Resolution No. 89-87 CITY OF TIGARD, OREGON
RESOLUTION NO. 89- e5 7
A RESOLUTION AUTHORIZING ISSUANCE OF GENERAL OBLIGATION
IMPROVEMENT BONDS
WHEREAS, the City will be receiving applications to pay local
improvement district assessments in installments for the 135th
Avenue Project, and has received applications for other unbonded
projects; and,
WHEREAS, the City Council has determined that improvement bonds
should be issued for these applications;
NOW, THEREFORE, BE IT RESOLVED by the Tigard City Council that:
1. Issue. The City shall issue its General Obligation
Improvement Bonds (135th Avenue Project), Series 1989 (the
"Bonds") . The Bonds shall be in the principal amount of not
more than Seven Hundred Twenty Thousand Dollars ($720,000),
shall be dated December 1, 1989, shall be in denominations
of Five Thousand Dollars ($5,000) or integral multiples
thereof, except for one bond (which may be a different
amount), shall bear interest payable on June 1 and December
r 1 of each year until maturity or prior redemption,
k commencing June 1, 1990, and shall mature on December 1 of
each year in principal amounts approved by the City Council
in connection with the sale of the Bonds.
2. Redemp�ion.
a. Optional Redemption. The City reserves 'the right to
redeem all or any portion of the bonds maturing on
December 1, 1999, by lot, on December 1, 1990, and on
any interest payment date thereafter, at par plus
accrued interest to the date fixed for redemption.
b. X.¢.ndatory Redemption. The Bonds maturing on December
1, 1999, shall be subject to mandatory rec:_mptlon, in
integral multiples of $5,000, by lot, on December 1,
1997, and on any interest payment date thereafter, at a
price of par, plus interest accrued to the date fixed
for redemption, to the extent that available revenues
in the Redemption Fund exceed scheduled debt service
and a reasonable reserve as determined by the City.
3. Notice of Redemption. Unless waived by the registered owner
of the bond or bonds to be redeemed, official notice of any
such redemption shall be given by the City's paying agent
and registrar (the "Registrar") on behalf of the City by
Page 1 - Resolution
mailing a copy of an official redemption notice by
registered or certified mail at least 30 days and not more
than 60 days prior to the! data fixed for redemption to the
registered owner of the bond or bonds to be redeemed at the
address shown on the Bond. Register or at such other address
as is furnished in writing by such registered owner to the
Registrar, or as otherwise required by law.
a. All official notices of redemption shall be dated and
shall state:
I.. the redemption date,
ii. the redemption price,
Iii. .if less than all outstanding bonds are to be
redeei-ned, the identification (and, in the case of
partial redemption, the respective principal
amounts) of the bonds to be redeemed,
IV. that on the redemption date the redemption price
will become due and payable upon each such bond or
portion thereof called for redemption, and that
interest thereon shall cease to accrue from and
after said date, And
V. the place where such bonds are to be surrendered
for payment of the redemption price, which place
of payment shall be the principal corporate trust
office of the Registrar.
b. Prior to any redemption date, the City shall deposit
with the Registrar an amount of money sufficient to pay
the redemption price of all the bonds or portions of
bonds which are to E-e redeemed on that date.
C. Official notice of redemption having been given as
aforesaid, the bonds or portions of bonds so to be
rede,LmgPd shall, an the redemption date, become due and
payable at the redemption price therein specified, and
from and after such date (unless the City shall default
in the payment of the redemption price) such bonds or
portions of bonds shall cease to bear interest. Upon
surrender of such bonds for redemption in accordance
with said notice, such bonds shall be paid by the
Registrar at the redemption price. Installments of
interest due on or prior to the .redemption date shall
be payable as herein provided for payment of interest.
Upon surrender for any partial redemption of any bond,
there shall be prepared for the registered owner a new
bond or bonds of the same maturity in the amount of the
unpaid principal. Ail bonds which have been redeemed
Page 2 - Resolution
f
shall be cancelled and destroyed by the Registrar and
shall not be reissued.
d. In addition to the foregoing notice, further notice
shall be given by the Registrar as set out below, but
no defect in said further notice nor any failure to
give all or any portion of such further notice shall in
any manner defeat the effectiveness of a call for
redemption if notice thereof is given as above
prescribed.
i. Each further notice Of redemption given hereunder
shall contain the information required above for
an official notice of redemption plus (i) the
cusIP numbers of all bonds being redeemed; (ii)
the- date of issue of the bonds ae originally
issued; (iii) the rate of interest borne by each
bond being redeemed; (iv) the maturity date of
each bond being redeemed; and (v) any other
descriptive information needed to identify
accurately the bonds being redeemed.
