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Resolution No. 86-136 CITY OF "LIGARD, OREGON r� RESOLUTION NO. 66-- `�)(' A RESOLUTION OF THE CITY OF T'IGARD, WASHINGTON COUNTY, OREGON AUIHORIZING SUBMISSION OF AN ADVANCE REFUNDING PL-AN '1-0 THE STATE TREASURER, AND DESIGNATING THE FINANCIAL ADVISOR AND BOND COUNSEL. WHEREAS, The City of Tigard, Washington County, Oregon, (the "City") is a public corporation duly organized and existing under the laws of the State of Oregon and is authorized pursuant to the Constitution and laws of the State of Oregon to issue advance refunding bonds for its outstanding general obligation bonds; and WHEREAS, the City has reviewed an advance refunding plan submitted to it by Government Finance Associates for its outstanding General Obligation City Building Bonds, Series 1984; and WHEREAS, it appears that advance refunding bonds issued in accordance with this advance refunding plan would generate substantial savings in debt service to the City; and WHEREAS, the approval of the State Treasurer is required before advance .-efunding bonds may be issued; now, therefore, NOW, THEREFORE, BE IT RESOLVED by the Tigard City Council that: Section 1: The City hereby approves the advance refunding plan proposed by Government Finance Associates (see attached Exhibit "A"). Section 2: Government Finance Associates is hereby authorized, on behalf of the City, to submit the City's advance refunding plan to the State Treasurer for review and approval. Section 3: If the State Treasurer approves the issuance of advance refunding bonds in accordance with the advance refunding plain proposed by Government Finance Associates, the City expects to authorize the issuance of advance refunding bonds (the "Refunding Bonds") in a principal amount sufficient to pay the cost of refunding the outstanding bonds and the cost incident to the authorization, sale and issuance of the Refunding Bonds. Government Finance Associates, Portland, Oregon, is hereby authorized to act as financial advisor to take all necessary actions to implement the proposed advance refunding, including but not limited to the following services: a. Coordinating the drafting of the Refunding Bond Resolution, Escrow Deposit Agreement, the Official Statement and any other legal documents necessary to effectuate the refunding plan; RESOLUTION NO, 86-136o Page 1 { b. Identifying and arranging or subscribing for, as agent for the City, the acquisition of government obligations including the United States Trz-asury Certificates of Indebtedness, Notes and Bonds—State and Local Government Series to be deposited in escrow in connection with the refunding plan; and C. Making all computations with respect to yields on the Refunding Bonds and the obligations acquired with the proceeds of the Refunding Bonds and arranging for verification and review of these computations Ly a firm of independent certified public accountants. Section 4: The firm of Lindsay, Hart, Neil, and Weigler is designated as bond counsel for this proposed issue of advance refunding bonds. PASSED: This day of mac.=.e�mb� 1986. 'Mayor — City of Tigard ATTEST: Cktri..�%GI�Jl1iv� y Recorder — City of Tigar WL:bs1401F RESOLUTION NO. 86-13 Co Page 2 g: CITY OF TIGARD PROPOSED ADVANCE REFUNDING PLAN GENERAL OBLIGATION BONDS SERIES 1984 Government anent Finance Associates Inc. .R k i ADVANCE REFUNDING PLAN FOR TIGARD TABLE OF CONTENTS �q A. PROPOSED TERM SHEET B. PROPOSED FINANCINS SCHEDULE C. SOURCES AND USES OF FUNDS j D. DESCRIPTION OF THE BONDS TO BE REFUNDED € E. DESCRIPTION OF REFUNDING BONDS x F. DESCRIPTION OF PROPOSED ESCROW FOR CALLABLE PORTION G. PRESENT VALUE SAVINGS TABLES H. CRS REGULATIONS FOR P.EFUNDINGS Government Finance Asomcia tes, Inc. Com' Government Finance Associates,Ina 1300 S.W.5th Avenue,Suite 2929 Pordand,Oregon 97201 503/222-1405 CI?Y OF T IGARD GENERAL O1'L I cf)T 1 ON CIT"/ EU I L:I I NG BONDS, SER I i_;.-3 964 Hi--'VANCE REFUNDING `3;=_RJES Y_;tsr JANUARY_ 1 -ERM SHEET r- December 1. 1986 FINANCIAL ADVISORS Fi.nanca Fi=;scciatE'S POND COUNSEL Lirrci=.a��, Hart :. RAYING AGENT U.S. Bank. TRUSTEE T_ ba s:=l�ct ed AMOUNT OF PONDS Est. t c.t a l $2, 115,000 n. MOTE: WILL CHANGE_ .'1-T TIME OF SALE, AS CAN ANY 1'"7 THE MATURITIES. PIDD=RS MAY CONTA."?' 't-!jE FII-Y"S .. .. F I NANC I 9?L CONSULTANT THE: DF.Y PRIOR TO THE SALE C,a A!,! Ui- .Hi.= CHANGES. TYRE OF SALE Corn pet i t i i SALE DATE Januar-y 27, 1987 I 10AM GFA, F'c.i:tland PURPOSE P.dvance Ref_tndinq SOURCE OF PAYMENT Grooer^ty Taxes SECURITY General Dbligation. POND INSURANCE Will saek eligibility and consider economic 'Feasibility. DATED Jarrt-tary 1, 1987 PAYABLE P--rincipal - annual, beginning J,a--.e, 1987 Interest - serni-armo.tal, bnginninq J�_tne, 1987 MATURITY serial, EILhteen years. See attached sched:_t l a. Tallahassee,Florida Princeton,New Jersey Now York,New York (Headquarters) - _ 1 70 Government Finance Associates, Inc. Th G-: C--- 0c,r,Cl U, titre i,cl r-K E?i I P4 I u A E-:'- BIDDING INFORMOTION: DISCOUNT THE DISCOUNT WILL BE CALCULATED USING I-HE PERCENTAGE SHOWN IN THE 011), NOT THE DOLLAR AMOUNT. Opti,--'r, if inssurzmce ifs used ';-7, 3. 0v.. MPXIMUM INTERFS1- RATE 1a3% (Or' "(.t?r-e issue) NIC N")Nl-3 v fi CE*..Nl B 1 NG ORDER Er, j 51 u e. r I P L.E.S ,T1% Cr-p4TPC'-l* C'C)R OS GFn, 1,300 S.W. Sth, Suitc-, R92'-j CIR 97201 Sallagher, DELIVERY t h .4HE.R',-. elsewhere at the ptLr-chiasey-. WHEN Febr-ua-,-y 24, 1987 DEFfNITIVE BONDS? Y05, CITY Of TIGARO GENERAL OBLIGATION BONDS,SERIES 1984 REFUNDING OF CALLABLE PORTION ONLY - DEET SERVICESCHEDULE s. DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL 6/ 1/87 _ 10, 000. 