HomeMy WebLinkAboutResolutions - 1963.03.06 - 200500 as offered by Mr.. Webber frAlowing bond
No 343, adopted •TaTa.!.7y 24, 1.•F, f the establishment
provisions of agreement, as amended; and
March 6, 1963
Miscellaneous Re3.olution No 4119.
Recommended by '.r.oard of u1L1ic Works
Rc
Farmington S..Twage Disposal $7 .3tem-Tarab
Industrial Arm
BOND RESOLUTION
17,7HEnzA, the said Board of Supervisors by resolution. Misc.
No 3270, adopted August 12, 1957, as amended by resclution, Misc.
of the Farmingto7:7: Se ,,7ago. rsal System to serve the Farmingt
Sewage Disposal District: wihin which district, lies all o
Township of Farmington and other areas; and
;a177 purFant to the 17.--,:rmington S=age Disposal System
November 1, 1957, as amznd hy a77endatory agree-
ments dated December 22, 1958, and February 9, 1959, all between
the County of Oakland and the Cities of Southfield and Keego Harbor
and the Townships of Farmington and West Bloomfield, municipal
in said County of Oakland, the said. county acting thru
its Department ef: F'.11-)lic Works, did acquire the original Farmington
Sewage Disposal System and did. finance Fuch acquisition by the
issuance of bonds in anticipation of paents to be made by said
municipal corporations to the county in accordance with the
WHEUAS, Act 185 of the Michigan Public Acts of 1957,
as amended, grant-s to tl:, Board of Public Works in any county ha -1,
a DepartLont of -Pflic Works the power to extend any system
acquired. pu'int thereto; and
9.7 •' Acts of 1957, as amended, for the No 185 of the
part of said township, .
due under the herein fter mentioned (=tract between the county and
pay
efulness thereof, a prepared by said registered
is Ileee$sary to extend 9aid sewage disposal
system in said Township of Farmington under cb ,, provisions of Ac
,
purpose of collecting and disposing of sewage originating within a
to issue ':,rds to financ.e. such extension
(herein ,T.::etimes referred to as "7,:aratu51 Industrial Arm') in
anticipation of the coliction by the county of amounts to become
the sAid township; and
WTERIT.A3, pursuant to a resolution of this Board of Super-
visor adopte_ o;1 November 7, r,J-4 4 P.n.s ' f,,:rsuant to resolutions
adopted by the governing body of the said township, the County of
Oakland and said township entered 1,:aro a contract dated as of Novem-
ber 1, 1967, *.ereby the county did agree to extend said Farmington
Sewage Dispose:1 System and the said township did agree i
of the capital •osi; thereof divided as therein set forth, which
contract appeam:v in full in said rzsolution of this Board; and
;715.:REAS, construction plans and specifications for the
Wttension of Farmington Sewage 7t2sal System by construction. of
Tqrabusi Industrial &rm as prc.'pared by Spalding, DeDecker
AzIoeiates, zegired professional engineers, and the estimate of
$805,000 as the cost of said extension and 4 ears and upwards as
iod
prcfessional engineers, hve been obtainad ar approved by the
Board of Public Works approved by the Boazd of Supervisors of
.,ITld County; and
towrisip are Previ the co.= of $806,0
PS ,• •
forth in a revise ExL:,Joit 'C" to said agreement (t said. amounts rTh-
UHEaEAS, in said contract of November 1, 1962, the amounts
be paid of the annual installments aler said agreement by the
:1 cost of extension, with the further provision
that said annual installments shall be adjusted and credited to the
extent of any Federal grant received for construction of said
extension.; an6
77d17,7EAS, the County has od for a Federal grant for
this project in an amount: sufficient to reduce the aggregate amount
to be paid by the township pursuant to said agreement $403,000,
which amount shall be paid in annual installments in set
being the same as the annual bond maturities Hereinafter set folt
the first installment to be :7,yabl ,, on April 1, 1964, add
the remaining installments to be paid annually on uach April let
thereafter, and in addition thereto the said to71:,..ip is to pay
annually on April 1st, beginning April 1, interest
vided in said agreement on the cutstdnd .tn.,;. unpaid ....,:stallments;
and
W7EREAS, the County is desirous of issuing bonds in
anticipation of the payments to be made by the said Township of
7argton said of November I, 17; and
Oakland County Board of Public Works has ap-
provcd this resolution and recommended its 216727t7ion. by the ]
,upervisors„
of
-3-
,dand, aggregating
.„„
and semi -annually thereafter on the fir . d of May and November
yiTT. TT• T-Z.:1 1VED BY THE TiO...lrk.27 OF SUPERVISORS OF
OAKLAND COT-T77 LfICELL 4, as fcil..:or
, That the bonds of said C
the principal sum of Fe,iz' i'idrad Three Thco_sand Dollars ($403
be issued for the purpose o:f: defraying part of the cost of acquirin
Farmington Sewae Disposal System-Taratsi Industrial Arm, the
balance of such cost to be defrayed by 'EL. .1;:,r.oceeds of a Federal
grant applied for by the county. That said. bonds shall be known as
"Oakland County Sewage Di270.3EZi Bonds -Farmington System -Tarbusi
Incstrial Arm:', shall be d ared May 1, 1963; shall be numbered
consecutively in the direct order of their maturities from 1 to 403,
both inclusive; .3hall be in the on of $1,000 e.ach;shall
bear interest at or rates to be hereafter determ ined not
exceeding six per cent (6%) per annum, payable on Ne.,:iember 1, 1963
In each year; and shall mature on the first day of May in each year
follmvs:
8,000 in the year 1964
10,000 in each of the years 1965 and 1966
in each of the years 1 967 thru 1970
,vach of the years 1971 thru 1974
of the years 1977 thru.
