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11/10/1959 - Minutes ONE HUNDRED 31" TT >>_''COND H,GUI AFt MaaTING TIGARD ',.ATTE DISTRICT TIGARB OREGON NCVEM#3Ea 10, 1959 Present C. Tigard, President, C.1 .Janoe, A.J.Chaves, C.F. Nicoli, A.O.Ames Commissioners, J.P.Lohrens dupt. , C. i.`f:he elock Atty. , and E. Carter Eng. The meeting was opened in the regular manner by the .President. The minutes of the previous meeting were read and approved. C.F. Nicol/ moved, seconded by C.E.Janoe that this Secretary be directed to publish and host notices of election in conformity with the provisions of the code, likewise the Secretary is to have prepared official and sample ballots as approved by statute and that three ladies be designated as judge and clerks of the election. Also that the election shall be held December 7th, 1959, and that the polling :-lees shall be the offices of the Tigard dater District, 8841 S.W. Commercial Street in Tigard Oregon. Also that the poling place shall be open from eight o'clock A.M. to eight o'clock P.M. T'acific J$andard Time. Al ao that immediately at the close of the pole tae hoard of Commissioners shall hold a special meeting to count the ballots and to i issue a certificate of election. The motion carried. C.L.Janoe moved , A.G. Ames seconded that the bills be paid as listed. The motion carried. 5 A.J.Chavez ,loved and C.E.Janoe seconded that the agreement with L.W. Hampton be recorded. One cony for the office file, one for recorder and one for Hamptons. The motion carried. ,.•� . Nicoli moved and G.E. Janoe seconded that the following pri- cedure be adopted, to wits- At 8:00 P.M. ( resident, Curtis Tigard, stated that it was time, in conformity with the published notice, to open the bids received by the District to purchase the #16O,000.00, general obligation bonds authorized by the voters of the District at the neecial bond el.actioa veld September 9, 1959. The first bid opened was that presented by Foster & Marshall, Investment Bankers and Brokers, This bid as read, from which it appeared that the total interest cost to the Tigard Water District is 479 650.00 plus a discount of $3,200.00 which is a arose interest cost of : :t ` . t , and an effective interest rate of 4.3263 per cent interest. 41-ileS0, The next bid opened was that presented by the First National Bank of Oregon. The bid of said bank nae reed, from which it appeared that the net interest cost to the Tigard Water District, ashington County Oregon, is 482,388.50, or an effective rate of interest at 4.302 per cent. The last bid received was that of The United States National Bank of Portland, Oregon: this said bid was then read. It appeared that the -- net interest cost to the District is #83,835.50, and that the affective interest rate is 4.377 per cent. That there ware no other bids received by the District pursuant to the notice of sale. That then and thereupon, each said bide was care- fully considered and it appeared that the most favorable bid for said bonds was that presented by the First National Bank of Oregon. Whereupon, it was roved and seconded as above unanimously: iE$aaVBD: that the Tigard aster District accept the bid of the First National Bank of Oregon in the form presented, to-wits November 10, 1959 Board of Commissioners eand eater District . Commercial Street Tigard, Oregon Gentlemen: ?or ell but no part of $160,000.00 Tigard eater District, i.aash.. ington County Oregon, General Obligation Bonds, to be dated November 1, 1959, to be in den.;.sninations of 11,000.00 each, and to mature as follows: i4.,004 on ;November 1st in the yeark c.,�.... .'. Q 1960 5,000 on 'november 1st in the yep re 1961 and 1962 0,000 on November 1st in the years 1963 and 1961+ 7,000 on November 1st in tre years 1965 to 1967 inclusive' 3,000 on November let in ei.ch of the years 1968 and 19$0 inclusive 9,000 on November 1st in each of the years 1971 to 1974 inclusive 10,000 on :ovember 1st in each of the years 1975 to 1977 inclusive 11,000 on November 1st in the year 1978 12,000 on NovembLr 1st in the year 1979 provided, however, that all bonds maturing. after 'november 1, 1975 .:.drl1 be subject to cs11 and redemption in inverse numerical order on November let 1975 or any interest payment date thereafter; Said hop vs t ; der-r interest as follows: Bonds maturing from 1960 to 1970, inclusive, at the rate of 4f Fonda maturing from 1971 to 1979, inclusive at the rate of 41X4' 44A interest eeyab1.e eeel-annually, May -and November first of each year; Ya L . L"`fit_. :;F X98.64 FOR E`,,,H :1100.00 VA! Ufa B':NDS BID FOR PLUS ACCRUED INni 3T FROM NOVEN r. Rl 1959 TO THE WT7 OF DELITTRY OF THE BONDS TO US IN P ;Tl.