VILLAGE OF ORTONVILLE
OAKLAND COUNTY, MICHIGAN
NOTICE OF ADOPTION OF
RESOLUTION BY VILLAGE COUNCIL
AUTHORIZING EXECUTION OF A CONTRACT PLEDGING THE FULL FAITH AND CREDIT OF THE VILLAGE AND NOTICE OF ELECTION ON THE CONTRACT TO ALL ELECTORS AND TAXPAYERS OF THE VILLAGE OF ORTONVILLE AND OTHER INTERESTED PERSONS:
NOTICE IS HEREBY GIVEN, that the Village Council of the Village of Ortonville (hereinafter sometimes referred to as the ‘Village?) has adopted a resolution authorizing, subject to approval of the Village electors, the execution and delivery of a contract between the County of Oakland (hereinafter sometimes referred to as the ‘County?) and the Village pursuant to the provisions of Act 342, Public Acts of Michigan, 1939, as amended, relative to the acquisition, construction and financing of improvements and facilities comprising the Oakland County Ortonville Sewage Disposal System to serve the Village and parts of the Charter Township of Brandon and the Township of Groveland as more specifically set forth in the contract (the ‘Project?).
PURPOSE OF CONTRACT
The contract has for its purpose and provides for (a) the acquisition and construction of the Project at a total estimated cost of $20,000,000; (b) the increase of the estimated cost under certain circumstances; (c) the payment of all or part of the cost by the Village to the County in annual installments with interest and expenses; (d) the financing of all or part of the cost by the issuance of County bonds in one or more series in the estimated aggregate amount of $20,000,000 (which amount may be increased under certain circumstances); (e) the issuance of notes by the County in principal amount not to exceed $1,500,000 to pay preliminary costs of the Project, which notes shall be payable from proceeds of the bonds; and (f) the pledge of the full faith and credit of the Village to the payment of the amounts due the County as specified in the Contract that shall be sufficient to pay the principal of and interest on such notes and bonds.
VILLAGE’S CONTRACTUAL
OBLIGATION AND SOURCE OF PAYMENT
Each series of bonds to be issued by the County to defray the cost of the acquisition and construction of the Project will bear interest at a rate or rates not to exceed 8% per annum and will mature serially over a period not exceeding 40 years. The full faith and credit of the Village have been pledged in the contract for the making of payments to the County in amounts sufficient to pay the principal of and interest on the notes and bonds as the same shall become due and for the payment of bond service charges incurred by the County. Pursuant to its pledge of full faith and credit, the Village has obligated itself to levy ad valorem taxes on all taxable property in the Village to the extent necessary (i.e., to the extent other funds are not available for such purpose) to enable it to make such payments to the County. Taxes imposed by the Village are subject to constitutional, statutory and charter tax limitations.
ELECTION ON CONTRACT
This notice is given by order of the Village Council to and for the benefit of the electors and taxpayers residing in the Village of Ortonville and any other interested persons in order to inform them that the contract will not become effective until approved by a majority of the electors of the Village qualified to vote and voting thereon at an election to be held in the Village on November 3, 2015.
FURTHER INFORMATION
Further information relative to the subject matter of the contract and this notice, including the description and location of the Project, may be secured at the office of the Village Clerk where a copy of the contract is available for examination during normal business hours.
This notice is given pursuant to the provisions of Section 5b of Act 342, Public Acts of Michigan, 1939, as amended.
Julie Knight, Clerk
Village of Ortonville
Publish in The Citizen 06-27-15