HomeMy WebLinkAboutOrdinances - 1960.11.01 - 8514I :,01-.5 .
24, 19'09 to Juno 24, 1954, he exocuto.1 and n:ol.ivered on behalf of the County of Oakland, by the
Hoard of fubi.c Wcwks poligh its Chairman and 50s:rotary.
Adcprod.
Allorton, Alward, Moo, Nom:cry CArdon, Cry, Chartoriu,, Chey;, Cle.ek, Clark, Cunnings,
•7:J6:ens, a. Donesn, WHi. Duncan, Ekkcards, Emart, POU:s,IT I Coopcod, Hall, Hamlin, Hcacotk,
leZn rnite.t, Hill, hoard, UolmoN, Dorton, Huhn, lharsfa;1, irgraha., Jehnson, Kephart, Lahti, LevAlson,
MacDonald, NArshali, MeCovorn, 1.:oiehert, 5s,rgies, Clarence Miler, Cyril Milior,
0,Vonechr.7, OldoWeurg, Osgood, Vetter, Reaar.1, goer, Rhinova'Jlt, Rowstun, Seheutans4y, &chock, Swann,
Smth, Stvein, Swanson, Taylor, Tinsman, Yell, Wencr.
NAYS: None. (0)
Novo 2, .1'4'00
t:isc. 3729
IN AZ: M.S.V.-OAKLAND 1l DISPOSAL S'YSTEM REVENUS REFONbil(5 ORM, DA7T4D NOITZSDER 1, 19 .14
Mr. Horton presented Ordinance No 7 entitled:
AS CRD1NANZE TO MUM ;'03 REFUNO1NO $3W,OCO "M.S.U.-0AX1AND SLWAQI DISPOSAL 55TEM -
REVZNUF. BONDS," DATED NOVEQER 2, 1959; TJ PROVIDE 170,i IRE RETUOUNT AND SECURITY OF
SA 7D REFUND;NG BONDS; AND TO PROVIZS NR OTHER MATTERS RZLATIVE TC THE M ,,S.11.-01{UND
SEWAU; EJSPOSAL SYSTLN AND SAID BONDS
c.:;:c ordinance,was reae,
Mr. Horton moved 'the adoption of the foregoing crdnance, which motion was supported by Mr.
A..sber,
Upon roll call the ordinance was adopted by the following veto;
YEAS; rton, Alward, Bloc, Donner, Cardso, Carey, Eharteris„ Cheyz, Clack, Clark, Cummings,
Dav15 , Ditto-4 •5 , R. Daman, Bdwards, Ewart, Fouts, rrid, Gocdspeed,Il11l. aalUn, Heaceck, Hildebrandt,
H11, Heard, Helmes, Horton, Huhn, Mursfall, Ingraham, Johnson, Kephart, Laeti, Levinson, Levis, Love,
t4aeDonald, Marshall, HcOovern, Melthert, Menaies, Clarence EllIcr, Cyril Killer, Mitchell, O'Donoghue,
oldenburg, Osgood, Pottor, Quinlan, Rchard, Romer, Rhinevault, Rowston, Schemansky, Schack, Smith, 5olley,
suasAn, swanson, Taylor, Tinsman, VoL, Webber. (63)
NAYS: Nonc. (0)
' •
The Chairman declared the ordinance adopted.
The following is the ordinance as adopted:
AN ORDINANCE TO PROVIDE FOR RE1UND.A.S.U.-0AXLAND SLUAGE DISPOSAL
STS REVINUE BONDS, DATED KOMI= 2, 1959; TO PROVIDE FOR THE RETIREMENT AND
SECUSTY OF SAID REFUNDING BONDS; AND TO PROVIDE, FOR OTHER MATTERS RELATIVE TO
ThE H.S.U.-0AELAN1 $LWACM DISPOSAL SYSTEM AND SAID BCNDS.
