Ordinance No. 82-41 CITY OF TIGARD, OREGON /
ORDINANCE No. 82--L—)
AN ORDINANCE AUTHORIZING ISSUANCE OF GENERAL OBLIGATION IMPROVEMENT BONDS
AND DECLARING AN EMERGENCY.
THE CITY OF TIGARD ORDAINS AS FOLLOWS:
Section 1: Authorization. The City of Tigard, Oregon, does hereby
authorize the issuance and sale of General Obligation Improvement Bonds,
Series No. 14, of the City of Tigard, Oregon, in the amount of One
Hundred Eighty Four Thousand Six Hundred Sixty Four Dollars and Thirty
Five Cents ($184,664.35) to be dated September 1, 1982, to be numbered
consecutively from one (1) to thirty seven (37) inclusive, to be in
denominations of $5,000.00 each, except bond number one in the amount of
$4,664.35, to bear interest payable semiannually on June 1 and December 1
of each year and to mature serially in numerical order on the first day
of December in each year as follows:
BOND NO. MATURITY DATE AMOUNT
I December 1, 1983 $ 4,664.35
2 December 1, 1984 $ 5,000.00
3 December 1, 1985 $ 5,000.00
4-5 December 1, 1986 $10,000.00
6-7 December 1, 1987 $10,000.00
8-9 December 1, 1988 $10,000.00
10-11 December 1, 1989 $10,000.00
12-13 December 1, 1990 $10,000.00
14-15 December 1, 1991 $10,000.0f
16-17 December 1, 1992 $10,000.00
18-19 December 1, 1993 $10,000.00
20-21 December 1, 1994 .$10,000.00
22-23 December 1, 1995 $10,000.00
24-25 December 1, 1996 $10,000.00
26-27 December 1, 1997 $10,000.00
28-29 December 1, 1998 $10,000.00
30-31 December 1, 1999 $10,000.00
32-33 December 1, 2000 $10,000.00
34-35 December 1, 2001 $10,000.00
36-37 December 1, 2002 $10,000.00
with the right reserved to the City, however, at its option, to redeem in
inverse numerical order at par and accrued interest on December 1, 1992, and
on any interest payment day thereafter, any or all of the bonds of such issue
maturing after December 1, 1992.
Section 2: Signatures and Registration. Each of the bonds shall be
personally signed with the manual signature of the Mayor in office on the date
of execution of such bonds; each of the bonds shall be attested by the
r Recorder in office on such date; the coupons appertaining 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
auditor or recording officer of the City of Tigard, Washington County, State
of Oregon.
Section 3: Security. The City has assessed the cost of public
improvements to benefited properties and all monies collected therefrom
shall be placed in the 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 E
consideration discounts taken and delinquencies that may occur in the l
payment of such taxes, to pay the bond and bond interest obligations '
l
promptly as they respectively mature; and the City convenants 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 4: Maintenance of Tax-Exempt Status. The City shall take no
action nor make any use of the proceeds of the bonds, installment
payments of assessments or ad valorem tax revenues intended to be used to
pay principal and interest on the bonds, which will cause the bonds to
lose their tax-exempt status under federal or State of Oregon income tax ,
laws, regulations and judicial or administrative interpretations.
Section 5: Form. The bonds and the coupons attached thereto shall
be in substantially the following form, the terms of which are hereby
adopted:
UNITED STATES OF AFRICA
STATE OF OREGON
,. COUNTY OF WASHINGTON
CITY OF TIGARD
GENERAL OBLIGATION IMPROVEMENT BOND, SERIES NO. 14
City of Tigard, in the County of Washington, State of Oregon,
acknowledges itself indebted and for value received hereby promises to
pay to bearer on the day of , 1982, the
sum of DOLLARS
with interest thereon from the date hereof at the rate of
percent ( %) per annum, on the first day of June and the first day
of December 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 in the City of Tigard, Oregon.
THE BONDS of the issue of which this bond forms a part, maturing
after December 1, 1992, may be redeemed by the City, at par value and
accrued interest to the date of redemption on December 1, 1992, and on
any interest payment day thereafter, in inverse numerical order, upon
notice given at least thirty (30) days prior to the redemption date
specified therein, by publication thereof in one issue of the Daily
Journal of Commerce, Portland, Oregon and in the Tigard Times, a
newspaper of general circulation in the City of Tigard, County of
Washington, State of Oregon, and as otherwise providad by law. From the
date of redemption designated in any such notices, interest upon the
bonds so called for payment shall cease.
PAGE 2
ORDINANCE NO. 82 - �//
THIS BOND is one of a series aggregating One Hundred Eighty Four
Thousand Six Hundred Sixty Four Dollars and Thirty Five Cents
($184,664.35) par value, issued to provide funds to construct public
improvements as authorized by Oregon Revised Statutes Ac�3 a20d5 are 223.295,
geneial
nclusive, commonly 'renown as the Bancroft Bonding
obligations of the City.
