HomeMy WebLinkAboutResolutions - 1963.11.06 - 20307At a meeting of the Board of Supervisors of
Oakland County, Michigan, held in the Board of Supervisors Auditorium
Building, Oakland County Service Center, 1200 North Telegraph Road,
Pontiac, Michigan, on the 6th day of November, 1963, at 10:00 o'clock
A.M., Eastern Standard Time
PRESENT:
ABSENT:
Miscellaneous Resolution No.
Recommended by Board of Public Works
Re: Waterford Water Supply System
Mr. presented the plans, specifications,
estimates and contract mentioned in the following resolution, a copy
of which contract has been sent to each member of the Board of
Supervisors.
The following resolution was offered by Mr.
WHEREAS, the Oakland County Board of Public Works has approved
and adopted, and has submitted to this Board of Supervisors for its
At a Regular meeting of the Board of Supervisors of
Oakland County, Michigan, held in.-the Board of Supervisors Auditorium
Building, Oakland County Service Center, 1200 North Telegraph Road,
Pontiac, Michigan, on the 6th day of November, 1963, at 10:00 o'clock
A.M., Eastern Standard. Time.
PRESENT: Allerton, Bachert, Bloc, Brickner, Calhoun, James Carey, John Carey,
Charteris, Cheyz, Clarkson, Cooley, Cummings, Davids, Davis, Demute,, Dewan, Dohany,
J. W. Duncan, WM. Duncan, Durbin, Edward, Edwards, Ewart, Forbes, Fouts, Goodspeed,
Hagstrom, Hall, Hamlin, Heacock, Hoard, Horton, Huber, WM. Hudson, Hursfall, Ingraham,
Jackson, Kennedy, Kephart, Knowles, Lahti, Levin, Love, MacDonald, Marshall, McAleer,
McCartney, McGovern, Melchert, Menzies, Michrina, Miller, Mitchell, Moore, 0/Donoghue,
Oldenburg, Osgood, Perinoff, Potter, Potthoff, Rehard, Berner, Rhinevault, Seeterlin,
Slavens, Smith, Solley, Stephenson, Tapp, Taylor, Tiley, Tinsman, Turner, Veil,
Wagner, Webber, Wood, Yockey. (78)
•
ABSENT: Alward, Beecher, Campbell, Case, Wallace Hudson, Lessiter, Levinson, (7)
4240
Miscellaneous Resolution No.
Recommended by Board of Public Works
Re: Waterford Water Supply System
Mr. Calhoun presented the plans, specifications,
estimates and contract mentioned in the following resolution, a copy
of which contract has been sent to each member of the Board of
Supervisors.
The following resolution was offered by Mr. Calhoun
WHEREAS, the Oakland County Board of Public Works has approved
and adopted, and has submitted to this Board of Supervisors for its
approval, plans and specifications for the acquisition of the Waterford
Water Supply System, together with estimates of $7,350,000 as the cost
of and forty (40) years and upwards as the period of usefulness thereof,
all prepared by Johnson & Anderson, Inc., consulting engineers; and
WHEREAS, the Board of Public Works has also approved and
submitted to this Board of Supervisors for its approval, a proposed
contract between the County of Oakland and the Charter Township of
Waterford relative to the acquisition and financing of said system; and
WHEREAS, the Township Board of said Township has approved the
said contract and has authorized and directed that it be executed for
and on behalf of the Township by the Township Supervisor and the
Township Clerk;
THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
OAKLAND COUNTY, MICHIGAN, as follows:
1. That said plans and specifications and said estimates be
and the same are hereby approved, that the County Clerk shall endorse
thereon the fact of such approval, and that the same shall be returned
to the Board of Public Works.