WNEREAE, pursuant to the provisions of Act No. :35 of the PlioLe At of 3157, as amended, the
Hoard of 5u0ervisors of Oakland County, Michigan, did un tie 2nd day of June, 1359, adapt Niscellancous
RnRO:unon No, 353,5 approviHg the establishment of a sewage disposal system to be known a4 ti c "M.5,11 ,-
04.0-ane lie,'agc Disposal System" for the purpose of eJsposing of sewage from tho district known as tie
.mys.U.-Qa4and Sevage Disposal District," which district is fury described in said resolution and also
in Ordnance No. 5 of the ordinances of the County of Oakland hereinafter referred to; and
WhEREAS, nurmuant to Crdinance ho, 5, as anmnded by Ordinance N. 6, of the ordinances of to
Cnety f Ouland, there Imo been cohhtrutty4 tih: said M.N.;:..-0a4land wage DispoNal Systom and therc
hacc Coen issuv,-1 M,5.U.-CakLand Sewage Zisposal System Hovenue Bends, datod Novem:or 2, 1959, in the
pr.if,cipal sum 0: $37C,OLT :taring erest at the rate of 41% per ahnun payable on May 1, 195o, and
th;r0after seni-annually on the first days cf May and NOvemaer in each year, which bonds mature en
5ovomb.cr 1 in each year as follows: 570,00C !r the year 1960 and $75,000 in each of the years 19$1
t11. 1Sh14; and
WHERLAS the County of Oakland through its Board of Putlio Works hAs entered into a contract with
the Township of Avon and the Township of Pontiac whereby the county w111 farnish sewage disposal services
I i'lL. wwviihix: for lho corr.cory witL:n Or H.5.1J.-1',ak;an.i 5n.,waro Piu,ponal rh5, riot, waic4 contract iS
dateL: June 24, ;959 aay is set torO ia fal i4 thy ihi4LIL.O.N PWel.01 Or the hoard of S,pervisors
'tic:A on August 5, :959; and
WeREAS thc said contract wnich by the terms thereof expires on June 24, 1959, has been extended to it.nrL 24, 1ch,14; and
Lholv 1,Lvo I4'01 r,lhurd by paysoni 1 t,ru 10 ol t,aid JN:otu, maluppq; 011Voyubbilr
1, 1961; and
WHEREAS it appears desirable to extend the maturities CP said bonds by refunding the same;
tht:efore
ThE CruNTY OF OAKLAND, M1CW.AN, ORDAIKS:
'0 OIL ;. ifarnry,r tc,,o tt.• n 1no DonoN co 0,,L bere.ma,r, oxcept
w:;,n otherwise inuitatte by Or: ecatea.t;
(a) The term 'county' sna_a be construed to man tho Colalty of Oakland.
(9) Tim term irr,oard of supervisors' 5.Q.Li bc construed to mean the hoard of supervisors of
eonhty, tho 1og.9iohv0 419L Prryrr76w . 1.1O,ty
lho uorir "baar.i 01 putt-tc wyrIm" nhull derc,..d to ...cab the 6oard of publie works of
said Leunty created under Act No. 155 of tho hubli; Aets of 1 ..h57, as amen.lcd.
•
( eye
.51verv,ecirs Mieetes Continued. eovemeer 2, HOC
(eel The tern eeewage disposal syetem" :disl:. he construed to include all sanatary sewers, eorn-
bincd sanitary and storm sewers, plants, works, instrnmentaiieeee and properties As the same shall from
timc to time exiet, need Or useful in connection eith tbe collection, treatment and/or dispteed of sewage
from the district IT the county.
(e) ehe term "systole" shall be deemed to refer to the s ewagQ dlapesal system for the M.S.U.-
eaeland Sewace Disposal District.
(0 The term "revenece" and "net eeveeulase eheil ho zow ,trtmg as def.ned in Section 3 of Act
No. 94, Kiebigah Public Acts of 1933, as now emerdee.
Section 2, There are hereby aeceorized to be Iseued and exchanged, par for par, pneeuant to
the provisions ef Act No. 94 , Michigan Public Acts of 1933, as amended, refunding bonds in the aggregate
principal sum of Three Hundred Sixty Thousand Dollars ($360,0(10) for the purpose of refunding bonds Nos.
11 thru 370 of said M.SA.-Dakiand Sewage elepesal System Revenue Bonds, dated November 2, 1959, eggre-
gating the principal sum of $3b0,000. Said refunding Londe shale be Mown as "M.3.0.-Oaklaad Sewege
Dispusal System Rene:Lie Refunding Bonds"; shall be dated as cf November 1, 1960; shall be numbered eve-
secutively in the direct order of their raturities from 1 thru 360, both enclusive; shall he colleen bonds
in the lienoednation of $1,430 each; shall be reglEtralk 0.4 to principal oily in the runner eereinafter
set forth in the hand form; shall bear interest at the rate of 4-1/2e per annum payable on January 1, 1961
and theroAfter seed-annually on enc. first days Of Januar; and July in each year: and shell nature on '
January 1,in each year as follows:
$1,000 in the year 1952
6,0C° in the year 1%3
6,00 in tho year 1964
12,030 in the year 1965
23,030 in each of tie rears 19e6 thru 1973
25,0e0 in eace of the y,•,rn )974 thru 19E0
The eonds of said issue shall be subject to redemption prior to maturity at the option of the couety, in
direct numerical order, on any one or more interest peyeeeit. dates at the par value thereof and accrued
interest.. Noeice of redemption shall be given to the holders of the bends to be redeemed by publication
of such nOtiCe not less than 30 days prior tc tee date fixed for redemption at least once in a newspaper
or publication circulated in the City of Detroit, Kichigan, which carries as a part of its regular service
notices of the sale of municipal bends: Provided, thmt where any bond shale be registered, then notice of
the redemption thereof shall be given by registered Uniced States mail addressed to the registered holder
thereof at the address shown oar the bond registration books of the board of county auditors, which nOtiCt
shale be mailed not less than thirty (30) days prior to the date fixed for redemption. Bonds so called for
redemption shall not bear interest after the date fixed for redemption, provided funds are on hand with
the payeng agent to redeem the same.
