May 22, 2013 - VILLAGE OF LAKE ORION
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 RIGHT OF REFERENDUM
TO ALL ELECTORS AND TAXPAYERS OF THE
VILLAGE OF LAKE ORION
AND OTHER INTERESTED PERSONS:
NOTICE IS HEREBY GIVEN, that on May 13, 2013, the Village Council of the Village of Lake Orion adopted a resolution approving and authorizing the execution and delivery of a contract between the County of Oakland (hereinafter sometimes referred to as the "County") and the Village of Lake Orion, City of Auburn Hills, the Charter Township of Independence, the Charter Township of Oakland, the Charter Township of Orion, the Charter Township of Oxford, the Village of Oxford, the City of Rochester, the City of Rochester Hills, the Charter Township of Waterford, and the Charter Township of West Bloomfield 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 Clinton-Oakland Sewage Disposal System Perry Street Diversion Project 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 $24,399,002; (b) the increase of the estimated cost under certain circumstances; (c) the payment of their respective shares of the cost by the Municipalities 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 $24,399,002 (which amount may be increased under certain circumstances); and (e) the pledge of the full faith and credit of the Municipalities to the payment of their respective shares of the amounts due the County as specified in the Contract that shall be sufficient to pay the principal of and interest on such bonds.
VILLAGE OF LAKE ORION'S
AND SOURCE OF PAYMENT
The 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 of not to exceed 7% per annum and will mature serially over a period not exceeding 30 years. The full faith and credit of the Village of Lake Orion have been pledged in the contract for the making of payments to the County in amounts sufficient to pay its share of the principal of and interest on the bonds as the same shall become due and for the payment of bond service charges incurred by the County. The Village of Lake Orion's share of the principal of and interest on the bonds is 1.16%. Pursuant to its pledge of full faith and credit, the Village of Lake Orion has obligated itself to levy ad valorem taxes on all taxable property in the Village of Lake Orion 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 of Lake Orion are subject to constitutional, statutory and charter tax limitations.
RIGHT TO PETITION
FOR REFERENDUM 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 Lake Orion and any other interested persons in order to inform them of their right to petition for a referendum upon the contract. The contract will not become effective until the expiration of 45 days after the publication of this notice. If, within said 45-day period, a petition signed by 10% or 15,000, whichever is the lesser, of the registered electors residing within the Village of Lake Orion is filed with the Village Clerk requesting a referendum upon the contract, the contract will not become effective until approved by a majority of the electors of the Village of Lake Orion qualified to vote and voting thereon at a general or special election.
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.
Arlen M. Nichols, Clerk
Village of Lake Orion
Publish: The Lake Orion Review – May 22, 2013