HomeMy WebLinkAboutResolutions - 1992.10.22 - 21174Miscellaneous Resolution # 92247 October 22, 1992
BY: PLANNING & BUILDING COMMITTEE,
JOHN E. OLSEN, CHAIRPERSON
IN RE: DRAIN COMMISSIONER--
RESOLUTION TO AUTHORIZE THE ISSUANCE
OF BONDS TO DEFRAY PART OF THE COST
OF ORCHARD LAKE VILLAGE SANITARY
SEWAGE COLLECTION AND DISPOSAL SYSTEM
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS, the County of Oakland (the "County") and the
City of Orchard Lake Village (the "City") have entered into the
City of Orchard Lake Village Sanitary Sewage Collection and
Disposal System Contract dated as of November 1, 1989 (the
"Contract") pursuant to the provisions of Act No. 342, Public
Acts of Michigan, 1939, as amended ("(Act 342"); and
WHEREAS, the Contract provides for the issuance of bonds
by the County to defray the cost of acquiring and constructing
the City of Orchard Lake Village Sanitary Sewage Collection and
Disposal System, said bonds to be secured by the contractual
obligation of the _:ity to pay to the County amounts sufficient to
pay the principal of and interest on the bonds and to pay such
paying agent fees and other expenses as may be incurred on
account of the bonds; and
WHEREAS, the Oakland County Sewage Disposal Bonds (City
of Orchard Lake Village System) dated September 1, 1990 have been
issued in the principal amount of $2,135,000 to defray part of
the cost of the project; and
WHEREAS, it is in the best interest of the County of
Oakland that additional bonds be issued at this time.
THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF OAKLAND COUNTY, MICHIGAN, as follows:
1. AUTHORIZATION OF BONDS -- PURPOSE. Bonds of the
County aggregating the principal sum of Five Million Two Hundred
Sixty-Five Thousand Dollars ($5,265,000) shall be issued and sold
pursuant to the provisions of Act 342, and other applicable
statutory provisions, for the purpose of defraying part of the
cost of acquiring and constructing the City of Orchard Lake
Village Sanitary Sewage Collection and Disposal System.
2. BOND DETAILS. The bonds shall be designated
Oakland County Sewage Disposal Bonds (City of Orchard Lake
Village System) Series 1992; shall be dated December 1, 1992;
shall be numbered from 1 upwards; shall be fully registered;
shall be in the denomination of $5,000 each or any integral
multiple thereof not exceeding the aggregate principal amount for
each maturity at the option of the purchaser thereof; shall bear
interest at a rate or rates not exceeding 8% per annum to be
determined upon the sale thereof payable on May 1, 1993, and
semiannually thereafter on the first days of May and November in
each year; and shall mature on November 1 in each year as
follows:
1994 $115,000
1995 175,000
1996 175,000
1997 175,000
1998 175,000
1999 175,000
2000 175,000
2001 250,000
2002 250,000
2003 $275,000
2004 300,000
2005 300,000
2006 300,000
2007 300,000
2008 300,000
2009 300,000
2010 350,000
2011 550,000
2012 625,000
3. PAYMENT OF PRINCIPAL AND INTEREST. The principal
or and interest on the bonds shall be payable in lawful money of
the United States. Principal shall be payable upon presentation
and surrender of the bonds to the bond registrar and paying agent
as they severally mature. Interest shall be paid to the
registered owner of each bond as shown on the registration books
at the close of business on the 15th day of the calendar month
preceding the month in which the interest payment is due.
Interest shall be paid when due by check or draft drawn upon and
mailed by the bond registrar and paying agent to the registered
owner at the registered address.
4. PRIOR REDEMPTION. Bonds maturing prior to
November 1, 2002 shall not be subject to redemption prior to
maturity. Bonds maturing on and after November 1, 2002 shall be
subject to redemption prior to maturity upon the terms and
conditions set forth in the form of bond contained in Section 8
hereof.
5. BOND REGISTRAR AND PAYING AGENT. The County
Treasurer shall designate, and may enter into an agreement with,
a bond registrar and paying agent for the bonds which shall be a
bank or trust company located in the State of Michigan which is
qualified to act in such capacity under the laws of the United
States of America or the State of Michigan. The County Treasurer
may from time to time as required designate a similarly qualified
successor bond registrar and paying agent.
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UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY SEWAGE DISPOSAL BOND
(CITY OF ORCHARD LAKE VILLAGE SYSTEM)
SERIES 1992
INTEREST RATE MATURITY DATE DATE OF ORIGINAL ISSUE CUSIP
December 1, 1990
Registered Owner
Principal Amount
The County of Oakland, State of Michigan (the "County")
acknowledges itself indebted to and for value received hereby
promises to pay to the Registered Owner identified above, or
registered assigns, the Principal Amount set forth above on the
Maturity Date specified above, unless redeemed prior thereto as
hereinafter provided, upon presentation and surrender of this
bond at in the
City of , Michigan, the bond registrar and paying agent,
and to pay to the Registered Owner, as shown on the registration
books at the close of business on the 15th day of the calendar
month preceding the month in which an interest payment is due, by
check or draft drawn upon and mailed by the bond registrar and
paying agent by first class mail postage prepaid to the
Registered Owner at the registered address, interest on such
Principal Amount from the Date of Original Issue or such later
date through which interest shall have been paid until the
County's obligation with respect to the payment of such Principal
Amount is discharged at the rate per annum specified above.
