HomeMy WebLinkAboutResolutions - 1992.10.22 - 21185numbered 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 semi-annually
thereafter on the first days of May and November in each year;
and shall mature on November 1 in each year as follows:
1994 $ 45,000
1995 175,000
1996 175,000
1997 175,000
1998 125,000
1999 125,000
2000 150,000
2001 150,000
2002 175,000
2003 175,000
2004 $175,000
2005 175,000
2006 200,000
2007 200,000
2008 225,000
2009 250,000
2010 275,000
2011 275,000
2012 300,000
3. PAYMENT OF PRINCIPAL AND INTEREST. The principal
of 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 WATER SUPPLY 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 Three Million Five Hundred Forty-Five Thousand
Dollars ($3,545,000) 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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amended) and a bond authorizing resolution adopted by the Board
of Commissioners of the County (the "Resolution") for the purpose
of defraying part of the cost of acquiring and constructing the
City of Orchard Lake Village Water Supply System. The bonds of
this series are issued in anticipation of payments to be made by
the City of Orchard Lake Village in the aggregate principal
amount of Three Million Five Hundred Forty-Five Thousand Dollars
($3,545,000) pursuant to a contract between the County and the
City of Orchard Lake Village dated as of November 1, 1990. The
full Faith and credit of the City of Orchard Lake Village have
been pledged to the prompt payment of the foregoing amount and
the interest thereon as the same become due. As additional
security the full faith and credit of the County have been
pledged for the prompt payment of the principal of and interest
on the bonds of this series. Taxes levied by the City of Orchard
Lake Village for the payment of its obligations to the County are
not subject to limitation as to rate or amount. Taxes levied by
the County to pay the principal of and interest on the bonds of
this series are subject to constitutional tax limitations.
This bond is transferable, as provided in the Reso-
lution, only upon the books of the County kept for that purpose
by the bond registrar and paying agent, upon the surrender of
this bond together with a written instrument of transfer
satisfactory to the bond registrar and paying agent duly executed
by the registered owner or his attorney duly authorized in
writing. Upon the exchange or transfer of this bond a new bond
or bonds of any authorized denomination, in the same aggregate
principal amount and of the same interest rate and maturity,
shall be authenticated and delivered to the transferee in
exchange therefor as provided in the Resolution, and upon payment
of the charges, if any, therein provided. Bonds so authenticated
and delivered shall be in the denomination of $5,000 or any
integral multiple thereof not exceeding the aggregate principal
amount for each maturity.
The bond registrar and paying agent shall not be
required to transfer or exchange bonds or portions of bonds which
have been selected for redemption.
Bonds maturing prior to November 1, 2002, are not
subject to redemption prior to maturity. Bonds maturing on and
after November 1, 2002, are subject to redemption prior to
maturity at the option of the County, in such order as shall be
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
redemption price shall be the par value of the bond or portion of
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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.
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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 Three Million
Five Hundred Forty-Five Thousand Dollars ($3,545,000), he may by
order reduce the principal amount of bonds to 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.
16. SALE, ISSUANCE, DELIVERY, TRANSFER AND EXCHANGE OF
BONDS. The County Drain Commissioner is authorized to prescribe
the form of notice of sale for the bonds, to sell the bonds at
not less than 99% of par plus accrued interest in accordance with
the laws of this state and to do all things necessary to
effectuate the sale, issuance, delivery, transfer and exchange of
the bonds in accordance with the provisions of this resolution.
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JAE/09007/0227/DL3/1
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Resolution # 92248 October 22, 1992
Moved by Olsen supported by Schmid the resolution be adopted.
AYES: Law, McConnell, McCulloch, McPherson, Moffitt, Oaks, Obrecht, Olsen,
Palmer, Pappageorge, Schmid, Serra, Skarritt, Wolf, Aaron, Bishop, Caddell, Gosling,
Huntoon, Jensen, Johnson, Krause. (22)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND
I, 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 mv hand and affixed the seal of the County
of Oakland at Pontiac, Michigan this 22nd day 90 October _/-7 1992
Lyn Allen, County Clerk