The principal of said bonds and the interest thereon ehatl. be payable in lawful meney of the
tnited States of America at the Conniunety National flank in the City of Poneiec, Mieliegan, upon presentation
and surrender of said bonds and aetached caupone ire they severally mature.
Section The chairman of the board of supervisors and county clerk of the County of oakland
shell execute said bonds for and on behalf of the county and :he county clerk eha11 etfex the eitel of the
county thereto. The said Chairman of the board of supervisors and county clerk shall execute the interest
coupons to be attached to Said bends by causeng to be affixed thereto their facsimile segnateres. Upon the
execution of said refunding bonds, the treasuret of tee county shall deliver the sane in exchange for the
ponds to be refunded thereby, on the basis of par for par, both the original and refunding bonds to have
attuched there ee all eeopone evideecing interest from November 1, 1950 ro their reepective maturities.
The county ercaeurer upon receipt of title original bootie of hoveewer 2, 105D, shale cancel tee 5404e to-
gether with the atteceed coupons.
Section 4. Said bonds and attached coupons shall not be a general Obligation of tee county and
snail net Sc an indebtedneea of the count; wittin any state constitutional provision or statutory limit-
ation. The principal of and interest on said bonus seal, he payable solely from the net revenues derived
from the operation of the system, includine future amprevemelete, enlargemente arid extenelone tie reof. To
secure the payment of the principal of and interest on thc bonds issued hereunder, there is hereby created
in favor of the headers of said bends and the inrereet coupons pertaining theretc, and each of such holders
a first lien (by said Act No, 94, Michigan Public Acr.$ of 1933, E.N anmndcd, made a statutory lien) upon tire
neS revenues irom the said myetem, ineludine unlarlMiwnl-N end extensioue thereof. The
net revenues so pledgee shall no and remain subject to Lail.: lien until the payment in full of the principal
of and intermit on saad bonds,
Section .5. The holder Or holders of any of the bonds or interest coupons herein authorized to be
issued, shell have all the rights and remedies given hy law and partitelarly by said Act Nu, 94, Michiean
Nallic Acts of 191.3, us unwodvd, oolfouliog 4Joi olaorvoim!ol. of said bonds and coupoes arid tee
eecurity therefor, including the vight to hiiv a Al.,:oirg-/ arp0111.Cd her 04: 5r4SCM in pvcnt of default on
tte part of the County in the perforeance of :be teens the bond contract.
Section 6. The system shall be operated open thc basis: of a fiscal year beginning on January let
of each yeer and ending on Deeemeer liet of the eeme yehr..
Section le The op,!1.4Liv“, sa.alvilanoe f4,io mimuW,0WO1 01. the Ap+!,rm shall UC vadOr the inmediate
aepervislon and control of the eaerd or public weeks.
Section 8, it is teo intention that sewape dispeeal services sql he furnished to the Tovieseip
el Avon eee tire Teenebip 01 Ponl.iac rQr the leiwfit ci ml ,m,N,•.-oodlud in'wmr' llnpih. DO,LAJQA and nOt
directly KO ;he ;04.Viddai users in :laic district, Tile chargea tO eacri teweship for tbo services and
fecieitees of the System slall be as fellows:
-St7orvii.ors ginotOs COnlinnisar Nok,.wbcr 2, l"b0
Coilneetion Chorgc
la) Vor oach mit of preporty within tiod towrship d ,roctly or indirectiy connected with the
• Thu ii of $525 dividod as fOliOWn; !2.2f, for epmsecti ,:pr to the sewer and $300 for connocticn tQ
• troatrivot plant. lo ease of now constriiction tne saOn conneeti(n enarcx shall ho payabo to thc county
w1 L'Air1 Thirt:i dal-5 after en; issuance of the buildinc permit. Cennection charges relating to buildings
0!,.i!ftLoe et1 Oneher 1, shall he paytl)lo in ten equal aounaI 0:stalments withoot interest to che county
O,11. 4'10 into:•nt at 14 per annum te the nownship.
