HomeMy WebLinkAboutResolutions - 1963.12.10 - 20323At 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,in the
City of Pontiac, Michigan, on the 10th day. of December, 1963, at
10:00 o'clock A.M., Eastern Standard Time.
PRESENT:
Allerton, Alward, Bachert, Beecher, Bloe, Brickner,
Calhoun, Campbell, John Carey, Case, Charteris, Cheyz, Clarkson,
Davids, Davis, Demute, Dewan, Dohany, J. W. Duncan, WM, Duncan,
Durbin, Edward, Edwards, Ewart, Fouts, Goodspeed, Hall, Hamlin,
Heacock, Horton, Huber, Hursfall, Jackson, Kennedy, Kephart, Knowles
Laurie, Lessiter, Levin, Levinson, MacDonald, Marshall, McAleer,
McCartney, McGovern, Michrina, OlDonoghue, Oldenburg, Patnales,
Perinoff, Potter, Potthoff, Rehard, Remer, Rhinevault, Seeterlin„
Slavens, Smith, Solley, Stephenson, Tapp, Taylor, They, Tinsman,
Turner, Yell, Wagner, Webber, Yockey. (69)
ABSENT: James Carey, Cooley, Cummings, Forbes, Hagstrom,
Hoard, Wallace Hudson, Ingraham, Lahti, Melchert, Menzies, Miller,
Mitchell, Moore, Osgood, Wood. (16)
Miscellaneous Resolution No.
Recommended by Board of Public Works
Re: Waterford Water Supply System
Calhoun Mr. presented the following bond resolution
a copy of which has been sent to each member of the Board of Supervisors:
4255
At 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,in the
City of Pontiac, Michigan, on the 10th day. of December, 1963
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 following bond resolution
a copy of which has been sent to each member of the Board of Supervisors:
BOND RESOLUTION
WHEREAS, pursuant to Act No, 185, Michigan Public Acts of
1957, as amended, the Board of Supervisors of Oakland County,
Michigan, by Miscellaneous Resolution No. 3909, adopted February
6, 1962, approved the establishment of the "Waterford Water Supply
System" for the purpose of supplying water to the Charter Township
of Waterford (hereinafter sometimes 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 entered into a contract by the
terms of which the County is to acquire said system and lease the
same to the Township for operation by the Township and is to finance
the cost thereof (or such part which it may be necessary to borrow) by
issuing bonds of the County pursuant to said Act No. 185, as amended,
secured by and payable solely from payments to be made by the
Township to defray the county's 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 $7,350,000 (including
15 months' capitalized interest on the herein authorized bonds) and
an estimate of 40 years And upwards as the period of usefulness
thereof, have been prepared by Johnson & Anderson, Inc., registered
professional engineers, and have been approved by the Board of Public
Works and by the Board of Supervisors of said County, of which amount
the sum of $500,000 is to be paid from an Accelerated Public Works
grant by the United States Government, leaving a balance of $6,350,000
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 the County's cost of
acquiring said system, with interest thereon, in annual installments
to be paid to the County on July 1 in each year, the amount to be
so paid in any year to be not less than the amount required in such
year for principal and interest (not capitalized), paying agents'
fees, and other charges on or pertaining to the herein authorized
bonds; 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 bonus in the
aggregate amount of $6,350,000 to finance such part of the cost of
acquiring 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 Six Wilion Eight Hundred Fifty Thousand
Dollars ($6,350,000) shall be issued for the purpose of defraying
a part of the cost of acquiring the Waterford Water Supply System;
shall be known as "Oakland County Water Supply Bonds (Waterford
Township System)"; shall be dated as of February 1, 1964: shall be
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
$ 70,000
. 100,000
100,000
100,000
125,000
150,000
175,000
200,000
225,000
225,000
225,000
225,000
225,000
235,000
1980
1981
1982
1983
1984
1985
1986
1937
1983
19P9
1990
1991
1992
1993
$250,000
260,000
270,000
230,000
290,000
:;05,000
31_5,000
325,000
350,000
350,000
350,000
375 000
375,000
375.000
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 (hut not both) as specified by the original purchaser; shall
hear interest at a rate or rates to be hereafter determined not
exceeding five per cent (57) per annum, payable on August 1, 1964
and semi-annually thereafter on the first days of February and
August in each year; and shall mature on the first day of August
in years and principal amounts as follows:
Year Due Principal Amount Year Due Principal Amount
Bonds maturing in the years 1979 through 1993 shall he
subject to 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 August 1, 1976, at the par value thereof and
accrued interest plus a premium on each bond in accordance with the
following schedule.
5% of par value if called to be redeemed on or after August 1, 1976,
but prior to August 1, 1978.
4% of par value if called to be redeemed on or after August 1, 1978,
but prior to August 1, 1980.
'3% of par value if called to be redeemed on or after August 1, 1980,
but prior to August 1, 1983.
2% of par value if called to be redeemed on or after August 1, 1983,
but prior to August 1, 1985.
17 of par value if called L:o be redeemed on or after August 1, 1936,
but prior to August 1, 1990.
1/27 of par value if called to be redeemed on or after August 1, 1990.
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 data fixed for redemption, at least once in a news-
p,per 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 maturing prior
to the year 1979 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
shill be payable in lawful money of the United States of America, it
a bank or trust company to be designated by the original purchaser of
the bonds, who may also designate a co-paying agent, which paying agent
or agents quAlify as such under the Statutes of the State of Michigan
or of the Federal Go/ernment.
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 a-Id 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
SIDI 4
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 issued pursuant to the
provisions of Act No. 185 of the Michigan Public Acts of 1957, as
amended in anticipation 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 principal amounts aggregate the
sum of $6,850,000, with interest as therein provided. The interest
payable on said bonds on August 1, 1964 and on February 1, 1965,
and one-half of the interest payable on August 1, 1965, 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 Township
pursuant to said contract shall be set aside by the County Treasurer
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 attached coupons shall be substantially
in the following form:
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY T=ER SUPPLY BOND
(WATERFORD SYSTEM)
Number
KNOW ALL N:;: FY THESE PRESENTS, that the County of Oakland,
State of Michigan, hereby acknolwedges itself to owe and for value
received, promises to pay to the bearer hereof, the sum of
THOUSAND DOLLARS
on the first day of August, A.D. 19 , together with interest thereon
from the date hereof until paid, at the rate of
) per centum per annum, payable August 1, 1964 and
thereafter semi-annually on the first days of February and August in
each year. Both principal and interest hereof are payable in lawful
money of the United States of America at
in the City of ,
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 direct order of their maturities from 1 to , both inclusive,
the principal sum of Six Million Eight Hundred Fifty
Thousand Dollars ($6,350,000), issued under and pursuant to and in full
conformity with the Constitution and Statutes of the State of Michigan,
and especially Act No. 135 of the Michigan Public Acts of 1957, as
amended, for the purpose of defraying a part of the cost of acquiring
the Oakland County Water Supply System for Waterford Township. 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 Charter Township of Waterford in said County,
pursuant to a certain contract between said parties dated
19 , whereby said Township has agreed to pay to the said County the
County's capital cost of said water supply 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 the series maturing prior to the year 1979 are not
subject to redemption prior to maturity. Bonds maturing in the years
1979 through 1993 shall be subject to 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 Aunst 1, 1976, at the par
value thereof and accrued interest plus a —um on each bond in
accordance with the following schedule:
upon
6 0!
(SEAL) County Clerk
$ if called to be redeemed on or after August 1, 1976, but
prior to August 1, 1973.
if called to be redemed on or after August 1, 1978, but
prior to August 1, 1980.
if called to be redeemed on or after August 1, 1980, bur
prior to August 1, 1983.
if called to be redeemed on or after August 1, 1983, but
prior to August 1, 1986.
if called to be redeemed on or after August 1, 1986, but
prior to August 1, 1990.
$ if called to be redeemed on or after August 1, 1990.
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 news-
paper 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.
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 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.
IN 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
thereto, 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 February, A.D., 1964.
COUNTY OF OAKLAND
STATE OF MICHIGAN
By
Chairman of Board of Supervisors
By
7
County Clerk.
(facsimile) facsi
Chairman of Board of Supervisors
(COUPON)
Number
On the first 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
same being the interest due on that day on its Oakland County Water
Supply Bond (Waterford Township System) dated February 1, 1964,
No. _ . This coupon is payable solely from certain contract payments
as specified in said bond.
