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HomeMy WebLinkAboutResolutions - 1962.02.06 - 19790At 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, Pontiac, Michigan, on the 6th day of February, 1962, at 9:30 o'clock A.M., Eastern Standard Time PILE3ENT: - Ailrton, Alward, Arehambault, Bloe, Bonner, Brickner, Calhoun, Carey, Charteris, Cheyz, Clack, Clarkson, Cummings, Davis, Demute, Dewan, Dickens. Dohany, J.W.Duncan, R. Duncan, WM. Duncan, Durbin, Edward, Edwards, Ewart, Forbes, i -outs, Gabler, Goodspeed, Hamlin, Beacock, Hill, Hoard, Horton, Huber, Wallace Hudson, WM,Hudson, Huhn, Hulet, Hursfall, Ingraham, Johnson, Johnston, Kephart, Knowles, Lahti, Lessiter, Levinson, Lewis, Love, Majer, Marshall, McCartney, McGovern, Melchert, Menzies, Clarence Miller, Cyril Miller, Mitchell, Noel, 0/Donoghue, Oldenburg, Osgood, Potter, Rehard, Rhinevault, Rowston, Semann, Smith, Staman, Taylor, Tilley, Tinsman, Voll, Webber, Wood, Yockey. (77) ABSENT: Anable, Elliott, Frid, Hall, Hocking, MacDonald, Romer, Solley. (8) Statement by Mr. Levinson In re: Sale of $6,000,000 Motor Vehicle Highway Fund Bonds. To: The Oakland County Board of Supervisors Mr, Chairman, Ladies and Gentlemen: This morning at 10:00 o'clock was the time set for re- ceiving bids for the $6,000,000 Motor Vehicle Highway Fund Bonds to be issued by the County. The Board of County Road Commissioners, as authorized by the Board of Supervisors, has received and tabu- lated all bids submitted in accordance with the terms of the Notice of Sale and has adopted a resolution referring all bids to the Board of Supervisors for action and recommending the acceptance of the bid which results in the lowest net interest cost to the County. The resolution of the Board of County Road Commissioners is included as a part of the resolution which I will offer for adoption by the Board of Supervisors. Also included is a Joint Report submitted by the Roads and Bridges Committee and the Ways and Means Committee in which they recommend adoption of this re- solution by the Board of Supervisors. At this time I would ask the Clerk to read the resolution proposed for adoption by the Board of Supervisors. The Clerk read the following resolution: Resolution Relative to Sale of i§.000000M.2_,.. Fund Bonds, Misc. No0 391° . WHEar2.,, a certified copy of the proceedings taken on this day by the Board of County Road Commissioners has been re- ceived by this Board of Supervisors, which proceedings read as follows: At a ic‘Lar meeting of the Board. of County Road. Commissioners of Oakland. County, Michigan, held in the offices of said Board, 2420 Pontiac Lake Road, Pontiac, Michigan, on the 6th day of February, 1962, at 10:00 o'clock A.M., Eastern Standard. Time. 2 ABSENT: None PRE3ENT: Thatcher, Felt Lomerson graaspasereamaseevemw*.s.Ayesemos The Secretary presented to the Board of County Road Commissioners the order of the Municipal Finance. Commissi dated. January 2, 1962, approving the issuance by the County of Oakland of $6,000,000 Motor Vehicle Highway Fund. Bonds, to be dated January 1, 1962, and approving the form of no- tice of sale of said bonds. By unanimous consent, the same was ordered. filed. The Chairman announced that this was the time set for the opening of proposals for the purchase of the above- mentioned bonds as advertised. in The Pontiac Press on Janu- ary 18, 1962, and in The Daily Bond. Buyer on January 19, 1962. The Secretary then presented to the Board all such proposals which had been received by him on or before 10:00 o'clock A.M., Eastern Standard Time, on this day, which pro- posals were then opened by the unanimous consent of the mem- bers of the Board. present, and were as respectively set forth in the following resolution. The following resolution was offered. by Lomerson and seconded. by Felt. BE IT RESOLVED. BY THE BOARD OF COUNTY ROAD COMISSIONERS OF 0.Ant`!1,ND COUNTY, MICHIGAN, as follows: 1. That the action of the Secretary in fixing this date as the date of sale of the $6,000,000 Motor Vehicle bid par and accrued interest plus a premium o 599.40 Highway Fund Bonds, to be issued by the County of Oakland and dated. January 1, 1962, and in causing notice of such sale to be published: as heretofore provided, is hereby ratified and: confirmed, 2. That the following is a complete tabulation of all proposals for the purchase of said bonds which were received by the Secretary of this Board, at his office in the