HomeMy WebLinkAboutResolutions - 1963.04.15 - 20116ng
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4160
by of Pub 1 i c
Mr, pr 7 Led the following bond We
t a Regular
Building, No. i. Lafayette Street., City o.
15th
bc of
.a s te CA. S tan d a 17
Allerton, Alward, Archambault, Bachert, Beecher, Bloe, Bonner, Calhoun, Campbell,
James Carey: John Carey, Case, Charteris, Cheyz, Clarkson, Cummings, Davids„
Davis, Demute, Dohany, J. Wauncan„ WM. Duncan, Durbin, Edward, Edwards : EWart,
Forbes, Fouts, Frid, Gabler, Goodspeed, Hagstrom, Hall, Hamlin, Heacock, Horton :
Huber, Wallace Hudson, Hursfall, Ingraham, Jackson, Kennedy, Kephart, Knowles,
Lahti, Lessiter, Levinson : Love, Marshall, McAleer, McCartney, McGovern, Melchert,
Menzies, Miller, Mitchell, Moore : Noel, OTDonoghue„ Oldenburg, Osgood, Rehard :
Berner, Scramlin, Seeterlin, Semann, Slavens, Smith, Solley, Stephenson, Taylor,
Tiley„ Tinsman, Voll„ Webber, Wood, Yockey. (77)
A
on ht LOO o '
Brickner, Cooley, Dewan, Hoard, • Hudson, Levin, MacDonald, Potter. (8)
Supply ys rem for T.' 1 71.e1d Township
a of ha: )er of the Board
tern and lease the same to the Township for operation by said
BOND RESOLUTION
WHEREAS, pursuant to Act 1j35, Michigan Public Acts
957, as amended, the Board cf Supervisors of Oakland County,
Michigan, by Miscellaneous Res(Atuion No, 4094, adopted December
20, 1962, approved no cst[Thlis'irce of Lilo "Oakland County Water
Supply System for Bloomfield Township" for the purpose of
supplying water to the Township of Bloomfield (hereinafter some-
times referred to as the "Township") 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 existing water supply systems owned by the Township and
additional water supply facilities to be constructed by the
County; and
WHEREAS, the said County and the said Township, by
their respective governing boards, have authorized the execution .
of a contract by the terms of which the County would acquire
the Township and would finance the cost thereof by issuing bonds
of the County pursuant to said Act No, 185, as amended, secured
by and payable solely from payments to ba made by the Township
to the County to defray the cost of acquiring the system; and
WHEREAS, plans and specifications for said system,
together with an estimate of the cost thereof in the sum of
2,150,590 and an estimate of eC) years and upwards as the period
of usefulness thereof, have prepared by Hubbell, Roth &
Clark, Inc,, registered prof_,-ional engineers, and have been
approved by the Board of Public Works and by the Board of
Supervisors of said County, and the City of Bloomfield Hills
said County has agreedto pay the estimated sum of $30,590 toward
the cost of the project leaving a balance. of $2,120,000 to be
financed by the issuance of County bonds; and
WHEREAS, the above-mentioned contract between the County
and the Township requires that the Township pay to the County
certain principal amounts in the years 1965 through 1989 which
are equal to the bond maturities for the same years as hereinafter
provided (such annual amounts to be paid each year in equal
installments due April 1 and October 1 of such year), and that the
Township pay interest on April 1, 1964 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 $2,120,000 to finance the acquisition
of said system:
THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS
OF OAKLAND COUNTY, MICHIGAN, as follows:
1. That the bonds of said County of Oakland, aggregating
the principal sum of Two Million One Hundred Twenty Thousand Dollars
($2,120,000) shall be-issued for the purpose of defraying the cost
of acquiring the Oakland County Water Supply System for Bloomfield
Township; shall he known as "Oakland County Water Supply Bonds
(Bloomfield Township System); shall be dated as of May 1, 1963;
Principal Amount Due
$ 90,000
95,000
100,000
105,000
110,000
115,000
120,000
125,000
130,000
135,000
140,000
150,000
shall be numbered consecutively in the direct order of their
maturities from 1 upwards; shall be in the denomination of either
$1,000 or $5,000 each (but not both) as specified by the original
purchaser; shall bear interest at a rate or rates to be hereafter
determined not exceeding six per cent (67) per annum, payable on
November 1, 1963 and semi-annually thereafter on the first days
of May and November in each year; and shall mature on the first
day of November in each year as follows:
Year Due Princiaal Amount Due Year Due
1965 $30,000 1978
1966 30,000 1979
1967 40,000 1980
1963 40,000 1981
1969 45,000 1982
1970 45,000 1933
1971 50,000 1984
1972 55,000 1985
1973 60,000 1986
1974 70,000 1987
1975 75,000 1988
1976 30,000 1939
1977 85,000
Bonds maturing on and after November 1, 1935 shall be
:o redemption prior to maturity in inverse numerical order,
at the option of the County, on any one or more interest payment
dates on and after November 1, 1973, at the par value thereof and
accrued interest plus a premium on each bond in accordance with
the following schedule:
37. of par value if called to be redeemed 011 or after November 1,
1973 but prior to November 1, 1976.
2-1/27k. of par value if called to be redeemed on or after November
1, 1976 but prior to November 1, 1979.
2% of par value if called to be redeemed on or after November 1,
1979 but prior to November 1, 1982.
U
4
27, of par value if ca11ed to be redeemed on or after November 1,
1982 but prior to N:.)v ,z,A)Qr 1, 1985,
17 of par value if called to be redeemed on or after November 1,
1985,
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 fined for redemption, at least once
in a newspaper or publication circulated in the City of Detroit,
Mi chigan, 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 1985 shall not 1 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 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 qualified co-paying agent.
3. That the Chairman of the Board of Supervisors and
the County Clerk of the County of Oakland arc 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 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 coupons to the
purchaser thereof, upon receipt of the purchase price therefor.
4. That the said bonds are to be iasued pursuant
to the provisions of Act No. 1.8,5 of the Michigan Public Acts of
1957, as •lhded, in anticin of and payable solely from the
collection of the amounts to become due to the County under said
contract between the County and the Township, which amounts aggregate
the sum of S2,120,000, with interest as therein provided. The
interest payable on said bonds on November 1, 1,963 is hereby
capitalized and shall be paid from the proceeds of the sale of said
bonds The full faith and credit of the County is not pledged for
the payment of the principal of and interest on said bonds.
5. That all moneys paid to the County by the To
pursuant to said contract shall be set aside by the County T
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 said contract.
6. That said bonds and attac
substantially in the following form:
Tons shall be
5
UNITED STATES OF AMERICA
STATE OF MICHIGAN
couay OF OAKLAND
OAKLAND CO'XTY WATER SUPPLY BOND
(BLOOMiIELD TOWNSHIP SYSTEM)
Number
KNOW ALL MEN f2'2 THESE PRESENTS, that the County of
Oakland, State of Michigm, hereby acknowledges itself indebted
and for value received, prons to pay to the bearer hereof, the
sum of
ONE THOUSAND DOLLARS
on the first day of November, A.D, 19 , together with interest
thereon from the date hereof until paid, at the rate of
) per centum per annum, payable November
1, 1963 and thereaftersemi-annually on the first days of May and
November in each year. Both principal and interest hereof are
payable 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 as to maturity , numbered
consecutively in the. dirnet order of their maturities from 1 to
, both inclusive .. .n:nnating the principal sum of Two Million
One Hundred Twenty Thousand Dollars 02,120,000, issued under and -
pursuant to and in full conformity with the Constitution and Statutes
of thenState of Michigan, and especially Act No. 135 of the Michigan
Public Acts of 1957, as amended, for the purpose of defraying the
cost of acquiring the Oakland County Water Supply System for Bloom-
field Tonship. This bond is not a general obligation of said County
of Oakland, but is payable, as to both principal and interest, solely
from moneys to be paid to said County by the Township of Bloomfield
in said County, pursuant to a certain contract dated
1963, 7(2tween the said County and Township, whereby said Township
has :74:d to pay to t:L• caid County the total capital cost of said
water .:upply system, with interest, in installments which are
sufficient in each year to pay the principal and interest maturing
in such year on this series of bonds.