Service Charce
(b) per 1000 cubic feet of scwage disposod of by the system from the tewrship, noripkitce
noon the 'oasis of air airmint of water consumed Sb roasored by a uatiter vator meter or meters, if available,
or where not, as measured by individual . home or businohs meters: Frovid:!d, that each quarterly charge to a
teaniship in respect :s all units of preporty whose wutor constaliptlen is measured by raster or ine.vidual
ntter readings, shall be not less than a sum com;uted by multiplying the number of 5ink Units by
"%here no such miter readings are available, then the service ellarge shall be based upon the number of
"units" served which sball be $9.50 per unit per quarter.
The word "UAW 10 heroin used shall moan any property from wnieb thero evanates that quantity
of sanitary sewage ordinarily arising from the occupancy of a residence bui-Iting by a single family of
erainary site. The ndmber of units to be asSigned to any partienlar par 'c2 of 1rolle1-14 useq for other
than: silgic residential ;;t1rpeses shafl, be deterialacd by the hoard of pubLie works and its decision shall
ho flnal. The board of public works, Tthe circumstaneni4 jut,tity, may alisign mOre than one unit to a
sine family dwelling.
The charges to. each cOwMilip shall he hined cp.Lor1y nt Nhall be payable to the county within
30 days after the rendition of the hill thrrefor. lf any municipality falls to pay the &bow mentiootii
cno_ri on or berswe the f 10]. PaysiO0n da:0, then there shall. oe added thereto a pena:ty of 1% for each
nmic,1 Cr Tractian tftreof for Wil:n Ch 0.7e NON reMalh3 unpaid. The county shall have the right to pursue
any metnod permitted by law fur the collection of any sum doe it from the township. The board of pnblic
%Tilts snail have the riOt to deny the One Of UM cOunty sewage disposal. foe.11itios to any tOwnsbip
• en Se.all he eci.inquent for A period of ninety days in the payrrrt of the oiwrges due from it to rho
comity while such ch:ingno”Q, conriavo%.
If zho cLarox,tor iV 3caikv colLtri hutod f ro, any Ljiere.di.p aJi be such that it imposts an
tuircasenablc additional burden open the county's system then an additt,onal charge shall he made ever
and above the recular Serdiee charge, or it mgy be recinirod that sneb kc,waqr be treated before be5ng
riiri:ed Into the county's system or the ritzht to empty sa.id IP:1 ,41144! .itau the county's sySlem may be denied,
if neeesury, for the proto,:tlon of said system or the public health or safety.
co free service Oall be furnished by the systtm to the county or to any person, firm or Corpor-
ation, pnbiin or private, or to any plib:ic i.geney or irstritern:a',ity.
Section 9. The rates hereinhcfoiN established are estmared to he sufficient to provide for the
paynent of tic expenses of administrotoo and opnrcrtion of the system and such expenses for the maintenance
tnorief as may be necessary to ;reserve the same in good repair nnd werkill; order:; to provide for the pay-
rp!1l. of the interest upon and the principal of all bonds payabie therefrom, as and when TIN.; same shall
hecoh,e due and payable, and to provide for buch 01.her expesWitdres and funds for the system as are required
by this ordinance. Rates shall be fixed and revised from tiae to tirkio by the county board of supervisors
to Ls to produce the foregoing amounts, and the county covenants and agrees to maintain at all times such
rates for scrvitea furnished by the system aa ahalI be Suincient to provide tor the foregoing,
Section O. Ipon The exchango of siaic refunfim hoods for \he original bonds, all moneys in Or
• out fighls established under said Orilinauce No. 5 shail he iransierved to LIT eonTariOle funds under
toll; kccton, The w,rennos et the sya tee; are hereby p1 edged for the purpose of the felleking a.nd
as collected shall Cie set aside into a fund to be known am the ullecoivinc Fund" of the systnm, and shall.
be transferred therefrom periodically into separate and Special funds, as follows:
1. ioration and Maintenance Find. Out of the revenues in the ReceiV: pg Nwid, there shall_ be
firfT!'hOt -45i11e in N5r.1 w.tarter i .% es.‘”th,i int cs a fermi ho IiI.teuin,I lhrrll jail 0.10 11*1 Fend,"
ilvv •,,ly fur the F.yoteril 1,11, Ow nolo. ,I4L44-1 Or or all eal•MV awurtists-W,=
and opevat;en o the 3yMWM and such current expenses for The iraintonanco thereof as may be neeessary to
plreervo the tvs .teto in gee‘i repair and waning erner.
2. 5ond Allo iii. 'rest Redomotio Out or Iho 0--w,mv1; Ri kAb, P",ctiv;ng VW, th-cro
soall Oe next set aside each quarter jhh0 .41110 to h0 AhlSgh4;.ed aed ::iterest Redemption Fund," a
suit preir:ortteniAtely Yafficient to pro),:dc for the payMOht tlicsatso become due of the next maturing
princ:pal and itrerf.%t 01-1 caCh ji.o.alo of iton1lm thoo payable frow tho riw..nos,..p of the systrnnncu if
:;0,n ,r,py ri '' v ho ank5,4)C •tt 41 ': , ii.., I. of110,1111 /I. Olk'y SI,
1./N: Ll.rinlit rrrI'tii-: 1'1'01'1110d !.11,1% ill ok4ch quartC:r Shial met be
es tl,an the amOl.nt recejvcd during si.ch 4“arter .n pu,ymzut of connoztj,an cariges. Subject to statu-
tory lilTlitationa monc:i$ la %ald Rend and 7itere5t 11.hiemption fund may he us.cd for the redention
n,e1N08.
3. Nvni 'Iro n1 roll. Out tI f Voota i riq 11,n there tihn 1,V swat
iL.0 .1 1 enqo a • lifed k!e•j1;11.1,.e0 lo;:e!,tel/t a sum net less
th-n $;,WO. per year toinseneing with the fiscal year beg.;mLing J.,nnary I., 1501, until. 441.10 irtm4 shall
rrkcn 07 leas: S ,,,00[1.00 1 to build ne a rsza-vo for any vcp o ew'uies tO the 'system which may 'buceNe
to Lino, Wbcn,lvo r lSSi'1tt :au II te uNc1.1 rron replacesen
whimnt sy,, 01-0,[ ;15 1,1i111; 1141• Jr•Coil
4. loworent Forth. C 4 L Of tw rOmLill$hg ri.",w!vo, -A lircoiviv4 Find ,, herc Kay be net
w,ide in any qJorter, after Illeel'ing The rcquircmonts for Thc 'Jpid4 req.' $11eh quarter, in a fval6
t.T. "2:4WeveMeNt VW:0,u Seel NOMI aS the bourd of pohlic works my dc.em ai.ivisable, to be used
for ixerOvi2T,cntu, oll;arpo;,N, ropairs TO th:7 nrs-rom.
•
enpervisore Minutes Centinued. November e, leeil
S. Serelue Feud. Reeeileee remaining in said eeeeiving Veed et the end of ary reseal year after
ael eerioeieal ereeelarm nave boon 'wide cirri-or:rem as :lbw.• rotpirrod, sltt I I. t dcemee te be eurplum and may
ee Jeft in the Receiving Fund or htly be transforrod re a lard te bc eeeienated "Surplus Fund." Moneys in said Serpees FLUO.1 frum ro tior mey bc traneeerred to one or more of the foregoing fund or may be ueed
for any porpor,0 portnining to the systom: Provided, however, taet 14 at Aly time there ehall exiet any
default in making any periodicel tinnefer to uny 01 lee above eausened funde„ then such doieutt shall be rectified Sc fer as peeeible ty the transfer of noreye five sale Surpeve Fund, If any such default shall
exist as to more *hen one fund at. any one time, then sech trenefere_ehall be made in the order in which such funds aro lleiod aeove,
No deebureemente shall be nude from 's Id Receivieg ieed except to the special funds as above. provided.
Seetion el. In the event that moneys in the Receiving Fund are insufficient to provide for the
current requirements of the Operetioe and maietonanco Fund or the nond and Interest Redemption Fund, any
moneys and/or securities in other fends of the wyetem shah l be transferred, first, to the Operation and
Maintenance Fund, and sccend, to the hand and Interest Reocelpeion Fund, to the extent of any defecets
therein. Any amount so traesfertad from the Repeacenent lathe shall be replaced as 400n as possible.
t Section ea. All moneys in the several funds of the system except these in the Rend and Interest
Redemption Fund, ehall be deposited with the Coemunity Netiona e. flank in the City of Pontiac, Michigan. All
moneys from time to time in rho liend and interest Redemption Feed shall be kept on Fund with the bank or
trust company at which the principal end interest on the herein authorized boneie ere currentely payable.
The moneys in the Receiving Fund, in the Operation and Meintenance Fund] und in the Bond and Interest Redemp-
tion Fund, shall each be kept in a separate depository account. Moneys in the noted and letereet Redemption
Fund, over and above thoee [siring aecomoheIed tor the pity.,J1%; of the next maturing principal and interest,
and moneys in any other fund except the Receiving Fund and elle Operation and Maintenance Fund, may be
invested en United etates Government obligations. In The event of any such investment, the securities
representing the same ehale be kept on deposit with the bank or trust company having the deposit of the
fund from which such purchase was made and the income therefrom shall become a part of such fend.
Section 13, The county hereby covenants and agrees with tho holder or holders, from time to
time, of' the bonds herein proposed to be leaned, that it will punctually perform all duties with reference
to the system and said bonds required by the censtittrrion and Jaws of the State of Michigan and by this
ordinance; that it will. not hell, lease, moregage or any manner dispeee of the system or any eubetantial
part thereof, with I eil •eurds payahlo from the a•vonnos i:loroof Mks!! halve been paid in NAL; and that it will not permit any person, firm or corporation to coviXte with it in rho furnishing of sewage disposal
services to the portions of the Tewnehlps of Avon and Pontiac within the M.S.e.-Oakland Sewage Disposal District, eaie county further covenants uee aproom with tho holders of unid bonds that it will maintain
said nyeeem en geed condition and operate the sena in an efi'icint manner and at a reasonable cost, so
long as any of said bonds are outetandlege that ii wil/ nmintain :neurenee on the system for thc benefit
of the helders of said bonds in an amount which uauaily weela te carried by private companies engaged in
a similar type of business; that it will prepare, eeep and file such records, etatements and Accounts as
nmy be required by Act No, ee, Meehigan Peblic Acts of Mel, As now or hereafter amended; tiler it will
secure an annual audit oe the snitem errtified to by A cortifivd puleic accountant, wittan e0 days after
the Close of each fiscal year; and that it will furnish a copy of the aforementioned audit and of the
'annual statement which it is required to file with the Municipal Finance Conmissioft, to any bondholder
upon payment of the actual cost of such Copy. Any euch audit shall be in such reesonable detail, as will
present the full financial condition of the system to the elders of bonds and shall include auditor's
comments on the manner in which the system's managemeet has complied with the provisions of this
ordinance in respect to the several funds of the eyetere.
Suction AA. lItIlhi any of VIC bonds Herein anthorliod to be issued seeel be outstanding no
additional bonds pAyable from the revenues of the system shall be issIsed which Shall have it prior or
equal standing therowita, except as hereinafter provided. Tbe county ehalT ewe the right to issue
ndditional Weds payelele from the hi. F. reveeeve eh 1141 her Ihe puip0h0 of iffldrOvinC, eelare,ee and/or extending the symeco, which bonds when ieeued S;tall hove cquiek eeeraing with ele hones authorized
in This ordinance: Provided, rho:. no such additional bonds 01 Nina; standing seail ee iesire in excess or
4350 1 CIL.10 el which re mere than e1e0,000 ehell instil prior to J.nimery 1, 1970: •010 rrO4Wod
that no such edditional eantie of oqual standing shill; ho issood un:ess the estimated not reveuues to be
derived from said system in each future fiscal year ehell he equal to .1 25 of the amouat of prencipal and
interest raeuring in such fiseel year on the bends teen outstanding payable from the revenues of the
syr3ton amid on soch Additional ficnos then being isswd. !ioch additional tie-it revenoes 51011 he eeriemtad
by a I pru itslio .•hci 11,•01- Who t6h, j I h,• ,,. h., d y Coard Vold he Work::
but who snael not be a r0g-uhii- e lbC0r Ur chili 11301 I.1 !t: COi IL lg. '21%; 1.:U!..:,;tion of such nci'S on shell be
subject to disapproval by the Menicipel Finance COMINSiDn. No such addieloeal bonds shall be ensued IX
thc county shall thee be in default ie smiting any payments to tee opereteen and eaintenanee fund or to
tie bond and inrercHt reaomptien lend, Pereiseion hy the Foil. pa I FillanVe Cumi?,NiUn of rho Suety of
Michigan or meal ether state camvission or araoce It slali easy ,elieedietien over the issuance!! of
ranici pal bonds) to .42.ititi' such additienai hawk seen coneeetmee a COnC.Imiyi presumption of tee existence
of conditions peer-netting the issuance thereef.
Section ie iee bonds and attachea ceepone herein eethorized to he iesieele shall bo substantially
in the fojowing form, to-wit:
77i . .
