HomeMy WebLinkAboutResolutions - 1963.03.20 - 20077Submitted b) Webber
by
County did agree to construct and finnc.e said Sewage
4143 -;'..esolution No
Board of Punic Works
Re: ::Lon--T3:se. Scage D.bposal System
SOLUTION
Mr Webber Effcred the following resolution which
Board of 'public Works at their r:eeti.oe of
February 19, 1963:
WHEREAS, the said Board ef Supervisors, by miscellaneous
resolution adopted on Scptl.frber 11, 1961, did approve
of the ostablilhma sewage disposal system to be known as
the "141,1ron-Roug,-, Dinposal System" for the purpose of dis-
posing of sanitary sewage from th,1! Huron-Rouge Sewage Disposal
District consisting of certain parts of the Village of Novi and
Township of Novi, as particularly set forth in said
misceYianeous resolution Nc.. 3850; and
WHEREAS, purt=t to a resolution of said Loard of
Supervisors adopted on :.cre 25, 1962, and pursuant to resolutions
adopted by the governing bodies of the Village of Novi and the
TavT.Ihip of Nc -Ji, the County of Oakland and the said township and
village enterod into a contract dated April 20, 1962,
Disposal Syst. and the township and village did each agree to pay
a certain per c entage of the cost thereof based upon an estimated
cost of $1,260,000 which said estimated Q0S:,=, revised and
increased to $1,3
in the said resc
0, 'ich said contract is set forth in full
f this Board of Supervisors; and
the
f the pav717.ts to be made by the township and the antic
construction plans and specifications for tr.,
Huron -Rouge Sewage Disposal System as prepared by Frank Naglieh,
registered professional engineer, and the revised estimate of
$1,390,000 as the cost of said System and the esti:mte of 50 years
and upwards as the period of usefulness thereof, as prepared by
said Frank Naglich, registered professional engineer, have been
approved by the Board of Public Wr7!,s and by the Board of Super -
visors of Oakland Cp .,inty; and
WHEREAS, the County Board of Public Works pursuant to
as of said contract of April 20, 1162, has determined
the aggregate amounts of the several annual installments to be
paid under said contract by the township and the village, -hich
amounts are the name as the annual bond maturities hereinafter
set forth; and
E under said contract 1 20, 1962, each
municipality is to pay ri44ally that percentage of the total
amount of each annual installment to be paid by the towlship and
the village which its percenta;Ae of the cost of the project bears
to the total annual installment, and in addition thereto is to
pay semi -annually interest and paying agent fees and other bond
handling costs as prpuied in said contract on its portion of
such interest, fees costs as determined pursuant to said
contract;
ii:REar.A, the County is desirous of issuing bonds in
village under said contract of April 20, l')62; and
this resolution and rec:ommended its adoption P of
the principal sum of Hillion Three Ninety Thousand
numbed con,.-...cutively in :ebt ord cf tuec ir
Bonds maturing on June 19 7
on or after
shall be subject to redemption as
maturity on or after
971, b.t. prior
y prior at the notion of the Coun
Bonds ma/-mn „Tune 1,
the County 3:-,ard of PW•lie Works has a
7visors.
TIMIZIFCE, BE IT RESOLVED BY TH: OF SUPERVISORS
OF OAKUM COUNTY, MICH:GAI -1, as follows:
1. That the bonds of said County of Oakland, aggregating
Dollars ($1,390,000) be j,ssued for the purpose of defraying the
cost of acquiring said Huron-Rouge Sewage Disposal System, That
said bonds Fhall be known as 'CF1:-.land County Sewage Disposal Bond
Huron-Rouge
System, shall be dated April I, 1953; shall be
from I to 278, both inclusive; shall be in the d enomination of
$3,000 each: shall bo ar interest at a rate or rates to be h ,,reaft
determined not excce , five or cant ( per ble on
December 1, DJ and sem1-annua1l-2 eseafter On rh first days
of Lln, and December 70,=.7r; and mature on the first-
iav of J=2 in each year as follor,
L ,
1
1,
1,
J -55'=7 1 , 1964
June 1, 1 9t5
June 1, 1966
June 1, 1967
June 1, I.68
June 1,
June I, 1 .970
June
Juno
June
June
,un,2
June
Juue
1 971
1972
1973
1974
1975
1976
1977
S100,000
10s,000
110,000
115,300
120,000
125,000
DO
to Jun''' 1 1 97 ' - .Jemptipn, in inverse
any one or more interest It dates, on or after June 1, 1987. Dar,
„
prior to the date fixed for redemption, least once in
numerical order, at the option of the County prior to maturity on -
Bonds called for redemption sall be redeemed at the par value
thereof and accrued interest plus a premium on each ':,ond in accor-
dance with tIl• "olio
$150 if call e d to I.Da redeemed on June 1, 1965
$125 if celiw.. to be redemad on or after June 1, 1966 but
prior to Jaw. ,
