2001 - Saginaw County

Board of Commissioners June 26, 2001
3. AUTHORIZATION OF BONDS - PURPOSE. Bonds of the County
aggregating the principal sum of Two Hundred Twenty-Five Thousand
Dollars ($225,000) shall be issued and sold pursuant to the
provisions of Act 185, and other applicable statutory provisions,
for the purpose of defraying part of the cost of acquiring and
constructing the Project.
4. BOND DETAILS. The bonds shall be designated "Water
Supply Bonds (Taymouth Township Water Supply System Improvements),
Series 2001"; shall be dated as of August 1, 2001; shall be
numbered from 1 upwards; shall be fully registered; shall be in
the denomination of $5,000 each or any integral multiple thereof
not exceeding the aggregate principal amount for each maturity at
the option of the purchaser thereof; shall bear interest at a rate
or rates not exceeding 8% per annum to be determined upon the
public sale thereof, payable on May 1, 2002 and semi-annually
thereafter; and shall mature on May 1 in each year as follows:
Year Principal Amount Year Principal Amount
2002 $10,000 2012 10,000
2003 $10,000 2013 10,000
2004 $10,000 2014 10,000
2005 $10,000 2015 10,000
2006 $10,000 2016 10,000
2007 $10,000 2017 15,000
2008 $10,000 2018 15,000
2009 $10,000 2019 15,000
2010 $10,000 2020 15,000
2011 $10,000 2021 15,000
5. PAYMENT OF PRINCIPAL AND INTEREST. The principal of and
interest on the bonds shall be payable in lawful money of the
United States. Principal shall be payable upon presentation and
surrender of the bonds to the bond registrar and paying agent as
they severally mature. Interest shall be paid to the registered
owner of each bond as shown on the registration books at the close
of business on the 15th day of the calendar month preceding the
month in which the interest payment is due (the "interest payment
record date"). Interest shall be paid when due by check or draft
drawn upon and mailed by the bond registrar and paying agent to
the registered owner on the interest payment record date at the
registered address as of said date.
6. BOOK-ENTRY SYSTEM. Initially, one fully-registered bond
for each maturity, in the aggregate amount of such maturity, shall
be issued in the name of Cede & Co., as nominee of The Depository
Trust Company (“DTC”) for the benefit of other parties (the
“Participants”) in the book-entry-only transfer system of DTC. In
the event the County determines that it is in the best interest of
the County not to continue the book-entry system of transfer or
that the interests of the holders of the bonds might be adversely
affected if the book-entry system of transfer is continued, the
County may notify DTC and the bond registrar and paying agent,
whereupon DTC will notify the Participants of the availability
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