Oakland. County Road. Commission building, 2420 Pontiac Lake Road, Pontiac, Michigan, up to 10:00 o'clock A.M., Eastern Standard. Time, on this day, said proposals having at such time and place been presented. by the Secretary to this Board and having. been then and. there publicly opened and read by the Secretary, to-wit: The Chase Manhattan Bank and Associates for said bonds bearing interest per annum as follows (the net interest cost being $2,247,746.44and the effective rate being 3.0977 %), viz.: 4,3/47. on 1963 thru 1964 maturities, 3 % on 1965 thru 1979 maturities, 3 1/4 % on 1980 thru 1982 maturities thltr % en 44:ram± shr thrta------ thrt thru rale:Ixrkeies7 ma*. Smith, Barney & Company and Associates bid par and. accrued: interest plus a premium of $ none for said bonds bearing interest per annum as follows (the net 2,364,671.87 , interest cost being $ and tne effective interest rate being 3.2590%), viz.: 5 % on 1963 thru 1966 maturities, 2 3/4 % on 1967 thru 1971 maturities, 3 % on 1972 tnru 1974 maturities, 3 1/4 :4, on 1975 thru 1978 maturities, 3 3/8 % on 1979 thru1982 maturities, eftd . ck, on First of Michigan Corporation and Associates bid par and accrued interest plus a premium of $750.00 for said bonds bearing interest per annum as follows (the net 2,297,656.07 interest cost being $ and the effective interest rate being3.16656%), viz.: 4 % on 1963 thru 1966 aturities, 1...VA.24 on 1967 time-e------maturities, 2 3/4 % on 1968 di m' 1971 maturities, % on1172 thru 1975 maturities, 31/4 % on 3q3E thru 1q82 maturities, apwiL Northern Trust Company and Associates bid par and accrued interest plus a premium of $2,052.00, for said bonds bearing interest per annum as follows (the net interest cost being $2,305,706.33 and the effective interest rate being 3.1776 %) , viz: 5 % on 1963 thru 1966 maturities, 3 % on 1967 maturities, 2 3/4 % on 1968 thru 1971 maturities, 3 % on 1972 thru 1976 maturities, 3 1/4 % on 1977 thru 1982 maturities.. Bankers Trust Company and Associates bid par and accrued interest plus a premium of $456.00, for said bonds bearing interest per annum as follows (the net interest cost being $2,252,731.43 and the effective interest rate being 3.104646 %), viz: 5 % on 1963 thru 1966 maturities, 2 3/4 % on 1967 thru 1971 maturities, 3 % on 1972 thru 1976 maturities, 3 1/8 % on 1977 th.ru 1982 maturities. Drexel & Company and Associates bid par and accrued interest plus a premium of $ none, for said bond bearing interest per annum as follows (the net interest cost being $ 2,348,885.00 and the effective interest rate being 3.237 %), viz.: 5% on 1963 thru 1966 maturities, 2 1/2 % on 1967 thru 1968 maturities, 2 3/4 % on 1969 thru 1971 maturities, 3 % on 1972 thru 1973 maturities, 3 1/8% on 1974 thru 1975 maturities, 3 1/4 % on 1976 thru 1979 maturities, and 3 3/8 % on 1980 thru 1982 maturities. Morgan Guaranty Trust Company and Associates bid par and accrued interest plus a pr 1 o f $2,642.50 for said bonds bearing interest per annum as follows (the net 2,324,820.00 interest cost being $ and the effective interest rate being 3.2039 %), viz.: 5 % on 1963 thru1966 maturi- ties, 2 3/4 % on 1967 thru 1971 maturities, 3 % on 1972 thru'97 L maturities, 31A % on 1975 thru 1982 -14a-t-utirtj.es-, -7,0311. Lehman Brothers and Associates bid par and accrued interest plus a premium of $660.00 io said bonds bearing interest per annum as follows (the net in- terest cost being rate being 3.2066 %), viz.: 5 % on 1963 thru 1966 maturi- ties, 23/4% on 1967 thru 1970 maturities, 3 % on 1971 thru 19 73 maturities, 31/8 % on 1974 thru1976 maturities, oTT and the effective interest 31/4 7. on 1977 thru 1982 maturities, at matur-i-t±e7s-. Halsey, Stuart and Company, Inc. and Associates bid par and accrued interest plus a premium of $ 900.00 for said bonds bearing interest per ann.= as follows (the net interest cost being $21315 '79 ligthe effective interest rate being 3.19155 %), viz.: 5 % on 1963 thru1965 maturities, ,3 /4% on :,96 thru LILL, maturities, 3 1187 on 1968 thru maturities, 3 % on 1969 thru 1976 maturities, 3 1/4% on 1977 thru 1982 maturities, 3÷-1-€1, %-9R ma- 3. That this Board has carefully examined all of said proposals and finds that they comply with the terms of the notice of sale of said bonds and are in all respects in proper order and form and this Board hereby submits said proposals to the Board of Supervisors of said County of Oakland for ac- tion in accordance with the resolution adopted by said Board of Supervisors on November 7, 1961 (Misc. 3877). 