$100 if aall:d to be re.lem2e ..:!11 or after June 1, 1905 but
prior to JY.ne 1, 1970
$ 75 if a517.j. to be :2(iterilt:d or aitar June 1, 1970 but
prior tc J1:,t 1, 1972
$ 50 if cali,j to be redeemed on or after June 1, 1972 but
prior to June 1, 1974
$ 25 if call to be redeemed on or after 1, 1974,
Notice. of redemptit,n shell be given to tho holders of the bonds
be redeemed hr .r.:;:lication of such notice. not lass than thirty
a newspaper or publication circulated ic. tha. '_;ity of Detroit,
Michigan, which carr..as as a part of its regular service, notices
of the sale of municipal bonds, Bonds 30 called for redemption
shall not pear interest ad Car date fixed for redemption,
provided are on hand with the paying -5c7,,.ynt to redeem the
same, maturing prier to year 1973 shell not be subject
to redemption prior t urity. All bonds shall have proper
coupons attached thereto evidencing interest to their respective
dates of maturity,
2, That the -rincipal of said bonds and the interest
there.= snill ba payable in lawful money United ,7;ates of
America, at such banii =d/or trust company which qualifies as a
paying agent under Federal. or Michigan law and which shall be
, of the County of Oakland, are hereby authorized the Cou
the provisions of Act No 185 the Michigan Public Acts of 1957,
ignated by t!:1 n•iginal purchaser of the bcn a. Suh purchaser
shall have the right. to 1197,e a similarly qualified co-paying agent.
That the Chairman of the Board of Supervisors and
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 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
to the purchaser thereof, up receipt of the purchase
price therefor,
4. That the said bonds are to he issued pursuant to
co
as amended, in anticipation of the pa7ment of the amounts to
Tae due to the County uudeI said contract of April 20, 1962,
which amounts aggregate the sum. of $1,390,000 with interest as
therein provided.
5. That all moneys paid te the County by the Townsf:J.p
of Novi and the Village of Novi toward the cost of said Huron
Rouge Sewage Disposal System, pursuant to said contract of Aril
20, 1962, shall be set aside by the County Treasurer in a separate
fu'd and bank account to he used solely for the payment of the
principal and interest on the bonds herein authorized. Interest
payable on the bonds on December 1, 1963, s ca. and is
payable from the proceeds of said bonds.
E , That said and att -Lhed upon; be
substantially i tbe followin form:
annuni., n.s7.;.F:hre December I, 1963
Cily on the first days of June and
Both principal and interest hereof are
of the United States of America at
- 7-7A T7'S OF AMERICA
' E-Y7
0AFT„:7,
JI MON -Pnr(17 SYSTEM • • rt7,57V1,17 s-pwAr7 'DISPOSAL BON
Number
Oakland,
value race
ETC77 ALL BY THESE PRTS:7
hereby acknowledges
d, promises to pay to the
8, that the County
tself indebted and 'tor
bearer hereof, the sum of
TINE THOUSA:T MLLARS
on the first day of June, AD, 19 , together 1th int e rest thereon from the 777
and thereafter semi
December in each y,
hie
in the City n•n•n
7 ' surrender of this
severally mature,
, upon presentation and
bond and the coupons her-,to anta.chad as they
ni5 bond
tenor exze-ot as to
numbered conecutival5
from 1 to 278, both inelusie, aggregating
One Million Three Hundred Ninety Thousand
a soris. of b,r,•„4, f like uOic; and
in tke direct order
the princip
ilars ($1,
to and 1,n full conformity t
of the State of Michigan, an [i especially
...b11c Acts of 1957, as amended, for
.stst of the Huron -Rouge ,.wage Dis -
series maturro;: prior to June 1- 1973 are
prior to mi•turity. Bonds maturing on
.act to redemption as a whole, at the
option of the County pror to maturity on or after June 1, 1965.
Bonds matur:.ng or or after June 1, 1973, but prior to 1, 1977,
shall be sueet to redemption, -in inw-reg, numerical °vier, at the
option of the County prior to maturity on any one or more interest
Ey-ment dates, on or •after June 1, 1967, Bonds called for -17:L-
vt..ior:. shall be r.adatl. at r ,:7-7 777 valfla thereof and accrued.
tp a premium oh ,,,?ich be5:d in accordee with the follow-
schedul
or2. (
ot the i r maturities
zai
issued under and pursuant
Constitution and Statutes
Act No 185 of the
the purpose of defrchg the
hosal System,
Bonds of tc.i.
not subiet to radon.
june 1, 1977 shall
$150 if called to be redeel7ed on June 1, 1965
$125 if called to be re •o.eed. on or after June 1, 1!..S6 but
prior to June 1, 196E
$100 if called Co be ..edeemed on or after Juno 1, 1968 but
prior to June 1,
$ 75 if called to be
prior to June 1, 157
$ 50 if celled to bJ. redeemed on or after June 1, 1972 but
prior to June 1,
$ 25 if called 1-c be rodd, on or after June 7, 1974.