IT IS HEREBY CERTIFIED, RECITED, AND DECLARED that
tbe al conditions,
exist, to happen, and
performed
acts, and things required to
his bond have existed, have
precedent to and i.. the issuance of tt
happened, and have been performed in due time, form, and manner as
required by the construction and statutes of the State of Oregon; that
the issue of which this bond is a part, and all other obligations of the
by
City, are within every debt limitation and other haslimts provided
prescribed
the
such constitution and statutes; and that the City 5
levying annually of a direct ad valorem tax as required upon all the
property within the City so taxable for its purposes, in sufamount to pay the ficient
issue, as such obligations t on and eprincipal respect velybecomedue and payable. of such
IN WITNESS WHEREOF, the City of Tigard has caused this bond to be
signed by its Mayor and attested by its Recorder, the annexed interest i
coupons to be executed with the facsimile signatures of such officer, and
the sale of the City to be affixed hereto this day_ i
of 1982.
Mayor - City of Tigard
ATTEST:
Recorder - City of Tigard '
FORM OF BOND COUPON
No.
19 City of
On the f irst day of
,
of
Tigard, State of Oregon, upon surrender of this coupon at the office the
g to the bearer
the Treasurer of the City of Tigard, Oregon, will pay DOLLARS
sum of
lawful money of the United States of America,
for interest then due on its General Obligation Improvement Bond, Series
, 19 and bearing No.
No. 14, dated
unless sooner redeemed as therein provided.
4 Mayor City of Tigard
ATTEST: ;
Recorder - City of Tigard
J.
PACE 3
Section 6: Sale, The Recorder shall cause to be published in the
Tigard Times, a newspaper of general circulation in the City of Tigard,
County of Washington, State of Oregon, and in the Daily Journal of
l Commerce, Portland, Oregon, notices of proposed sale of the bonds, as
provided by law, in the form substantially as shown on Exhibit A attached E
hereto and by this reference incorporated herein, specifying that sealed
bids will be received up to and including the hour of 4:00 o'clock P.M.
(Pacific Daylight Savings Time) on the 16th day of August, 1982, at Bond
Counsel's office, Ragen, Roberts, O'Scannlain, Robertson & Neill, 1001 SW
Fifth Avenue, Portland, Oregon, 97204, and that immediately thereafter
bids received will be publicly opened and announced for the sale of the
bonds, at not less than the par value thereof and the accrued interest
thereof, at an interest rate or rates in multiples of one-eighth of one
percent or one-twentieth of one percent, not exceeding a net effective
rate of thirteen percent per annum, payable semiannually on June 1 and
December 1; 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 $3,700.00 (not less than 2% of the par value of the bonds)
to be forfeited to the City in case the bidder fails to complete the
purchase in accordance with the terms of his bid; that bids must be
unconditional except as to qualification of approval of validity of the
bond issue by bond attorneys; that bids must show the total cost of the
bond issue to the City, including interest, less premium offered, if any,
provided the bid be accepted and no callable bonds of the issue are
redeemed prior to the maturity dates thereof; that the bonds will be sold
to the bidder whose bid will result in the lowest net interest cost to
the City; and that the Council reserves the right to reject any or all
bids.
Section 7: Emergency. This ordinance being necessary for the
immediate preservation of the public peace, health and safety of the City
of Tigard, in order to obtain sufficient funds to pay for public
improvements, an emergency is hereby declared to exist and this ordinance `
shall be in full force and effect immediately upon its passage by the
Council and signature of the Mayor.
PASSED: By LchA.��,rY�er. s vote of the City Council present,
after being read two times by number and title only, this a {, day
of ��r ( - , 1982.
Recorder - City f Tigard
SIGNED: By the Mayor, this day of ,,,, , 1982.
Mayor - City of Tigard
PAGE 4
ORDINANCE NO. 82
OFFICIAL NOTICE OF BOND SALE
{ $184,664.35
CITY OF TIGARD
WASHINGTON COUNTY
STATE OF OREGON
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES NO. 14
Notice is hereby given that sealed bids will be received on behalf of the
City of Tigard, Washington County, Oregon, until 4:00 o'clock P.M.
(Prevailing Daylight Savings Time) on August 16, 1982, at Bond Counsel's
office - Ragen, Roberts, O'Scannlain, Robertson & Neill, 1001 SW Fifth
Avenue, Portland, Oregon, 97204 - 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 August 16, 1982 commencing at 7:30 o'clock P.M.
(Prevailing Daylight Savings Time). i
ISSUE: One Hundred Eighty Four Thousand Six Hundred Sixty Four Dollars
and Thirty Five Cents ($184,664.35) consisting of thirty-.seven (37)
coupon bonds in denominations of FIVE THOUSAND DOLLARS ($5,000), except
bond number One in the amount of $4,664.35, all dated September 1, 1982.
