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Ordinance No. 77-12 . e CITY OF TIGARD, OREGON ORDINANCE: NO. 77---La. - AN ORDINANCE ADOPTING, RATIFYING AND CONFIRMING ALL PROCEDURES AND DETERMINATIONS HERETOFORE MADE WITH RESPECT TO THE "SOUTHWEST HUNZIKER STREET IMPROVEMENT DISTRICT" AS SET FORTH IN PRIOR ORDINANCES AND RESOLUTIONS OF THE CITY COUNCIL OF TIGARD, AND 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. 75-1 duly enacted under the date of January 13, 1975 (a copy thereof being attached to this docsment and by this reference made a part hereof) , declared its intention to improve a certain area, as in said ordinance described, by the construction of street improvements, that area commonly known as and hereafter referred to as 'The South- west Hunziker Street Imrpovement District;" and WHEREAS, after due and legal notice, hearings and pro- ceedings as by law required, the City Council of Tigard caused to haveprepared by the City's Engineers plans, specifications and estimates of said improvements, and the same having been duly adopted and a contract let for the completion of the work, and the install- ation of said improvements having been fully performed and the total final costs thereof determined to be the sum of $213,200.00, which sum was apportioned, spread and assessed against the real property within the boundaries of the said district; and WHEREAS assessment rolls, both with respect to the prelim- inary estimated costs of said improvements and with respect to the final costs, were duly prepared by the City's Engineers, and the total assessment, including the preliminary assessment and the final assessment, was duly adopted by the City Council of Tigard, and was apportioned and assessed against each property within the distri ci-• and WHEREAS all remonstrances were disposed of and the said assessments have been duly entered in the lien docket of the City, and the City has received applications in the total sum of $177,395.80 from the various owners of property assessed pursuant to this pro- ceeding, and which applications the owners asked .for permission to pay the assessments on an installment plan; and WHEREAS it is necessary to issue improvement bonds pur- suant to the provisions of the Bancroft Bonding Acts to provide for payment of the remaining cost of said improvements; and Page 1 Ordinance No. 77-_,/2�_y r WHEREAS the area compirsing the assessment district known as "Southwest Hunziker Street Improvement Districts is described on the attached sheets designated "Exhibit A;" and WHEREAS Ordinance No. 77-2, passed by the Council on the 10th day of Janaury, 1977, failed to provide that publication of the notice of bond sale should be made in the Daily Journal of Commerce, Portland, Oregon, as well as the Tigard Times; and WHEREAS that Ordinance was in certain other respects less favorable to the interests of the City of Tigard in marketing its bonds than the Council had intended, NOW, THEREFORE, THE CITY OF TIGARD ORDAINS AS FOLLOWS: Section 1. All proceedings conducted by the City Council with respect to all matters, conditions and actions prece- dent to the apportionment, spread of assessment, and assessing of the cost of installing said improvements with the Southwest Hunziker Street Improvement District as described above, be, and the same are, hereby adopted, ratified and confirmed by the City of Tigard. Section 2. Ordinance No. 77-2 is hereby repealed. Section 3. The City of Tigard, Oregon does hereby authorize the issuance and sale of general obligation improvement bonds, Series 12 , of the City of Tigard, Oregon, in the amount of $1771395. 80, to be dated April 1, 1977, to be numbered consecu- tively from l to 18 in denominations of $10,000.00 each, except e Bond No. 1, which shall be in the amount of $7,395.80, to bear inter-- est payable semiannually on April 1 and October 1 of each year and to mature serially in numerical order as follows: Bond No. Maturity Date Amount 1 April, 1979 7,395.80 2 April, 1980 10,000.00 3 April, 1981 10,000.00 4 April, 1982 10,000.00 5 April, 1983 10-000.00 6 April, 1984 10,000.00 7 April, 1985 10,000.00 H 8 April, 1986 10,000.00 9 April, 1987 10,000.00 10 April, 1988 10,000.00 ` 11` April, 1989 10,000.00 ,., 12 April, 1990 10,000.00 13 April, 1991 10,000.00 "` Page 2 - Ordinance No. 77- !