00 4.000000 69,812.50 79,R12. 50 79,812-50 12/ 1/87 69,612.50 69,Si2. 50 6/ 1/88 -5, 000.00 4.650000 69, 612.50 94 612. 50 12/ 1/88 69,031.25 69,031. 164,225.00 6/ 1/89 30, 000. 00 5.000000 F-9,031.25 99,03t. 25 168,062. 50 12/ 1/89 68,281.25 c 68,'81. 25 6/ 1/90 0, 000.00 5.330000 68,261.25 98,281. 25 166 j-2/ 1/90 67 478.75 s 562.50 � s 67,4 4 70. 75 G/ 1/91 3o,'Zoo.00 5.450000 67,478.75 97,47B- 75 164,957.50 "12/ 1/91 66,661.25 66s 661. L-5 6/ 1/92 30, 000.00 5.650000 66,661.25 5 96 661. 25 163 322.;:1'2/ 1/92 , 50 65,$13.75 65,,813.75 6/ i/93 35, 000.00 5.950000 65,813.75 100,813- 75 166,627.50 X12/ 1/93 64, 772. 50 64, 772. 50 '' E/ 1/94 3S, 000.00 6. 150000 64,772.50 99,772. S0 164,545.00 -1:'-/ 1/34 63,696.25 63 6.36. 2 J 1/95 140, 000.00 G.250000 63,696.'. 5 20:3,'L ,6.96. 267,? ,� 50 .i'`l 1/95 59,321.2 9 5 . 61 1/96 145, 000.00 6.350000 59,321.25 204, 2m.21. 25 263,642. 50 . i 2l 1/96 54,717.50 54,717. 50 6J 1/97 160, 000.00 6.450000 54,717.50 '214,717. 50 269, 435.00 / 1/97 4-3,557.50 49,557.50 E/ 1/98 170, 000.00 6.530000 49,557.50 219,557.5L '2:69, 1 15.00 12/ 1/98 43.'990-00 4 ,990.00 E•J 1/99 180, 000.00 6.650000 43,990. 00 223,990, as 267,SSO. 00 12/ 1/99 38,e105.00 38,0o5.as 6/ 1/ 0 1,90, 000.00 6,750000 38,005. 00 2.28,005. 00 266,010. 00 -1,519,_.50 a1, 32. So 205, 010.00 6- $50000 = 1 •/ 1/ 1 -1,592.5a �.-s;592.Sa 268, 185. 00 2:4,571. 25 2:41 571. ,___ E/ 1/ - 215, 000.00 E•.910000 21r,571.25 233,571. 25 264, 142.50 12/ 1/ - 17, 100.00 1 100. 00 3 235, 000.00 7.000000 17, 100.00 23 2, 100. 00 26s, 2Q.0. 00 3 87 875.0th 8,875. 00 J E/ 1/ 4 250, 000,00 7. 100000 8,875.00 258, 875, 00 267, 750. 00 -------------- -------------- 1 15, 000.00 1,7S5,967.50 910,967. 50 1�rRUED - 11,6a5.42 --- 11,035.42 115, 000.00 1,784,332.06 3, 899,-�._. 08 DATED 12/ 1/86 WITH DELIVERY OF 1/ 1/87 {OND YEARS 26,587.500 IVERAGE COUPON 6.755 �r4VERAGE LIFE 12.571 r r i F,. 7F;41-4?:: -c 1,c T nor mrn an rnrnrnrnrn Government Finance Asaociates,Inc- 1300 S.W.5th Avenue,Suite 2929 Portland,Oregon 97201 503/222-1405 4 { December :3, 1986 CITY OF TIGARD DISTRIBUTION LIST FINANCIAL ADVISOR FAYI;_du AGENT Patrick. Clancy (503):322-1405 Elizabeth Horrigan Rebecca Marshall U.S. Nat is-nal Bank (503) 225-6470 Government Finance Associates. 1300 S.W. 5th Ave. . Suite 292"3 Portland, OR 97201 s' CITY__DF_TIGARD Wayne Lowry (503) 039-4173 Actino Finance Director Rob Jean (503) 639-4173 City Manager 1SI25 S. W. Hall Blvd. P.O. Box 233,37 Tigard, OR '37223 .. POfVD_COUtVSEL Harvey Rcgers (503) 226-1131 Lindsay, Hart, Neil & Weigler 222 S.W. Columbia, SLiite 1850 Portland, OR 97201 e Tallahassee,Florida Princeton,New Jersey New York,New York (Headquarters) _ __ A . Government Fli aance Associates,Inc. 1300 S.W.5th Avenue,Suite 2929 Portland,Oregon 97201 503/222-1405 r' CITY OF TIGARD "- ADVANCE REFUNDING GENERAL OBLIGATION BLINDS FINANCING SCHEDULE=. De-cernber 1. 1986 CODES: !r GPA = Financial Advisor (Governmerst Fir,arjce Associates) TIG = City •1f Tigard PC Dor-.d Cot_tnsel (Lindsay, Har-t) WG Woi-kir.o Group (All r.f the above) ' UND = Underwriters CRA = Errtst & Whinney I TRUS = Trt-tstPe (to be selected) Pn = Paving agent/Registrar (U.S. Pan,) DATEEVENT PgTIES Dec, 16 Tues Notificatiori to State Treas�_u^y GFA cf Sale Date Term sheet and debt service GFA schedules t,_r BC Irrforrnation for- POS due at GFR WG Dec. 30 Tues First Draft to WG WG BEFORE COUNCIL MEETING: Council ; GFR PUBLICATIONTo nn adopt bond resol!ttio � authorizing sale and pLtblicat on .::.f notice ¢ Jar- 6 Tues Draft POS circulated to Wor-king GFA Group (will be raissin❑ Sonne inforrnet ior,) Circulated draft Bond Resolution GFR and Notice of Sale to Workir,❑ €. Gr'catp - x_ E Jan. 8 Thurs Corarnerits di_te to GFR on RDS WG E� 'Pair Florida Princet 4 New Jersey New Yar£,.,New York (I-Ie-lquarters) d.m®. Government Finance Associates, Inc. POS G�i fA Jan. 12 Mon r--GS Distributed tc, UND GFA PUBLICATION DA-FE BC C'�-'py or Official Statement to GFA State Treasury .-T,A,-,. 2-7 Tums SALE AND AWn;,D OF BONDS TIG, GFR. 1 .00 s -x.M. ODt�n-, Bids in GFA' Office 0 V(-rify bids BC, 13FA in-vast Good Faith Check TIG Gour i1 ',,34thin hour-- awards brands. Must be T I G C--.i'nc:il within own bounciar-ies jz,,-- 2,3 Wed fol- ]?�15crc'W'- SFA ;::--jd P'r,inting arranged DC 01-.)t;Air. CUSIP n,jrabers GFA preparation begins, BC Prepare final plan GFA L)Iytain final approval of State GFA Treasury or, final plan Obtain verification of escrow GFA, cp.q frarn C r, A Feb. 24 -Tues, CLOSING WG, TRUS klOrjfy afo101Ant c,f r-heck UND. GFA V' Tressury Form AR 1/86 REQUEST AND AUT11ORIZATION FOR AN ADVANCE REFUNDING BOND SALE Date of Application December- 1G, 1986 Issuer City Of Tigar-d Contact Person Wayne Lawry Phone number- (503) E,35-4173 Financial Consultant GOVERNMENT FINANCE ASSOCIATES Bond Counsel Lindsav Hart Name of Oreoon Trustea U.S. National Bank .=,f Oreoor. REFUNDING ISSUE: Par Amount $2, 1 15,000 Type of Bonds General Obligation =-tr_,-ids Pr-oJected Date of Sale Januar-y 27, 1987 Pr-o.jectad Date of Issue Febr-A XV-y 24, 1987 Matur-ity Dates June 1987-2004 Puv'pose of Issue Debt Service Savings Par Amount of Bonds to be Refunded S1, 640,000 Number of br_,nd issues 1 Total call prerni ums ZIG,400,00 Cash t.