ii. Each further notice of redemption shall be sent at
least 35 days before the redemption date by
registered or certified mail or overnight delivery
service to all registered securities depositories
then in the business of holding substantial
amounts of obligations of types comprising the
bonds (such depositories now being Daposi.tory
Trust Company of New York, New York, W..idwest
Securities Trust Company of Chicago, Illinois, and
Philadelphia Depository Trust Company of
Philadelphia, Pennsylvania) and to one or more
national information services that disseminate
notices of redemption of obligations such, as the
bonds (such as Financial Information, Inc• 's
Financial Daily Called Bond Service; Interactive
Data Corporation's Bond Service; Kenny Information
Service's Called Bond Service; Moody's Municipal
and Government; and Standard and Poor's Called
Bond Record.
.ii. Each such further notice shall be published one
time in The Bond Buyer of New York, New York or,
if s-ach publication is impractical or unlikely to
reach a substantial number of the holders of the
bonds, in some other financial newspaper or
journal Vhich regularly carries notices of
redemption of other obligations similar to the
bonds, such publication to be made at least 30
days prior to the date fixed for redemption.
Page 3 •- Resolution
AW iv. Upon the payment of the redemption price of bonds
WV being redeemed, each check or other transfer of
funds issued for such purpose shall bear the CUSZp
number identifying, by issue and maturity, the
bonds being redeemed with the proceeds of such
check or other transfer.
4. Security. The City has assessed benefited properties for
the costs of local improvements, and has received
applications to pay assessments in installments in an amount
at least equal to the principal amount of the bonds. All
installment assessment payments shall be placed in the
Redemption Fund and applied to the payment of principal and
interest on the bonds. The full faith and credit of the
City are pledged to the successive owners of each of the
bonds for the punctual payment of such obligations, when
due. The City shall Levy annually, as provided by law, 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 and other mollies
available for the payment of debt service on the bonds, to
pay the bonds promptly as they mature. The City covenants
with the owners of its bonds to levy such a tax annually
during each year that any of the bonds, or bonds issued to
refund them, are outstanding.
5. Form of Resaistered Bonds. The City may issue the bonds as
one or more typewritten, temporary bonds which shall be
exchangeable for definitive bonds when definitive bonds are
available. The bonds shall be in substantially the fore
attached hereto as Exhibit B.
6. Authentication LReaistration and Transfer.
a. No bond shall be entitled to any right or benefit under
this resolution (-the "Resolution") unless it shall have
been authenticated by an authorized officer of the
City's paying agent and registrar (the "Registrar") .
The Registrar shall authenticate all bonds to be
delivered at closing of this bond issue, and shall
additionally authenticate all bonds properly
surrendered for exchange or transfer pursuant to this
Resolution.
b. All bonds shall be in registered form. The City shall
appoint a Registrar for the bonds. A successor
Registrar may be appointed for the bonds by ordinance
or resolution of the City. The Registrar shall provide
notice to bondowners of any change in the Registrar not
later than the bond payment date following the change
in Registrar.
Page 4 -- Resolution
C. The ownership of all bonds shall be entered in the bond
register maintained by the Registrar, and the City and
the Registrar may treat the person listed as owner in
the bond register as the owner of the bond for all
purposes.
d. The Registrar shall mail each interest payment on the
intere_t payment date (or the next business day if the
interest payment date is not a business day) to the
registered owner at the address appearing on the bond
register as of the fifteenth day of the month preceding
an interest payment date (the "Record Date") . If
payment is so mailed, neither the City nor the
Registrar shall have any further liability to any party
for such payment.
e. Bonds may be exchanged for an equal principal amount of
bonds of the same maturity which are in different
denominations, and bonds may be transferred to other
owners if the bondowner submits the following to the
Registrar:
i. written instructions for exchange or transfer
satisfactory to the Registrar, signed by the
bondowner or hie attorney in fact and guaranteed
or witnessed in a manner satisfactory to the
Registrar; and
ii. the bonds to be exchanged or transferred.
f. The Registrar shall not be required to exchange or
transfer any bonds submitted to it during any period
beginning with a Record Date and ending on the next
following payment date; however, such bonds shall be
exchanged or transferred promptly following that
payment date.
g. The Registrar shall note the date of authentication on
each bond. The date of authentication shall be the
date on which the bondowner's name is listed on the
bond register.
