Resolution No. 87-15 CITY OF TIGARD, OREGON
RESOLUTION NO. 87-15
A RESOLUTION Of THE TIGARD C1-iY COUNCIL AUTHORIZING THE SALE OF GENERAL
OBLIGATION REFUNDING BONDS, SERIES 1987.
WHEREAS, the City of "Tigard, Washington County, Oregon (the "City") has
advertised its General Obligation Refunding Bonds, Series, 1987 for sale and
has received bids for such bonds from the entities listed in the attached
Exhibit A; and,
WHEREAS, the bid of U.S. National Bank of Oregon offers the most favorable
interest rate to the City.
NOW, THEREFORE, BE IT RESOLVED by the Tigard City Council that:
1. Purchaser of Bonds Terms and Conditions. The City's General Obligation
Refunding Bonds, Series 1987 (the "Bonds") shall be sold to U.S. National
Bank of Oregon upon the terms contained in its bid and in the Notice of-
Sale for the Bonds. The Bonds shall be in the principal amounts
indicated in the attached Exhibit B.
2. Appointment of Paying Agent Registrar and Escrow Agent. United States
National Bank of Oregon, Portland, Oregon is hereby appointed Paying
Agent and Registrar for the Bonds, and Oregon First Bank is hereby
appointed Escrow Agent for the Bonds.
3. Other Action Authorized. The City Administrator or Acting Finance
Director are hereby authorized, on behalf of the City, to execute the
Escrow Deposit Agreement and any other documents, and take any other
action which may reasonably be required in order to issue, sell and
deliver the Bonds in accordance with the proceedings of the City and the
bid of the successful bidder.
4. The proceeds of the Bonds shall be used to refund the City's General
Obligation Building Bonds, Series 1984 which are subject to redemption.
PASSED: This 27th day of January, 1987.
Mayor — City of Tigard
ATTEST:
�efli/vl IN C�G3a,
City Recorder — City of Tigard
4516A
Resolution No. 87—
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EXHIBIT R
Bids were received from the following entities:
True Interest
Name Cost
U.S. National Bank of Oregon 6.007465
Prudential—Basche 6.15751
Merrill Lynch 6.1135
First Interstate Bank 6.0947
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Exhibit R to Resolution No, 87—
EXHIBIT 8
The Bonds shall mature on the first day of June in the
following principal amounts:
Year ftmo—Un t
198 $25,000
1988 335,000
1989 35,000
1990 35.000
1991 35,000
1992 40,000
1993 40,000
1994 45,000
1995 145,000
1996 155,000
1997 165,000
1998 170,000
1999 185,000
2000 190,000
2001 205,000
2002 215,000
2003 230,000
2004 240,000
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Exhibit 8 to Resolution No, 87—