2. That said contract between the County of Oakland and the
Charter Township of Waterford be and the same hereby is approved, and
that the Chairman and the Secretary of the said Board of Public Works
be and they are hereby authorized and directed to execute and deliver
said contract for and on behalf of the County of Oakland, in as many
original copies as they may deem advisable, the said contract being
as follows:
WATERFORD WATER_UPPLY_SYSTEM_CONTRACT
THIS CONTRACT, made and entered into as of the first day of
November , 1963, by and between the COUNTY OF OAKLAND, a Michigan
county corporation (hereinafter referred to as the "County"), party
of the first part, and the CHARTER TOWNSHIP OF WATERFORD, a Michigan
township corporation located in said County (hereinafter referred to
as the "Township"), party of the second part;
WITNtSSETH:
WHEREAS, there are presently nine separate and independent
water supply systems (hereinafter identified) located in and serving
various areas of the Township, which systems are owned and operated
or are to be acquired by the Township, but there are large areas of
the Township without adequate water supply; and
WHEREAS, in order to provide an adequate and efficient water
supply for the more populous areas of the Township and thus to promote
the health and welfare of its present and future residents, it is
essential that an integrated water supply system be installed to connect
the separate systems now serving various areas and to provide additional
supply, storage, transmission and distribution facilities to serve the
growing requirements of the Township; and
WHEREAS, it appears that the most feasible and economical
means of providing and financing such an integrated water supply system
is afforded by Act islo 185, Michigan Public Acts of 1957, as amended,
and it is accordingly proposed that the County take over the said
existing systems, construct the said additional facilities, and combine
such systems and facilities into an integrated water supply system,
that the County lease such system to the Township for operation by the
Township, and that the cost of so acquiring the system be defrayed by
issuance of bonds by the County pursuant to said Act, secured by the
obligation of the Township to pay to the County the cost of acquiring
the system (such bonds being hereinafter sometimes referred to as the
"County bonds"); and
WHEREAS, pursuant to the provisions of said Act, the County
has established a Department of Public Works for the administration of
the powers conferred upon the County by said Act, which Department is
administered by a Board of Public Works (hereinafter sometimes referred
to as the "Board") under the general control of the Board of Supervisors
of the County; and
WHEREAS, by the terms of said Act the County is authorized
to acquire a water supply system within the Township and to improve,
enlarge, extend, operate and maintain the same, and the County and
the Township are authorized to enter into a contract for the acquisition,
improvement, enlargement or extension of such water supply system and
for the payment of the cost thereof by the Township, with interest, over
a period of not exceeding forty (40) years, and the County is then
authorized, pursuant to appropriate action of its Board of Supervisors,
to issue its bonds to provide the funds therefor, secured by the full
faith and credit contractual obligation of the Township to pay the
cost thereof; and
and
the
WHEREAS, the County, by Board of Supervisors Resolution
Misc. No. 3909, adopted February 6, 1962, approved the establishment
of the "Waterford Water Supply System" (hereinafter sometimes referred
to as the "system") in said Township, and authorized and directed the
Board to secure plans and specifications for an integrated water
supply system therein, to negotiate a contract or contracts with the
Township for constructing, operating and financing such a system,
to submit such plans, specifications and contract or contracts to
Board of Supervisors for its approval; and
WHEREAS, it is proposed that the existing water supply systems
presently owned or to be acquired by the Township be transferred to
the County without cost except for the obligation of the County to pay
to or for the Township, from the proceeds of the County bonds to be
issued pursuant to said Act No 185, an amount sufficient to retire
certain outstanding bonds of the Township aggregating $155,000 in
principal amount which are payable from the net revenues of the Township's
Water Supply System No. 1; and
WHEREAS, the County, through theBoard, has caused preliminary
plans and an estimate of the cost of acquiring the system to be prepared
by Johnson & Anderson, Inc., consulting engineers of Pontiac, Michigan
(hereinafter sometimes referred to as the "Consulting Engineers"), which
estimate of cost (including the above-mentioned $155,000 for bond retire-
ment) is in the sum of Seven Million Three Hundred Fifty Thousand Dollars
($7,350,000); and
WHEREAS, in order to effectuate such acquisition and financing
of the system, it is necessary for the County and the Township to enter
into this contract;
NOW THEREFORE, in consideration of the premises and the
covenants of each other, the parties hereto agree as follows:
1. The County and the Township approve the establishment of
the Waterford Water Supply System by the County in said Township,
under the provisions of Act No. 185, D'Ichigan Public Acts of 1957, as
amended, to provide an integrated and enlarged water supply system to
serve the Township and its residents, and the Township consents and
agrees to the establishment of said system within its corporate bound-
aries and consents to the use by the County of the public streets,
highways, alleys, lands and rights-of-way of the Township for the purpose
of the system and any improvements, enlargements and extensions thereof.