21. For purposes of this section, bonds shall be considered
submitted to the Registrar on the date the Registrar
actually receives the materials described in subsection
E. of this section.
i. The City may alter these provisions regarding
registration and transfer by mailing notification of
the altered provisions to all bondowners. The altered
provisions shall take effect on the date stated in the
t
Page 5 - Resolution
notice, which shall not be earlier than 45 days after
notice is mailed.
7. Maintenance of Tax-Exempt Status. The City covenants for
the benefit of the owners of the bonds to comply with all
provisions of the Internal Revenue Code of 1386, as amended
(the "Code") which are required for bond interest to be
excluded from gross income for federal income tax purposes
(except for certain taxes on corporations), unless the City
obtains an opinion of nationally recognized bond counsel
that such compliance is not required for the interest paid
on the bonds to be so excluded. The City makes the
following specific covenants with respect to the Code:
a. The City shall not take any action or omit any action,
if it would cause the bonds to become "arbitrage bonds"
under Section 148 of the Code and shall pay any rebates
to the United States which are required by Section
148(f) of the Code.
b. The City shall operate the facilities financed with the
bonds so that the bonds are not "private activity
bonds" within the meaning of Section 141 of the Code.
The covenants contained in this section and any covenants in
the closing documents for the bonds shall constitute
contracts with the owners of the Bonds, and shall be
enforceable by them.
8. Designation of Bonds as Qualified Tax-Exempt Obligations.
The City designates the bonds as "qualified tax-exempt
obligations" pursuant to Section 265(b)(3) of the Code. The
City covenants not to so designate tax-exempt obligations in
the current calendar year in an aggregate amount of more
than $10,000,000. The City (including any subordinate
entities) does not reasonably expect to issue more than
$10,000,000 of tax-exempt obligations during the current
calendar year.
4. Sale of Bonds. The Finance Director shall establish the
proposed maturity schedule for the Bonds, and shall cause to
be published in the Tigard Times and in the Daily Journal of
Commerce, Portland, Oregon, notices of sale for the Bonds in
the form substantially as shown on the attached Exhibit A,
oa nummaries, as provided by law. The Bonds shall be sold
on the date, at the time and place, and upon the terms
E
Page 6 - Resolution
9®
provided in the attached Exhibit A, with such modifications as
may be approved by the Finance Director.
PASSED: This(t 1 1day of L)( jLw)Lc L, 2989.
Mayor, City 1f igard
ATTEST:
City Recorder, City of Tigard
g4tRl hv'rGG39.roe
Page 7 — Resolution G--ber 24, 1.989
EXHIBIT A
OFFICIAL NCTICS OF BOND SALE
CITY OF TIGARD
COUNTY OF WASHINGTON
STATF OF OREGON
GENERAL, OBLIGATION IMPROVEMENT BONDS (135TH AVENUE PROJECT)
SERIES 1999
NOTICE IS HEREBY GIVEN that sealed bids will be
received on behalf of the City of Tigard, Washington County,
Oregon (the "City") , for the purchase of the City's General
Obligation Improvem-nt Bonds (135th Avenue Project), Series 1989
(the "bonds"), until 10:00 o'clock a.m. (Pacific Time) or.
December 7, 1989, at the offices of Lindsay, Hart, Neil &
Weigler, Lawyers, Suite 1800, 222 S. W. Columbia Avenue,
Portland, Oregon 97201-5618, at which time they will be publicly
opened and announced.
The bids shall be considered and acted upon by the City
within four hours.
ISSUE: The issue shall be in the aggregate principal
amount of DOLLARS ($
consisting of registered bonds in denominations of. Five
Thousand Dollars ($5,000), or integral multiples thereof (except
for one bond maturing on in the amount of $ }
all dated December 1, 1989.
INTEREST RATE: The maximum interest rate shall not
exceed a true interest cost of ten percent (10%) per annum.
Interest is payable semiannually on June 1 and December I of each
year until maturity or prior redemption, commencing June 1., 1990.
Binders 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 a multiple of one thousandth (.001) of one
percent (1%); (2) no bond shall bear more than one rate of
Interest; (3) each bond shall bear interest from its date to its
stated maturity date at the interest rate specified in the bid;
(4) all bonds maturing at any one time shall bear the same rate
of interest; (5) the interest rate bid for any maturity shall not
be less than the rate bid for any prior maturity.
MATURITIES: The bonds shall mature serially and in
numerical order on the first day of December in each year as
follows:
Page 8 - Resolution
Date Amount Date Amount
[to be added by Finance Director prior to publication]
REGISTRATION: The bonds will be issued in fully
registered form, and may be exchanged at the expense of issuer
for similar bonds of different authorized denominations. Bonds
may not be converted to bearer form.