7,
• - _
!-tila.itt, Continued. Novrwher 2, 110C
(COws)
On the day of , A. D. 19 0 tho County of Onhiand, Michigan, wili pay
to the Coercr nereet the $101 el late , awful money of tho United States
el Awrica, at tne Ci,mmunity StO V,ity of PONTifSc, Michigan, same heAng the interest due
er that Oily on jts M.S.U.-Oakland Sewage DispoNal hp,tem Hoveoue kounoing nond No. dated November 1,
.9u0. This ceopon is not k general obligation or .aid comity, 1E payai.lc solely from certain revenues as
t,et ferth in the bond to which this coupon pertains, and is subject to the redemption provi.siens in said
bond.
OwIcy Clerk
In Wiese Name Registered hate of Registration
'7d.airmen of the County Nerd of
Supervi:--ors
Signature of a Member cf the OaX]and .
County noar3 of Auditors
•
1n•.1.
Section 16. The said M.S.U.-Oakiand Sewage Disposal. System Revenue Refunding bonds shall rmt be
issued and exchanged until the Municipal Finance Commission of the Sante of Michigan has approved such
issuance, and the director 4 pnb•ic works is Irdreby autuoritted and directed to MINX applitation to said
cerntission for scion approval. The nearq of public weeks is hereby authorized to do all thirgs oetessarY
to effect the Issuance and exchange of sald bonds sw:ject to the provisions of this ordinance.
Sect:Lon 17. The period of usefulness of the existing M.S.U.-Cakland Sewage Disposal System is
hereby estimated to be 30 years and upwards.
Section 18, This ordinance shall be recorded in the stinutes ef the meeting of the board of
supervisors at which it was adopted, as soon is precticabio after Its passag, -which record shall be
authenticated by the signatures of the chairman Of said board and the county clerk and shall be published
once in he Rochester Clarion, a newspaper of general circulation withim the said county. This ordinance
shall become effective immediately upon its adoption.
SCCtion 19, rr Shy soetkm, parngraph, xonlovcv, or phrase or this ordinance shall be
held invalid, the same shall not affect any other part oi this ordinance.
Section 2C. All ordinances and rest.'..utdons or parts thereof, insofar as the same nay be in
C onflict herewith, are hereby repealed.
• r.
County C.tcqy Cha)rman of County nostril
of Supervisors
Acygd by chgyz suppertod by Cummdngs 00 11QA1 ii adjOUrn subject to the call of chit Chair,
A sufficient najcrity having voted therefor, thd motion carried,
Daniel T. Mnrphy, Jr. Delos hamlfo
Clerk ChairTan
•
S1 Ter,e'zi- Mi c0 ,. CM, i nth`d , Nov,„•!1,1101. ;:y 1.100
•
OV nmicA
suir. or nICHICAN
edUNTX. CV OAKLAND
M.N.11,-OAKfaiNil SWAGE ii if,_ N7re-H*1
REYME :(EGNVIN'd neeJ
XNUte ALL MEN HY 'MUSK ITESD75, that the Connty of Oakland lu the State of Michigan, heroby
ni:knewiee,ges that it is indebted aed for valne reecivee promtNes to puy to the hnarer ereef r f01:s
beril roeiste;-ed, to the registered hoider h ereof; th e Null: o f
ONG TBOLMND WILLARN
on the first day of January, A. L, 19 , and to pay ineerosc thereon at the rate of four and one-half (4-1/2)
per rent= aDrarc f rem the date ItereOf unt wie ;m erest: being payable on January 1, te(ll and
thc.reafrer semi-annually on the first dkys of J4e0x4cy and July in each year, which priecipal and interest
a..-e to at paid solely out of the revere:Qs hereinafter specified. both princ4a1 and interest aro payable
in lawful money Al the United States of amere'cn at the Cameun:Ty National Bank Jr the City of PentfAC,
Phchignn, upon presentation and Surrender of this bond and the c euporei hereto attached as they severally
mature.
Thisbond is one of a series of bends of like date and tenor except as to maturity, numbered
ten:5Centjvely in the di rect enter of their maturities frwn 1 to 360, ecem inclusive , aggregating the
t:rincipa: stist cf Three Buigired Sixty Thousattd 9ol3ars N(t0,000), issued by said County of Oaklaed under
and pareuant to and in fell confentity with the const:tution and !itatetes of the State Of Michigan
(ez.ipeeiany Act No of the Michigan Public tutts of 1e57, 4s umeni.;ed, and Att. No. 94 of the Michigan
Peblic Acts of 1933, as amended), and Ordinopiee No duly adopttel by the Board of Supervisors of said
county on tee day of , 15) , for ttc purpose of refunding a like prin.:1pol amount
cf. LS-U.-Oakland Nowage jispeoal System Revenue Bonds, dated November 2, 1959.