2. The system to be acquired by the County shall consist of
the nine existing water supply systems in the Township, and also the
additional supply, storage, transmission and distribution facilities,
which existing systems and additional facilities are identified and are
located or to be located as shown in Exhibit A, and as combined into
one integrated water supply system shall constitute the system to be
acquired as herein provided (the acquisition thereof being hereinafter
sometimes referred to as the "project"). The additional facilities
shall be constructed substantially in accordance with the plans prepared
and filed with the Township Board and the Board of Public Works by the
Consulting Engineers. The said plans, and likewise the estimates of
cost, period of usefulness, and list of materials, equipment and
structures comprising said additional facilities, submitted by said
Consulting Engineers and set forth in Exhibit B, are hereby approved
and adopted. The said Exhibits A and B, so designated, are hereunto-
attached and are hereby made parts hereof.
3. The Township presently owns all of the existing water
supply systems described in Exhibit A except Pleasant Lake Woods Water
System located in Section 30 of said township and well sites located
on Lot 288 of Donaldson Park Subdivision No. 1 in Section 25 of said
township and hereby agrees to acquire title to said properties not
presently owned and, not later than the delivery of the County bonds,
to convey to the County good and sufficient title to all of said systems,
including all property, other than the funds of said systems and any
securities in which such funds may be invested, which constitute parts
of such systems. The said systems shall be so conveyed free of debt
and after payment of all then outstanding operating expenses of the
systems and after making provisions for outstanding bonds payable from
the revenues of Water Supply System No. 1 as required by paragraph No. 4
hereof, the funds of the systems and any securities in which such funds
may be invested shall be retained and transferred by the Township to
the Receiving Fund hereinafter established for the Waterford Water Supply
System: Provided, however, that the moneys in the respective funds of
Water Supply System No. 1 shall be transferred to the corresponding
funds of the Waterford Water Supply System.
4. The following bonds heretofore issued by the Township and
payable from the net revenues of Water Supply System No. 1 are presently
outstanding:
Water Supply System Revenue Refunding Bonds, dated
September 1, 1943, aggregating the principal amount
of $27,000, payable September 1 as follows: $5,000
in each of the years 1964 through 1966 and $6,000 in
each of the years 1967 and 1968, and bearing interest
at 3 -1/2% per annum.
Water Supply System No. 1 Revenue Bonds of 1952,
dated May 1, 1952, aggregating the principal amount
of $140,000, payable September 1 as follows: $3,000
in each of the years 1964 through 1968, $8,000 in each
of theyears 1969 through 1973, and $9,000 in each of
the years 1979 through 1983, and bearing interest at
3-3/47 per annum on 1964 through 1979 maturities and
at 3-1/2% per annum on 1980 through I maturities,
Water Supply System No, 1 Revenue Bonds of lq
dated July 1, 1953, aggregating the princi
of $15,000, payable $5,000 on September '
of the years 1964 through 1966, and b e
at 4-3/47Q per annum.