of the years I971: thru
of the years 1980 and
lug on and after May 1, 1979, from time to time
72.tanding, seLl be subject to redem:ption as a whole, at
option of the county prior to maturity on any interest payment d a te
on or alc..r May 1, 1974; Bonds called for redemption shall be
redeemed at the par value, thc,rof and a cc rued interest plus a
premium on each bond. in accordance with the fellw -tng schedule:
$30 if called to
prior to May 1,
$25 if called to
prior to May 1,
$20 if called to
prior to May 1,
$15 if called to
prior to May 1,
$10 if called to
prior to May 1,
$ 5 if called to
be redeemed on or after May 1, 1974 but
•975
be redeemed on or after May 1, 1975 but
1977
be redeemed on or after May 1, 1977 but
1978
be redeemed on or after May 1, 1978 but
1979
be redeemed on or after May 1, 1979 but
1980
be redeemed on or after May 1, 1980
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 matur-
ing 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
thereon shall be payable in lawful money of the United States of
America, at a 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
-5-
the county under said agreement of November 1 due whiz
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, tao same shall be
delivered to the Treasurer of said county who is hereby authorized
d directed to deliver said bonds and a'::eched coupons to the
Purcha hereof, laDOT/ receipt of the purchase e 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 payment of the amounts to become
amounts aggregate the son of $403,000, with interest as therein
provided after adjustment and credit_ for the Fed -11 grant anT)lied ,h
for by the county.
That all moneys paid, to the county by the Township, of
Farmington toward the cost of said Farmington Sewage Dis-
posal System-Tarabusi Industrial Arm pursuant to said agreement of
Y:ovember 1, 1962, shall be set aside by the County Treasurer in a
separate fund and bank account to be used for the 7,a7ment of the
ipal and interest on the bonds herein authorized and otherwise P r i
as provided in said agreement, Interes payable on. the bonds on
November 1, 1963, is capitalized and is payable from the proceeds
of said bonds.
e. That said bonds and attached coupons shall be sub-
stantially in the follo w ing forra
U7TT-D STATES cZ1771-CA
STATE OF
COUNTY 07 0,1,..KLID
DITTOSAL BON-7-.7MINGTON SYSTEM-
' .l ...'77:-USTRLZ,
Number
Fi'l;;OW ALL MEN BY THESE PRESENTS, that the Co ,:Intv of Oakland,
Michigan, hate6y acknowledges itself indebted and for value reedi
promises to pay to the bearer hereof, the sum. of
ONE T3:81.7S.:0!T3. D.OLLRS
on the first day- of May, A.D. 19_, together with interest thereon
from the date hereof until paid, at the rate of
) per centum per annum, payable November
thereafter semi-annually on the first days of 'Aay and
in each year. Both principal and interest hereof
lawful money of the United States of America at
in the City of
, upon pres•r.ltation and surrender of this bond arlc
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 maturty
consecutively in OJes direct order of their maturities from 1
both inclusive, aggregating the principal SUM of Four Hundred Thr(,.e.
