I re
Ly C:71177s 7:7 „-:"73 17 tO JO e.
o f such bcccds MI:: 0 "7--- 4 7 L' tIc7' '" the toc.7
„
-
.Ccch r chill state
Year of
Mat-01:77? ry
1 000
1964
1965
1966
7
/
1971
"
`3, r,
t."-7
20 0CC
r.
1 0'7
.?"
.1 2 i
r,
,
n „
7 n ;.)
" 2 2 " /
7 ra,
,
, non
-7 7 E7..7., 11 be , , -r r e a 112 I L' •• • c
•
_
/u 7,n 71 - • -
II
county, in inverse numerical o,Ider, on any one or more interest
payment dates on and. after July 1, 1972, at the par value th ereof
and. accrued. int=ezt, IDIus a premium on each bond in accordanc.
with the follow sch:,-Julet
$30 if called to be redeemed on or after July 1, 1972 but prior
LO July 1, '1974 •
$20 if called to be redeemed on or after July 1, 1974 b
to July 1, 1976
$10 if called to be redez-zed an or after July 1, 1976 but prier
to July 1, 1978
No premium if calle•to be redeemed an or after July l, 1378,
Notice of 1--cm,1-im shall be given to cT
to be redeemed, by publication ci such
(30) days prior to the date fix for rz:
a newspaper or publication circulated in
Michigan, which carries as a •art of its rular service, notices
of the sale of mun1cii,a1 bon d if any of said bonds shall be
registered, notice of the reeImption thereof shall also be sent
by registered mail to the registered h ,J1Jers, at least thirty (30)
days prior to the date fixed fr redempton. Both principal and
interest will be payabie at such bank or crust company as shall
be designated by the original 7urchaser of the bends. A co-paying
agent or agents may also be so designated..-.
The bonds are to be issued Act No. 51, iichigan
Public Acts of 1951, as amended (especiay Section 18c thereof),
for the purpose of defraying a part of the cost of constructing
and reconstructing hihays in the primary road system if the
county, The principal and interest on said bonds are payable
primarily from c)tor Vehicle Highway Funds derived from state
collected taxes to he returned to the Board. of County Had Cc7m-
missioners of said county pursuant to said Act and an irrevocable
appropriation and pledge of an amountlhereof sufficient t ay
such principal and interest has been made by the County Boarcl of
Supervisors. Such appropriation and ple:fge is subject, however,
to the priority of pledges heretcferc, made by contract 7,7ith the
State Highway Commissioner for payment of an aggregate amount of
$105,000 per year to fknance cone .,tructi•n if the Farmington -
Brighton Expresswav nod.. the Northwestern •xpressway. fledges of
equal priority with the pledge for bonds herein offered for
sale may be made for payment of future county bonds, notes or
contractual obligatiens,within limitations prescribed by said Act
No 51. In the event that moneys pledged are not sufficient to
pay principal and interest on the bonds herein offard for sale,
the County Treasurer is obligated, under resolution of the Board
of Supervisors, to advance the arc -.)Unt Jf the deficiency from
general funds of the county.
For the purpose awarding the bc)nds, the interest
cost of each bi ,d, will ho computed by determining, at the ra t e or
rates specified therein, the total dollar valu,, of all interest
on the bonds from (here insert the first
day of the month next following the date A receiving bids c,,r the
date of the bonds, whichever is later) to their respective maturi-
ties and deducting therefrom any premium. The ".:e:lade will be
awarded to the bidder whose bid on the above comation produces
the lowest interest cost to the county r:i . preFosal for the
purchase of less than all of the bonds at a price Lees than
their par value will be consider:2cl.
A certified or cashier's che:c -I'7 in the amount of $19 0,000
ori or
boilers of tbe bonds
•e not 1:e55 :71,:an thirty
ion, at 7:aot once in
City of DeLroit,
19 -
drawn upon an incorporated bank or trust company and I•ayable to
the order of the County Treasurer must acempanv each hI as a
guarantee of good faith on the part of the bidder, to be f.-rfeited as liquidated damages if such bid be accepted and the fails to take up and pa'y for the bonds, No interest shall be allowed on
the good faith and checks of the unsuccessful bir1 0,7,rn will be promptly returned to each bidder's representative or by regis-
tered. mail.
Bids shall be conditioned. tx;.. the unqualified opinisn
of Dickinson, Wri3ht, HcKaan & Cudlip (Claude P. Stevens, of
Counsel), attorneys, Detroit, Michian, approving the legality of
the bonds. The cost of said legal opinion and of the printing o
the bonds will be paid. by the cbunty. Thera will also be furnis,,,
the usual closing docu=nts, including a no certificat dated as of the dw-e of delivery of th7, bonds. Dons will be de-
livered at New York, NY., Chicago., Illinois, or such other place
as may be agree1 upon by the county and the purchaser,
The right is reserved to reject any or all bids.
Envelopes containing the bids should. be IA_ainly marked 'Proposal for Bonds''. •
•
secretary, E•Jard of County Rosa
Commissioners, Oakland County,
Michigan.
Api7roved: 10
STATE OF MICHIGAN
MUNICIFAL FINANCE COMMISSION
14. That all resolutions and parts oi resolutions,
insofar as the same may be in conflict herewith, are hereby
ADOPT-57 D: Y eas Alward, Anable, Archambault, Bloc, Bonner, Brickner, Calhoun,
Cardon, Carey, Charteris, Cheyz, Clack, Clarkson, Cummings, Davis, Pemute, Dewan,
Dickens, Dohany, J. W. Duncan, R. Duncan, Wm. Duncan, Edward, Edwards, Elliott, Fouts,
Frid, Gabler, Goodspeed, Hall, Hamlin, Heacock, Hill, Hoard, Hocking, Horton, Huber,
Wallace Hudson, Wm. Hudson, Huhn, Hulet, Hursfall, Ingraham, Johnson, Johnston, Kephart,
Knowles, Lahti, Lessiter, Levinson, Lewis, Love, MacDonald, Maier, Marshall, McCartney,
McGovern, Melehert, Menzies, Clarence Miller, Cyril Miller, Mitchell, Noel, OtDcnohue,
Oldenburg, Osgood, Potter, Rehard, Reiner, Rhinevault, Rowston, Semann, Smith, Solley,
Staman, Taylor, Tiley, Tinsman, Von, Webber, Wood, Yoc)(ey. (82)
Nays - None. (0)
With the consent of the Chairman, Mr. Allerton abstained from voting.
TTL OF MICHIGAN)
CO(')NlY OF OAKLAND)
I, the undersigned, the County Clerk of the County of
Oakland, do hereby certify that the foregoing is a. true and
complete copy of Miscellaneous Resolution No. 3877 in re:
Bond issue for County Primary Roads, and of the proco&,tings
pertaining thereto duly adopted and taken by the Board of
Supervisors of said County at a regular meeting held
November 7, 1961, the originals of which are on file in my
office,
County Clerk., ,O,J.V.10..d. County
Dated: November 30, 196],.
STATE OF MICHTCAN)
)SS
COUNTY OF OAKLAND)
1, the undersigned, the County Clerk of the County
of Oakland, do hereby certify that the foregoing is a
true and complete copy of Miscellaneous Resolution
No. 3877 and of the proceedings pertaining thereto
duly adopted and taken by the Board of SupervisorS
of said County at a regular meeting held November 7, 1961
the originals of which are on file in my office.
Daniel T. Murphy, Jr.
Oakland County Clerk
Dated: November 8, 1961