Ordinance No. 70-20 CITY OF TIGARD, OREGON
ORDINANCE No.70-a0_
AN ORDINANCE AMENDING ORDINANCE No.70-16 WITH RESPECT TO THE
SALE OF BONDS OP S.W. CANTERBURY LANE IMPROVEMENT DISTRICT, PROVIDING
FOR RE-ADVERTISING AND RESALE OF SAID BONDS AND DECLARING AN EMERGENCY,
WHEREAS, pursuant to Ordinance No.70-16 enacted on May 11, 1970
$45,683.12 General Obligation Bonds of the City of Tigard, being the
bonded assessments of the S.W.Canterbury Lane Improvement District,
were offered for sale and bids received in response thereto were
duly opened on June 8, 1970; and
WREREAS, bids were received from 7irst National Bank of Oregon
at a coupon rate of 6-3/8%, and from United States National Bank of
Oregon at split rates of 6% and 6-1/4%, and an award was erroneously
made to the First National Bank of Oregon, and by reason thereof the
bonding examiners, to-wit: Messrs. Shuler, Rankin, Myers & Walsh,
have declined to approve the sale; and
WHEREAS, both of said offers were contingent upon approval of
said bonding attorneys, NOW THEREFORE,
THE CITY OF TIGARD ORDAINS AS FOLLOWS:
Section l: That the action of the Council heretofore taken on June 8,
1970 awarding the sale of said bonds to the First National
Bank of Oregon, be, and the samo is hereby, rescinded, revoked, can-
celled and annulled, and the bid deposits tendered in connection
therewith are hereby directed to be returned to said bidders.
Section 2: That Section 6 of Ordinance No.70-16 adopted by the Council
on May 11, 1970 be, and the same is hereby, amended to
read as follows:
"Section 6: The City Recorder be, and she is hereby, instructed
to advertise the said bonds for sale in the manner provided by
law, by written sealed bids to be opened at 8:00 o'clock P.M.,
Pacific Daylight Saving Time, on the 6th day of July, 1970 at
the City Hall, Main Street, Tigard, Oregon, notice of said sale
to be given by publication in the Tigard Times, a newspaper of
general circulation, published within the said City of Tigard,
in the issues of June 18 and 25, 1970. The form of notice of
sale shall be as follows:
NOTICE OF BOND SALE
CITY OF TIGARD, OREGON
"NOTICE IS HEREBY GIVEN that written, sealed bids will
be received by the City of Tigard, Oregon, ur, to 8:00
o'clock P.M., Pacific Daylight Saving Time, on the 6th day
of July, 1970 at .the City Hall, 12420 S. W. Main Street,
Tigard, Oregon, for the sale of general obligation improve-
ment bonds of the City of Tigard, Oregon, in the amount of
$45,683.12, said bonds to be in denominations of $5,00.0.
each, except Bond No.1 in the sum of $683.12, dated July 1,
1970, and to mature serially in numerical order as follows!
Page 1 ORDINANCE N0.70- _
Bond No. Maturity Date Amount
1 July 1, 1971 $ 683.12
2 July 1, 1972 5,000.
3 July 1, 1973 5,000.
4 July 1, 1974 5,000.
5 July 1, 1975 5,000.
6 July 1, 1976 5,000.
7 July 1, 1977 5,000•
8 July 1, 1978 53000-
9 July 1, 1979 5,000.
10 July 1, 1980 5,000.
Said bonds shall bear interest at the rate or rates
to be determined by the City Council of Tigard at the time
of award, not to exceed seven (7R) per cent per annum, pay-
alble semi-annually; principal and interest to be payable at
the offtee of the City Treasurer of the City of Tigard,
Oregon, 12420 S. W. Main Street, Tigard, Oregon.
All bids will be opened and publicly read at the time
and place aforesaid and shall be sold to the highest respon-
sible bidder for not less than par value plus accrued intar-
est from July 1, 1970 to date of delivery. A11 bids must be
in writing„ posted, or delivered in hand to be received by
the City Recorder of Tigard, City Hall, 12420 S. W. Main
Street, Tigard, Oregon, on or before 8:00 P.M., Pacific Day-
light Saving Time, on July 6, 1970. Each bid shall be accom-
panied by a certified check on a bank doing business in the
State of Oregon, for not less than two (2%) per cent of the
par value of the bonds hereby offered for sale, except that
any bid of the State of Oregon shall not require such bid
deposit.
The legal approving opinion of Shuler, Rankin, Myers &
Walsh, Attorneys at Law, 620 Morgan Building, 720 S. W. Wash-
ington, Portland, Oregon, will be furnished the successful
bidder.
The City. o£ Tigard, Oregon reserves the right to reject
any and all bids.
Dated at Tigard, Oregon this 15th day of June, 1970.
BY ORDER OF THE CITY COUNCIL
CITY OF TIGARD, OREGON
By: Doris dartig Recorder it
Section 3: That Sections 1, 2, 3, 4, 5, 7 and 8 and each Giereof
of said Ordinance No.7o-16 is hereby ratified, confirmed
and re-enacted to the same legal force and effect as if set forth
herein in full.
Section 4: It is hereby declared that an emergency exists and that
it is necessary for the immediate preservation of the
peace, health and safety of the City of Tigard, Oregon that, this
ordinance become effective upon its passage by the Council and approval
by the Mayor 3n order that the credit of the City of Tigard may be
Page 2 ORDINANCE No.70--,,l.c,
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preserved and to provide funds wherewith to pay the obligations
arising from the 5. W. Canterbury Lane Improvement District.
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PASSED: By unanimous rote of all Council members presertt,thiser
being read three tim15thydaymofrJune,and tl970only,
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Recorder - C tp of m �g d
APPROVED: by the Mayor, this 15th day of June, 1970.
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