Ordinance No. 82-64 sa
CITY OF TIGARD, OREGON
ORDINANCE NO. 82- 64
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`. AN ORDINANCE AMENDING ORDINANCE NO 82-63 REGARDING BOND SALE # 15.
WHEREAS, on August 30, 1982 the Tigard City Council adopted
Ordinance No. 82-63 authorizing the sale of bonds for local im9rovement
districts (Bond Sale #15), and
WHEREAS, Sections 1 and 5 and the Exhibit "A" of Ordinates No.
82-63 contained typographical errors in setting out the redemption price of
bonds, the bid check amount, and the fact that the CUSIP numbers would be g
imprinted on all bonds at the City's expense.
NOW, THEREFORE.
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THE CITY OF TIGARD ORDAINS AS FOLLOWS:
Section 1: Ordinance No. 82-63 Section 1 is amended to read as follows in the
redemption schedule section:
"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 101 x
Section 2: Ordinance No. 82-63 Section 5 is amended to read as follows in the
redemption schedule section:
"IF REDEEMED ON REDEMPTION PRICE
October 1, 1989 and April 1, 1990 102 'b
October 1, 1990 and April 1, 1991 101 1/2`R &_
October 1, 1991 and thereafter 101 %
Section 3: Ordinance No. 82-63 Exhibit "A" is amended to read as attached in
the marked "Exhibit All of this ordinance.
Section 4: Inasmuch as it is necessary for the peace, health and safety of
the people of the City of Tigard that this ordinance be adopted with the least
possible delay in order to avoid the possibility of con=fusion created by the
error, an emergency is hereby declared to exist and this ordinance shall
become effective upon its passage by the Council and signature of the Mayor.
PASSED: 8 i
By _„.,�(/9tenel�.a�si vote of the Cites Council present, after
being read two/ times by number and title only, this L2 _ day
of 0 , 1982.
Recorder - City of Tiga
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SIGNED: By the Mayor, this S3 day of Sr 94gm to 1982.
Mayor - City of Tigard K
ORDINANCE NO. 82- 64 k
BOND SALE #15 AMENDMENT
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EXHIBIT "A"
~ OFFICIAL NOTICE OF BOND SALE
$838,600
CITY OF TIGARD
WASHINGTON COUNTY, OREGON
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 15
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, 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 168 coupon bonds in
denominations of FIVE THOUSAND DOLLARS ($5,000) , except Bond No.
One in the amount of $3600, all dated October 1, 1982.
INTEREST RATE: Maximum not to exceed a net effective rate
of fourteen percent (14%) per annum. Interest is payable April
1, 1983 and semiannually thereafter on October 1 and April 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 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
Page 1 - Notice of Bond Sale
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 101 %
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 Statutes
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.
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LEGAL OPINION: The approving opinion of Ragen, Roberts,
O'Scannlain, Robertson & Neill, 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.
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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.
Page 2 Notice of Bond Sale
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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
coupon rate or rates specified in the bid, less premium offered,
if any. Bidders are requested to supply the total interest casts
e, based upon the aggregate interest
and net effective interest rat
that the City will pay upon the
cost, if its bid be accepted, €
issue if the bid is accepted. Such lnurochaseornmustle
pay accrued
The
considered as informative only. basisp from the date of the bonds
interest, computed on a 360-day
to the date of delivery. The cost of printing the bonds will be
borne by the City.
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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
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
hundred
sale, and for not less than one
bonds hereby offered for
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".
be unconditional and accompanied
BID CHECKS All bids must �
by a certified or cashier's check on a bank doing business in the
of Oregon for Sixteen Thousand Sees Hundred Seventy Five Dollars
State �
($16,-.775)of
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
will be retained as part payment of the bonds or for liquidated
damages as descibedabove.
City promptlyfafterunsuccessful
bidbidders
will be returnedy the
RIGHT OF REJECTION: The City reserves the right to reject
any or all bids.
CUSIP: CUSIP numbers will be imprintee upon all bonds of
this issue at the purchaser 's request and at the City's expense.
An improperly imprinted number will not constitute basis for the
purchaser to refuse to accept delivery.
Page 3 - Notice of Bond Sale
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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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Page 4 Notice of Bond Sale