Inasmuch as it appears that, from water system funds ci
the Township cln and will purchase and retire at an earl,
bonds dated September 1, 1943 (which are not callable for
prior to maturity), this contract is made without referenc7 P
continued obligation of said bonds; however, should such pi:: e
and retirement prove to be impossible prior to the issuance of the
County bonds, then suitable provisions shall be added to this contract
by amendment to preserve unimpaired the security and prior lien of
said bonds which are not so retired. Inasmuch as the above-mentioned
outstanding bonds dated May 1, 1952 and July I, 1958 are now callable,
the Township shall pay or call the same for redemption on the first
call date following issuance and delivery of the County bonds The
County shall pay from the proceeds o; the County bonds, as a part
of the cost of acquisition of the system, the sum of $155,000,
representing the aggre e L.- 1 rircipal amount of the outstandl , lepnds
said two issues. Such payment shall be made by the County, at the
time of delivery oi the County bonds to the purchaser thereof, to the
Community National Bank of Pontiac, in the City of Pontiac, Michigan,
for and on behalf of the Township, and shall be applied by said bank,
as paying agent for said bonds, to retire the said outstanding bonds.
The Township shall, from the existing funds of said Water Supply System
No. 1, deposit with dhe said bank, not later than the date of delivery
of the County bonds to t chaser thereof, moneys sufficient to
pay accrued interest to the retirement date and all premiums, paying
agent fees and other charges pertaining to said bonds to be so retiredi
5. The Board shall proceed to (a) secure any final plans
and specifications not theretofore secured from the Consulting Engineers
for the facilities to be acquired; (b) submit to the Board of Supervisors
of the County such resolutions as may be necessary, duly approved and
recommended by the Board, approving the plans and specifications and
the estimates of cost and period of usefulness and providing for the
issuance of the Cotnty bonds in one or more series, in the aggregate
principal amount of $7,350,000 (being the presently estimated cost of
the project) or such different amount as may reflect any revision in
the estimate of cost or of the amount necessary to be borrowed, said
bonds to mature serially as authorized by law, over a period of approxi-
mately 30 years, and to be secured by the obligation of the Township
to pay the cost of the project; (c) take all necessary steps to secure
the adoption of said resolution by the Oakland County Board of Super-
visors and the approval of the Muncipal Finance Commission of the State
of Michigan for the issuance and sale of the bonds; (d) obtain construction
bids for the facilities to be acquired and enter into construction
contracts with the lowest responsible bidders; (e) advertise, sell and
deliver the said bonds and apply the proceeds as herein provided; (f)
construct the said facilities, thereby combining the existing systems
and said facilities into an integrated water supply system, within a
reasonable time after execution of construction contracts and delivery
of the said County bonds; and (g) do all other things required of said
Board under the provisions of said Act No. 185 as amended, it is
understood and agreed that the said County bonds will not be the
general obligations of the County but will be payable solely from
moneys received by the County from the Township in performance of the
Townships contractual obligation to pay the cost of said project
- as herein provided.
6. The Township shall pay to the County the cost of
acquiring the system, which shall be deemed to be the estimated cost
of $7,350,000 as set forth in Exhibit B, but subject to revision
or adjustment as herein provided. The Township shall pay such cost
plus interest to the County in approximately 30 annual installments
to be due and payable on July 1 of each year, in amounts to be here-
after determined which are not less than the annual requirements for
principal and interest, paying agent fees, and ocher charges on or
pertaining to the County bonds, The Board shall, within 30 days alter
delivery of said bonds, furnish the Township with a complete schedule
of maturities of principal and interest thereon, and the Board shall
also, at least 30 days before the due date of each installment, advise
the Township of the exact amount payable by the Township on such date.
If the Township fails to make payment when due, the amount not so paid
shall be subject to a penalty, in addition to interest, of 11 thereof
for each month or fraction thereof that the same remains unpaid after
the due date. The annual installments above mentioned shall be paid
by the Township without regard as to whether or not the project has
then been completed or placed in operation.
