Ordinance No. 82-63 ORDINANCE NO.%,;t- _
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 15, of the
City of Tigard, Oregon, in the Amount of Eigth Hundred Thirty Eight Thousand Six
Hundred Dollars ($838,600), to be dated October 1, 1982, to be numbered consec-
utively from one (1) to one hundred sixty-seven ( 167) inclusive, to be in
denominations of Five Thousand Dollars ($5,000) each, except bond number one in
the amount of Thirty Six Hundred Dollars (3,600), to bear interest payable
semiannually on April I and October I of each year and to mature serially in
numerical order on the first day of October in each year as follows:
YEAR AMOUNT
1533 $ 48,600
1984 $ 60,000
1985 $ 65,000
1986 $ 70,000
1987 $ 80,000
1988 $ 85,000
1989 $ 90,000
1990 $100,000
1991 $115,000
1992 $125,000
with the right reserved to the City, however, at its option, to redeem in inverse
numerical order and accrued interest on October 1, 1989, and on any interest payment
day thereafter, any or all of the bonds of such issue maturing after October 1, 1989,
at the following prices expressed as percentages of the principal amount, plus
accrued interest to the redemption date:
IF REDEEMED ON REDEMPTION PRICE
October 1, 1989 and April 1, 1990 102
October 1, 1990 and April 1, 1991 101 %
October 1, 1991 and thereafter 100 Z
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Section 2. Signatures and Registration. Each of the bonds
shall be personally signed with the facsimile signature of the I
Mayor in office on the date of execution of such bonds; each of t
the bonds shall be attested by the 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 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 improvemenas 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 the 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 z
taxable property within the City in sufficient amount, after E
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 t
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 k
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 is
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:
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UNITED STATES OF AMERICA
.. STATE OF OREGON
COUNTY OF WASHINGTON
CITY OF TIGARD
GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 15
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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 first
day of October, 19 , sum of
THOUSAND DOLLARS
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 City Treasurer in the City of Tigard,
Oregon.
The bonds of the issue of which this Bond forms a part, maturing after
October 1, 1989, may be redeemed by the City, in inverse numerical order on October
1, 1989, at the following prices expressed as percentages of the principal amount,
plus accrued interest to the redemption date, as follows:
' IF REDEEMED ON REDEMPTION DATE
October 1, 1989 and April 1, 1990 102 %
October 1, 1990 and April 1, 1991 101
October 1, 1991 and thereafter 100
upon notice given by publicationofnotice thereof in a newspaper specializing
in financial matters published in the City of Portland, Oregon, and in a newspaper
published and generally circulated in the City of Tigard as required by law.
From the date of redemption designated in such notices, interest on the bonds so
called for payment shall cease.
THIS BOND is one of a series aggregating Eight Hundred Thirty Eight Thousand
Six Hundred Dollars (838,600) par value, issues to provide funds to construct public
improvements as authorized by Oregon Revised Statutes 223.205 to 223.295, inclusive,
commonly known as the Bancroft Bonding Act and are general obligations of the City.
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IT IS HEREBY CERTIFIED, RECITED, AND DECLARED that all
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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 which 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 a direct
ad valorem tax as required upon all the property within the City
so taxable for its purposes, in sufficient amount to pay the
interest on and the principal of the bonds of such issue, as such
obligations respectively become due and payable.
IN WITNESS WHEREOF, the City of Tigard has caused this bond
to be signed by its Mayor by facsimile signature and attested by
its Recorder, the annexed interest coupons to be executed with
the facsimile signatures of such officers, and the seal of the
City to be printed or affixed hereto this first day of October,
1982.
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Mayor, City of Tigard
ATTEST:
Recorder
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FORM OF BOND COUPON
No.
On the first day of , 19 , City of
Tigard, State of Oregon, upon surrender of this coupon at the
office of the City 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 15,
dated October 1, 1982, and bearing No.
Mayor
ATTEST:
Recorder
For coupons maturing after initial call date, ADD:
unless sooner redeemed as therein provided,
Section 6. Temporary Bond. The City may deliver a
temporary bond, which may be a single registered, typewritten
installment bond. The temporary bond shall be exchangeable for
definitive coupon bonds not later than 30 days after the date of
the bond sale.
Section 7. Sale. The Recorder shall cause to be published
in the Tigard Times, and in The Daily Journal of Commerce,
Portland, Oregon, notices or summaries of proposed sale of the
bonds, as provided by law, in the form substantially as shown on
Exhibit A attached hereto and by this reference incorporated
herein. The bonds shall be sold upon the terms provided in the
attached Exhibit A. The bonds shall be sold on the date and at
the time and place stated in Exhibit A unless the Mayor or
Recorder subsequently establishes a different date, time or
place.