Interest is payable on the first days of May and November in each
year, commencing on May 1, 1993. Principal and interest are
payable in lawful money of the United States of America.
This bond is one of a series of bonds aggregating the
principal sum of Five Million Two Hundred Sixty-Five Thousand
Dollars ($5,265,000) issued by the County under and pursuant to
and in full conformity with the Constitution and Statutes of
Michigan (especially Act No. 342, Public Acts of 1939, as
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_ _ a
determined by the County, on any one or more interest payment
dates on and after November 1, 2001. Bonds of a denomination
greater than $5,000 may be partially redeemed in the amount of
$5,000 or any integral multiple thereof. If less than all of the
bonds maturing in any year are to be redeemed, the bonds or
portions of bonds to be redeemed shall be selected by lot. The
CERTIFICATE OF AUTHENTICATION
This bond is one of the bonds described in the within-
mentioned Resolution.
Bond Registrar and Paying Agent
By:
Authorized Representative
AUTHENTICATION DATE:
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and
transfers unto (please
print or type name, address and taxpayer identification number of
transferee) the within bond and all rights thereunder and does
hereby irrevocably constitute and appoint
attorney to
transfer the within bond on the books kept for registration
thereof, with full power of substitution in the premises.
Dated:
Signature Guaranteed
The signature must be guaranteed by a commercial bank, a
trust company or a brokerage firm which is a member of a
major stock exchange.
13. APPROVAL OF MICHIGAN DEPARTMENT OF TREASURY --
EXCEPTION FROM PRIOR APPROVAL. The issuance and sale of the
bonds shall be subject to permission being granted therefor by
the Department of Treasury of the State of Michigan or an
exception from prior approval being granted by the Department of
Treasury and the County Drain Commissioner and the County
Treasurer are each hereby severally authorized to file with the
Department of Treasury a Notice of Intent to Issue an Obligation
with respect to the bonds and to pay, upon the filing of said
notice, the filing fee of $400. If an exception from prior
approval is not granted the County Drain Commissioner or the
County Treasurer shall make application to the Department of
Treasury for permission to issue and sell the bonds as provided
by the terms of this resolution and for approval of the form of
Notice of Sale.
14. REDUCTION OF PRINCIPAL AMOUNT OF BOND ISSUE. If
the County Drain Commissioner shall determine that it is not
necessary to sell bonds in the principal amount of Five Million
Two Hundred Sixty-Five Thousand Dollars ($5,265,000), he may by
order reduce the principal amount of bonds t be sold to that
amount deemed necessary. In the event the principal amount of
the bond issue is reduced pursuant to this section, the County
Drain Commissioner shall reduce the amount of bonds maturing in
any one or more years as necessary.
15. REPLACEMENT OF BONDS. Upon receipt by the County
Treasurer of proof of ownership of an unmatured bond, of
satisfactory evidence that the bond has been lost, apparently
destroyed or wrongfully taken and of security or indemnity which
complies with applicable law and is satisfactory to the
Treasurer, the Treasurer may authorize the bond registrar and
paying agent to deliver a new executed bond to replace the bond
lost, apparently destroyed or wrongfully taken in compliance with
applicable law. In the event an outstanding matured bond is
lost, apparently destroyed or wrongfully taken, the Treasurer may
authorize the bond registrar and paying agent to pay the bond
without presentation upon the receipt of the same documentation
required for the delivery of a replacement bond. The bond
registrar and paying agent, for each new bond delivered or paid
without presentation as provided above, shall require the payment
of expenses, including counsel fees, which may be incurred by the
bond registrar and paying agent and the County in the premises.
Any bond delivered pursuant the provisions of this Section 15 in
lieu of any bond lost, apparently destroyed or wrongfully taken
shall be of the same form and tenor and be secured in the same
manner as the bond in substitution for which such bond was
delivered.
Lyn
Resolution # 92247 October 22, 1.992
Moved by Olsen supported by Law the resolution be adopted.
AYES: Krause, Law, McConnell, McCulloch, McPherson, Moffitt, Oaks, Obrecht,
Olsen, Palmer, Pappageorge, Schmid, Serra, Skarritt, Wolf, Aaron, Bishop, Caddell,
Ferrens, Huntoon, Jensen, Johnson. (22)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
, COUNTY OF OAKLAND
1, Lynn D. Allen, Clerk of the County of Oakland, do hereby certify that the foregoing
resolution is a true and accurate copy of a resolution adopted by the Oakland County
Board of Commissioners on October 22, 1992
with the original record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the County
of Oakland at Pontiac, Michigan this 22nd day sif") October /.7 1992
Allen, County Clerk