Ordinance No. 82-69 d CITY OF TIGARD, OREGON
ORDINANCE NO, 82 -69
AN ORDINANCE AUTHORIZING ISSUANCE OF
GENERAL OBLIGATION IMPROVEMENT BONDS AND
DECLARING AN EMERGENCY f
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THE CITY OF TIGARD ORDAINS AS FOLLOW:
Section 1. Authorization. The City of Tigard, Oregon, does hereby
authorize the issuance and sale of General Obligation Improvement Bonds,
Series 16, of the City of Tigard, Oregon, in the Amount of One Million
Three Hundred Seventy-One Thousand Two Hundred Dollars (1,371,200) , to be
dated October 1, 1982 , to be numbered consecutively from one (1) to Two
Hundred Seventy-Five (275) inclusive, to be in denominations of Five
Thousand Dollars (5,000) each, except bond number one in the amount of
One Thousand Two Hundred Dollars (1,200) , to bear interest payable
semiannually on April 1, and October 1, of each year and to mature
serially in numerical order on the first day of October in each year as
follows :
YEAR Amount
1983 $ 81,200
1984 $ 90,000
1985 $100,000
1986 $110,000
1987 $125,000
1988 $135,000
1989 $155,000
1990 $170,000
1991 $190,000
1992 $215,000
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 : s
C
IF REDEEMED ON REDEMPTION PRICE
r
October 1, 1989 and April 1, 1990 102
October 1, 1990 and April 1, 1991 101 1/2 % ;
October 1, 1991 and thereafter 101
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Section 2. matures and Registration. Each of the bonds
4 shall be personally signed with the facsimile signature of the
Mayor in office on the date of execution of such bonds; each of
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 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 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
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 brands 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:
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UNITED STATES OF AMERICA
STATE OF OREGON
COUNTY OF WASHINGTON
CITY OF TIGARD
f GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 16
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 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 PRICE
Y: October 1, 1989 and April 1, 1990 102 %
October 1, 1990 and April 1 , 1991 101 1/2 %
October 1,1991 and thereafter 101 %
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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 ort the bonds so called for payment shall cease.
THISBONDis one of a series aggregating One Million Three Hundred
Seven-One Thousand Two Hundred Dollars ($1,371,200) par value, issued to
providefunds to construct public improvements as authorized by Oregon
Revised Statues 223.205 to 223.295, inclusive, commonly known as the
Bancroft Bonding Act and are general obligations of the City.
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® IT IS HEREBY CERTIFIED, RECITED
acts AND DECLARED
precedent things required to exist, to that all conditions
ha to and in the issuance happen, and to be performed
happened, and have been performed of this bond have
required by the constitution and in due time existed , have
the issue of which this statutes of they Sform, and manner as
bond is tate of Oregon; that
City, are within ever a part, and all other obligations
such constitution y debt limitation and other of the
and statutes; and that the limits Prescribed b
levying annually of a direct ad valorem City has provided Y
Property within the City, so tax required for the
amount taxable as re upon all the
to Pay the interest on for its purposes, in sufficient
Issue, as such obligations r and the principal of the bo
respectively become due and bonds of such
IN WITNESS Payable.
WHEREOF, the Cit
signed by its Mayor by City
ile of Tigard has caused
the by
interest coupons to be executed this bond to be
and attested b
Of such officers executed with Y its Recorder,
hereto this first ' and the seal of the the facsimile signature
day of October, 1982. City to be printed or affixed
Mayor, City of Tigard
ATTEST:
Recor er
41
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Ordinance
j
FORM OF BOND COUPON
No.
On the first day of 19 City of
Tigard, State of Oregon, upon surrender of this coupon at the
office of the City Treasurer of the City of Tigard, Oregon, will
'
pay to bearer the sum of Dollars ($
in lawful money of the United States of America, for interest
then due on its General Obligation Improvement Bond, Series 1-6,
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 bands not later than November 15, 1982.
Section 7. Sale. The Recorder shall cause to be published
in the Tigard Times, and in The Daily Journal of Commerce,
Portland, Oregon, notices 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.
Passsed by the unanimous vote of the council, with a quorum
in attendance, this 28th day of September, 1982.
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APPROVED 82 THE MAYOR t is 2-L- day of
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EXHIBIT "A"
OFFICIAL NOTICE OF BOND SALE
$1,371,200
CITY OF TIGARD
WASHINGTON COUNTY, OREGON
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 16
Notice is hereby given that sealed bids will be received on
behalf of the City of Tigard, Washington County, Oregon, until
11:00 o'clock a.m. (Prevailing Pacific Time) on October 27,
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.
s-
ISSUE ONE MILLION THREE HUNDRED SEVENTY-ONE THOUSAND TWO
HUNDRED DOLLARS ($1,371,200) consisting of 275'coupon bonds in
denominations of FIVE THOUSAND DOLLARS ($5,000) , except Bond No.
One in the amount of One Thousand Two Hundred Dollars ($1,200) ,
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 F
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:
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YEAR AMOUNT
1983 $ 81,200
1984 $ 90,000
1985 $100,000
1986 $110,000
1987 $125,000
1988 $135,000
1989 $155,000
1990 $170,000
1991 $190,000
1992 $215,000
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 %
uponnoticegiven 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
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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,
Oregon, will be provided at no cost to the purchaser, and will be r
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.
BEST BID: The bonds will be awarded to the responsible t
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 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
i, to the date of deliver The
y• 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,
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Oregon, as the successful bidder shall name. Payment for the
bonds must be made in Federal funds. Deliver- will be made on or
before November 1, 1982. Delivery may be made with a temporary
bond which shall be exchangeable for definitive coupon bonds on
or before November 15, 1982.
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 Twenty-Eight Thousand Five Hundred Dollars
$28,500) 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
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t 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 t'.dders
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.
CUSIP: CUSIP numbers will be imprinted 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.
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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