4. That this Board finds that the proposal submitted by Chase Manhattan Bank and Associates and associates, as described above, is the proposal which would produce the lowest net interest cost to the county and this Board there2re recommends to said Board of Supervisors that said proposal be accepted - 8 and Associates and associates for the pur- ADOPTED: "Yeas Thatcher, Lomerson, Felt Aays None ; and WHEREAS, a Joint Report adopted on this day by the Roads and. Bridges Committee and the Ways and Means Committee has been received by this Board of Supervisors, which Joint Report reads as follows: JOINT REPORT OF -gOADSAt4L BIDGES COMMITTEE t.''Y'S AND MEANS COMMITTEE The Roads and. Bridges Committee and the Ways and Means Committee, having met jointly at 11:15 A.M., Eastern Standard Time, on February 6, 1962, in the County Office Building, No 1 Lafayette Street, Pontiac, Michigan, hereby recommend the adoption of the attached resolution by the Board of Super- visors, accepting the bid submitted by LaaLtld&Lha=j1all___ chase of '46,000,000 Motor Vehicle Highway Fund Bonds, to be issued by the County of Oakland and Gated January 1, 1962, at par and accrued interest, plus a premium of $599.40 , said bonds to bear interest per annum as follows: 4 3/4 % 0111963 thru 1964 maturities; 3 % on 1965 thru 1979 maturities; 3 VI% on 1980 thru1982 ,maturities; % QR 44-g:=U txitt c s (result- p2 247,746.44 ing in a net interest cost oi ' and an effective ROADS AND BRIDG; COMMITML k .....n••n•nnnnnn701.0AMPISI 74AYS AND MEANS COMMITTEE : interest rate of .3.097770 per annum. and WHEREAS, the proposals for the purchase of the $6,000000 Motor Vehicle Highway Fund Bonds to be issued by the County and dated January 1, 1962, which proposals are recited and described in the foregoing resolution •l'e Board of County Road Cc.:4_ssioners, have on this day been submittee to this Board of Supervisors at 11:30 o'clock A.M., Eastern Standard Time, for action in accordance with the terms of the Notice of Sale of said bonds; TRa6,•FORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS, OAKLAND COUNTY, MICHIGAN, as follows: 1. That the aforesaid resolution of the Board of County Road Commissioners and the aforesaid Joint Report of the Roads and Bridges Committee and the Ways and Means Committee be and they are hereby received and approved. - 10 4 3/4 % op bonds maturing in the years1963 ru 1964 2. That the proposal of lase a hattan Bank and Associates to purchase said $6,000,000 Motor V,-.hicle Highway Fund Bonds, to be issued by the County and dated January 1, 1962, at the par value thereof and accrued interest to date of delivery, plus a premium of $ 599.40 , and bearing interest per annum as follows: 3 % on bonds maturing in the years 1965 thru 1979 3 1/4 % on bonds maturing in the years 1980 thru 1982 bon-ds itra-t-cri-ng in the-TeIrm b0n4s Trraihrri.ng in ti-m—yelrts- tba:Ir 2,247,746.44 (resulting in a net interest cost of $ and. an effective interest rate of3.0977L per annum) is hereby found and declared, after review of all proposals submitted, to be the proposal which results in the lowest net interest cost to the County after deduc- ting premium, and therefore, said. proposal is hereby accepted and all other proposals are hereby rejected. and. the bidding checks of the unsuccessful bidders are hereby ordered. returned, 3. That the said bonds shall be issued in accordance with the terms of the bond resolution adopted by this Board of Supervisors on November 7, 1961, and bearing interest as set forth above. 4. That all resolutions and parts of resolutions, - - 11 insofar as the same may be in conflict herewith, are hereby rescinded. The adoption of the foregoing resolution was moved by M °PL. and seconded. by Mr. Hulet ADOPTED: Yeas : Allerton, Alward, Bloe, Bonner, Calhoun, Carey, Charteris, Cheym, Clack, Clarkson, Davis, Demute, Dewan, Dickens, Dohany, J. W. Duncan, R. Duncan, Wm, Duncan, Durbin, Edward, Edwards, Ewart, Forbes, Fouts, Gabler, Goodspeed, Hamlin, Heaceck, Hoard, Horton, Huber, Huhn, Hulet, Hursfall, Ingraham, Johnson, Johnston, Kephart, Knowles, Lahti, Lessiter, Levinson, Love, Majer, Marshall, McCartney, McGovern, Melchert, Menzies, Clarence Miller, Mitchell, O'Donoghue, Oldenburg, Osgood, Potter, Rehard, Rhinevault, Semann, Staman, Taylor, They, Tinsman, Voll, Webber, Yockey, (64) Nays: None. (0)