�z, _Bond No. Maturity Date Amount I4 April, 1992 10,000.00 15 April, 1993 10,000.00 16 April, 1994 10,000.00 17 April, 1995 10,000.00 18 April, 1996 10,000.00 Section 4. Each of the bonds shall be personally signed with the manual signature of the Mayor in office on the data of execution of such bonds; each of the bonds shall be attested in like manner by the Recorder in office on such date; the coupons appertain- ing to the bonds shall be executed with the facsimile signatures of such Mayor and Recorder; and each of the bonds shall be registered in the improvement bond register by the Recorder of the City of Tigard, Washington County, State of Oregon. Section 5. The City has assessed the cost of public improvements to benefited properties and all moneys collected therefrom shall be placed in Bancroft Bond redemption fund and applied to the payment of principal and interest on these bonds. The full faith and credit of the City are also pledged to the successive holders of each of the bonds and of the interest coupons appertaining thereto, for the punctual payment of such obligations, when due; and the City shall levy annually, if required, a direct ad valorem tax upon all of the taxable property within the City in sufficient amount, after taking into consideration discounts taken and delinquencies that may occur in the payment of such taxes, to pay the bond and bond interest obligations promptly as they respectively mature; and the City covenants with the holders of its bonds to levy such a tax annually as required during each year that any of the bonds, or of bonds issued to refund them, and bond interest obligations, are outstanding. Section 6. The bonds and the coupons attached thereto shall be in substantially the following form, the terms of which are hereby adopted: UNITED STATES OF AMERICA STATE OF OREGON COUNTY OF WASHINGTON ' CITY OF TIGARD GENERAL OBLIGATION IMPROVEMENT .BOND SERIES 12 $10,000. 00 No. The City of Tigard, in the County of Washington, state of Page 3 - Ordinance No. 77-/a Oregon, acknowledges itself indebted and for value received hereby promises to pay to bearer on the first day of April, 19 , the sum of $10,000.00 with interest thereon from the date hereof at the rate of percent per annum, on the first day of April and the first day of October in each year until maturity, upon surrender of the annexed interest coupons as they severally mature. The principal of and the interest upon this bond are payable in lawful money of the United States of America, at the office of the Treasurer, City of Tigard, Oregon. This bond is one of a series aggregating $177,395.80, numbered from 1 to 18, both inclusive, authorized and issued by the City of Tigard, Oregon, pursuant to Oregon Revised Statutes 223.205 to 223.295, inclusive, commonly known as the Bancroft Bonding Act, and are general obligations of the City. It is hereby certified, recited, and declared that all conditions, acts, and things required to exist, to happen, and to be performed precedent to and in the issuance of this bond have existed, have happened, and have been performed in due time, form, and manner as required by the constitution and statutes of the state of Oregon; that the issue of {f this bond is a part, and all other obligations of the City, are"within every debt limitation and other limits prescribed by such constitution and statutes; and that the City has provided for the levying annually of direct ad valorem tax as required upon all property within the City so taxable for its purposes, in sufficient amount to pay the interest on tr and the principal of the bonds of such issue, as such obli- gations respectively may become due and payable. IN WITNESS WHEREOF the City of Tigard, Oregon, has caused this bond to be signed by its Mayor and attested by its Recorder, the annexed interest coupons to be executed with the facsimile signatures of such officers, and the seal of x the City to be affixed hereto this day of , 1977. CITY OF TIGARD, OREGON By: Mayor ATTEST: By. _ Recorder Page 4 Ordinance No. 77- /d_ FORM OF BOND COUPON No. On the first day of April, 19 , the City of Tigard, State of Oregon, upon surrender of this coupon at the office of the Treasurer of the City of Tigard, Oregon, will pay to bearer the sum of Dollars ($ ) , in lawful money of the United States of America,--for interest then due on its general obligation improvement bond, Series 12 , dated 1977, and bearing No. CITY OF TIGARD, OREGON By: May ATTEST: By: R ce order —' Section 7. The Recorder shall cause to be Published Times, a newspaper of general circulation printe the Tigard published in the City of Tigard, County of Washington, Stated ofnd Oregon; and in the Daily Journal of Commerce, Portland, Oregon, notices of proposed sale of the bonds asprovided by law, in the r form substantially as shown on Exhibit "B." reto by this reference incorporated herein, specifying hthat ed esealedna