� be added, if any $0.00 Projected Present Value Savinr!E5 i, 666.09 r•..=- Date of Present Value December 1, 198E Estimated TIC G.723738% Savings Ratio ._,.c8% Escrow Funds Invested at UrlrPstricted $0,00 Yield TOTAL PRESENT VALUE SAVINGS 569.366.09 SAVINGS RATIO 3.28� i CITY OF TIMID 03-Cec-96 SOURCES AND USES OF F'.1NDS Sources Bond Proceeds 2,115,000.00 Cash Contribution 0.00 i TOTAL 2,115,000.00 Uses i Escrow Account -SLGS 2,016,500.00 ( INITIAL CASH 48.84 TREASURY BILL 0.00 Bond Discouni 1.50% 31,725.00 1 Bond Sale Costs 65,000.00 Registration Fund oleo ,- Insurance Premium 0.00 Rounding Amount -^-- 1,726.16- 2,115,000.00 NIC 6.7549.32% TIC on issue 6.723738% TIC for escrow 6.719932% k' REGISTRATION COSTS Registrar Estimate 18,000.0o Less for first year 3,000.00 .... Present value of difference 8,554.70 Costs to deduct 15,000.00 No year 18.00 TIG 6.719932% Annual Paywent 833.3.,' Noreinal Present Value Percent of Par Total Savings 114,827.92 77,920.79 3.68% Less Registration Costs (8,554.70) (8,554.70) SAVI46S LESS REGISTRATION COSTS J 106,273.22-----69,366.09 -_--`3.28% ( COMPARISON OF BOND ISIS Principal Average Outstanding Interest Rate Refunded Bonds 1,640.000 10.44% Refunding Bonds 2,115,000 6.72% DIFFERENCES ------ (470,000) 3.72% 4 i i ' CITY OF TIGARD GENERAL OBLIGATION DONDS, SERIES 1984 TOTA!_ OLD DEBT SERVICE DEBT SERVICE SCHEDULE DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCPL TOTAL G/ 1/87 45, 002. 00 18-000000 114,651. 25 159,651.25 159,651.25 a 1: / 1/:37 1 to.FIV-111 . 2-15 110,601. c 6/ 1/68 50, 222. 00 12.000200 110,621. 25 160,601. ._.5 c 71,'202.50 t' L'2/ 1/88 107,601. 25 107,601.25 6/ 1/89 55,000-00 12.000000 107,6111. c3 160'.601. 25 670,202,50 ,,.12/ 1/89 104, 301.25 104,.301. c. i 6/ 1/90 60,000. 00 10.750000 104,301- 25 164,301. :_.5 268,602.52 101 076. 2 101�076. :_.'- 1'0:/ 1/90 , - 6/ 1/91 65, 000. 00 10.250000 101, 076. 25 166,076. 25 267, 152.50 1/91 97,745.00 97,745. 00 E 6/ 1/92 75,002. 00 10.000200 97,745. 02 172,745. 00 270,490.00 1/92 93,995. 00 93.995. 012 6/ 1/93 80,200. 00 9.700000 93,995. 00 173,995. 00 267,990.00 12/ 1/93 90, 115- 00 90, 115. 00 6/ 1/94 90,022. 00 9.900000 90, 1 is. 00 180, 115- 00 270,230.00 12/ 1/94 85, 662. 22 55.660. 00 6/ 1/95 1 Ov), 000. 00 10. 000000 85, 660. 00 185,660. 00 271.32''0. 'x'10 / 1/95 82.600. 00 80.660. Z..:-:1 ,_.. c/ 1/96 110. 00101. 00 10. 100000 80, 660. 00 190,660_ Z:0 271.321-Zl. 00 12/ 1/96 75. 105. 00 75, 105. 02 $. 6/ 1/97 125,000.00 10. 200200 75, 105- 00 200, 105- 00 275,210. lid 12/ 1/97 68,730.02 6.8 732. 00 6/ 1/98 135,000. 00 10.300000 68,730. 00 203,7.30_ 00 272,460. 00 L2/ 1/98 61, 777. 50 61,777- 50 k G/ 1/99 150,000- 00- 10.400000 61, 777. 50 211,777- 50 273,555.00 T12/ 1/99 53, 977- 50 33,977. 50 6/ 1/ 0 165, 022.00 10. 5000Li0 53,977. 50 218,977. 5L- 27'2,9.-55. 00 12/ 1/ 0 4.35, 315. 41Z1 45,315. 0-0 G/ 1/ 1 185, 000. 00 10. 600200 4:5. 315- 00 230,315. 20 275,J,F-30. 2'n i 12/ 1/ 1 35, 510. 00 35.: 10. OLID L. G/ 1/ 2 200, 000.00 10. 600000 35, 510. 00 235,510. 00 271,020.00 L2/ 1/ ` 24, 911.00 24,910. 120 G/ i/ 25, 000.00 10. 600000 24, 910. 00 249,910. 00 2274,8'20. 00 12/ 1/ 3 12, 985.20 12,985. 00 i G/ 1/ 4 245, 000.00 10. 620000 12,985.011 257,985. 02 270,',!,10. 00 (. -------------- 2, -------------2, 160, 202.00 2,614, 7.':1. 25 4,774,781. 25 4CCRUED 1-3, 108-54 19, 128. 54 2, 160,Zt00.00 ==-==9==672=71 --4_755,67_71 SATED 12/ 1/86 WITH DELIVERY OF 1/ 1/87 30ND YEARS 24,990.2100 AVERAGE COUPON 10.463 AVERAGE LIFE 11.569 I C '/. 12.46 3310 V. USING 100.0000000 I- I C % 10.442821 % USING 100.0011000O -RUNDATE.- }!-la-lana m l;:cl:ss FILENAME. m!o m:«: ew«ol,c \ � ! ! { [� / [ ./ E � £ � \ [ � E . CITY OF TIGARD GENERAL OBLIGATION BONDS.SERIE'S 1584 CALLABLE MATURITIES ONLY DEPT SERVICE SCHEDULE a DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL 6/ 1/87 35,661.02, 65.660.00 85.660.00 .2/ 1/87 85,660. lO 85,651.00 !! G/ 1/83 85,660.00 65,660.00 171,320.00 12/ 1!88 85,660.00 P-5,660.00 j 6/ 1/89 85,660.00 85,660.00 171,320.00 12/ 1/89 85,660. 00 65,660.00 6/ 1/90 85,660.00 85,660.10 171,320.00 .2/ 1/90 85,660.00 85,660.10 G/ 1/91 85,660.00 85,660.00 171,320.00 2/ 1/91 85,660.00 85,660.00 6/ 1/9c 85,660.00 85,660.00 171,320.00 12/ 1/92 85,660.00 85,560. to 6/ 1/93 85,660.00 851 660.00 171,320. 00 1/93 85,661.00 85,660.00 6/ 1/94 85,660.00 85,660.00 171,320.00 v '2/ a5,85,660.00 85,661.00 6/ 1/95 100.010. 00 11.004.1000 85.660.00 185.660.00 0717 320.00 1/95 81,661. lO 80,661.14.1 M / 1196 111.Q100.10 10. i11�10c1 81,660.00 190.660.lO 271.321.00 "12/ 1/96 75, 115.00 75, 105.01,11 6/ 1/97 _25,kill.0l 11.cO111O 75. 115.00 201tl, 105.1-4114) 275,210.00 ,- 12/ 1/97 68,730.00 68,730.00 6/ 1/98 135,001.00 10.300000 68,730.00 203, 730.00 272,460.00 t2/ 1/98 61,777.50 61,777.50 4 6/ 1/99 150,100.00 10.400000 61.7;7.50 211,777.50 2. 555.00 12/ 1/99 53,977.50 53.977.50 6/ 1/ 0 165,000, 01 11.500001 53,977.5-0 218,'377.50 272.95S.00 '12/ 1/ 0 45,315.00 45,315.00 6/ 11 1 185,k100. 00 10.600000 45,315.00 231.315.00 275,631,11 f"2/2/ 1/ 1 35.511.00 35,511.11 E./ 1/ - 200,011.Ol 10.6lllll 35,511.ll c - 511.ll 271,021.00 f 12/ 1/ 2 24,910.00 24,910.00 6/ 1/ 3 225,100. 00 10.600001 24,310.00 249,911.041, 274,82'0.0 x`12/ 1/ 3 12,965.11 12,985.11 6/ 1/ 4 245,000.O0 10.600000 12,985.00 257,985.00 270,-370.1-4)0 €. -------------- --------------- -------------- 1.640,000.Q11 2,374, 160.00 4,114, 161.10. ACCRUED 14,276.57 14,276.67 1.640,000.00 2.35-3,833.33 ,399,833.3 a4')ATED 12/ 1/86 WITH DELIVERY OF 1/ 1/87 y GOND YEARS 22,645. 