7. That the said bonds shall not be issued until the
Municipal Finance Commission of the State of Michigan shall have first
isssued its order granting permission 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 less than par and accrued interest in accordance
with the laws of this state and to do all things necessary to cifz,ct
the sale and issuance of said bonds, subject to the provisions of
this resolution.
9. That all resolutions and RArts of resolution, insot.,Ir
as the same may be in conflict herewith, are hereby rescind-'.
Mr.
The adoption of the foregoing resolution was moved by
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, the undersigned, the County 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 December 10, 1963, in the
matter of $6,850,000 Oakland County Water Supply Bonds (Waterford Town-
ship 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 December,
1963.
County Clerk
Calhoun and seconded by Mr. Seeterlin Mr.
set my hand and
this 10th day of
affixed
December
1963. - 2
Julia Maddock
The adoption of the foregoing resolution was moved by
On roll call the resolution was adopted by the following
vote:
YEAS: Allerton, Alward, Bachert, Beecher, Bloe, Brickner,
Calhoun, Campbell, John Carey, Case, Charteris, Cheyz, Clarkson,
Davids, Davis, Demute, Dewan, Dohany, J. W. Duncan, WM. Duncan,
Durbin, Edward, Edwards, Ewart, Fouts, Goodspeed, Hall, Hamlin,
Heacock, Horton, Huber, Hursfall, Jackson, Kennedy, Kephart, Knowles,
Laurie, Lessiter, Levin, Levinson, MacDonald, Marshall, McAleer,
McCartney, McGovern, Michrina, O'Donoghue, Oldenburg, Patnales,
Perinoff, Potter, Potthoff, Rehard, Remer, Rhinevault, Seeterlin,
Slavens, Smith, Solley, Stephenson, Tapp, Taylor, Tiley„ Tinsman,
Turner, Veil, Wagner, Webber, Yockey. (69)
NAYS: None. (0)
ABSENT: James Carey, Cooley, Cummings, Forbes, Hagstrom,
Hoard, Wallace Hudson, Ingraham, Lahti, Melchert, Menzies, Miller,
Mitchell, Moore, Osgood, Wood. (16)
STATE OF MICHIGAN )
) SS
COUNTY OF OAKLAND )
/Acting
the undersigned, the( County 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
matter of $6,850,000 Oakland County Water Supply Bonds (Waterford Town-
ship 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
the seal of said County at Pontiac, Michigan,
Regular meeting held on December 10, 1963, in the
Acting County Clerk
At a Regular
presented the following bond resolution Calhoun Mr.
meeting of the Board of Supervisors
of Oakland County, Mikiligan, held in the Board of Supervisors Auditorium
Building, Oakland County Service Center, 1200 North Telegraph Road,in the
City of Pontiac, Michigan, on the 10th day. of December, 1963, at
10:00 o'clock A.M., Eastern Standard Time
Allerton, Alward, Bachert, Beecher, Bloe, Brickner,
Calhoun, Campbell, John Carey, Case, Charteris, Cheyz, Clarkson,
Davids, Davis, Demute, Dewan, Dohany, J. W. Duncan, WM, Duncan Durbin VArnnA . Durbin, Edward, Edwards, E wart, Fouts, Goodspeed, Hall, Hamlin,
Heacock, Horton, Huber, Hursfall, Jackson, Kennedy, Kephart, Knowles,
Laurie, Lessiter, Levin, Levinson, MacDonald, Marshall, McAleer,
McCartney, McGovern, Michrina, O'Donoghue, Oldenburg, Patnales,
Perinoff, Potter, Potthoff, Rehard, Remer, Rhinevault, Seeterlin,
Slavens, Smith, Solley, Stephenson, Tapp, Taylor, Tiley, Tinsman,
Turner, Voll, Wagner, Webber, Yockey. (69)
ABSENT:
James Carey, Cooley, Cummi ngs, Forbes, Hagstrom, Hoard, Wallace Hudson, Ingraham, Lahti, Melchert, Menzies, Miller, Mitchell, Moore, Osgood, Wood. (16)
4255 Miscellaneous Resolution No.
Recommended by Board of Public .Alorks
Re: Waterford Water Supply System
a copy of which has been sent to each member of the Board of Supervisors: