HomeMy WebLinkAboutOrdinances - 1977.05.19 - 8525iY
May 19, 1377
RESOLUTION NO. 7983
RE: ORDINANCE TO ISSUE REVEI!UE . - BONDS FOR T-HANGAR SYSTEE
.3):: PLANNING AND BUILDING MEE
TO THE OAKLAND CCU1:TY BOARD OF CO:.1:-;ISSIONERS
MR. CHAIRMAN, LADIES A.D
WHEREAS, the Airport Committee has requested the Oakland
County Board of Commissioners to &dont an Ordinance to Issue
Revenue Bonds for a T-Hangar S7sten at ti:e Oakland-Pontiac Airport;
and
WHEREAS, your ,Committec has reviewed and recommends that
the Ordinance attached hereto be adopted. ‘•
NOW THEREFORE BE IT RESOL'IED that the County of Oakland
hereby adopts the Ordinance attached 'r.ereto, entitled:
AN OR=A::CE TO PP:OE FOP THE EXTENSION
OF THE OAKLA::D-P0:172AC AIRPORT T-HANCAR
SYSTEE AT THE OAKLA:•D-PC::TIAO AIRPORT,
OAKLAND COUNTY, HICH:O:: TO PROVIDE FOR
THE iSSuANCE ANi.) SALLC ILLU i3UND6 TO
DEFRAY THE COST THEREOF: TO PROVIDE FOR
THE RETIREMENT AND SECURITY OF SAID BONDS:
AND TO PROVIDE FOR OTHER MATTERS RELATIVE
TO SAID SYSTEM AND SAID
The Planning and D.Lzil.iing Co=ittee, by 1•r. Richard R.
Wilcox, Chairman, moves the af.:option of the forego:tng resolution.
37_:'1,0 7 n CO•r-m EE
HERE'
yniei T. Mi.,
APPROVETHEFOREGOINGRESOLUTION
(-Ight7 hoe Des
ORD:NANCE NO. •
AN ORDINANCE TO PROViDE -C- THE EXTENSIO -
OF THE OAKLAND-PONTIAC AIRPORT T-HANGAR
SYSTEM AT THE OLAND-PD=Ac AIRPORT,
OAKLAND COUNTY, MICHIGAN; TO PROVIDE roR
THE ISSUANCE AND ST,LE OFVINUE BONDS TO
DEFRAY THE COST TH=OF; TO PROVIDE FOR THZ
RETIREMENT AND SECURITY OF SAID BONDS; .AND
TO PROVIDE FOR OTHER nV2TERS RELATIVE TO
SAID SYSTEE AND SAID BONDS.. .
THE COUNTY CF OAKLND, micncaN ORDAINS:
Section 1. 'I‘Thenever used in this ordinance or in tha bond_5
to be issuedhereunder, except when otherwise indicated by the canter
• (a) The term "county" shall be construed to mean the
County of Oakland, in•the State of Michigan.
(o) The terms "Boara of. Commissioners" and "Board" shall
be construed to mean the Board of Commissioners of said County of
Oakland, the legislative and govarning body thereof.
to mean the airport which is located in the Charter Township of
waterfoza =a is owned and c,7-..cated by the county .ander and p)irsucmt
tnc r)on.Lc)r Of Act SC, :0 :.!'n1ic Aces c=f. Michigan, 1.913,
as amended.
fa) The term "County Airoort Committee n shall be construed
to mean the three member co=ittec appointed by the Board of
Col7missioners pursuant to Sect -Lon Ea of said Act No. 90, Public Acts
of :•lichign, 191, as ar;.ended.
-
(c) Thu term "Oakiand-ontiac Airport". shall be construed
(e) The term "Oakland-Pontiac Airport T-Hangar System"
shall be construed to mean the system of 143 county-owned T7hangars
located at the Oakland-Pontiac Airport.
- (f) The term "project" shall be construed to mean the
extension of the Oakland-Pontiac Airport T-Hangar System to be
acquired pursuant to this ordinance.
(g) The term "acquired" shall be construed to include .
acquisition by purchase, construction, or by any other method.
(h) The term "system" shall be construed to mean the
Oakland-Pontiac Airport T-Hangar System.
The term u revenues" and "net revenues" shall be -
construed as defined in Section 3 of Act No. 94, PUblic:Acts of
Michigen,1933, as now -amended.
Section 2. , The Board hereby determines it to be advisable
and necessary to extend the Oakland-nfrie Mrprl-t T-Hangar System
by the acquisition of 55 new T-hangars substantially in accordance
with the qpPrifiratinr therefor prepared by T. D. Dziurman,
registered professional engineer, which specifications are now
on file with the County Airport Committee and are hereby approved
and adopted.
Section 3. The Board hereby adepts the said engineer's
estimates of 40 years and upwards -es the period of usefulness of
the project and Seven Hundred Ten Thousand Dollars ($710,000) as
the cost of the project, including capitalized interest of $56,800
on the bonds herein authorized, both of which estimates are on file.
with the County Airport Committee.
Section 4. There are hereby authorized to be issued
and sold pursuant to the provisions of Act No. 94, Public Acts of
X•:ctLJtr1, 19:3,a;:londed, revenue bonds in the aggregate princiea1
-2-
sum of Seven Hundred Ten Tnousand Dollars ($710,000), for the
purpose of defraying the cost of the project- The bonds .
be known as "Oakland-Pontiac Airport T-Hangar System Revenui
Bonds" (hereinafter sometimes referred to as "the bonds"); shall
be dated as of July 1, 1977; shall be numbered consecutively in
the direct order of their maturities fro= 1 to 142, both inclusivc
shall be coupon bonds in the denomination of $5,000. each; shall
be registrable as to principal only, in the manner hereinafter
set forth in the bond form; shall bear interest at a rate or rate
to be hereafter determined not exceeding Ekl, per annum, payable
on January 1, 1978, 'and thereafter semi:-aanually on the first days
of January and July in each year; and shall mature on =January
••• _ • • • first in each year as follows:
$35,000 in each of the years 1379 and 1980; .
$40,000 in each of the years 1981 and
$45,000 in the year 1983;
$50,000 in each of the years 1984 and 1985;
$50,000 in each of the years 1586 and 1587;
$70,000 in the year 1988; and
$75,000 in each of the years 1985 through 1991.
Bonds maturing in the years 1585 through 1991 shall be subject to
redemption prior to maturity, at the option of the c ounty, in
inverse numerical order, on any one or more interest payment dates
on and after January 1, 1584. Eoch bond culled for redemption
shall be redeemed at the par value. thereof and accrued interest,
plus a premium in accordance with the following schedule,
3% of the par value of each bond coiled to he redeemed on or
after January 1, 1534 but prior to January 1, 1987
2% if called to be redeemed on or afterJanuary 1, 1987 but
prior to January 1, 1989
11 if called to he redeemed on or after January 1, 1589 but
prior to January 1, 1991.
Thirty days notice of redemption shall be given by
publicLion n!L let: onc2 rIc:w:4)-,3L!r or pul)lication circulated
in thc: state of ichigsn, r:ich carries as part of it regular
-
service, notices of the sale of municipal bonds, and in the case
of registered bonds thirty days notice shall be given by mail to
the registered holder at the registered address. Bends 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..
The principal of the bonds and the interest thereon shall
be payable in lawful money in the United States of 1xMerica at
such bank or trust company which qualifies as a paying agent '
under state or United States law and which shall be designated
by the original purchasers of the bonds. Such purchasers shall
have the right to name similarly qualified co-Paying agent.
Section 5, The Chairman of the Board of Commissioners
and the County Clerk shall execute the bonds for and on behalf'
of the County of Oakland by respectively signing and countersigning
the same and the County Clerk shall affix the seal of the county •
thereto. The Chairman of the Board of Co=issioners and the
County Clerk shall execute the interest coupons to be attached
to the bonds by causing to be affixed thereto their facsimile
signatures.._ The Treasurer of the County shall deliver the bonds .
and attached coupons to the purch=ers-ti-m-rmv'f upon receipt of the
purchase price therefor.
Section S. The County Airport Committee hereby is
authorized to sell the bonds in the manner provided in Section 12
of Act No. 94, Public Acts of Micnlu.A.4, 1933, as amended.
Section 7. The bonds and attached coupons shall not
he general obligations of the County and shall not be an indebtednvl:
of the county within any state constitutional proVision or statutory
limitation. The principal of anc: intcrest on the bonds shall be
- payable solely from the net revenues derived from the operation
•
of the system, including future improvements, enlargements and
extensions thereof. To secure the payment of the principal of
and inLerost on the bonds and on any additional bonds of equal
standing issued as hereinafter provided, there is hereby created
in favor of the holders of the bonds and the interest coupons
pertaining thereto, and each of such holders, a first lien (by
Act No. 94, Public Acts of Michigan, 1933, as amended, made
a statutory lien) upon the net revenues from the system, inoludinF
future improvements, enlargements and extensions thereof. The net
revenues so pledged shall be and remain subject to said lien until
the payment in full of the principal of and interest on the bonds. .
. Section 8., The holder or holders of any of the bonds or
interest coupons herein authorized to be issued, shall have all
the rights and remedies given by law and particularly by said Act
N. 94, Public Acts of Michigan, 1933, as amended, for the collectior
and enforcement of said bonds and coupons and the security therefor,'
including the right to have a receiver appointed for the system in
event of default on the part of the county in the performance of
the terms of the bond contract.
Section 9. The sy:;tem ..71):L11. be opera Led upon the basis '
of a fiscal year beginning on January 1 and ending on December 31
of each year.
Section 10. The operation, maintenance and management
of the system shall be under the immediate supervision and control
of the County Airport Corrurittee.
SecticJn =a_ Tklu loc).nthly rcnte.1 ch.:.rce:,-, for T-hanc
comprising the sy5tem shall be as fc)llows:
Type of T-Eangar Monthly Rental Charge
$60
$65
$75
$85
$100
$115
42' x 33' x 12' NEW T-EANGARS
WITH BiroLD ELECTRIC DOORS
Standard
Corner
$95
$14 4
40 x 32' x 9' E n SMALL T-I-1ANGARS
WITH MANUAL BIFOLD DOOIS
42' x 32' x MEDIUm T-HANGARS
WITH SLIDING DOORS
42' x 36' x 12' LARGE T-HANGARS
WITH niroLD ELECTRIC DOORS
Standard
Corner -
Standard
Corner
Standard
Corner
31' 10" x 32' 2" x 12" EXECUTIVE
HANGARS WITH SLIDING DOORS
Standard $85
with Storage
. Room
Section 12. No free service shall be furnised by the -
system to the county or to ay person, fi= or cOrporation, public
or private, or to any public agency or i'lls.trn,nenf--ality. Rental -
charges shall be billed and collected in a manner to be determined
by the County Airport Committee. Such charges shall become due at
such times, not exceeding 20 days after a bill is rendered, as shall
be established by the County Airport Committee, end if such charges
are not paid on or before such due date then a penalty of 10% shall
be added thereto. In the event that the monthly rental charge shall
not be paid within 60 days after the due date thereof, then the
lease of the T-hangar shall be discontinued. A discontinued lease
shell not be reinstated until all sums then due and owing, including •
pe nalties, shall be paid.
Section 13. The mnthiv rental charges hereinbefore
established are eLLimated to be, suficient to provide for the payment
of the expenses of administration and operation of the system and
such expenses for tho maintenFtnce thereof as may be necessary to
preser-e the same in good repair and working order; to provide for
tn.° payment of the interest upon and tne principal of all bonds
payablcs, therefor, as aid when the same shall becena due and payabla,
a%.:2,-fo7 the creation of a reser7 r the paymellt of principal and
i:LitGyt as rc..qL1],rd in LLiAs orli.ncT2; and to pre-ft.ae for such ot.r.e •
• -7-
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• expenditures and funds for the system as are required by this ordin-
ance. Monthly rental charges shall be fixed and revised from time
to time by the County Airport Cceelittee so as to produce the fore-
going amounts, and the county covenants and agrees to maintain at all
times such monthly rental charges as shall be sufficient to provide
for the foregoing. If, in the opinicn of the Board of Commissioners,
the monthly rental charges fixed by the County Airport Committee are .
not sufficient to provide for the foregoing, the Board of Commissioner
shall be authorized to fix the monthly rental charges in such amounts
as it deems. sufficient.
-Section 14. The revenues of the system are hereby pledged:
for the purposeof the following fuedS, and as collected shall be
set aside into a fend to be designated "Receiving Fund," and shall
be transferred therefrom periodically into separate and special'
funds, as follows:
1. Ooeration and Mainteeance Fund. Out of the revenues;
in the Reeeiving Fund, theeo sha:11 be first set aside in each quarter
(3 months) of the fiscal year into a fund to be designated "Operation
and Maintenance Yund," a sum sufficient to provide for the payment
for the next quarter of all current exeenses of adminiatratisee. and. .
operation of the system and such current expenses for the maintenance
thereof as may be necessary to preserve the system in good repair
and working order. The Ccunte ieirport Committee, at the beginning
oL each fiscal year, shall eCee:,e a beeecL coeering te.e forcgoieg
expenses for such year, and such expenses shall not exceed the amouee
specified in Laid budcjet cmcc7)t by a vote of 2/3 o f the members of
the County Airport Comelittee decIarin7 the necessity thereof
2. Bone'? eeel. enterest Renot.ofl FLInd. Out cf the .•
revenus in the Receivin7 Fund, .e-,ctre shel/ be next set aside ea-
clu:'Irter into furIcl to bc2 a:zd Interest Reaem?tion
Fund," a sum proportionately sufficient to provide for the payment
as the same become due of the next maturing principal and interest
, -
on each issue of bonds then payable from the revenues of the system;
provided, that the amount so set aside for interest on the bonds
herein authorized, in each quarter during the first six (6) months
of each fiscal year, shall be not less than one-half (1/21 of the
total amount of interest maturing on the following July first, and
during the. last six (6) months of each fiscal year, shall
than one-half (1/2) of the total amount of interest maturing on the
following January first, and the amount so set aside for principal
on the bonds herein authorized, in each quarter during each fiscal
year, shall be not less than one-fourth. (1/4) of the amount of prin-
cipal maturing on the January first immediately following such fiscal
year, and if there shall be any deficiency in . the amount previously
set aside, then the amount of such deficiency shall he added to the
current requirement. In addition thereto, there shall Joe.aisP set
aside in quarterly installments for the purpose of creating a reserve
in said Bond and Interest Redemption Fund, for the bonds herein
authorized, a sum not lens than $20,000 per year during each fiscal
year commencing with the fiscal year beginning January 1, 1978,
. . until said reserve shell equal at least $100,000, and if at any
time thereafter said reserve shall be less than n00,000, then there
shall be set aside in said reserve quarterly sum sufficient to
reutore tidrr:sr-v-c.. to $U( 0) at Thc narlicint posible time. If
any additional bonds of equal standing shall be issued, the authoriz'
ing ordinance shall provide for a coK:parable reserve therefor. Moni(
in the Bond and Interest Rede=tion Fund may be used for the redemp-
tion of bonds: provided, that except in case of refunding, no bonds
of any i.sulvzs than outstan:71in7 bonds of said issue, shall
be calledfor redemption uni=.!ss the county shall have on hand in
sEid fun d sufficient moni,-7.s t'nerzfor not othcrv:isc appropriated or
in of the of i.nLeret and princi.pal maturing
be riot less
on all issues of bonds then payable from the revenues of the system
'within the next eighteen (18) months from the redemption date, • and for
the purpose of determining the amount on hand, monies in the reserve
shall not be considered as appropriated or pledged. In any case where
monies are available for the redemption of bonds, such monies may
be used instead to purchase bonds on the open market at the best price
or prices obtainable, but not in excess of the then redemption price.'
When the principal amount owing upon any bonds shall be reduced to the
amount of the reserve therefor, then the principal of such bonds shall
be paid from such reserve. In respect of the allocation and use of
monies in the Bond and Interest Redemption Fund, due recognition shall
be given as to priority rights, if any, between different issues or
series of outstanding bands.
•••
3. Surplus Fund. Revenues remaining in tha Receiving Fund.
at the end of any fiscal year after all periodic transfers have been •
made therefrom as above required, shall be deemed to be surplus and.
may be left in the Receiving Fund or may be transferred to a fund
to be designated "Surplus Fund." Monies in the Surplus Fund from
time to time may be transferred to one or more of the foregoing funds
or may be used for any purpose connected with the Oakland-Pontiac
Airport ineluding- the reempt 4.0r n- prci-,FIF;o: of bonds: provided, how(,.1
that if at any time there shall exist any default in making any periods
trzmcfer to any 017 the ah0w, inntlon!.-1 funds, then such cfitult
rectified so far as possible by the transfer of monies from the Surplus
Fund. If any such default hc1 exzt aL to more than one fund at any
one time, then such transfers shall be made in the order in which such
funds arc listed above.
No disbursements shall be made from said Receiving Fund
except to tho special funds as above p:ovided.
Secton 15. In the event that monies in the Receiving
,azo inficnt to prcvir: fr)r the c=ent requirements of the • -9-
Operation and Maintenance Fund or the Bond and Interest Redemp-
tion Fund, any monies and/or securities in other funds of the
system. shall be transferred, first, to the Operation and Mainten-
ance Fund, and second, to the Bond and Interest Redemption Fund,
to the extent of any deficits therein.
' Section 16. All monies in the several funds of the '
system except those in the Bond and Interest Redemption Fund,
shall be deposited with the Michigan National sank - Oakland
Allmonies from time to time in the Bond and Interest Redemption
Fund (including reserve monies) shall be kept on hand with a bank
or trust company at which the principal and Interest on the -
herein autherized bonds are currently payable- Monies in the
Receiving Fund, in the Operation and Maintenance Fund, and in the
Surplus Fund, may be kept in one bank account, and the monies in
that bank account shall be allocated on the hooks and records of
the system to reflect the balance in the Funds established pursuant
to this ordinance. Monies in the Bond and. Interest Redemption
Fund shall be kept in a separate depository. account. Monies in
the several funds of the system may be invested in United States
Government obligations in accordance with the provisions of
Section 24 of Act No. 94, Public Acts of Michigan, 1933, as - -
amended.
Section 17. The county hereby covenants and agrees
with the holder or holders, from time to time, of the bonds
herein proposed to be issued, that it will punctually perform all
duties with reference to the system and said bonds required by
the constitution and laws of the state of Mich5.gan and by this
orr:,inance; that it will ecquire tb.c project in substantial
-in-
• atcordance with the specifications therefor, and will have the
same in operation on or before the first day of July, 1978; that
t will not sell, lease, mortgage or in any manner dinpose of the
system, or any substantial part thereof, until all bonds payable
from the revenue's thereof shell have been paid in full. The
county further covenants and agrees with the holders of said
bonds that it will maintain insurance on the syStem for the
benefit of the holders of said bonds in an amount which usually
would be carried by private comoanies engaged in a similar type
of businesii that it will prepare, keep and file such records,
' statements and accounts as may be re quired. by Act No 94, Public
Acts of Michigan, 1933, as now or hereafter amended; that it will
promptly file with the original purchasers of said bonds a copy
of each annual statement which it is recLuIred to file with the
Municipal Finance Commission; and that it will furnish a copy of
the foregoing statement to any bondholder upon payment of the
actual cost of such copy.
Section 18. While any of the bonds herein authorized
to :Do issued shall be outstanding, no additional bonds payable
from the revenues of the system shall be issued which shall have
a prior or equal standing therewith, except as hereinafter
provided. The county shall hv‘L thu right to isnue ade.itlonal
b=ds of equal standing in a sul- not to exceed One Hundred, Thousand
Dollars ($100,000) for the coplejon'of the project herein
described in the event the bonds herein authorized shall prove to be
insufficient therefor.. The co7.inty shall have the right to issue
acfo:lit,onal bonds payable frc tne net revenues of the systcm,
wnLch bonds when issued 1;7 ' em;al stan6ing with the bonds
herein authorized: provided that no such additional bonds of .
equal standing shall be issued unless (a) the average net revenues
for the then last two precedi7Lg fiscal years or the net revenues
for the then last preceding fiscal year, whichever shall be the
lower, plus (b) 50% of the lowest estimated additional net
revenues to be derived from the improvements, enlargements and
extensions to be financed by such additional bonds, in any fiscal
year beginning with the first full fiscal year following the date
of completion thereof as fixed in the ordinance authorizing such
additional bonds, shall be equal to at least 150% of the largest
amount of principal and interest thereafter maturing in any
fiscal year on al bonds then . outstanditig which are payable from
the revenues of the system and on such additional bonds then
being issued. Such additional net revenues shall be estimated by
a qualified person who shall be selected by the County Airport
Committee hut who shall not be a regaar officer or ewployee of
the county. The selection of such person shall be subject to
d,i_napproval by the Hunicipal Finance Commission. No such addition-
al bonds shall be issued if the Conty shall than be in defaulT.
in making any payments to the Operation and Maintenance Fund or
the Bond and interest Redemption Fund. Permission by the Municipal
Finance Commission of the State of Michigan (or such other state
co=ission or agency as shall n,1%.; jur!.sdietion.ovor the issuance
of muniolpal bonds) to issue such additional bonds shall con-
,:4tuLc a conclusive presunticn of tho existence CE conditions
pe=itting the issuance thereo f .
Section 711. The bcni and attached coupons herein authoriz
'oe issued, shall bc: s.J.CliLniaLly in the following to=, to-wit:
- •
•
ST2".= 0:2
.V,T2 OF •
COUNTY OF 0AL.n.ND
ouLAND-p0HTIAC A:TTOay
T-IiRNCAR. iti;vUE, BOND
r $5,0c0
KNOW ALL MEN BY THLSE P.R.ESNTS, that the County of Cakland,
Michigan, hereby acknowledges that it is indebted and for valz:e re-
ceived promises to pay to the bearer hereof (or if this bond be re-
gistered, to the registered holder hereof) the sum of
FIVE THOUSArD DOLLARS
On the first day of January, A.D. 19 , and to pay interest thereon
at the rate of per centum ; %) per arm= from
the date hereof until paid, said interest being payable on January If
157S and thereafter semi-annually on the _first days of January and
July in each year, which principal and interest are to be pai.d solely
out of the revenues hereinafter specified. Both principal and intereSt ._
are payable in lawful money of the United States of America at
in the City of -
upon presentation and surrendQr of this bond and the coupons nereto
attached as they severally mature.
This bond is one ,of a series of bonds Of like date and tenor
e4cept as to maturity , numbered consecutively
in the direct order of t -:leir maturities Irem 1 to 142, both inclusive,. -
agsregating the principal sun of Sovo:-.. Eundred Ten Thousand Dollars
(710,000) issued by said County of Oa'r;land under and pursuant to and
in full conformity with the Constitution and Statutes of the State of
/.:ichigan (especially Act No. 94,PuhJo Acts of Michigan, 1933, as
amendnd)
and Ordinance No. duly adopted by the Board of
Comissichers of the County of Oakland on the day of r
1D77, for the purpose of defraying the cost of extending the Oakland
Pontiac Airport T-Hangar Sy..5tcm by the aerauisition of 55 new 1.-Hangars
This bond is a self-1jTuidating revenue bond, is not a . .
c:cL:or.1 oligation of 'z.he county, and does not constitute an indebted-
ness of the county, within any centiLv:tional or :;tatutory
The principal of and interest on the bonds of this series are payable
solely from the revenues of said Oakiand-Pontlac Airpor-t T-Hanger Syn-
tem, including future improvements, enlargaments and extensions thereof,
remainin ,J. afte.:- deducting the reetsonable expenses of the administration,
opezation and maintenance of the tho payLnt of 1-)oh
of ztna .i_ntest on the bond's. L:1C on any additional 'onds of
eeuei standny which rtay be 2,5cud p .arui.ult to the terms of said ordi-
nance, is secured by a statutory first lien on suela net revenues.
•
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/-
The bonds of this series turine le the years 1985 through
19D1 are subject to redemption prior to meturity at the option of
the county, in inverse numerical order, on any one or more interest
payment dates on and after January 1, 1984. Each bond called for
redemption shall be redeemed at the par value thereof and accrued.
interest, plus a premium in aceerdance with the following schedule,
to-wit:
3% of the par value of each bond called to be redeemed on or
after January 1, 1984 but prior to January 1, 1987
2% if called to be redeemed on or after January 1, 1987 but
prior to January 1, 1989
1% if called to be redeemed on or after January 1, 1969 but
prior to January 1, 1991.
Thirty days notice of redemption shall be given by publica-
tion at least once in a newspaper or publication circulated in the
State of Michigan, which carries as part of its regular service,
notices of the sale of municipal bonds, and in the case of registered
bonds thirty days notice shall be given by mail to the registered. .
holder at the registered address Bonds so called for redemption
shall not bear interest after the date fixed for redemption, provided
funds are on hand for the paying agent to redeem the same. - - -
The County of Oakland hereby coevenaets and agrees that at all
times while any of the bonds of this issue shall be outstanding it
will maintain such rental charges for the T-Hangars of the system as
shall be sufficient to provide for the payment of the expenses of
administration and operation of the system and such. expensesfor the
maintenance thereof as may be necessary to preserve the same in good
repair and working order; to provide for the payment of the interest
upon and the principal of all bonds payable therefrom, as and when the
same become due and payable, and for the creation of a reserve in the
bond and interest redemption fund as reelred in said ordinance; and
to provide for such other expendeturee and funds for the sy&tcm as are
required by said ordinance. Rates Ehall be fixed and revised from
teee to time so as to produce the feeeoing aeouets.
This .bond may be registered as to principal only in the name
of the holder on the books of the principal paying agent, and such
reetstretion noted or the back hereof by an official of said paying -
agent and thereafter no tranefer ehele be valid unless made upon the
said books and likewise noted on the back hereof. Transferability by .
delivery may be restored by registrezion to the bearer. Negotiability
of the interest coupone shall no be aeCeeed by registration.
It la hereby certified, recited and declared that all acts,
cone:tient; end thing reqiee te ar-d be pe,ctormed,
precethant to and in the issuanee of the •p•-:s of this series, existed,
have happened and have been performee in due time, ferm and manner ae
- required by law.
IN WITNESS WHEREOF, the County of Oakland, Michigan, by its
Beard of Commissioners has eaused thes bone to be signed and in its
eeee by the Chairman of the Beare of Ceemiesichees, and countersiened.
by the County Clerk, and its corporate seal to the affixed hereto, and
hr, eaased the annexed intres11 co -Jpon:=; to be e:•:ecuted with the
or the of the Board of Commiesioners
Ckrir: CowlLy w; of :1":1 July, A. D. 1977.
•
• Countersigned:
By
County Clerk
Lynn 3. AI len
CO-JNTY OF OLKL.kND
By -
Chairman of the Board
of Commissioners
Wallace F. Gabler
(COUPON)
Number
On the first day of - A.D. 19 , the County of
OaVLand, Michigan, will pay to the bearer hereof the sum_of
Dollars, lawful money
of the Uaited States of America, at the
, in the City of
same being the interest due on the day on its Oakland-Pontiac Airport
T-Hanger System Revenue Bond No. , dated July 1., 1977- This
oopon is not a general obligation of the county, is payable solely
from certain revenues as set forth in the bond to which this coupon
pertains, and is subject to the roLtmption provisions ia said bond.
County Clerk Chairman of the Board
of Commissioners
REGISTRY
In Whose 17eme Registered Dote of Registration signature of Official
Paying Agent
• -1;1".••
Section 20. The proceed:3 of the sale of the bonds herein
authorized to be issued, shall be deposited in Michigan National Bank-
Oakland: provided that any portion of said proceeds, which from time -
to time is not required for immediate disbursement may be- invested in
United States Government obligations upon authorization by the County
Airport Committee. From said moneys there shall first be transferred
to the Bond and Interest Redemption Fund, any premium and accrued
interest paid to the county by the purchaser of said bonds. The
balance of such proceeds shall be solely to pay the cost of the
project and any engineering, legal and other expenses incident thereto,
and shall be paid out only upon authorization of the County Airport
Committee: provided, that said County Airport Committee shall not
authorize the payment of any such moneys fog construction -work until -'
there shall have been first filed with it by the engineer in charge of
such work, a written statement to the effect that the sun so to be
paid is in full or partial payment of a contract obligation in connection
with said project_ and that the county has received the consideration
for such payment. Said statement of the engineer shall also show the
amount of construction estimates which have been theretofore approved
by him for payment and the amount of the balance which will be required
for the completion of the project.
Section 21. The said Oakland-Pontiac Airport T-Hangar
System Revenue Bonds shall not he issued until the _Municipal PinaiLce
CoT7zlission of the State of Michigan has approved such issuance, and
the County Treasurer is hereby auELh(.17ized and directed, to make appli-
cation to said commission for such approval.
Section 22. Any unexpended balance of the proceeds of the
sale of the bonds horein authorized, re,maining after the coT,pletion
of the project, may be the extent of One Hundred Thousand Dollars
($10:7:2 000) be used for tne imcrovement, enla,gement end/or extension
of the system, if such use shall be approved by the Municipal Finance
Commission, and any remaining balance shall be paid immediately into
the Bond and Interest Redemption Fund and the same shall he used only
for the redemption, or purchase at not more than the fair market value,
of said bonds. Any bonds so acquired by redemption or purchase shall,
be canceled and shall not be reissued.
section 23. This ordinance shall be recorded in the minutes
of the meeting of the Board at which it was adopted, as soon as
practicable.efter its passage, which record shall be authenticated by
the signatures of the Chairman'of the Board of Commissioners and the
County Clerk of the County, and shall be published once in the Oakland
Press, a newspaper of general circulation within the county. Viis
ordinance shall become effective immediately upon its adoption.
Section 24. If any section, paragraph, sentence, clause or
phrase of this ordinance shall be held invalid, the same shall not
affect any other part of this crLinance.
• Section 25. All ordinances and resolutions or parts there-
of, insofar as the site may be in conflict herewith, are hereby
repealed.
County Clerk Chairman of the Board
Cf colls%lici!:,-Ir!,;
•