000 AVERAGE c,645. 000 AVERAGE COUPON 10.464 AVERAGE LIFE 13.808 I I C % 10.484257 USING 100.0000000 I C 10.463656 % USING 112.1100001 JNDAT_E: 11-13-1986 C@ 14:10:38 FILENAME: TIG KEY: 84MAT i e !p^ CITY OF TlGA RD ! GENERAL OBLIGATION BONDS, SERIES 1984 CALL ON 6/1/94 @101, CALLABLE MATURITIES ONLY DEBT SERVICE SCHEDULE i DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL 6/ 1/87 85,660. 00 8=,,660.00 65,660. 00 f 2/ 1/8- 85, 660. 00 RC,660.00 6/ 1/6,. 85,660. 00 8f;,660.00 171,320- 00 ��2/ 1/88 85,660. 00 8;,660.00 6/ 1/89 85,660. 00 85,660.00 171,320. 00 12/ 1/89 85,E60.00 85,660.00 6/ 1/90 85,660. 00 65,660.00 171,380. 00 2/ 1/90 85,660.00 65,660.00 G/ 1/91 85,660.00 85,660.00 171,320. 00 ,2/ 1191 85,660.00 85,660.00 6/ 1/92 85,660. 00 85'r.60.00 171,3'20. 00 -121 1/92 85,660.00 8�!5,660.00 G/ 1/ 85,660. 00 65,660.00 171,320- 00 i2/ 1/9.3 85.660.00 85,660.00 6/ 1/134 1,656,400.00 85,660. 00 1,742,060.00 1,827,720. 00 -------------- ------------ -- ----------- 1,656,400.00 1,284,900. 00 2,S41, ,541,300.00 ACCRUED 14,276.67 14.2-76.57 1,656,400.00 1,270,623. 33 2,927,O£3..,Z DATED 12/ 1/86 WITH DELIVERY OF 1/ 1/87 +OND YEARS 12, 423. 000 IVERAGE COUPON 10. 343 AVERAGE LIFE 7. 500 I C % 10. S42912 % USING 100.0000000 I C % 10. 339378 / USING 100.0000000 9_verrtmcnt. Finance Assc.ciatss, Inc., Portland, Oregon RUNDATE: 11-13-1986 L 14:13:00 FILENAME: TIG KEY: 64CALL i CITY Ot= TIC=-3ARfi GENERAL OBLIGATION BONDS,SERIES 1984 REFUNDING OF CALLABLE PORTION ONLY DEBTSERVICESCHEDULE`• F r DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL G/ 1/87 10,000.00 4.000000 6„ 812.50 79, 812.50 79,812- 50 12/ 1/87 69, 612.50 69, 612.50 t 6/ +/88 25,000.00 4.650000 69, 61=.50 94, 61 So 164a 225. 00 12/ 1/88 G9, 031.25 6'9. 031.25 G/ 1/69 30,000.00 5.000000 69,0131.'25 99, 031-25 168,06 '. SO 12/ 1/89 68, 181.25 68,281.c5 G/ 1/90 30,000-00 5.350000 68, 281.25 98, 281.25 166,562. 50 12/ 1/90 67, 478.75 67, 478.75 6/ 1/91 30,000.00 5.450000 67,478.75 97,478.75 164,357_ 50 1 27 3"/91 66, 661.:_5 66, 661.2S 6/ 1/92 30,000-00 5.650000 66, 661.25 96, 661,c5 163,322- 50 12/ 1/92 65. 813.75 GS, 813.75 G/ 1/93 35,000.00 5.950000 65, 813.75 100, 813. 75 166, 627_ 501 12/ 1/93 64, 772.50 64. 772.�s0 G/ 1/94 35,000.00 G.150000 64, 772.50 99, 772.50 164,545. 00 12/ 1/94 63, 696.25 63. G56.c5 6/ 1/95 140,000.00 6.250000 63, 696.25 203, 696.c5 267,392_ 50 121 1/95 /95 .c9, 321.25 59, 321.c 1/96 145,000. G0 6.350000 59, 321.: 5 204. 321.a5 cu , 642. So . 12/ i/9G 54. 717.50 S4. 717.50 6/ 1/97 160,000.00 6.450000 54, 717.50 214, 717.50 269, 435. 00 .121 1/97 49, 557.50 49. 557.S0 6/ 1/98 170,000.00 6.550000 49. 557.50 219, 55-7.S0 269, 115- 00 12/ 1/98 43, 990.00 43, 990.00 6/ 1/99 180,000. 00 6-650000 43, 990.00 223, 990.00 267,9..90. 00 1.2/ 1/99 38, 005.00 38, 005.00 6/ 1/ 0 1�9t,000.00 6.750000 38, 005.00 228, 005.00 266, 010. 00 12/ 1/ 0 31, 592.50 31, 552. 50 G/ i/ 1 24.'13,000. 00 6.850000 31, 592.50 236, 592.So 268, 1•95. 21!7_1 i:=/ I/ i 24, 571.25 571.2 ,_ 4. 571.2 Gt 1/ 2 215,000.00 6.950000 24, 571.25 239, 571.25 264. 142. 50 1/ = 17, 100.00 @j235,000.00 `17, 100.00 6/ 1/ 3 235,000.00 7.000000 17, 100.0 J 0 , 100.00 269,200. 00 12/ 1/ 3 3, 875.0411 8, 875.00 6/ 1/ 4 250,000.00 7. 100000 8, 875.00 258, 875.00 267,750_ 00 ---------- --- ----------- --- ---------- 115,000.00 1, 795,967.50 - 9 910, 67.50 ACCRUED 1 1, 635.42 11. 635.42 I/ --2, 115,00000 --1.784.3_2.08 - 3,899==3 ==0g "ATED 12/-1/86 WITH DELIVERY OF 1/ 1/87 BOND YEARS 26,587.500 AVERAGE COUPON 6.755 AVERAGE LIFE 12.571 N I C % 6.754932 % USING 100.0000000 T I C / C.. 723738 % USING 100.0000000 ■ � � /Ru_AT E_ 12-03-1986 m :19 FILENAME: I:e mE*: 84REr t : ( ! / { � E E !� E \ �\ . � CITY OF TIGARD REFUNDING OF SERIES 1084 REFUNDING YIELD DELIVERY DATE: 1/ 1/87 Par, 2, 1.1 S. 000.00 Accrued Interest 1 1,;535.42 Underwrite-.,s Discount ( 0.00000' "4> 0.00 Original I5E +ue (-+Premium/-Discount) 0.00 Bond Insurance ( 0.000000 /) 0.00 % of Total D/S All Other Cost of Issuance expenses 0.00 NON recoverable portion Of Cost of Issuance expenses 0.00 Gross Yield Target Value 2, 1;45.035.42 e G R 0 S S Y I E L D G. 72373882 X MAXIMUM REFUNDING Y I E L D 6. 80278019 % G.80278019 % = 6.72373822 % + . . . ,25,000 # G.72Z373822 '/.) . 2, 115,000.00 11,635.42 0.00 0.00 0.00 Par- +Accr-_+ed -Underwriter -f-Pr-ern/-Disc -Allowable Exp Government Finance Associates, Inc- , Portland, Oregon JNDATE: 12-03-1986 @ 07:51:43 FILENAME: TIG KEY: 84REF i CITY OF TIGARD REFUNDING OF SERIES 1984 ISSUE SIZING DEFEASANCE REQUIREMENT AT REFUNDINGYIELD DATE: 1/ 1/1987 WITH a COMPOUNDINGS / 360 DAY YEAR PV RESULTS. PV TOTAL = c,016, 119. 17 PV RATE = 6. 7:'37'82200 j CASH - FLOW SUBTOTAL = 2.941,300.00 DATE AMOUNT RATE PV FACTOR PV AMOUNT t 5/ 1 '1987 85,660.00 6.7237382 :.97282123 83,331. 57 12/ 1/1987 8s,660.00 6.7237362 0.941 1799'9 80,621. 48 61 1/1988 85,660.00 G.7237382 0.91056789 77.999. 25 12/ 111988 a5,660-00 6.7-237382 0.88035145 75,462. 30 6/ 1/1989 85,660.00 6.7237382 0.852298.30 73.007- 87 12/ 1/1989 85,660.00 6.7237382 0.82457710 70, 633_ 27 6/ 1/1990 85,660.00 6.7237382 0.79775753 69,335. 91 12/ 1/1990 85,650.00 6.7237382 0.771810 8 66, 1 13. 27 6/ 1/1991 85,660.0o 6.7237382 0.74670657 63,362_ 92 € 12! 1/1991 85,660.00 G.7237382 0.72242015 61,882- 51 _. 