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HomeMy WebLinkAboutResolutions - 1964.01.17 - 20365At 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 day of January, 1964, 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. represented the Supplemental Contract mentioned in the following resolution, a copy of which Supplemental 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 has submitted to this Board of Supervisors for its approval a represented the Supplemental Contract Edwards 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 17th day of January, 1964, at 10:00 o'clock A.M., Eastern Standard Time. PRESENT: Allerton, Alward, Bachert, Beecher,,Bloe, Campbell, James Carey, John Carey, Case, Chartemiis, Cheyz, Clarkson, Cooley, Cummings, Davids, Davis Demute,- Dohany, J. W. Duncan, WM. Duncan, Durbin, Edward, Edwards, EWart, Forbes, Fouts-, Hagstram, Hall, Hamlin, Heacock, Hoard, Horton, Huber, Wallace Hudson, Hursfall, Ingraham, Jackson, Kennedy, Kephart, Knowles, Lahti, Laurie, Lessiter, Levin, Levinson, Marshall, McAleer, McCartney, McGovern, Melehert„ Menzies, Michrina, Miller, Mitchell, Moore, Oldenburg, Osgood, Patnales, Perinoff, Potter, Potthoff, Rehard, Remer, Rhinevault, Seeterlin, Slavens, SMith, Solley, Stephenson, Tapp, Tiley, Tinsman, turner, Voll, Wagner, Webber, Yockey, Travis. (78) ABSEisrr! Brickner, Dewan, Goodspeed, MacDonald, 0/Donoghue, Taylor, Wood. (7) 4273 Miscellaneous Resolution No. Recommended by Board of Public Works Re: Waterford Water Supply System Mr. mentioned in the following resolution, a copy of which Supplemental Contract has holl sent to rich member of the Board of Supervisors. County Board of Public Works has approved and has submitted to this board of Supervisors for its approval a proposed Supplemental Contract between the Charter Township of Waterford and the County of Oakland relative to the acquisition, operation and financing of the Waterford Water Supply System; and WHEREAS, the Township Board of said Township has approved the said Supplemental 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, that the said Supplemental Contract be and it hereby is approved and that the Chairman and the Secretary of the Board of Public Works be and they are hereby authorized and directed to execute and deliver said Supplemental Contract for and on behalf of the County of Oakland, in as many original copies as they may deem advisable, the said Supplemental Contract being as follows: System as a result of which the amount of money necessary be borrowed SUPPLEMENTAL CONTRACT WATERFORD WATER SUPPLY SYSTEM THIS SUPPLEMENTAL CONTRAC:, made and entered into as of the 10th day of January, 1964, by and betwn the COUNTY OF OAKLAND, a Michigan county corporation (hereinait_L referred to as the "County"), partyof the first part, and the CHARTER TOWNSHIP OF WATERFORD, a Michigan township corporation le 1 in said County (hereinafter referred to as the "T ,wnship"), party of the second part: WITNESSETH: WHEREAS, the parties hereto have entered into a contract dated as of November 1, 1963,with reference to the acquisition, operation and financing of the Waterford Water Supply System; and WHEREAS, the Township has purchased and fully retired all of its Water Supply System Revenue Refunding Bonds dated September 1, 1943, to which reference is made in said contract; and WHEREAS, an Accelerated Public Works grant in the amount of $500,000 is to be received from the United States Government to defray a part of the cost of the acquistion of said Waterford Water Supply by the County and accordingly to be paid by the Township to the County has been reduced from the principal sum of $7,350,000 to the principal sum of $6,850,000; and WHEREAS, the Board of Supervisors of the County has accordingly on December 10, 1963, adopted a bond resolution providing for the issuance by the County of bonds in the principal sum of $6,850,000 to finance a part of the cost of said system.; NOW, THEREFORE, in consideration of the premises and covenants of each other the pardes hereto agree as follows . The said contract dated as of November 1, 1963 shall be deemed to be supplemented by the provisions of this supplemental contract. 2. Inasmuch as all of the Township's Water Supply System Revenue Refunding Bonds dated September 1, 1943 have been fully retired, no provisions are necessary to be made for the continued segregation of funds or for the security of said bonds. 3. Inasmuch as an Accelerated Public Works grant in the amount of $500,000 is to be received from the United States Govern- ment, and the amount necessary to be borrowed by the County and for which the County has resolved to issue its bonds has been reduced to $6,850,000, the principal amount to be paid by the Township to the County is hereby agreed to be in the sum of $6,850,000, but subject to increase or reduction as provided in the principal contract in the event that the project shall cost more or less than the estimated cost. 4. The said principal amount of $6,850,000 shall be paid by the Township to the County in annual installments on July 1 in years and principal amounts as fo llows; Principal Amount Principal Amount Year Due 1980 1931 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 Year Due 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 $ 250,000 260,000 270,000 280,000, 290,000 305,000 315,000 325,000 350,000 350,000 350,000 375,000 375,000 375,000 $ 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 The Township shall also pay to the County on July 1, 1964 and on July 1 of each year thereafter until the cost of the project has been paid in full, as accrued interest on the principal amount from time to time remaining unpaid, an amount sufficient to pay all interest (not capitalized), paying agent fees and other charges becoming due during the next six months on or on account of the County bonds from time to time outstanding. 5. This supplemental contract shall become effective upon approval of the same by the Township Board of the Township, by the Board of Public Works of Oakland County, and by the Board of Super- visors of Oakland County, and when duly executed by the authorized officers of the Township and of the Board of Public Works. This supplemental contract shall be subject to termination at the same time and in the same manner as the said contract dated as of November 1, 1963. IN WITNESS WHEREOF, the parties hereto have caused this supplemental 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 By Secretary CHARTER TOWNSHIP OF WATERFORD OAKLAND COUNTY, MICHIGAN By Supervisor By Township Clerk Chairman January 1964. The adoption of the foregoing resolution was moved by Mr. Edwards and seconded by Mr. Rehard On roll call the resolution was adopted by the following vote YEAS: Alward, Bachert, Beecher, Bloe, Campbell, James Carey, John Carey, Case, Charteris, Cheyz, Clarkson, Cummings, Davids, Davis, Dohany, J. W. Duncan, Wm. Duncan, Durbin, Edwar4 Edwards, Ewart, Forbes, Fouts, Hagstrom„ Hall, Hamlin, Heacock, Hoard, Horton, Huber, Wallace Hudson, Hursfall, Ingraham, Jackson, Kephart, Knowles,Laurie, Lessiter, Levin, Levinson, Marshall, McAleer, McCartney, McGovern, Meichert, Menzies, MiChrina, Mitchell, Moore, Oldenburg, Osgood, Patnales, Perinoff, Potter, Potthoff, Rehard, Remer, Rhinevault, Seeterlin, Slavens, Smith, Solley, Stephenson, Tapp, Tiley„ Tinsman, Turner, Voll, Wagner, Webber, Yockey, Travis. (72) NAYS: None. (0) ABSENT: Allerton, Brickner, Cooley, Demute, Dewan, Goodspeed, Kennedy, Lahti, MacDonald, Miller, OfDonoghue, Taylor, Wood. (13) STATE OF MICHIGAN ) ) SS COUNTY OF OAKLAND ) I, David R. Calhoun, 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 January 17 , 1964, 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 1-7tth day of County Clerk