bids will be received by the city up to and including the hour of 2 O'clock p.m. on the 22nd day of February, 1977, and that immediately thereafter bids received will be publicly opened by the Council for the sale of the bonds, at not less than the par value thereof (or 98 percent of par value) and the accrued interest thereon, at an interest rate or rates in multiples of 1/8 of one percent or 1/20 of one percent, not exceeding a net effective rate of 7 percent per annum, payable semiannually on April 1 and October l; that the bids shall be accompanied by a cashier's check or certified check, of or upon a bank doing business in the State of Oregon, in the sum of $3,600, 00 to be forfeited to the City in case the bidder fails to complete his purchase ire accordance with the terms of his be unconditional except as to qualification of bid; that bids must approval of validity of the bond issue by bond attorneys; that bids ` must show the total cost of the bond issue to the City, interest, less premium offered, including if any, provided the bid be accepted that the bonds will be sold to the bidder whose bid will result in ', Page 5 - Ordinance No. 77- _ the -Lowest net interest cost to the City; and that the City Council reserves the right to reject any or all bids. Section 8. It is hereby declared that an emergency exists and ,at it necessary for the immediate preservation of the peace, health, and safety of the City of Tigard, Oregon, that this i 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 for the payment of the obli- gations arising out of the Southwest Hunziker Street Improvement E_ District. i t vote PASSED: By the City Council by of all Council membersp resent, after being read three times by number and title only, this 2� day of January, r 1977. _Y_ i g Recorder - City of Tigard SIGNED: By the Mayor, this &Z_ day of January, 1977. Mayor - City of Tigard r ATTEST: CSS-yt.t.o '' Recorder City of T and t a; Page 6 Ordinance No. 77- CITY OF TIGARD, OREGON ORDINANCE No, 75 - AN ORDINANCE CONFIRMING AND RATIFYING THE RESOLUTION OF THE CITY COUNCIL OF DECEMBER 9, 1974 WITH RESPECT TO THE "STREET IMPROVEMENT DISTRICT No. 1,20.2 (S.W. HUNZIKER STREET)'-, � APPROVING, RATIFYING AND ADOPTING PLANS, SPECIFICATIONS AND ESTIMATESTOR STREET IMPROVE- MENTS, DECLARING RESULTS OF NEARING HELD WITH RESPECT THERETO, DIRECTING SOLICITATION OF BIAS FOR CONSTRUCTION OF SAID IMPROVEMENTS, PROVIDING FOR THE MAKING OF SAID IMPROVEMENTS, AND DECLARING " EMERGENCY. THE CITY OF TIGAPD ORDAINS AS FOLLOWS; - r Section_ l: The Council of the City 'ofTigard finds that a resolution was duly passed by the Council at its regular meeting of December 9, 19740 a copy whereof j is hereto attached and by this reference made a part hereof to the same legal force I and effect as if set forth he-rein in full, by the terms of which the boundaries of a proposed street improvement assessment district were described and the Council declared , its intention to make the improvements as therein described; and by the terns of said resolution a hearing was duly,called to be held for the purpose of affording an opportunity to any parties aggrieved by, the proposal to make objections or remonstrances to the proposed improvement. Section 2: The Council finds that pursuant to said resolution, due and legal notice of said hearing (including the locational change of place) was given by publication in the Tigard Times for'two consecutive publishings on January 2nd & 9th, 1975 prior to said hearing. Section 3: The Council further finds that said hearing was duly and regularly called to order and held in the Administration Offices of Charles F. Tigard Grade School, 13137 S.W. Pacific Highway, Tigard, Oregon on January 13, 1975 at the hour of 8:00 P.M. Whereat all interested persons appeared and were heard, and alI written remonstrances received by -the City Recorder up to and at the time of the hearing were read and ordered to be made a part of the record. Section 4: The Council finds that all objections and remonstrances as thus presented . prior to and at the hearing, represent less than 66 2/3% of the owners of the property in the area within the improvement assessment district and that the percentage of remonstrance is rot a bar to further proceedings in the making of said improvements; And the Council further finds that all proceedings to date have been in conformity with Sections 223.387 and 223.389 Oregon Revised Statutes and Tigard P;unicipal Code- Title 13 of ttie City of Tigard, and that all proceedings were duly and regularly conducted thereunder and are hereby approved, ratified and