6/ 1/1992 85,660.00 6. 7'._.37382 0.69892326 59,863.77 12/ 1/1992 85,660.00 6. 7 23738 '' 0.67613062 57,922- 49 6/ 1/1993 85,660-00 G.7237382 0.65419736 56,038. 55 t 12/ 1/1993 85,660-00 6. 7237,82 0.63291944 54,215. S8 � 5/ 1/1994 1, 742,060.00 6. 75:37.:8:=: 0.61233359 1,06'0,721. Fzs5 JBTOTAL 2, 941,300.00 ;_:,016, 11 D. 17 6c,v�rr,raer,t Finance Assr_,ciates, Inc. , Pnrt land, Oregcm , RUNDATE: 12-03-1386 @ 07:50:57 FILENAME: TIG KEY: 84CALL 6 S { r i I L E i� 6 I� 6 N 6 Yl 6 4i 6 N I N Y1 n u j u] ti N N M v v Yl u] a0 anD n W m N JAI p 4l N L 4i G 4] 41 N Y] r M v ail n S LL M r u] r'1 N V) n aJ Yl /'l O� 6 6 6 5 E E O 5 6 6 6 6 6 6 6 6 5 1 6 6 II 6 6 6 6 O 6 5 5 E 6 N Ll 6 6 I G 6 Y u N t] Y] Qu m i ro m ii nJ u] ai a. - ^J W2 � II wO IS J 6 @ O 6 6 6 5 5 6 2 B 5 5 L O x "'• - 7 c z w Y - m i"a s P al]•J] w M .a m ew, P i m m ri ii n �a :a m � an au m as an m m •u :a :c i �m° ,... Mill m ii I ., -. .. .. -. _.• .. J N :a .J N a :a J .. 1'm ri ii 1 LL U..O U UI x 5 112Y] 4]N Y]Y]N 4]Y]Y]5E ]Y]x)VJ2 6565E logy; 4]59p 9 16N 4 II '10 J4l OJ a]J NaUnnN MPPES Y]Y]Y165 66 J]Y]N U56 J5 11611 j Z L Y .. .. ] _. ani.�i:J n] mm 5 59 gifts �i au ari..:-:n �i•imm °]o o'+mh ny•s ui eii�'i�J maa as o@ NN ions Na�MNh n_u]in Pm 1169Y] worm mriu mmu+c;ai arra law Yi r'R;E (�N/si/� grml`u ` 4`rrvm Li.: t u1 N as aaN ailNu7 +ON•J.�i]N �bY]L5 L] 47.�S < /•)M aV N .. ..n ii 6 6 5 6 6 6 5 6 5 6 6 @ b l 11 W O 6 b 6 @ b 6 6 6 6 6 E 6 6 6 6 @ 8 6 6 6 6 6 6 E 1 0 6 4] N 4] 5 O U b v7 @ N m u S S 4] Ul Ll Ll Y] •il N u] u] •p ap as Ul u] h r 6 6 E 6 E E @ 6 5 6 6 Gr 6 6 5 6 5 6 5 6 E 5 1 5 6 i. 6 6 6 6 5 6 6 6 S b 6 6 6 E I Z 5 6 6 6 B 5 5 6 6 6 6 O b fi t 6 II .i -• N M f. M M M M d h 0 6 M Yl 1 / 0 m P m O 6^-� N Cf 7 M S Inv! as N 6 0 P R�6 6^-� i•J N M M.:I 11 U ®0m0m PPPN �2nP`P PInP`P PRaPPP P W Qw.vwww .a.no .-i av w ww w.n w.vw .avow wear ww n ww.n_. S C appy OJ ap in NNa 11 11 VNO/ yap imply N in 11 U i m 1 e �- n) m N J G b W X S -a Z V is z �i O LL W N r o n m ¢n Y Z 4 6 5 6 }�L¢1 pn 55 � n> 5 5 m U S O is Ut Y. 6 6 N i !- J 5 0 O O Z ®5 m W 05 Z 9 E - .c� w a�i LL l7U � J >> N W C n N m ti of mr ¢6 N r N N a wGT hNn1� 6 d A m w m m > G B J m U V Y] u J V' S N ¢ m Z m m S W U 1 N M Baa w 0¢5 U U h N 4 o�c.aczr 2 cbT z A! i jTreasury Farm AR 2/86 TABLE P.V. S. Freser�t Valme Savings Zss�tei^; City of Tigard o Date of Present Val,_te Ca].c�_tlati;,ns: December 1, 1`:466 Estimated TIC: 6.7237 V. SEE TABLE WHICH FOLLOWS FOR SAVINGS CALCULATIONS Pr-0 j ect ed Savings: ?77,9c:2i. 79 Min-As Cash 1-41. 00 Minus Expenses not paid from refundinq Issue 8,554. 70 TOTAL PROJECTED PRESENT VALUE SAVINGS y,69. 866. 09 Fier^cent 3.28% Z t 4'' a xwlapmml Npmmm m1paN , U I m n r m P 6^^W M 1 6 M M NZI 6 I O .-.U] 0100)P Sm mN6 U L I 1 i i Jm I mmtlm mrltlm6 Nmm NO m 1 m 6 6 0 9 0 B 6 M P P N M 6 •• 6 6 I F W 1 P4]MM .M.MVI Nm m Mm N I N A J O�1 mmmm mmmm m m m r M 9 I JQ 1 NLlN4] I(i 41 Vi 4)47 Y]N MM4l N I -• U I- mmmm mmmmm mmmmm - o imu m 'i niu m w i u r w z m e i o ' I 11 LL h �zG I u o --Danz O O U 11 S l~ I J Q Y O W m l mmmm mmmm 9 N m m OJ 0 m l m II FY-6-•Y x T Y Qp! m696 pB9OM PP InMw ';n O LL U��p U 15 �W I SS SN] 4]'!JNNN Nm aPp M4i.]] N I M 4 6 Ju Y II> W 1 t0 i]n°nm mmmmm mm mnU] 6 1 0J O S Y O� Y W U Q I m m 0� @ 0 p 0 0 m Mm m m 0 •J I Y M m .. U Y m K I P S W Z I 0 W N U' 3 Oz I p p p p •0 6 0 6 0 6 0 0 6 6 p l 6 Y C ^ Z 1 6 6 0 6 8 6 6 5 0 0 6 6 6 6 6 1 5 4 J WI U E 6 6 6 6 6 6 6 6 6 6 5 F p F 6 1 6 9Y 141 N v W I mmmm mmmmm mm.o m.o m I � u U K I mmmm mmmmm mmmmm p l -0 Q m . J I NMMM LIMNS] Ll 4l u]L]L] OJ I m m❑I mmmm O m m m m mmmmm W P , i Z p I J Y LL OJ I f ti I 2 1 n r n m P P p 0-• ^N N M M m w m m P P P P P P P m F w wim z > z mNmN dN.DN�D Nm�a`ON m A � • 3 mm.21 mn-.Nm JE Z SmPVM Pn N M 7 4]NN m J 6 mm�NP NSA-.o ..ameJ I ¢ MmNv 6 ap M.-.tnT m m0�i��9 > M6J�4]M 6 m � � Nn"mvn I a0 J N ¢ Omn nn n m aD�p m N 4]NN0 1 9 6 C 5 I U ¢ m r 1 N W m > N M > m ¢ N w P M U N^- mN N N mMNm0 - ¢ mNmOM Nm Pmol BMM64J W - P � nJ^5m N N On+1�ry RP�InNMtiJ O H > mmPmm m n h m mmmm LL I- W 4 W t7 6 W VJ Z O £ Z 6 � > Z Z 4V W Z W J AJ L J V N L fl L N L L N aJ N JJ J ^O - O MMM MMM MMMMM LL Z 3 O 6 O+mPPP P P^P PTmNN 0 0 0 U 6- ¢ nnnnn n n n n n n n n n n 0 N Na0 ..... maomanm U _ N O N N m m m m m m m m 0 N m m N E m t m W 3 Z m6 E 69 6 C:'6 M P NNNBi C £ P VJ N N VI NII]47 Yl Z m m M m N I N U W ¢ mmvn m m m m�m ap mapnN6 N O s Z n I N L NN N �m 414m]N NN4]N0l _ ¢ as mommm � m m mmmm: im m i W a u '- I- -- z S VJ = L• N NO nNwm.M !- F m Z J LL P P P P P P P P P P ti m P N N lo W N I h ¢ 2 w y 5 6 6 5 5 6 5 6 6 6 5 6 6 6 6 1 O•~-•!5 G569 556 56 66995 19 11 1NNN NNNNN NNC V m l II O F-I oml U IW- r 1 5 5 5 5 6 6 6 6 9 5 F I 1 5 5 5 6 5 6 5 6 6 6 5 6 5 6 1 6 ii N?i p mmm mm m N'� r I V7 l OU W 1 i7 N nJ l L 11.J•J N iV N L u�m M 1 �p II UI 1U N! 5 N LL I N II " O t it Z T 6 6 5 5 5 5 5 6 5 6 6 6 6 5 1 T- O p W W•~.I F 650�y5 5666 66565 m•� U C 156•'F 5 S 5'�56 655 ¢G u LL I O ii WU.u I- J1. •• o> i ma`-J u`�u�� u`-J Ina �mno�m W I W•ilmm mil0�Dmm S. oMv n n o ..m mm ...mm am m m ai i _it u Z3in J W o m n �_° I •�m.na m m anm cmll of ui�m I m n _ 1w ^11� nn.11 Al.11 S I o S U ' I 6 J W Z I 5 p 6 5 6 5 5 6 ~ J O I 5 6 5 5 6 6 6 5 O LL � 1 D I 6 N'mT. �rrOP Q ul m m m m m m U W N J 5 5 5 5 5 6 5 6 6 6 5 5 5 6 6 1 9 Y ¢ -• ¢ 1 5 6 5 6 6 6 6 6 6 6 6 5 5 5 5 1 6 0 vI U 1 6 6 9 6© 6 9 6 6 6 6 6 6 5 6 1 9 1YI v - m mP c.m m NN 5mr fi 1 iJNNOJN N nJN NUJ N NN N� � b A L N u Z 6 I 1 II I� ir rm o m m 66�+-• NNMM S W •• m©mmm om�mm mm�m` ¢ � �D 0110 N1d N 10.1J mn oc�a �m en �u �u I ^p 1 6 u N q .. � 1 8 6 U v w � � " � i I n � 1 n J Z n y ~ 16 6r J p@i�u� Q U 1 0 B O Q O J N i N 9 U .