7. The Township may pay in advance of maturity any one or
more of said principal installments, or any part thereof, together
with an amount equal to all Interest, premiums, paying agent fees and
other charges accruing up to the earliest date upon which bonds in
the same principal amount as such pre-payments are or become callable
under the terms thereof. The Township may also pay in advance of
maturity any one or more of said principal installments, or any part
thereof, by surrendering to the County, County bonds of a like principal
amount with all future due coupons attached thereto. Where any such
pre-payments are made, the installments so pre-paid shall be deemed
to be the installments falling due in the same calendar year as the
bonds called or surrendered, and such bonds and the coupons attached
thereto shall be cancelledL
8. In the event that the actual cost of the project shall
be less than the estimated cost, then the surplus from the sale of
the County bonds shall be used to redeem County bonds prior to maturity
or to purchase County bonds on the open market, and in such event
the bonds so retired shall be cancelled and the obligation of the
Township shall be reduced by the principal amount of the bonds so
retired, which reduction shall be applied upon the Township's install-
ment payment for the year of maturity of the bonds so retired. If
the actual cost of the project shall exceed the estimated cost, then
the remaining installments to be paid by the Township shall be increased
pro rata so as to provide full recovery of cost by the County, and
the Board shall, if necessary, take steps to secure issuance of
additional County bonds to defray the additional cost of the project.
9. Should the Township fail for any reason to pay the County
at the times specified, the amounts herein required to be paid, the
Board shall immediately notify, in writing, both the County Treasurer
of the County of Oakland and the Township Board of the Toanship of
such default and the amount thereof, and if such default is not
corrected within ten (10) days after such notification, the County
Treasurer or other county official charged with disbursement to the
Township of funds derived from the scaLe sdles tax levy under the
applicable provisions of the constitution and statutes of the state
and returnable to the Township pursuant to such provisions, is hereby
authorized by the Township to withhold sufficient funds derived from
such sales tax levy and returnable to the Township as may be needed
to correct such default, and to pay said sums so withheld to the
Board to apply on the obligation of the Township as herein set forth,
Any such moneys so withheld and paid shall be considered to have been
returned to the Township within the meaning of the above-mentioned
constitutional and statutory provisions, the purpose of this provision
being solely to authorize voluntarily the use of such funds to meet
past due obligations of the Township to which said moneys are owed,
In addition to the foregoing, the Board shall have all other rights
and remedies provided by law to enforce the obligation of the Township
to make payments in the manner and at the times required by this contract.
10. The Township, pursuant to the authorization of paragraph
(2), Section 12, Act No. 185, Michigan Public Arts of 1957, as amended,
does hereby pledge its full faith and credit for the prompt and timely
payment of its obligations expressed in this contract and shall each
year, commencing with the year 1964, levy a tax in an amount which,
taking into consideration estimated delinquencies in tax collections,
will be sufficient to pay its obligations under this contract becoming
due before the time of the following year's tax collections; PROVIDED,
HOWEVER, that if at the time of making such annual tax levy there shall
- 10 -
be other funds on hand earmarked and set aside for the payment of such
contractual obligations falling due prior to the next tax collection
period, then the annual tax levy may be reduced by such amount. The
township hereby covenants and agrees that, to the fullest possible extent,
it will raise such other funds in the manner provided in paragraph (2),
Section 12, Act No. 185, or any amendments thereto, in amounts sufficient
to operate, maintain and repair the system and to pay such contractual
obligations. The Township further covenants and agrees that all funds
of the system received in the form of connection charges or from debt
retirement service charges shall be and are hereby entirely pledged
for the payment of said obligations.
11. The County does hereby let and lease the said system to
the Township, and the Township does hereby hire said system from the
County, for a term commencing upon the completion of the project and
ending upon the expiration of this contract. The operation, maintenance,
and management of the system shall be under the immediate supervision
and control of a qualified non-elective Township official appointed by
the Township Board with the approval of the Board. The Township shall
operate the system and shall maintain the same in good condition and
repair to the satisfaction of the Board, which shall have the right to
inspect the system at any time and to require the Township to make any
repairs or replacements and to do any further acts which in the judgment
of the Board may be necessary in order to maintain the system in good
condition and repair. If the Township shall fail at any time to make
such repairs and replacements and to take such action as may be required
by the Board, within a reasonable time after being notified by the Board
to do so, then the Board shall have the right to perform the necessary
1 1
aside prior to the end of each quarter of the fiscal year, into a fund
to be designated "Water System Operation and Maintenance Fund", a
sum sufficient to provide for the payment for the next quarter of
all current expenses of administration and operation of the system and
such current expenses for the maintenance and repair thereof as may
be necessary to preserve the same in good repair and working order.