confirmed. Section 5: That said remonstrances and objections to the proposed improvements be, and the same are hereby, overruled, and the City Council be, and it is' hereby, deemed to have acquired jurisdiction to order the proposed improvements to be made, and that the boundaries as described in said Resolution of December 9, 1974 and as described on "Exhibit A" hereto attached and by this reference made a part hereof, are hereby adopted and fixed as the boundaries of the said improvement assessment district to be benefited and assessed. Section 6: That the City Council, having acquired jurisdiction to order the improvements to be made, does hereby authorize and direct the construction of improvement within the boundaries of said "Street Improvement District No. 1.20.2 (S.W. Hunzike'r Street)" in conformity in all reasonable particulars with the plans and specifications by said Resolution adopted and hereby ratified and confirmed, with the following exceptions if any: AJ! /A/ F.q.vpit FXYFY%!D/..'S •2 1 t Section 7: That the City Administrator and the City Engineer be, and they 'are hereby directed to immediately .invite proposals for the concscructions of said improvements by publication in the Tigard Times in not less than two consecutive issues. The first publication to be not less than ten (10) days prior to February 27, 1975 at the hour of 4:00 P.M., which date and time is hereby designated for the opening of- bids fbids in the Tigard City }{all, 12420 S.W. Main Street, Tigard, Oregon, all proposals to be then and there publicly read. Section 8: Inasmuch as it is necessary to the peace, health and safety of the peopU of the City of Tigard that the said improvements be constructed with the least possible delay, an emergency is hereby declared to exist and this ordinance shall be effective upon its•passage by the Council and signature by the Mayor. PASSED: By the Council, by unanimous vote of all Council members present, after being read three times by title and number this 13 day of _January , 1975. /s/ Doris Hart-ig City Recorder - City of Tigard APPROVED:. By the Mayor this 13 day of January 1975. /s/ Wilbur A. Bishop Mayor - City of Tigard i 44 PAGE 2 - ORDINANCE No. 75 CITY OF TIGARD, OREGON RESOLUTION No. 74-1 DECEMBER 9, 1974 RESOLUTION OF THE TIGARD CITY COUNCIL DECLARING AN INTENTION TO CONSTRUCT CERTAIN STREET IMPROVEMENTS WITHIN AN AREA DETERMINED TO BE A STREET IMPROVEMENT ASSESS- MENT DISTRICT, TO BE KNOWN AS "STREET IMPROVEMENT DISTRICT No. 1.20.2 (S.W. HUNZIKER STREET)"; DESCRIBING THE PROBABLE TOTAL COST THEREOF; DEFINING THE BOUNDARIES OF THE DISTRICT `t0 BE BENEFITED AND ASSESSED; APPROVING AND ADOPTING PLANS AND SPECIFICATIONS FOR THE WORK AND ESTIMATES OF THE CITY'S ENGINEER, AND SETTING A PUBLIC HEARING AND DIRECTING THE GIVING OF NOTICE THEREOF. WHEREAS, the City Council proposes to improve S.W; Hunziker Street, beginning at its intersection with the East right-of-way line of S.W. Hall Boulevard and thence running Easterly 2800 feet more or. less to a terminal point; and WHEREAS, pursuant to Chapter 13.04 of the Tigard Municipal Code the City Council finds it expedient and necessary to order the improvement of the here- inafter described lands by regrading, widening, paving, curbing, construction of storm sewers, the installation of a sidewalk and pursuant thereto the City's Engineer has submitted to the Council plans, specifications and estimates for the cork to be done and the probable cost thereof together with a statement of the lots, parts of lots and parcels of land to be benefited and the apportionment of the total cost of the imp rovenents which each of said lots, parts of lots and parcels of land shall be assessed on account of the benefits derived; and WHEREAS, the Council finds that said plans, specifications and estimates are satisfactory. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF TIGARD as follows: (a) ':rhat the City Council does hereby deem it expedient and necessary, and does hereby declare its intention, to improve the aforesaid portion of S.W. Hunziker Street by regrading, widening, paving, curbing, construction of storm sewers, and the installation of a sidewalk. (b) That all lands situated within the boundaries described on the attached "EXHIBIT A" are determined and declared to be a street improvement assessment district, to be known as "S.W. Hunziker Street Improvement District", and it is further declared that each lot, part of lot and parcel of land within said boundaries will be especially benefited by said improvements, and that the estimated cost of all potential improvements is $187,400.00 and 80% of said cost shall be assessed on an equitable basis against all lands within said improvement district and 20% of said cost shall be borne by the City of Tigard in recognition of a general city-wide benefit. - (c) That the plans, specifications and estimates with respect to the street improver•:ents as sub;nitted by the City's engineers be, and the sa:ae are hereby, adopted and ordered to be maintained on file by the City Recorder for public inspection. (d) That 'Monday, the 130h day of Januarys, 1975„ at the hour of 8:00 P.M., at the new Fowler.,Jr. High Lecture ioorey 108G5'S:a isal 'nut.St�C': Tigard, Oregon, be, and the same are hereby set as the time and place for hearing and considering objections or remonstrances to the proposed improvement by any parties aggrieved thereby. E (e) That the City Recorder be, and she is hereby, directed to give notice by causing to have this resolution published in the Tigard Times, issues of T...avary-2; '1975'and 'J'ai7uary*9;- f975.`-' i (f) Within ten days from the date of the first publication of the notice of this resolution, the owners of 66 213% or more in area of the property.within the boundaries described on "EXHIBIT A" hereto attached, may make and file with the City P.ecorder a written objection or remonstrance against the proposed Improvement. Dated at Tigard, Oregon this '9 day of _ /i, J- .•. 1974. Mayor / ATTEST: Recorder i-/ RESOLUTION No. 74- 6 7 Page 2 v EXHIBIT "A" (Boundary of S.W. Hunziker L.I.D.) That portion of land situated in Sections 1. and 2 of Township 2 South, Range 1 West, Willamette Meridian, Washington County, Oregon, being more particularly described as follows: Beginning at the stone marking the Southwest corner of the Peter Halter 10 acre tract in the W.W. Graham D.L.C, No. 39 in said Section 1; thence iJest 10 feet to a pipe; thence North 340.3 feet to the Southeast corner of that tract of land conveyed to Keith R. Peterson & Carl S_ Spitznagel, by deed recorded in Book 731, on Page 917, in said County's Deed Records; said corner of the Peterson & Spitznagel 2.02 acre tract being the True Point of Beginning of this description; running thence West, along the South boundary line of the said Peterson & Spitznagel tract of land, a distance of 334.7 feet to the Southwest corner thereof; said Southwest corner of the Peterson & Spitznagel tract being ' a point on the East boundary line of that tract of land conveyed 3 to Sam R. Jost et. ux., by deed, recorded in Book 336, on Page 534,= in said County's Deed Records; thence South, along the East boundary line of said Jost tract of land, a distance of 68 feet, more or less-.; to the Southeast corner thereof-; thence West, along the South bourtda___'�_i line of said Jost tract of land, a distance of 330 feet to the Southwest corner thereof; said Southwest corner of the Jost tract being a point on the East boundary line of that tract of land con-• -` _ veyed to L.H. & B. Nichols and F.W. & S. Fields, by deed, recorded in Book 606, on Page 590, in said County's Deed Records; thence South 010 14' 30" :west, along the Fast boundary line of said Nichols= and Fields tract of land, a distance of 940 feet, more or less, to .._. the Southeast corner thereof; said Southeast-corner of the Nichols. -. and Fields tract also being the Northeast corner of that tract of land conveyed to Fred W. & Suzanne Fields, by contract, recorded in Book 933, on Page 75, in said County's Deed Records; thence continuing South 010 14' 30" Vest, along the East boundary line of Said Fred and Suzanne Fieldstract of land a di.stance of 1085 feet, more or less, to the So,-tth:>rly most corner theieof; said Southerly most corn&k. of the Fred & Suanne Fields tract being a paint on thy. Northeast boundary line of the Southern Pacific Railroad Company right-of-c,ay; thence kiorthwesterly, along the P;ortheast right-of-aay boundary line` 3 of said Railroad Company tract, a distance of 2336 feet, more or less, to the Southwest corner of that tract of land conveyed to Georgia Pacific Corporation, by deed, recorded in Book 768, on Page 429, ' in said County's Died Records; thence North 460 50' East, along the Northwest boundary line of said Georgia Pacific Corporation tract of land, a distance of 195.5 feet to the most Southerly corner of that =" tract of land conveyed to Western Foundry Company, by deed,-recorded in Book706, en Page 311, in said County's Deed Records; thence Forth 410 46' 1-;est, along the Southwest boundary line of said Western Foundry Company tract of land, a distance of 613.80 feet to the most Westerly corner thereof; thence North 430 17' East, along