~+bl O I W J N 1 ,0 D m K¢V O P 1 6 V W<'a N 0 � N I W Y y J 11 0 p n P 61 tl 2 Q n U Il -BOJ ti y u u* n W N .wU-, LZ Q Y rUi J^U 4 LL n 4 LL }- p .. .^.lQ,J 6 P W u T z 2 o..e,na uw r w u ➢S n Y C P G U � J Z 10 6 II 6 S rJ. - . �n 6 V C D I N n O h m O LL Ctp N r �p n m9m 0 LL P ¢ I E 0 ` 5 If1 wo o� u � of n .p� n m u m u n m o UN � u ,a N n I II OJ N W 2 G O O U 3 2 �O O y¢ W m r W z �� � i „'F F W Z 9 J 2 r =a F 6�O LL N O F U W 4- f- .. � U'y N Z J O �LL U 1 UI G K Z O J C W i- m � waa o ¢ ' N 3 mU F- W , E{ i i FO OU —loo06966 'l o' 66066 .. G o loll I JJ- 09666 06000 Wi ..l Go I l ll 66060 06060 6098 16 o&.oG 00900 69096 CZ I I loll, Ln a p u U 69.006 6 69 65 6066. 1�P 11 PP OI 17111 bJN LI w I •• U 65096 0055 00060 12 19006 06600 06609 . 1 1.1 1. Z 9066 [A p 59960 It 6 95909 o N Im ... 12 N N Z;*aL N 2 05556 56555 69096 o.o.. G' o 0 o 6.66. '.... ao N.N. 1. .1 N 1w State of Oregon Permanent Administrative Rule Procedure for Submission, Review and Approval of An Advance Refunding Plan Section1. Components of Plan An Advance Refunding Plan shall i consist of: 1. A completed "Request and Authorization for an Advance Refunding Hond Sale", substantially in the form of Treasury Form AR 1/86. i 2. A copy of the resolution or ordinance of the goverciing body authorizing submission of the plan to the Treasurer, 3. D ztatement of the purpose(s) of the advance refunding sale. �I Bonds issued for o favorable reorganization of debt, will require submission'of a study conducted by qualified authorities elaborating upon the anticipated benefits to the izsuer. 4. A description of the bonds to be refunded, including (a) the date each is first callable; ' (b) semi-annual debt service to final maturity for each issue and (c) the present value of f each semi-annual payment. ! 5. A description, of the proposed advance refunding issue, (a) including the semi-annual debt ( service; (b) the present value of each semi-annual payment; and (c) the call date, if any. The true interest rate (TIC) which was used to calculate this debt service and the issue date, or date of closing, of the advance refunding bonds should be utilized in all present 1{ value calculations throughout the plan. { 6. A description of the escrow account, including the type of securities to be utilized and the redemption date of the account. _ 7. A copy of the Present Value Savings Table. The subtraction of the annual present value debt service payments provides the projected present value savings. This total must be entered on the application form and shall be utilized in the review process. Note that Cc this amount is the total debt service savings. a (A) Any bond issuance expensesnot included in either the advance refunding proceeds or the C escrow account -Sall be subtracted from the savings total. Any expenses due at a future date may be discounted to present value. e 1 (e) Any cash, other than bond proceeds, which is added to the advance refunding to complete the escrow account shall be suotracted from the total savings. 8. A breakdown of the administrative costs, expenses or fees and their allocation to either the advance refunding issue or to the escrow account. The Treasurer shall review administrative costs to determine whether they are comparable with similar offerings. 9. A copy of the contract between the issuer and the financial consultant. Items required in 1 - 9 must be receivedrp for [o preliminary approval. Considered to be a part of the application but which may be submitted when available are the following: X ;. 10. The official Statement. 11. The issuer's certification relating to arbitrage; including any supporting documentation. 12. A copy of the indenture. 13. A copy of bond counsel's approving opinion. 14. A copy of the escrow agreement and copy of the escrow verification report demonstrating the ability of the escrow account to meet all future debt service and related costs relative to the refunded bonds. -re A copy of the underwriting agreement. Preliinary authorization may be given prior to receipt of items 10 through 15 in final form; howevr, they must be received prior to final approval. Section 2. Governing IIody Approval Prior to the submission of an advance refunding plan to the State Treasurer. such p an sha ave been approved by the governing body of the issuer. The plan's submission to the Treasurer shall occur within seven days after the governing body's approval and at least thirty (30) days prior to the proposed sale date. The review process will proceed expeditiously while reflecting the legislative intent to thoroughly evaluate advance refundings. 19 P.dvance Refunding Plan: Continued Peg• 2 Section 3. Financial Consultant Required The issuer shall employ an independent financial consultant whose sole function shall be to advocate the interest of and advise the iss'�er in the refinancing transaction. PRS 288.320 requires that the issuer assume a reasonable, non-contingent fee obligation to the consultant for services rendered. ' The financial consultant shall be retained by the issuer prior to the start of negotiations between the issuer and potential underwriter. The financial consultant shall, after evaluation of the various alternatives, recommend the desirability or undesirability of doino an advance refunding. The contract between issuer and financial consultant shall include the following language: 'rhe financial consultant, in consideration of the fees contracted for herein, agrees to exercise its best efforts on the issuer's behalf and wil not be a purchaser of the refunding bonds at a negotiated sale." The contract shall also reflect the obligations of the parties for the contingency of a sale ( not consummated as planned. Any report prepared by a financial consultant regarding the pricing and terms and conditions ofthe bonds shall be submitted in writing both to the municipality as well as to the State Treasurer assoon as it is available. No final approval shall be given by the State Treasurer until this report and all other documentation is received and evaluated by the Treasury. Section 4. Significant Savings Tests To facilitate the review of issues designed to provide a savings, three tests have been developed. Equating or surpassing any one of the three shall indicate that the significant savings test is met. Advice refundings designed for other purposes may require a lengthier review and consideration. In order to receive State Treasury approval, the forecast savings must equal one of the following: 1 present value savings of $5,000,000 or more; or 2. A savings ratio o£ 3% or more; or 3. An annual "tax rate impact" of $.15 per $1,000 or more. A. Savings Ratio: This ratio is calculated by dividing the total present value savings by the par amount of the advance refunding issue, the result being expressed as a percent. B. Ta:: Rate Impact: This test i intended to reflect the potential favorable impact on the taxpayer of t-he scaller jurisdictions. It is not intended as,a precise calculation of the real tax rate effect, but rather, using readily available figures, will approximate that a.. tax rate impact. It is calculated as follows: Annual savings estimate _ Total Present Value Savings Number of i�iaturities of Advance Refunding Issue Tax Rate Impact = Annual savings Estimate Issuer Assessed Valuation 1000 Section 5. Authorization Procedure Following a review of the plan (Component items i - 9), the Treasurer may issue a preliminary authorization. It will state an intention to issue a final authorization following the sale, provided that: g A. Items 10 - 15 of the plan are submitted and approved. B. And the TIC of the sale is within the parameters set forth in _e preliminary "` authorization. Section 6. Administrative Expenses To reimburse the Treasury for administrative expenses incurred in reviewing Proposals, a Eee will be charged as authorized in ORS 288.620(3). whennecessary to review complex,proposals, the State Treasurer may consult recognized experts t at the expense of the issuer. t r -20- Advance Refunding Plan: Continued Page 3 i Section7. Several Pro2osals Recommended Issuers are urged, when considering advance refunding, to review several proposzis. - - The Treasury hasfound wide variations in proposals, both in the fees charged and the savings presented. A list o£ consultants may be obtained from the Municipal Debt Advisory Commission, Room EOA State Capitol, Salem, Oregon 97310; telephone: 378-4930. Section S. Ongo3ng Evaluation The State Treasurer intends to evaluate the statewide impact of advance refunding through a berchmarking process. CL,.rrent bola interest rates are compiled into an `Oregon Index", similar to the Bond Buyer national index. Aaverse trends associated with advance refunding bond sales may result in a review and revision of the savings tests, thereby diminishing ! a^y undesirable impact upon the higher priority "new money" bond issues. Section 9. Redemption otice Publication The issuer shall cause a "Notice of Redemption" of the refunded bonds to be publishNed in one or more newspapers of general circulation thrc•�jghout the state 0? Oregon and in a business and financial newspaper published in Portland, Oregon; 30 to 60 days prior to the redemption of the bonds. For registered bonds, the last interest payment of a R bond to be redeemed, mailed to the bondholder of record, shall include a "notice of redemption". f Section 10. Waiver of Certain Provisions The Treasurer may, in the Treasurer's discretion, waive certain provisions of this rule to accomodate unusual circumstances. L L E E i s. @ BEFORE THE STATE OF OREGON f STATE TREASURER _ IN THE MATTER OF THE ADOPTION BY THE ) OREGON STATE TREASURER ) NOTICE OF PROPOSED R OF A PEMANENT ADMINISTRATIVE RULE ) ADOPTION OF PERMANENT CONCERNING REQUIREMENTS FOR ) ADMINISTRATIVE RULE ADVANCE REFUNDING PLANS ) TO: ALL INTERESTED PERSONS: 1. On June 3, 1966, the Oregon State Treasurer proposes to permanently adopt an Administrative Rule detailing the requirements for submission and approval of advance refunding plans. 2. Therule details the procedure governments must follow in order to obtain approval to issue advance refunding bonds. „a development of such a rule is provided for by ORS 28?.685. 