Bonds of this series maturing prior to November 1, 1985
are not subject to redemption prior to maturity. Bonds maturing
on and after November 1, 1935 shall be subject to redemption prior
i5
to maturity in inverse numerical order, at the option of the County,
on any one or more interest payment dates on and after November . 1,
1973, at the par value thereof and accrued interest plus a Premium
on each bond in accordance with the following schedule:
if called to be redeemed on or alter November 1, 1973 .-
but prior to November 1, 1976,
if called to be redeemed on or after November 1, 1976
but prior to November 1, 1979,
if called to be redeemed on or after. November 1, 1979
but prior to November 1, 1932.
if called to be redeemed on or after November 1, 1932
but prior to November 1, 1935.
if called to be redeemed on or after November 1, 1985.
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) Otys prior to the date fixed for redemption, at least once
in a --eraper or publication circulated in the City of Detroit,
which carries as a part of its regular service, notices
of the sale of municipal bonds. Bonds so called for redemption
shall not bear interst after the date fixed for redemption, provided
funds are on hand with the paving 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 been 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.
I-14 WITNESS WHEREOF, 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 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 May, A.D., 1963.
COUNTY OF OAKLAND
STATE OF MICHIGAN
By
Chairman of Board of Supervisor
By
(SEAL) County Clerk
-7-.
(CO UPON)
Number
On the 1st day of A.D., 19 , the
County of Oakland, State of Michigan, will pay to the bearer
hereof the amount shown hereon, lawful money of the United States
of America, at the
in the City of P same
being the interest due on that day on its Oakland County Water
Supply Bond (Bloomfield Township System) dated May 1, 1963, No.
. This coupon is payable solely from certain contract
payments as specified in said bond.
(facsimile)
County Clerk
(facsimile)
Chairman of Board 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 pe on 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 loss than par and accrued interest in
accordance 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
he same may be in conflict herewith, are hereby rescinded.
the following On roll call
in re:: field
in my office, and
nrrecc._ tran c L etrom, and of tl
to set my hand and affixed the I V
12
JO,
rd of Super
:L5
April'14 1963, regular . at a:
15th day of April . . _ of sal.:
vote':
Allerton; Alward ; Archambault, Bachert, Beecher, Bloc, Bonner, Calhoun, Campbell,
James Car% John Carey, Case, Charteris, Cheyz : Clarkson, Cummings, Davids,
Davis ; Demute, Dohany, J. W. Duncan : WM. Duncan, Durbin, Edward, Edwards, EVart,
Forbes ; Fouts, Frid, Gabler, Goodspeed : Hagstrom, Hall, Hamlin : Heacock: Horton,
Huber, Wallace Hudson, Hursfall, Ingraham, Jackson, Kennedy, Kephart, Knowles,
Lahti, Lessiter, Levinson, Love, Marshall ; McAleer, McCartney, McGovern, Melchert,
Menzies, Miller, Mitchell, Moore, Noel, O'Donoghue, Oldenburg, Osgood, Rehard,
Remer„ Scramlin, Seeterlin, Semann„ Slavens„ Smith ; Solley„ Stephenson, Taylor,
Tiley, Tinsman, Voll, Webber, Wood, Yockey. (77)
None. (0)
Brickner, Cooley, Dewan, Hoard, WM. Hudson, Levin, MacDonald : Potter. (8)
OF MICHIGAN )