INTEREST RATE: Maximum not to exceed a net effective rate of thirteen
percent (13%) per annum, the first interest payment due on December 1,
w 1982 and semiannually thereafter on June 1 and December 1 of each year.
Bidders must specify the interest rate 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 (1%); (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 bonds; (4) All bonds maturing
at anyone time shall bear the same rate of interest; (5) The difference
between the highest and lowest rates bid shall not exceed two percent
(2%).
MATURITIES: The bonds shall mature serially in numerical order on the
first day of December in each of the years as follows:
BOND NO. MATURITY DATE AMOUNT
1 December 1, 1983 $ 4,664.35
2 December 1, 1984 $ 5,000.00
3 December 1, 1985 $ 5,000.00
4-5 December 1, 1986 $10,000.00
6-7 December 1, 1987 $10,000.00
8-9 December 1, 1988 $10,000.00
10-11 December 1, 1989 $10,000.00
12-13 December 1, 1990 $10,000.00
' 14-15 December 1, 1991 $10,000.00
16-17 December 1, 1992 $10,000.00
18-19 December 1, 1993 $10,000.00
PAGE 5
ORDINANCE NO. 82 -
BOND NO. MATURITY DATE AMOUNT
20-21 December 1, 1994 10,000.00
22-23 December 1, 1995. $10,000.00
j 24-25 December 1, 1996 $10,000.00
26-27 December 1, 1997 $10,000.00
28-29 December 1, 1998 $10,000.00
30-31 December 1, 1999 $10,000.00
32-33 December 1, 2000 $10,000.00
34-35 December 1, 2001 $10,000.00
36-37 December 1, 2002 $10,000.00
REGISTRATION: The bonds will be issued in bearer form with no option for
registration.
REDEMPTION: The City reserves the right to redeem any or all of the bonds
then outstanding in inverse numerical order on December 1, 1992 and on any
interest payment date thereafter at par plus accrued interest to the date of
redemption.
Notice of any such intended redemption shall be given by publication of such
notice at least once, not less than thirty (30) days prior to said redemption
date, in the Daily Journal of Commerce, Portland, Oregon, and in the Tigard
Times, a newspaper of general circulation in the City of Tigard, County of
Washington, State of Oregon, and as otherwise provided by law. Interest on
any bond or bonds so called for redemption shall cease on such redemption date
unless the same are not redeemed upon presentation made pursuant to such call.
PAYMENT: Principal and interest are payable, either at maturity or upon
earlier redemption, in lawful money of the United States at the office of the
Treasurer, City of Tigard, City Hall, Tigard, Oregon 97223.
PURPOSE: The bonds are issued to provide funds for sewers.
SECURITY: The City has assessed the cost of public improvements to benefited
properties and all monies collected therefrom shall be placed in the Bancroft
Redemption Fund and applied to the payment of principal and interest on these
bonds. The bonds are also general obligations of the City. The City has
covenated 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, Roberts, 0`Scannlain,
Robertson & Neill, Attorneys at Law, of Portand, 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 present federal income tax
laws and personal income taxation by the State of Oregon under present state
law.
BEST BID: The bonds will be awarded to the responsible bidder whose proposal
will result in the lowest net cost to the City. 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
PAGE 6
ORDINANCE NO. 82
the coupon rate or rates specified in the bid assuming no bonds are called
prior to maturity, less premium offered, if any. Bidders are requested to
supply the total interest costs and net effective interest rate, based upon
f 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. The purchaser must pay accrued interest, computed on a
360-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 funds immediately available
to the City. Delivery will be made within thirty (30) days.
FORM OF BID: All bids must be for not less than all the bonds hereby offered
for sale, and for not less than one hundred percent (100%) 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 City and designated "Proposal for Bonds".
BID CHECK: All bids must be unconditional and accompanied by a certified or
cashier's check on a bank doing business in the State of Oregon for Three
Thousand Seven Hundred Dollars ($3,700.00) payable to the order of the City to
secure the City from any loss resulting from the failure of the bidder to
comply with the terms of its bid. Checks will be forfeited to the City as
liquidated damages in case the bidder to whom the binds 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 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.
OFFICIAL STATEMENT: The City has prepared an official statement relating to
the bonds, a copy of which will be furnished upon request to the undersigned.
CUSIP: CUSIP numbers will be imprinted upon all bonds of this issue at the
purchaser'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 certificate that there is no
litigation pending affecting the validity of the bonds.
ADDITIONAL INFORMATION: Additional information regarding the City and this
sale may be obtained from Doris Hartig, City Recorder, City Hall, 12755 SW Ash {
Avenue, Tigard, Oregon 97223, (503) 639-4171.
Doris Hartig
Finance Director City Recor e-
City of Tigard, Oregon
PAGE 7
ORDINANCE NO. 82 - 1/1