Section 8. 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 approval by the Mayor.
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Passsed by the unanimous vote f the council, with a quorum
in attendance, this :3orh day of Ls= 19 -
APPROVED BY THE MAYOR this 30 7h day of A
ATTEST: APPROVED:
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RecokcTer Mayor
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OFFICIAL NOTICE OF BOND SALE
$838,600 t
CITY OF TIGARD
WASHINGTON COUNTY, OREGON
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 15
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Notice is hereby given that sealed bids will be received on behalf of the
City of Tigard, Washington County, Oregon, until. 10:00 o'clock a.m. (Prevailing
Pacific Time) on September 28, 1982, at the offices of Ragen, Roberts, O'Scannlain, j
Robertson & Neill, 1600 Orbanco Building, 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 City Council within four hours
after bids are received.
ISSUE: EIGHT HUNDRED THIRTY EIGHT THOUSAND SIX HUNDRED DOLLARS (838,600) '
consisting of 167 coupon bonds in denominations of FIVE THOUSAND DOLLARS ($5,000),
except Bond No. One in the amount of $3;6001 all dated October 1, 1982.
INTEREST RATE: Maximum not to exceed a net effective rate of fourteen percent
(14X) per annum. Interest is payable April 1, 1983 and semiannually thereafter on
October 1 and April l 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 condition3: (1) Each interest rate specified in any bid must
be in multiples of 1/8th or 1/20th of one percent ( 19); (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; (5) No interest rate bid shall exceed 18%.
MATURITIES: The bonds shall mature serially in numerical order on the first
day of October of each year as follows:
DATE AMOUNT DATE AMOUNT
1983 $48,600 1988 $ 85,000
1984 $60,000 1989 $ 90,000
1985 $65,000 1990 $100,000
1986 $70,000 1991 $115,000
1987 $80,000 1992 $125,000
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REGISTRATION: The bonds will be issued in bearer form with
no option for registration.
REDEMPTION: The bonds of the issue of which this Bond forms
a part, maturing after October 1, 1989, may be redeemed by the
City, in inverse numerical order on October 1, 1989, at the
following prices expressed as percentages of the principal
amount, plus accrued interest to the redemption date, as follows:
IF REDEEMED ON REDEMPTION PRICE
October 1, 1989 and April 1, 1990 102 %
October 1, 1990 and April 1, 1991 101 1/2%
October 1, 1991 and thereafter 100 %
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upon notice given by publication of notice thereof in a newspaper
specializing in financial matters published in the City of
Portland, Oregon, and in a newspaper published and generally
circulated in the City of Tigard as required by law. From the
date of redemption designated in such notices, interest on the
bonds so called for payment shall cease. '
PAYMENT: Principal and interest are payable, in lawful
money of the United States at the office of the City Treasurer,
in the City of Tigard, Washington County, Oregon.
PURPOSE: The bonds are issued to provide funds to construct
public improvements as authorized by Oregon Revised Sttutes
223.205 to 223.295, inclusive, commonly known as the Bancroft
Bonding Act.
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 bonds are also general obligation bonds of the City.
The City has covenanted to levy an ad valorem tax annually to pay
bond principal and interest as they respectively come due.
LEGAL OPINION: The approving opinion of Ragen, Roberts, !`
O'Scannlain, Robertson & Neill, Attorneys at Law, of Portland, t`
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 from personal income taxation
by the State of Oregon under present state law.
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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 the
c,�jupon rate or rates specified in the bid, less premium offered,
if any. 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. 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 costs
to the successful bidder at such bank in the City of Portland,
Oregon, as the successful bidder shall name. Payment for the 4
bonds must be made in Federal funds. Delivery will be made within
thirty days.
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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 y
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 Sixteen Thousand One Hundred Twelve Dollars
($16,112) 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 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 E
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. g
CUSIP: CUSIP numbers will be imprinted upon all bonds of F'
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.
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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.
OFFICIAL STATEMENT AND ADDITIONAL INFORMATION: The City
Preliminary Official Statement and 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, telephone 503/639-4171, or Clements & Marshall,
4800 SW Macadam Avenue, Suite 309, Portland, Oregon 97201-3980,
telephone 503/241-7243.
Doris Hartig, City recorder
City of Tigard, Oregon
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