The Township Board shall, not later than November 1 preceding the
beginning of each fiscal year, adopt a budget covering the foregoing
expenses for such year, and such expenses shall not exceed the amount
specified in said budget except by a vote of two-thirds of the members
of the Township Board declaring the necessity thereof. The system
shall be operated upon the basis of a fiscal year which coincides
with the calendar year.
B. Water System Replacement and Improvement Fund. On or before
October 1 of each year, from revenues remaining in the Water System
Receiving Fund after setting aside the amount required by the preceding
paragraph to provide for operation, maintenance and repair of the system
during the fiscal quarter beginning on such October 1, there shall be
set aside into a fund to be designated the "Water System Replacement
and Improvement Fund", a sum not less than $10,000, or so much thereof
as may be available, until the latter fund shall reach at least $50,000,
to build up a reserve for any replacements or improvements to the system
which may from time to time become necessary. If there shall be any
deficiency in the amount so set aside in any year, the amount of such
deficiency shall be added to the sum above required to be set aside
in the following year, and if moneys shall be used from said fund at
any time, thereby reducing it below $50,000, it shall be restored to
13
said amount as soon thereafter as possible by annual transfers in the
same manner as above provided for the initial creation of said fund.
C. Water istem Debt Retirement Fund. The Township shall
set aside and deposit into a fund to be designated the "Water System
Debt Retirement Fund", certain moneys as hereinafter provided, in
order that, by October 1 of each year (the approximate time of making
the annual tax levy), it will have accumulated in said fund sufficient
moneys pledged for the making of its annual payment to the County which
is due the following July 1, to enable it to avoid, insofar as possible,
the necessity of making a tax levy for such purpose pursuant to
Paragraph 10 of this contract. All amounts collected by the Township
as debt retirement service charges and as connection charges, and
likewise all taxes levied and collected pursuant to said paragraph 10,
shall be set aside and deposited as collected directly into said
Water System Debt Retirement Fund. In the event that, on October 1
of each year, there is not sufficient money on deposit in said fund
(including the reserve hereinafter mentioned) to make the Township's
payment which is due to the County on the following July 1, then the
Township shall, to the extent of such deficit, set aside and deposit
into said fund any moneys remaining in the Water System Receiving
Fund after making the transfers therefrom required by paragraphs A
and B hereof. All revenues of the system which are accumulated in
said Water System Debt Retirement Fund on October 1 of any year, in
excess of moneys so set aside to meet the next maturing payment to the
County, and likewise all moneys remaining in the Water System Receving
Fund after all above required transfers have been made therefrom,
shall be credited and transferred to a reserve to be maintained
- 1.4 -
in said fund: Provided, however, that no such credits or transfers
shall be required if the reserve shall then be in excess of ”00,000.
All moneys set aside into the Water System Debt Retirement Fund or the
reserve therein shall be deemed to be pledged and shall be used only
for the making of the Township payments to the County as herein provided.
Moneys from time to time accumulated in said fund over and above the
amount required for the next Township payment to the County and the
amount of said reserve may be used for prepayment of the Township's
obligations to the County as provided in paragraph 7 hereof. When
the amount owing to the County shall be reduced to the amount of the
reserve, then the remaining amount owing to the County may be paid
from the reserve.