Thousand Dollars ($403,000), issued under and pursuant to and in full
conformity with the Constitution and Statutes of the State. of
Michigan, and ,spe.cially Act No, 185 of th Michigan Public Acts of
1957, for the purpose of defraying part of the cost of acquiring
the Farmington Sewage Dispoael System-Tarabusi Industrial Arm,
Bonds of this series maturing prior to May 1, 1979 are not
ject to redemption prior to maturity. Bonds maturing on and after
1, 1979, from time to timo outstanding, are subject to redemption
as a whole at the option ci ta county prior to maturity on any one
or more interest pyment dates on or after May 1, 1974, Bonds called
for redemption shall b.f:. rodcemed at the par value thereof and .a ,:eed. interest plus a premiLz.7. 2.,lch bond in accordLance with the follain..!
schedule:
if called to be redeemed on oreftar May 1, 1974 but
prior to May 1, 1975
$25 if called to be redeemed on or after May 7, 1975 but
prior to May 1. 1977
$23 if call to be redeemed on or after May 1, 1977 but
prior to 1, 1.978
$15 if cailcu to he red.:=emed on or after May 1, 1978 but
prior to May 1 2 197 9 j
$10 if called to he redeemed on or after May 1, 1979 but
prior to May 1, 1980
$ 5 if called to be redeemed on or after MPy 1, 1580
1961 and
November
payable in
numi-arPd
Notice of redeT•tion shall o Lv,,i,n to the holders of bonds called
for redemption b./ publication of such notice not less than thirty
days prior ro the date fixed for redemption, at Laast once in
newspaper or publicLtion circulated in the City of :ctroit,
'Aichigan, which carro part of its regular service, notices
of the sale of municir71 Ponds. Bonds so ca132,d for redemption shall
not boar interest afr L:fto d2ite fixed for rem7.1tion, provided funds
are on hand T,71th paying agent to redeem toe 3::177c2.
bond as to both principal aud interest, is payable
from moneys he paid to the County cf Coicland by the Township of
Farmington, psuant tai eir n date Nma)aber I, 1962,
beten the County ol )r,kland and said township, the said
township aT4eres to pay c the said County a part of the total
capital cost of said Fal:mington Sewage Disposal System-Tarabusi
Industrial Arm, L. annual instlt ,nents beginning April 1, 1964, with
interest on unra.id installmes ?ayable April 1, 1964, and annually
thereafter, The balance the total_ capital cost of said Tarabusi
Industrial Arril is to be ,,:'.ejErcyed by te proceeds of a Federal grant
to said county for construction of said. Arm. The full faith and
credit of the said township, supported by an increase in tax
millage authorized by the electors of said township on August 7, 1962, is pledged for the prompt 7,Davment of the obligations of the
township pursuant to said agr=1nt.
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 '.7a ,Te been performed in due time, form
and manner as required by tte ;_2:onstitution end Statutes of the
State of Michigan, and that the total indebt.:dmoss of said county,
including this series of bonds, does not exceed any constitutional
or statutory limitation.
IN WITNESS wliza, the CouT.,.'Ty of Oakland, Michigan, by its
Board of Supervis:ors, has caused this bond to he signed in its name
by the Chairman WT. 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 CheArman and County Clerk, all as of
the first day of May, AD, 1963
COUNTY or CX:.LA.ND, MICHIGAN
B
airman of its Boer:
Su.,ervisors
County
(SEAL)
(Facsimile
an of I
rvison
W.;
On th 15•t
of Oakland, Michig,=,
r-cr A.D. 19 , ::ho CCcJ
-rill pay to thc barer hereof thc s= of
Dollars lawful money of the
United States of :oa
i n thr of
samc, being ttla Intst due on that day on its Oaklan
Sewage Disposal 3 ,=-Farmington Systm-TaraLlsi Industrial
dated May I, 19 .63, No,
Act
directed to make ication to said commissior for the issuance o
e Board Works is hereby authorized to sell
said bonds at
with the laws
ss than par tnd accrue,
this state and to do all things necessary to effect
interest in accordance
That the said bonds shall not be issued until the
J:.cipal Finance Commission of the State of Michigan shall have
first issued its order granting pemmiagi -,-; to so do ; provided in
202 Michigan Public Acts of 1943, as amended, =d the Board
of Public Works through its Director is hereby authorized and
such clXd-Qr t
the sale and iseuance of said bonds, subject to tho provisions of
this re ,,- ion„
9. Al], resolutS
the same may be in conflict
tnd part
ewith, are
lutions, insofar as
reby rescinded.
Mr moved the adoption of th foregoing
resolution, which motion was suf]orcd by
On roll call, .casolution was
following vote.
.=t..d by the
Nays: