Ordinance No. 81-55 CITY OF TIGARD, OREGON
ORDINANCE NO. 81- S-
AN ORDINANCE AMENDING ORDINANCE NO. 80-98 RELATIN'-' TO THE MC DONALD STREET AREA
SEWER IMPROVEMENT DISTRICT (L.I.D. 425) BY ADDING SECTIONS PERMITTING THE ISSUANCE
OF GENERAL OBLIGATION IMPROVEMENT WARRANTS; DECLARING AN EMERGENCY.
WHEREAS, on the 8th day of December, 1980, the Tigard City Council passed
Ordinance No. 80-98, confirming and ratifying its previous resolutions relating
to the McDonald Street Area Sewer Improvement District; and,
WHEREAS, Ordinance No. 80-98 did not contain a finding concerning the
character of the improvements within the district so as to permit a determination
as to their qualification for financing by general obligation improvement warrants;
and,
WHEREAS, Ordinance No. 80-98 also failed to authorize the issuance of
improvement warrants for the McDonald Street Area Sewer Improvement District;
NOW, THEREFORE,
THE CITY OF TIGARD ORDAINS AS FOLLOWS:
Section 1: Ordinance No. 80-98 is hereby amended by the addition of Sections
Section 5: The Tigard City Council finds that the improvements
authorized to be made in the McDonald Street Area Sewer Improvement District
(L.I.D. #25) are of the character described in ORS 223.205, and that they
therefore qualify for financing by general obligation improvement warrants
pursuant to QRS 287.502 - 287.510.
Section 6: General obligation improvement warrants for the
McDonald Street Area Sewer Improvement District (L.I.D. 425) are hereby..
authorized to be issued in the aggregate amount of $194,400. The
warrants shall bear interest at the lowest rate at which the City can
borrow on the date of issuance and shall constitute a general obligation
of the City of Tigard that shall mature on or before two years after date
of issuance, but not later than July 1, 1983. Warrants shall be retired
as funds are received in accordance with ORS 287.506. The Mayor and City
Recorder are hereby authorized to execute the described warrants in
behalf of the City of Tigard.
Section 2: Inasmuch as it is necessary for the peace, health, and safety of the
people of the City of Tigard that the improvements within the McDonald
Street Area Sewer Improvement District be constructed with the least possible delay,
and the financing for them be arranged with the greatest speed and efficiency
possible, an emergency is hereby declared to exist, and this ordinance shall
become effective upon its passage by the Council and its signature by the Mayor.
PASSED: By the Council, by unanimous vote of all Council members present,
after being read two times by number and title only, this
day of June, 1981.
RECORDER
APPROVED: By the Mayor, this �g�" day of June, 1981.
r�YOR
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