D. Water System SuLalus Fund. All revenues remaining in
the Water System Receiving Fund on October 1 of any year, after all
transfers have been made therefrom as above required, shall be
deemed to be surplus and shall be transferred to a fund to be designated
"Water System Surplus Fund". Monies in said Water System Surplus
Fund from time to time may be transferred to one or more of the fore-
going funds or may be used to pre-pay the contractual obligations
of the Township to the County as provided in paragraph 7: PROVIDED,
HOWEVER, that if at any time there shall exist any default in making
the periodical transfer to any of the above-mentioned funds, then such
default shall be rectified so far as possible by the transfer of moneys
from said Water System Surplus Fund. If any such default shall exist
as to more than one fund at any one time, then such transfers shall be
made in the order in which such funds are listed above.
- 15 -
13. No change in the jurisdiction over any territory
in the Township shall in any manner impair the obligations of
this contract. In event all or any part of the territory of
the Township is incorporated as a new city or is annexed to
or becomes a part oi the territory of another municipality, the
municipality into which such territory is incorporated or to
which such territory is annexed, shall assume the proper propor-
tionate share of the contractual obligation of the Township to
the County, based upon a division in the same ratio as the assessed
valuation of the taxable property in the territory so annexed
or incorporated bears to the assessed valuation of the taxable
territory in the remaining portion of the Township from which said
territory is taken.
14. The County and the Township each recognize that
the holders from time to time of the bonds to be issued by the
County under the provisions of said Act No 185, Michigan Public
Acts of 1957, as amended, and secured by the full faith and credit
pledge of the Township to the making of its payments as set forth
in this contract, will have contractual rights in this contract,
and it is therefore covenanted and agreed by the parties hereto
that so long as any of said bonds shall remain outstanding and
unpaid, the provisions of this contract shall not be subject to any
alteration or revision which would In any manner affect either the
security of the bonds or the prompt payment of principal or interest
- 16 -
thereon. The Township and the County further covenant and agree
that they will each comply promptly with their respective duties
and obligations under the terms of this contract at the times
and in the manner herein set forth, and will not suffer to be done
any act which would in any way impair the said bonds, the security
therefor, or the prompt payment of principal and interest thereon.
It is hereby declared that the terms of this agreement in so far
as they pertain to the security of any such bonds shall be deemed
to be for the benefit of the holders of the said bonds.
15. This contract shall become effective upon approval
by the Township Board of the Township, by the Board of Public Works
of Oakland County, and by the Board of Supervisors of Oakland County,
and when duly executed by the authorized officers of the Township
and of the Board of Public Works. This contract shall terminate
thirty-five (35) years from the date of this contract or on such
earlier date as shall be mutually agreed: PROVIDED, HOWEVER, that
it shall not be terminated by mutual agreement any any time when
the Township is in default hereunder or at any time prior to the pay-
ment in full of the principal of and interest on the County bonds
together with all paying agent fees and other charges pertaining
to said bonds. This contract may be executed in several counterparts.
The provisions of this contract shall be in full force and effect
and binding upon the successors and assigns of the parties
hereto.
- 17 -
IN WITNESS WHEREOF, the parties hereto have caused this
contract to be executed and delivered by their respective duly
authorized officers, all as of the •day and year first above
written.
COUNTY OF OAKLAND
By its Board of Public Works
By
Chairman
By
Secretary
CHARTER TOWNSHIP OF WATERFORD
OAKLAND COUNTY, MICHIGAN
By
Supervisor
By
Township Clerk
3
Na
ti
el
, „
n••,:
„ •
The adoption of the foregoing resolution was moved by
Mr. Calhoun and seconded by Mr. Seeterlin
On roll call the resolution was adopted by the following vote:
Yeas: Allerton, Bachert, Bloe, Brickner, Calhoun, James Carey, John Carey,
Charteris, Cheyz, Clarkson, Cooley, Cummings, Davids, Davis, Demute, Dewan, Dohan;
J, W. Duncan, Wm. Duncan, Durbin, Edward, Edwards, Ewart, Forbes, Fouts,
Goodspeed, Hagstrom, Hall, HaMlin, Heacock, Hoard, Horton, Huber, Wm.Hudson,
Hursfall, Ingraham, Jackson, Kennedy, Kephart, Knowles, Lahti, Levin, Love,
MacDonald, Marshall, McAleer, McCartney, McGovern, Melchert, Menzies, Michrina,
Miller, Mitchell, Moore, OlDoneghue, Oldenburg, Osgood, Perinoff, Potter,
Potthoff, Rehard, Remer, Rhinevault, Seeterlin, Slavens, Smith, Solley,
Stephenson, Tapp, Taylor, Tiley, Tinsman, Turner, V011, Wagner, Webber,
Wood, Yockey. (78)
Nays: None.