3. Among the issues to be C—sidered by the State Treasurer are (a) whether the proposed Rule provides a clear process to guide governments into the application. and approval process; and (b) whether the proposed rule provides an adequate saving s/benef its test. 4. Interested persons may submit data or views Concerning the proposed rule in writing to the Municipal Bond Div i.sion; Office of the State Treasurer; Room 60A, State Capitol Building; Salem, Oregon 97310. Written comments, in order to be considered, must be received not later than May 38, 1986. j - If an interested person wishes to express his/her data, views, and arguments at a Public k hearing, he/she must make a written request for a public hearing and submit this request along with any written comments he/she may have on the proposed rule to the State Trea^urer. 6. A public hearing will be held by the Treasurer on the adoption of the proposed rule if a r request for a public hearing is received within 15 days after publication of notice in the Bulletin of the Secretary of State, from ten or more persons or an association having not less ( than ten members, I£ sufficient requests are received to hold a public hearing, notice of the time and place of the hearing will be provided. r Dated this 5th day of May, 1986. (Published Secretary of State Bulletin lay 15, 1986) Charles R. Sm t., Manager MunicipalBond Division i. Oregon State Treasury BEFORE THE STATE OF OREGON STATE TREASURER IN THE MATTER OF THE ADOPTION BY THE ) STATEMENT OF AUTHORITY, It OREGON STATE TREASURER ) STATEMENT OF NEED, CF A PERMANENT ADMINISTRATIVE ) PRINCIPAL DOCUMENTS RULE CONCERNING REQUIREMENTS FOR ) RELIED UPON AND FISCAL ADVANCE REFUNDING PLANS ) AND ECONOMIC IMPACT , 1. CITATION OF STATUTORY AUTHORITY: Oregon Revised Statutes 288_605 to 288.6,95 provide that the State Treasurer may permit advance refunding of certain honds under ce_tain conditions as outlined in the aforementioned statute. 2. NEEDFOR RULE: The rule is necessary to provide government entities and their representatives with information about the form and substance required to be submitted to constitute an advance refunding "plan" and the criteria to be used by the State Treasurer in deciding whether to approve such a plan. These entities will then be able to make timely decisions concerning refinancing plans. 3. DOCUMENTS, REPORTS AND STUDIES RELIED UPON IN PROPOSING THE RULE: - a. Communications with bond counsel. b. Communications with the Oregon Attorney General's Office. c, Communications with local government finance personnel. i d. The Attorney General's Model Rules of Procedure. e, Oregon Revised Statutes. f, Communications with financial advisors. g. Communications with investment bankers. 4. PISCAL ,-ND ECONOMIC IMPACT: This rule provides the procedure whereby •,overnment entities may be able to advance refund certain existing debt and thereby effectuate a cost savings to taxpayers and/or rate payers. The occurrence of such advance refundings will allow these government entities to effect savings in interest and associated costs. An additional impact oE such advance refundings is to create effectively twice the outstanding debt. Aside from potential tax savings, no impact on business is anticipated. �e Dated this 5th day of May, 1986. Ch- es R. Smyth! Manager Municipal Bond Division Oregon State Treasury -18- STATEOF' OREGON PERMANENT ADMINISTRATIVE RULE t Procedure fo:: Determination of Waiver of Advance Refunding Requirements Section 1. Requests to the State Treasurer for a hearing in the matter of a waiver of the conditions and requirements of ORS 288,635 shall be submitted at least 30 the days prior to an•, proposed bond sale date. Section2. The "Request to the State Treasurer for Waiver of ORS 288.635" shall indicate: a. The name and address of the municipality for which the Request is made; b. Thename, address and telephone number of the individual submitting the Request; c. A signed copy of the resolution/ordinance approved by the governing body, authorizing submission of a Waiver Request and Advance Refunding Plan to the State Treasurer; d. A brief narrative statement of the reason(s) a waiver is requested; le. A narrative statement of the purpose(s) of the advance refunding; f. Calculation of the present value savings ratio of the issue assuming ( compliance with ORS 268.635. Calculation of the present value savings ratio of the issue assuming a waiver of ORS 286.635 is granted. Section 3. After receipt of all of the components of the waiver request anticipated by section 2 hereof and in the manner described by section 1 above, the State Treasurer (or designee) shall hold a hearing to consider any waiver request(s) as quickly as is practicable per ORS 288.637(2). Waiver Requests may be granted based upon a municipality's showing, to the satisfaction of the State Treasurer, that the request, if granted, would significantly further the ( policies stated in ORS 288.610 and 286.615; and, a. A present value savings ratio of 38 or greater; OR i b. Benefits would also be deemed as exceeding costs upon a declaration of financial exigency as determined by the issuing entity's governing body and evidenced to the State Treasurer through Debt Service Cash Flow Projections made by qualified financial analysts; OR c. Removal of a significant onerous covenant. i Section 4. An Advance Refunding Plan shall be submitted in compliance with ORS 288.605 to 288.690 and the State Treasurer's guidelines and rules. I Section 5. The State Treasurer`s costs in conducting the -Waiver Hearing shall be borne by the municipalities requesting said waiver. Section 6. The State Treasurer shall issue a written decision on the Waiver Request within seven (7) business days following the Waiver Hearing. F . E . 17