^PND, Cr;OTN. Inaccordance withe your advertised Notice of :Bale, we are attaching our Cashier's Check No. 828445 for $3,200.00 to 6e held by y'4u (-Js good faith de:osit. This bid is made for i=t.ediate acceptance and with the under- etanding that we will receive delivery of the bonds within 45 days after their sale, unless delivery date is extended by mutual agreement. Also, we understand we will be furnished with the unqualified opinion of Messrs, Shuler,3ayer, Winfree & Rankin, approving the legality of said issue. Based upon the above bid, the net interest cost to the Tigard stater District& Washington County, Oregonis ; 82,3A .5O or an effective rate of 4,30214 Very truly yours, The First National Bank of Oregon Portland. Associates Pearl ease Assistant Vice President PB/,v FUTHU RE:40LVED: that the $3,200.00 submitted with said bond bid be forthwith deposited to the General Fund of the District; and FUTH :,R RESOLVED: That C.K. Wheelock the Attorney for the District, shall notify and advise the First National Bank of Oregon of the acceptance of its offer to purchase said bonds, and - 4ftimum4„ INCOML It NU, 1, ..bIli : 1 1" 1( T TL'hhi), a1N TR:T')BE0 ,1959 ..... total to INCJAL :;ct. Sept. Date Water 748.70 )115.30 14661.09 motor Install:Aions 325.00 630.00 2445.00 Taxes from County 207.31 - 363.29 Other Incoma 11340 - 1§842_ TOtal Inco . 339 .31 3745.3U i765 .20"tRATING EXPEN3E Supt. Salary and Labor 658.00 983.50 3802.37 3upplias and Expense -73.37 639.93 2343.60 Meters Purchased -30.30 296.60 -75.04 Electric Power 198.69 319.96 1239.21 Truck Operation 26.40 27.15 136.78 Accident Insurance 72.62 -1.82 66.48 Filbert Orchard 9.58 6.00 15.58 Leak Reports - 1.00 4.00 Liability Insurance - 453.75 453.75 Sewer Expense 5.00 5.00 20.00 Machinery Rental - 33.50 613.78 Advertising 52.40 - 61.01 Fire Hall Expense 20.57 - 20.57 Repairs on Truck - 63.45 79.15 Rtpairs and Expense Well ,:l - 4.00 4.00 1".)M 'YL, TING .... 939.59 2833.02 8785.24 AWATI3TRTTVE EX k': ,,F, Clerks Salary 62.85 67.50 263.40 Collactim Commission 27.09 38.76 127.35 Office Supplies and Expanse 57.08 52.39 247.04 Telephone Expense 39.55 32.89 146.90 Accountants Foos 250.00 250.00 Election Expense - 36.00 36.00 Cash Over and Short .05 -2.60 6.70 Social Security 19.43 6.20 89.86 Bookkeepers Salary 90.00 90.00 360.00 Insurance on Fire Hall - - -48.45 Loss on Bad Debts - 6.00 6.00 Total Administrative Expense 269.05 577.14 1484.80 Total 3petatilat ' . Expense 939.59 2833.02 8785.24 T3tal Administrative Lxpense 296.05 577.14 1484.80 Total Expense 1235.64 3410.16 10270.04 Total income 3392.31 3745.30 17638.25 Less Total Expense 1235.64 3410.16 10270.04 Not Gain For Period 2156.67 335.14 7368.21 -....- . DISTJUR:,i1NT DITKICT TIGAliD °MON November 1959 Cash in the bank Nov. 1, 1959 9348.47 Deosits 3555.60 Total 12904.07 Checks charged by the bank 1770.94 Balance 11133.13 Less out utending checks #4050, 4/70, 4251, 4252 141.48 Available for bills 10991.65 ater charges 2623.26 Cubic feet of water metered 753,800 v/ Renters balance 184.00 Tax fund 7679.59 Maintenance fund 4290.80 Bull Mt. fund 238 .65 MEM INSTALLATLAS Amt. Coat Name Meter Material Labor Paid y31 VeR.Lee 30.30 30. 32 20.00 70.00 80.32 932 ..;.M. Craig 30.30 32.70 21.00 70.00 84.00 933 Aloys $chuls 30.30 15.57 15.00 70.00 58.87 934 J. Schwartz 30.30 28.67 17.00 70.00 75.97 935 A. Leriche 30.30 31.27 22.00 70.00 83,57 151.50 136.23 95.00 350.00 382,73 Loss on above installations 32.73 Checks to be approved for payment at the regular meeting of the Commissioners December 8, 1959. Check Payee Purpose Amount 4251 R. T. Sowereby ti :gea 34.31 4252 R. T. : owersbpages 64.97 4253 Wheelock & Richardson Recording deed 2.50 4254 N. R. Crawford Leak resort 1.00 4255 Accident Commission Insurance 7.50 4256 Canceled 4257 Oregon Ty ewr1it r & Recorder Co Repair to tape machine 20.25 4258 Kramers Addressing Co. Addressing 19.90 4259 U.S.National Bank bond & Int payment 3508.12 4260 rott. Gen. klec Co. Power 211.10 4261 Northwest Natural Gas Heat 7.57 4262 Tigard :unitary Hist Server service 5.00 4263 ::3uperette Mkt. Coll. Comm. 24.62 4264 Pacific stationery Stationery 15.82 4265 Meyer Br© Gar^ge Truck expense 2.65 4266 Tigard Times Advertising 5.66 4267 Tigard Lumber Co. Bolts lamps etc. 7.97 4268 Pao. 'pater Wks Sup. Supplies 461.11 4269 Pub. Emp. tet Brd. Social Security 10.60 4270 J.P.Lohrenz Refund on Hwy check 210.00 4271 Verna Mooter Election Expense 8.00 4272 Julia Tigard Election Expense 8.00 /4. 73 Francis Coleman Election Expanse 8.00 4274 E.t .F ropat Salary 84.61 4275 J. %Lohrens Salary 426.18 4276h.14.Pr©pmt Salary 67,,80 . : 4 ©:. ,r. 4277 Postmaster tostage 25.00 4278Wash 711. :;,iv. & Loan Bk. Tax fund 400.00 4279 ::as ;ay. & Loan ilk Maintenance 200.00 4280 H.M.Propst f zpense 12.54 Total 5665.78