Absent: Alward, Beecher, Campbell, Case, Wallace Hudson, Lessiter, Levinson. (7)
STATE OF MICHIGAN )
) SS:
COUNTY OF OAKLAND )
Julia Maddock /Acting
1,11160(10151 • 039at , ' Clerk of the County of Oakland, State
of Michigan, do hereby certify that I have compared the annexed copy
of proceedings of the Oakland County Board of Supervisors taken at a
Regular meeting held on November 6, 1963, in re: Waterford
Water Supply System, with the original record thereof now remaining
in my office, and that it is a true and correct transcript therefrom,
and of the whole thereof.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
seal of said County at Pontiac, Michigan, this
Acting Coupty Clerk
0
wohow
6th day of November, 1963.
The adoption of the foregoing resolution was mo'ved by
Mr. Calhoun and seconded by Mr„ Seeterlin
On roll call the resolution was adopted by the following vote
Yeas: Allerton, Bachert, Bloe, Brickner, Calhoun. James Carey, John Carey,
Charteris, Cheyz, Clarkson, Cooley, Cummings, Davids, Davis, Pemute, Dewan, Dohany,
J. W. Duncan, WM. Duncan, Durbin, Edward, Edwards, Ewart, Forbes, Fouts,
Goodspeed, Hagstrom, Hall, Hamlin, Heacock, Hoard, Horton, Huber, Wm.Hudson,
Hursfall, Ingraham, Jackson, Kennedy, Kephart, Knowles, Lahti, Levin, Love,
MacDonald, Marshall, McAleer, McCartney, McGovern, Melchert, Menzies, Michrina,
Miller, Mitchell, Moore, O'Donoghue, Oldenburg, Osgood, Perinoff, Potter,
Potthoff, Rehard, Remer, Rhinevault, Seeterlin, Slavens, Smith, Solley,
Stephenson, Tapp, Taylor, Tiley, Tinsman, Turner, Voll, Wagner, Webber,
Wood, Yockey. (78)
Nays: None. (0)
Absent: Alward, Beecher, Campbell, Case, Wallace Hudson, Les siter, Levinson. (7)
STATE OF MICHIGAN )
) SS:
COUNTY OF OAKLAND )
Julia Maddock /Acting
I, Basti— Clerk of the County of Oakland, State
of Michigan, do hereby certify that I have compared the annexed copy
of proceedings of the Oakland County Board of Supervisors taken at a
Regular meeting held on November 6, 1963, in re: Waterford
Water Supply System, with the original record thereof now remaining
in my office, and that it is a true and correct transcript therefrom,
and of the whole thereof.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
seal of said County at Pontiac, Michigan, this 6-01 day of November, 196
Acting County Clerk
The adoption of the foregoing resolution was moved by
Mr. and seconded by Mr.
On roll call the resolution was adopted by the following vote
Yeas:
Nays:
Absent:
STATE OF MICHIGAN )
) SS:
COUNTY OF OAKLAND )
I, Daniel-T-.-Murphy, J, Clerk of the County of Oakland, State
of Michigan, do hereby certify that I have compared the annexed copy
of proceedings of the Oakland County Board of Supervisors taken at a
meeting held on November 6, 1963, in re: Waterford
Water Supply System, with the original record thereof now remaining
in my office, and that it is a true and correct transcript therefrom,
and of the whole thereof.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
seal of said County at Pontiac, Michigan, this day of November, 1963.
County Clerk