the North- West- boundary line of said :western Foundry; Company tract of land, a distance af;350,0 feet to tile. Southerly most corner of that tract of land conveyed to M. Trumbo Com any, by deed, recorded in Book 848, on Page 584, in said Country's Dae Records; thence North 410 46' test, along the South:vest boundary line of said M. Trutnbo Co:rpuny tract o£ t Page 2 land;-'a distance of 300 feet, more or less, to the most Westerly corner. thereof; thence North 480 14' East, along the Northwast .boundary line of said 14. Trumbo Company tract of land, a distance of 358.23 feet to the westerly most Northwest corner thereof; said Ne sterly most Northwest corner of the M. Trumbo company tract of land boing a point on the South boundary line of that tract of land conveyed to E. C. f.unziker, by doed, recorded in Book 215, on Page 193, in said County's Deed Records;. thence North 600 59' gest, along the -South boundary line of said Hunziker tract of land, a distance of 460 feet, more or less, to the Southerly most Southwest corner thereof; thence North 29 01' East 100.0 feet and North 600 59' Iest 162.28 feet to the westerly most Southwest corner thereof; said .;'esterly most Southwest corner of the Hunziker tract of land being a point in the centerline of (60 foot wide) state Secondary Highway No. 141 (S.W. Hall Boulevard); thence North 000 45' West, along the . ., centerline of said State Highway, a distance of 278 feet, more or less,-to a point of intersection with a westerly extension of the .zorth boundary line of LO t 5 of.Knol1 Acres, a subdivision of record . in said County; thence North 89 15' East, along the said extension of the.North line of Lot 5, a distance of 30 feet to the Northwest corner of said Lot 5 of Knoll Acres subdivision; thence continuing; forth-890 15' East, along the North boundary line of Lot 5, a distance of 161.0 feet to the Northeast corner thereof; said North- east rower of Lot 5 also being the Northwest corner of Lot 6 of said ubdivision; thence South 600 59' Last, along the North boundary line_:�f Lot 6, a distance of 80.0 feet to the Northeast corner thereof; said_f7ortheast corner of Lot 6 also being the Northwest corner of Lot 7 of said subdivision; thence continuing South 600 59' East, along the North boundary line of Lot 7, a distance of 66.1 feet to the Northeast corner thereof; thence South 520 53' 08" East, crossing (50 foot wide) S.W. Knoll Drive, a distance of 51.54 feet to the tiorth:vest corner of Lot 5 of Tigardia Terrace, a subdivision of record in said County; thence South 67o 13' East, along the worth boundary line of Lot 5, a distance of 89.0 feet to the Northeast corner thereof; said Northeast corner of Lot 5 also being the North- west corner of Lot 4 of said subdivision; thence continuing South 670 13' !;ast, along the North boundary line of Lot 4, a distance of 84.0 feet- to the Northeast coiner thereof; said Northeast corner 0,`s,Lot 4 alsa.being the North'.aest corner of Lot 3 of said subdivision; thence contiti�,7ing South 670 13' East, along the North boundary line of Tot 3, ;3 a dis-nce of 80.16 feet to the Northeast corner thereof; said North- east-Corner of �t 3 being a point on the, East boundary line of said Tigardia Terrane subdivision; thence North 7.20 47' East, along the :-�ast-boundary line of Tigardia Terrace a distance of 150.0 feet to the initl point thereof; said initial point of Tigardia Terrace being a point_..on the west boundary line of that tract of land conveyed to F.P:. & P. Koning, by deed, recorded in Book 415, on Page 466, in said County's Peed Records; thence continuing North 220 47' East, along the Fast boundary line of said Koning tract of land, a distance of 403.65 g feet to the A:orthwcst corner thereof; said Northwest corner of the q Noning tract of land being a point on the South boundary line of Tigard Road Gardens, a subdivision of record in said County; thence north 820 37' TSest along the South boundary line of Tigard. Road Gardens, a distance of 453.92 feet to the Southwest- corner of Lot 7 thereof; thence: i;orth 130 44' 00" ;,,est, along the Wrest boundary line of Lot 7, a distance of 366.0 feet to the Northwest corner thereof; th-ince. North 830 04' West, along the North boundary line of Lot 7, 3 a distance of 279.5 feet to the Northeast ;corns r clin_Leof; thence South 200 08' East, along the East boundary line n„f hot 7, a distance of 137 feet, more or less, to a point Of.intersection with a ;lesterly extension of the 1,orth boundary line _of. Lot 3 of Tigard Road Gardens; thence North 840 27' 50" _ast, along said extension of the North line of Lot 3, a distance of 41.4 Peet to the Northwest i corner of said Lot 3 of Tigard Road Gardens; thence continuing North 840 27' 5o" East, along the North boundary line of Lot 3, a distance of 216.8 feet to the Northeast corner thereof; said northeast corner of Lot 3 being a point on the West boundary line of unnamed (60 foot wide) dedicated public right-of-way; thence continuing North 840 27' 50" East, along an Easterly extension of the North line of Lot 3 of Tigard Road Gardens, a distance of 62.01 feet to a point of intersection with the East boundary line of said unnamed public right-of-way; thence North 200 10' nest, along the East boundary line of said unnamed public right-of-way, a distance of 57 feet, more or less, to -the Northwest corner of that tract of land conveyed to Lakeside Development. Company, by deed recorded in Book 819, on Page 553, in said County's Deed Records; thence south 830 40' East, along the North boundary line of said Lakeside Development Company tract of .land, a distance of 136 feet, more or less, to a point thereon; thence North 590 10' East, contirnii.ng along the North boundary line of said Lakeside D,_veloprent Company tract of land, a distance of 94.33 feet to a point thereon; thence North 000 08' jest, continuing along the North bo4tidary line of said La?ceside Development Company tract of land, a di-s�-�nce of 158 feet, more or less, to a point of intersection with the=Southwest right--of- way boundary line of State Secondary Highway No::;-144 (Beaverton--Tigard Freeway No. 217); thence Southeasterly along the Southwest boundary line of said State Secondary Highway No. 144, crossing (40 foot '..fide) S.W. Hunziker Street and continuing Southeasterly along said State Secondary Highway No. 144 boundary line, a total distance of 3115 feet, core or less, to the Easterly Most Portheast corner of the aforesaid Keith R. Peterson & Carl S. spitznagal tract of land; thence South 00o 43' 39" West, along the East boundary line of said Peterson and Spitznagel tract of land, a distance of 255 feet, more or .less, to the True Point of Beginning of this !ascription. Containing approri.rjately 1.32.72 Acres. OFFICIAL NOTICE OF BOND SALE $177,395.80 CITY OF TIGARD COUNTY OF WASHINGTON STATE: OF OREGON GENERAL OBLIGATION IMPROVEMENT BONDS SERIES 12 Notice is hereby given that sealed bids will be received on behalf of the City of Tigard, Washington County, Oregon, until 2 o'clock p.m. , on the 22nd day of February, 1977, at the offices of the Recorder of the City of Tigard, Tigard City Hall, 12420 S. W. Main, Tigard, Oregon 97223, at which time they will be publicly opened and announced. The bids shall be considered and acted upon by the City Council at its meeting to be held on March 7, 1977, commencing at 7 o'clock p.m. Pacific Standard Time. ISSUE: ONE HUNDRED SEVENTY SEVEN THOUSAND THREE HUNDRED NINETY-F.IVE AND 80/100 DOLLARS ($7.77,395.80 consisting of 17 coupon bonds in denominations of TEN THOUSAND DOLLARS ($10,000.00) , all dated April 1, 1977, and one bond in the amount of SEVEN THOUSAND T11REE HUNDRED NINETY--FIVE and 80/100 DOLLARS ($7,395.80) , also dated April 1, 1977. INTEREST RATE: Maximum not to exceed a net effective rate of 7 percent per annum, the first interest payment due on October 1, 1977, and semiannually thereafter on April 1 and October 1 of each year. Bidders must specify the interest or rates which the bonds hereby offered for sale shall bear. The bids shall comply with the following conditions: (1) Each interest rate, specified in any bid must be in multiples of 1/8th or 1/20th of one percent not exceeding a net effective rate of 7 percent per annum. (2) No bond shall bear more than one rate of interest, no interest payment shall be evidenced by more than one coupon, and supplemental coupons will not be permitted; (3) Each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bids; (4) All bonds maturing at any one time shall bear the same- rate of interest. MATURITIES; The bonds shall mature serially in numerical order as follows: Page 1 - Official Notice of Bond Sale EXHIBIT "B" f Bond No. Maturity Date Amount 1 April, 1979 7;335.80 2 April, 1980 30,000.00 3 April, 1981 10000.00 4 April, 1.982 10,000.00 5 April, 1983 10,000.00 6 April, 1984 10,000.00 7 T.pril, 1985 10,000.00 8 April, 1986 10,000.00 9 April, 1987 10,000.00 10 April, 1983 10,000.00 11 April, 1989 10,000.00 12 April, 1990 10,000.00 13 April, 1991 10,000.00 14 April, 1992 10,000.00 r 15 April, 1993 10,000.00 16 April, 1994 10,000.00 17 April, 1995 10,000.00 18 April, 1996 10,000.00 REGISTRATION: The bonds will be issued in bearer form with no option