Notice of redemption shall be given to the holders of bonds called
for redemption by pk:ilication of such notice not less than thirty
(30) days pior to the ...late fixed for rede7rption, at least once
in.S newspep2:: r publication circulated in. the City of Detroit,
Zlichigan, •err±e7 as a part of its regular service, notices
of the sale of miJnl71 bonds. Bonds so called for redemption
shall not bear interest after the date fixed for redeE:pzion, pro-
vided funds are on Haic sith the paying agent to redeem, the same.
This bort as to both principal and interest, is payable
from moneys to be paid to the County of Oakland by the Village of
Novi and the Township of Novi, pursuant to a certain contract
dated April 20, 1962 between the County of Oakland and said
mun:ldipalities, whereby each of the said municipnlities agrees to
pay to the said County a certain percentage of the cost of said
Huron-Rouge Sewage Dj.sposal System, with interest, in annual
installments, beginrinz June 1, 1964, in the same amoLnts as the
annual maturities of the '.ends of this issue, The full faith and
credit of each of said 7nicipa1itics is pledged for the prompt
payment of the obligations of each pursuant to said contract.
It is hereby certified, reciccd 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 ilabponed and have been performed tIne time , f= and mannr as required by the Constitution and Statutes
of the State of ?iioraiga,n, =d that the total indebtedness of said
county, including seriL of bonds, does not exceed any
constitutional or s:17,,ztuer .-
IN WLTNES'E w7CEREF, the County of Oakland, Michigan, by its Board of Sup.:2rvisors sauscd this bond to be signed in its
name by the Chairman of' said Board of Supervisors and by the
County. Clerk of the co..77, and its corporate seal to be affixed
hereto, and Los c.eu.:ma6 tIn. anne-ged interest coupons to be executed
with the facsiT.Iii.:7. :7,ileuras of said Chairmen and County Clerk,
all as of the first dy of April, A.D. 1963.
emed on or after June 1, 1970 but
COUNTY OF OAKLAND, F7r71-7TrANI
BY
man of i
ervisors
AD, 19 , the County
to the bearer hereof the sum of
Dollars lawful money
at the
in zlile City of
County Clark airman of the Board of
Supervisors
(
(COUPON)
On the 1st
of Oakland, Michigar.
the United States
, same being
County Sewage Disposal
1953, No,
the interest due f ,n that day on its Oakland
Bond-Huron-Rouge System, dated. April 1,
'Facsimi
Works through its Director is hereby authorized Board
7. That t : :e bends shall not be issued until the
Municipal Finance Commission of the State of Michigan shall have
first issued its order granting p -.1.71ssion to so do i as provided
in Act No. 202, Michigan ..cts of 1943, as amended, and the
and directed to make application to said commission for the
issuance of such order.
S. The Board of 7ubilc Works is hereby authorized to
sell said bonds at not lens than par and accrued interest in
accordance with the laws of this state and to do all
necessary to effect the sale and issuance of said bonds, subject
to the provisions of this resolution.
All resolutions and parts of resolutions, insofar
as the same may be in conflict herewith, are hereby rescinded,
1
an, I move the adoption of the foregoing
resolution.
port Mr. Tiley
ADOPTED; Yeas -
Allerton, Alward, Archambault : Badhert, Beamer„ Beecher, Bloe, Bonner,
Calhoun, James Carey, John Carey, Charteris : Cheyz, Cooley, Cummings,
Davis, Dewan, Dohany, J. W. Duncan, WM, Duncan, Durbin, Edward, Edwards,
Ewart, Forbes, Fouts, Frid„ Gabler, Goodspeed, Hagstram, Hall, Hamlin,
Heacock: Hoard, Horton, Huber, Wallace Hudson, WM. Hudson, Hulet,
Hursfall, Jackson, Kephart, Knowles, Lahti, Lessiter, Levin, Levinson,
Love, Maier, Marshall : McAleer, McCartney, Melchert, Menzies, Mercer,
Miller., Mitchell, Moore, Noel, OtMonoghue„ Oldenburg : Osgood, Potter,
Rphard : Berner, Rhinevault : Slavens„ Smith, Salley., They, Tinsman,
Yell, Webber, Wood, Yockey. (75)
Nays
None. (0)
Brickner, Clack, Clarkson, Eemute„ Dickens : Ingraham, Johnson, MacDonald,
McGovern, Semann. (10)