This bond is a self-licnidating revenue bond, It not a general celigation of said county, ale
does not COnsr7tte an indchtednons of' the said county, WI t11 any consrCitutfonal or statutory lirdtatiOn.
The principal of and interest On the bends of this series are payatde solefy from the revenues of the M.S.U.-
esalilanO Steuge Dispoeal Sys:om (including future improvements., enlarger-Pante and extensions thereof) remain-
ing after deducting the reasonable oxpensc4 of tne administration, operatIon and maintenance Of said syatom
and the parent of both the Pnlnef:eal of and interest en said ecinis and en any additional bonds of equal •
stunding therewith which may be instmd pursuant To the terms of said Ordinance No. , is secured ty a •
statutory f rst 'Lion ell MO! net rnvTrininli •
The bends ef Otte series ;tee sehjeet to redeevLio:i prior 10 Ittturilv at 'tile eptIon of Oe co-city,
in direct numericel order, on any ono or more interest paytstrt dates, at the par value thcroof and accrued
interest. Sotiee of redempticn shat he given to trio holders or :ends celled to he redeemed, by publi- -
cation of such notice riot loss than thirty (30) days prior to The date fixed for rrdemptiOn, at least once
in a newspaper or publication circulated in the City of hermit, Michigan, which carries as A part of itS
eernler servfeo, notices of tho sale 0-municipal bonds: Provided, that whore any bond sitar, he regiutered,
then net,Sue of the redemption thereof siall he given by rogisteeed sail addressed to the regis:cred heidor
ilicreuf at the aevess shown on the befki registraTl'On honks of the hoard of County Auditors of said county,
which ,10::,ice shell be rcia,rked not lets Shah thirty (30 Cays ern:1r to the date fRd for restemptaoc, DOnLIN
SO called for redemption shall not hour interest after the date fixed for redemption, prnvided funds are On
lion,: with the paying seont to redeem the same.
The Ccunty of Qakiand hereby cornants and eare;i tint at Al I ti met IA; Jr .sly of the bonds o r
th;o Awe. shall bc outstanding, it will maintain mich ratca for sztrvietts furnished ty said ?-1.S.U,-Oak1and
Sewaae DiJposal System as shall De sufficient to provide for the payment of the expenses of atnainistration
ahd operation of said system and such expenses for ttc maintenance thereof aS may be necessary to preserve
too same in gow repair and working oricl'; to provide fcr the paywrt or the interest upon and the principal ssf a:. tbor,jrUm, as and whon the ioLii,' b.7errn1 dne and joys 1:1 ard to prev:do ler such other expend:lures aibi funds fur suit' system as are required le sale OrtIjIhk,C,C. la.ccs shall tr fixed and revised
I rom time to tiMe by the lioard of Supervisors of mid County ee as to produce The foregoing ammunts.
This bond nr,y be registered as to principal oefy in the reuse of the holder en the bOnd regfs-
tmtion boo;ra of tee Hoard of Cathay Aialiters or Si Id tfourry and slid! registration noted on the hack hereof
lit• a ;,:rtb.ft or said 41enri of County Aoditors, and Tbers'a?t,:r no trahsft,r shall he vaLd nless aude upon
Oh sa:d tooks and liket6so noted on the back nernef. T.is Ae,feha h:,Lyi y d.zfle e ey IN-Ay to rostorod by
to ti'. 7 A-got:ability ot the intx.'eSt c-'i!por dcl IOn. be affected by ;-;.eli:tiatton.
I I':, I,' wa 00,2 :At-,d 1.1,4 1 “:1 4c[t;0 rs-.0:1,111,onN und things reedired to e11 t, cappen and Lie p•Js• juVek!,lent• to end or the honds of thiis exi stud , have
onr; performed th C.0011, 1.011% and 1,1anne its retr,i v,4d by :y..)•!,
IN '.'.:71;MS the County if %itfahe, Ptichiga, Dy its hoard of Supervisers ha% eausca this
to he s4',Ilee fr its new ty the Oeairmao .sa d lISA 1 e f dud ke th.; Dewy "nom ;cit Ii eoe'ire ,eet I Le iw 1,,101 1 , 1.,1n!• !n!,• ill 0,,nroi,:: I Li bo
sighi.o.,!rs 01: :,sic ChaJ rah 41,1 I.:011E11y I of Oii. fli.st day ot Nevc.liber, A.D. ;9110.
CaVV,'S' di; (MIAS!)
y
V ty
C01.1111y C. err,
V ,CO