for registration. PAYMENT; Principal and interest are payable in lawful money of the United States at the office of the City Treasurer, City Hall, .12420 S. W. Main, Tigard, ,Oregon 97223. PURPOSE: The bonds are issued to provided funds for the improvement of Southwest Hunziker Street in the City of Tigard, a local improvement district. SECURITY: The city has assessed the costs of public improvements to benefited properties and all moneys collected there- from shall be placed in the Bancroft Bond Redemption Fund and applied to the payment of the principal and interest on these bonds. The bonds are also general obligations of the City. The City has covenanted to levy an ad valorem tax annually as required to pay bond principal and interest as they respectively come due. LEGAL OPINION: The approving opinion of Ragen and Roberts, attorneys at law, of Portland, Oregon, will be provided at no cost to the purchaser, and will be printed on the bonds at the expense of the City. TAX EXEMPT STATUS: Interest on the bonds, in the opinion of bond counsel, is exempt from taxation by the United States under the present federal income tax laws and from personal income taxation by the State of Oregon under present state law. Page 2 Official Notice of Bond 'Sale EXHIBIT "B" BEST BID: The bonds will be awarded to the responsible bidder whose proposal will result in the lowest net cost to the City of Tigard. The successful. bid will be determined by computing the total amount of interest which the City would be required to pay from the date of each bond to its respective maturity date at the coupon rate or rates specified in the bid assuming no bonds are called prior to maturity, less premium offered. The purchaser must pay accrued interest, computed on a360--day basis, from the date of the bonds to the date of delivery. The cost of printing the bonds will be borne by the City. DELIVERY; Delivery of the bonds will be made without cost to the successful bidder at such bank in the City of Portland, Oregon, as the successful bidder shall name. Payment for the bonds must be made in federal funds. Delivery will be made within thirty days. FORM OF BID: All bids must be for not less than all the bonds hereby orrdered for sale, and for not less than one hundred percent (100%) (or 98% if discount bids are permitted) of the par value thereof and accrued interest to the date of delivery. Each bid together with bidder's check as herein specified must be enclosed in a sealed envelope addressed to the District and designated 'Proposal for Bonds. " Bids must be received by 2 o'clock p.m. on the 22nd day of February, 1977, at the office of the Recorder of ;Jt the City of Tigard. " BID CHECK: All bids must be unconditional and accompanied by a certified or ^ashier's check on a bank doing business in the State of Oregon for Three Thousand Six Hundred and no/100 Dollars ($3,600.00) payable to the order of the City to secure the City from any loss resulting from the failure of the bidder to comply with s the terms of its bid. In addition, bidders are requested to supply the total interest costs and net effective interest rate, based upon the aggregate interest cost, if its bid be accepted, that the City will pay upon the issue. if the bid is accepted. Such information shall be considered as informative only. Checks will be forfeited to the City as liquidated damages in case the bidder to whom the bonds are awarded shall; withdraw its bid or fail to complete its purchase in accordance with the terms thereof. No interest shall be allowed on the deposit but the check of the successful bidder will be retained as part payment of the bonds or for liquidated damages as F described above, Checks of the unsuccessful bidders will be returned by the City promptly after award of bid_ RIGHT OF REJECTION: The City reserves the right to reject any or all bids and to waive any irregularity. Page 3 - Official Notice of Bond Sale _EXHIBIT "B" 't OFFICIAL STATEMENT: The City has prepared an official i statement relating to the bonds, a copy of which will be furnished upon request to its financial consultant, or to the undersigned. CUSIP: CUSIP numbers will be imprinted upon all bonds of this issue at the issuer's request and expense, An improperly imprinted number will not constitute basis for the purchaser to refuse to accept delivery. NO LITIGATION: At the time of payment for the delivery of said bonds, the City will furnish the successful bidder a certifi- cate that there is no litigation pending affecting the validity of the bonds. Recorder, City of Tigard { Page 4 Official Notice of Bond Sale EXHIBIT "B"