Ordinance No. 75-41 CITY OF TIGARD, OREGON
ORDINANCE NO. 75 -
AN ORDINANCE AMENDING ORDINANCE NO. 75-31, CORRECTING AN ERROR
IN NAMING THE DATES UPON WHICH INTEREST ON BONDS SHALL BE PAYABLE
WHEREAS the City Council of Tigard, by Ordinance No. 75-31
duly enacted under date of June 9, 1975, a copy thereof heing hereto
attached and by this reference made a part hereof, adopted, ratified
and confirmed procedures relating to the S. W: 115th Street
Improvement District and authorized the issuance of bonds, and
WHEREAS an error in that Ordinance has become apparent
to the City Council,
NOW, THEREFORE,
THE CITY OF TIGARD ORDAINS AS FOLLOWS:
Section 1: Section 2 of Ordinance No. 75-31 is amended by replacing
the words "May" and "November" with the words "August"
and "February," so as to read, in its amended form, as follows:
"Section 2: That general obligation bonds of the City of
Tigard will be issued in serial form and shall
be payable in semi-annual installments, in the total sum of
$57,479.96, said bonds to be dated August 1, 1975, numbered
consecutively from 1 to 58, in denominations of $1,000.00
each, except Bond No. 1 which shall be in the amount of
$479.96, maturing serially in numerical order as follows:
Bond No. Maturity Date Amount
1 August 1, 1976 $ 479.96
2 - 4, inc. August 1, 1976 3,000.00
5 - 7, inc. August 1, 1977 3,000.00
8 - 10, inc. August 1, 1978 3,000.00
11 - 13, inc. August 1, 1979 3,000.00
14 - 16, inc. August 1, 1980 3,000.00
17 - 19, inc. August 1, 1981 3,000.00
20 - 22, inc. August 1, 1982 3,000.00
23 - 25, inc. August 1, 1983 3,000.00
26 - 28, inc. August 1, 1984 3,000.00
29 - 31, inc. August 1, 1985 3,000.00
32 - 34, inc. August 1, 1986 3,000.00
35 - 37, inc. August 1, 1987 3,000.00
38 - 40, inc. August 1, 1988 3,000.00
41 - 43, inc. August 1, 1989 3,000.00
44 46, inc. August 1, 1990 3,000.00
47 - 49, inc. August 1, 1991 3,000.00
50 - 52, inc. August 1, 1992 3,000.00
53 - 55, inc. August 1, 1993 3,000.00
56 - 58, inc. August 1, 1994 3,000.00
Said bonds shall bear interest at a rate not to exceed seven
(7%) per cent per annum payable semi-annually on the first
days Of August and February of each year, as evidenced by
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coupons to be attached thereto. Both principal and interest
upon said bonds shall be payable at the office of the City
Treasurer, City of Tigard, Oregon."
Section 2: 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 t
ordinance become effective on its passage by the council and approval 1
by the Mayor, in order that the credit of the City of Tigard, Oregon,
may be preserved, and to provide funds wherewith to pay the obliga-
tions arising from the improvement of 115th Street.
i
PASSED: By the City Council by %inGf+'tr""Y vote of all
Council members present, after being read three times
by number and title only, this %i!, day of August, 1975.
Re of rder - City o' Ti` d
SIGNED: By the Mayor, this �_ day of August, 14z-
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5�� i ��
Mayor City of Tigard 7
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CITY OF TIGARD, OREGON
ORDINANCE NO. 75
AN ORDINANCE ADOPTING, RATIFYING AND CONFIRMING ALL PROCEDURES j
AND DETERMINATIONS HERETOFORE MADE WITH RESPECT TO THE "S.W.
115th STREET IMPROVEMENT DISTRICT" AS SET FORTH IN PRIOR
P
ORDINANCES AND RESOLUTIONS OF THE CITY COUNCIL OF TIGARD, AND j
l AUTHORIZING THE ISSUANCE OF BONDS PURSUANT TO THE PROVISIONS
OF THE BANCROFT BONDING ACTS, AND DECLARING AN EMERGENCY.
WHEREAS, the City Council of Tigard by Ordinance No. _73-25 '
duly enacted under date of (a copy thereof being
hereto attached and by reference made a part hereof), declared E
its intention to improve a certain area, as in said ordinance
described, by the construction of street improvements, said area
commonly known as and hereinafter referred to as the "S. W.
115th STREET IMPROVEMENT DISTRICT": and
WHEREAS, after due and legal notice, hearings and proceed-
ings as by law required, the City Council of Tigard caused to have 3
prepared by the City's Engineers plans, specifications and esti-
mates of said improvements, and same were duly adopted and a
contract let for the completion of the work, and the installation
of said improvements was fully performed and the total final costs
thereof determined to be the sum of $72,899.20, which sum was
apportioned, spread and assessed against the real property within
the boundaries of said District: and
WHEREAS, assessment rolls, both with respect to the prelim-
inary estimated cost of said improvements and with respect to a
deficit representing the difference between the estimated cost and
the actual cost, were duly prepared by the City Engineers, and the
total assessment, including the preliminary assessment and the
deficit assessment, was duly adopted by the City Council of Tigard,
and was apportioned and assessed against each property within the
District; and
WHEREAS, all remonstrances were disposed of, and the said
assessments have been duly entered in the Lien Docket of the City;
and applications representing the sum of $57,479.96 having been
filed by various owners of property so assessed to be permitted
to pay the assessments on the installment plan; and
WHEREAS, it is necessary to issue improvement bonds pursuant
to the provisions of the Bancroft Bonding Acts to provide for pay-
z
ment of the remaining cost of said improvements; and
WHEREAS, the area comprising said assessment district known
as "S. W. 115th STREET IMPROVEMENT DISTRICT" is described on the
attached sheets designated "Exhibit A";
NOW, THEREFORE,
THE CITY OF TIGARD ORDAINS AS FOLLOWS:
., '
Section 1: That all proceedings conducted by the City Council with
respect to all matters, conditions and actions precedent
to the apportionment, spread of assessment, and assessing of the
cost of installing said improvements within the S. W. 135th Street
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be, and same
are,imprDistrict hereinabove
hereby adoptedratifiedandvdescribed
he
confirmed
areby the Citytof Tigard.
, .
Sertion 2: That general obligation bonds of the City of Tigard k
will be issued in serial form and shall be payable in
semi-annual installments, in the total sum of $57,479.96, said
bonds to be dated August 1, 1975, numbered consecutively from
1, l to 58 , in denominations of $1,000.00 each, except Bond No. 1
which shall be in the amount of $479.96, maturing serially in
numerical order as follows:
Bond No.
Maturity Date Amount
1 August 1, 1976 $ 479.96
2 - 4 Inc. Aubut 1, to 7F 3,000.00
'
5 - 7, Inc. August 1, 1977 3,000.00 8 - 10, inc. August 13 1978 3'000.00
11 - 13, inc. August 1, 1979 3'000.00
14 - 16, inc. August 1, 1980 3,000.00
17 - 19, inc. August 1, 1981 3'000.00
20 - 222 Inc. August 11 1982 3,000.00
23 - 25, inc. August 1, 1983 3'000.00
26 - 28, inc. August 1, 1984 3'000.00
29 - 31, inc. August 1, 1985 3,000,00
32 - 34, inc. August 1, 1986 3'
000-00
35 - 37, inc. August 1, 1987 3'000.00
38 - 40, Inc. August 1, 1988 3'000.00
41 - 43, inc. August 1, 1989 3'000.00
44 - 46, inc. August 1, 1990 3'000.00
47 - 49, Inc. August 1, 1991 3'000.00
50 - 52, inc. August 1, 1992 3'000.00
53 - 55, Inc. August 12 1993 3'000.00
56 - 58, inc. August 1, 1994 3,000,00
Said bonds shall bear interest at a rate not to exceed seven (7%)
per cent per annum payable semi-annually on the first days of May
and November of each year, as evidenced by coupons to be attached
thereto. Both principal and interest upon said bonds shall be
payable at the office of the City Treasurer, City of Tigard, Oregon.
Section 3: All bonds shall be sold at not less than 98% of par
-- value plus accrued interest from date thereof to date
of delivery. All such bonds shall be signed by the Mayor and counter-
signed by the City Recorder of the City of Tigard, Oregon. The
coupon attached thereto shall bear the facsimile signatures of the
said officers of the City.
Section 4: The full faith and credit of the City of Tigard, Oregon,
shall be, and is hereby, pledged to each successive
holder of ch of said bonds for the prompt and punctual
eeapayment of
the principal and interest thereof as and when the same shall be
come due, and the City of Tigard, Oregon, hereby covenants and agrees
with each successive holder of each of such bonds and coupons that
in the event of default in payment of any assessment pursuant to
applications' on file, the City Council of the City of Tigard, Oregon,
will proceed as provided by law to collect all unpaid assessment
liens.
Section $: That all bonds shall be registered in the office of the
-� City Recorder of the City of Tigard, Oregon.
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Section 6: The City Recorder be, and she is hereby, instructed to
advertise the said bonds for sale In the manner pro-
vided by law, by written sealed bids to be opened at 2:00 o'clock
P.M., Pacific Daylight Time, on the 30th day of June, 1975, 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, once each
week for three successive weekly publications in all, the first
publication to be on June 12, 1975. 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, up to 2:00 o'clock P.M. ,
Pacific Daylight Time, on the 30th day of•June, 1975, at the
City Hall, 12420 S. W. Main Street, Tigard, Oregon, for the sale
of general obligation improvement bonds of the City of Tigard,
Oregon, in the amount of $57,479.96, said bonds to be in denom-
inations of $1,000.00 each, except Bond No. 1 in the amount of
$479.96, dated August 1, 1975, and to mature serially in numerical
order as follows:
Bond No. Maturity_Date Amount
1 August 1, 1976 $ 479.96
2 - 4, inc. August 1, 1976 3,000.00
5 - 7, inc. August 1, 1977 3,000.00
8 - 10, inc. August 1, 1978 3,000.00
11 - 13, inc. August 1, 1979 3,000.00
14 - 16, inc. August 1, 1980 3,000.00
17 - 19, inc. August 1, 1981 3,000.00
20 - 22, inc. August 1, 1982 3,000.00
23 - 25, inc. August 1, 1983 3,000.00
26 28, inc. August 1, 1984 3,000.00
29 - 31, inc. August 1, 1985 3,000.00
32 - 34, inc. August 1, 1986 3,000.00
35 37, inc. August 1, 1987 3,000.00
38 - 40, inc. August 1, 1988 3,000-00
41 - 43, inc. August 1, 1989 3,000,00
44 - 46, inc. August 1, 1990 3,000.00
47 - 49, inc. August 1, 1991 3,000.00
50 - 52, inc. August 1, 1992 3,000.00
53 - 55, inc. August 1, 1993 3,000.00
56 - 58, inc. August 1, 1994 3,000.00
Said bonds shall bear interest at the rate or rates to be
determined by the City Council of the City of Tigard, Oregon, at
the time of award, not to exceed seven (7%) per cent per annum,
payable semi-annually: principal and interest to be payable at the
office of the City Treasurer of the City of Tigard, Oregon, at
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 responsible bidder
for not less than 98% of the Dar value plus accrued interest from
August 1, 1975, to date of delivery. All 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 2:00 o'clock P.M., Pacific Daylight Time, on the 30th
day of June, 1975. Each bid shall be accompanied by a certified
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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 or
the Federal Government shall not require such bid deposit.
The legal approving opinion of Rankin, Walsh, Ragen &
Roberts, Attorneys at Law, 620 Morgan Building, 720 S. W.
Washington Street, Portland, Oregon, will be furnished the
successful bidder.
The City of Tigard, Oregon, reserves the right to reject any
and all bids.
Dated at Tigard, Oregon, this day of 1975. .
BY ORDER OF THE CITY COUNCIL
CITY OF TIGARD, OREGON
By: Doris Hartig, Recorder
Section 7: The form of the bond and coupons to be attached
thereto shall be substantially as follows:
UNITED STATES OF AMERICA
STATE OF OREGON
$1,000.00 CITY OF TIGARD No.
GENERAL OBLIGATION IMPROVEMENT BOND
CITY OF TIGARD, OREGON, for value received, hereby
promises to pay to bearer $1,000.00 on the first day of
19 , plus accrued interest thereon at
the rate of per annum, payable semi-annually on the
first days of August and February of each year, to the
bearer upon presentation of the respective coupons here-
to attached as they mature; both principal and interest
to be paid in lawful money of the United States of America
at the office of the City Treasurer, City of Tigard, Oregon.
This bond is one of a series of like date and tenor,
except as to maturity dates, aggregating $57,479.96, num-
bered from l to 58, both inclusive, authorized and issued
by the City of Tigard, Oregon, pursuant to Sections 223.205
to 223.300, inclusive, Oregon Revised Statutes.
It is hereby certified by the City of Tigard, Oregon,
that every requirement of law for the issuance and sale of
bonds have been duly complied with, and that this bond is
within every date and other limitation provided by the
Constitution and the Laws of the State of Oregon, and for
the punt`;ual payment of principal and interest hereof, the
full'faith and credit of the City of Tigard, Oregon, are
hereby irrevocably pledged.
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IN WITNESS WHEREOF, the City of Tigard, Oregon, has
caused this bond to be signed by its Mayor, and attested
to and countersigned by its City Recorder, this 1st day of
August, 1975.
CITY OF TIGARD, OREGON
By: __—
Mayor
Attested and countersigned:
City Recorder _ y
That the coupons to be attached to all of said bonds shall
be in the following form:
Bond No. ^_ Coupon No.
On the first day of , 19 _, CITY OF
TIGARD, OREGON, will pay ta
o bearer in lawful money of
the United States of America, at the office of the
City Treasurer, Tigard, Oregon, $
for six months' interest then due upon its general
obligation improvement bond numbered as above dated
August 1, 1975•
CITY OF TIGARD, OREGON
Attested and countersigned:
By
City Recorder
Section 8: 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, in order that the credit of the City of
Tigard, Oregon, may be preserved, and to provide funds wherewith
to pay the obligations arising from the S. W. Murdock Street
Improvement District.
PASSED: By the City Council by _u nimug rvote of all
- Council members present, aer Senead three times
by number and title only, this _91:h _ day of June, 1975-
RecSrder - City of Tigard
SIGNED: By the Mayor, this -8th - day of June, 1975
Mayor - City of Tigard
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