TO ALL ELECTORS AND TAXPAYERS OF THE CHARTER TOWNSHIP OF OAKLAND AND OTHER INTERESTED PERSONS:
NOTICE IS HEREBY GIVEN, that on May 14, 2024, the Township Board of the Charter Township of Oakland 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 Charter Township of Oakland (hereinafter sometimes referred to as the “Township”) pursuant to the provisions of Act 342, Public Acts of Michigan, 1939, as amended, relative to the acquisition, construction and financing of improvements to the Township’s Southwest (SW) Oakland Water System as more specifically set forth in the contract (the “Project”).
PURPOSE OF CONTRACT
The contract has for its purpose and provides for: (a) the study, design, acquisition, financing and construction of the Project at a total estimated cost of $15,000,000; (b) the increase of the estimated cost under certain circumstances; (c) the payment of all or part of the cost by the Township to the County in annual installments with interest and expenses; (d) the financing of a part of the cost by the issuance of County bonds in one or more series in the estimated maximum aggregate amount of $15,000,000 (which amount may be increased if the cost of the Project exceeds the current estimate); and (e) the pledge of the full faith and credit of the Township 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 bonds.
Publish: 5/22/24