OPTIONAL REDEMPTION: The City reserves the right to
redeem all or any portion of the bonds maturing on December 1,
1999, by lot, on December 1, 1990, and on any interest payment
date thereafter, at par plus accrued interest to the date fixed
for redemption.
MANDATORY REDEMPTION: The Bonds maturing on december
1, 1999, are subject to mandatory redemption, in integral
multiples of $5,000, by lot, on December 1, 1997, and on any
interest payment date thereafter, at a price of par, plus
interest accrued to the date fixed for redemption, to the extent
that available revenues in the bond Redemption Fund exceed
scheduled debt service and a reasonable reserve as determined by
the City.
REDEMPTION NOTICE: Notice of any call for redemption,
unless waived by the registered owners of the bond or bonds to be
redeemed, shall be mailed not less than thirty days and not more
than sixty days prior to such call to the registered owners of
the Bonds, and otherwise given as required the authorizing bond
resolution/ ordinance and by law; however, any failure to give
notice shall not invalidate the redemption of the bands. All
bonds called for redemption shall cease to bear interest from the
date designated in the notice.
PAYMENT: Principal and interest are payable, either at
maturity or upon earlier redemption, by check or draft through
the principal corporate trust office of the registrar and paying
agent of the City, which is currently United States National Bark
of Oregon, in Portland, Oregon.
PURPOSE: The bonds are being issued to finance local
improvements.
SECURITY: The City has assessed benefited properties
for the costs of local improvements and has received applications
to pay assessments in installments. All assessment installments
will be placed in the bond Redemption Fund and applied to the
payment of principal and interest on the bonds. The bonds are
also general obligations of the City. The City has covenanted to
levy an ad valorem tax annually which, with other available
Page 9 - Resolution
funds, will be sufficient to pay bond principal and interest as
they come due.
LEGAL OPINION: The approving opinion of Lindsay, Hart,
Neil & Weigler, Lawyers, in Portland, 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: In the opinion of bond counsel,
under existing law and conditioned on the City complying with
certain covenants relating to the tax-exempt status of the bonds,
interest on the bonds is excluded from gross income for federal
income tax purposes (except for certain taxes on coirporations) .
The Bonds are not "private activity bonds" under Section 141 of
the Internal Revenue Code of 1936, as amended (the "Code").
in the opinion of bond counsel, the interest on the
bonds is exempt from personal income taxation by the State of
Oregon unde=r present state law.
Bond counsel expresses no opinion regarding other
federal or state tax consequences arising with respect to the
bonds.
The City has the legal authority to comply with its
covenants.
BANK PURCHASE: The City has designated the bonds as
"qualified tax-exempt obligations" pursuant to Section 265(b)(3)
of the Code.
BEST BID: The bonds will be awarded to the responsible
bidder whose proposal will result in the lowest true interest
cost to the City. True interest cost will be determined. by
doubling the semiannual interest rate necessary to discount the
debt service to December 1, 1939, and the price bid for the
bonds. Each bidder is requested to supply the total interest
cost and the true interest cost that the City will pay upon the
issue if the bid is accepted. The purchaser must play 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
paid by the City.
CERTIFICATE OF REOFFERING PRICE: The successful bidder
shall provide to Bond Counsel not less than three business days
prior to closing a certificate stating that the successful
bidder: (1) has made a bona fide public offering of the bonds at
the prices specified in the certificate, and has sold a
substantial amount of bonds at those prices; or (2) has purchased
the bonds for its own portfolio without intention to resell the
bonds; or (3) has made a bona fide private placement of the bonds
and the terms of such private placement.
Page 10 - Resolution
DELIVERY: Delivery of the bonds will be made without
cost to the successful bidder at a bank in the City of Portland,
Oregon designated by the successful bidder at the expense of the
City, or elsewhere at the expense of the bidder. Payment for the
bonds must be made in federal funds. Delivery of the bonds will
be made within thirty days.
FORM' OF BID: All bids must be for not less than all
the bonds hereby offered for sale, and for not less than n4nety-
eight and one-half percent (98.58) of the par value thereon 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
($ _) 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 withdraws its bid or fails 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 bidders will be returned by the City promptly.
RIGHT OF REJECTION: The City reserves the right to
reject any or all bids, and to waive any irregularities.
CUSIp: CUSIP numbers will be imprinted upon all bonds
of this issue at the City's expense. Failure to print, or
improperly imprinted numbers will not constitute basis for the
purchaser to reuse to accept delivery.
NO LITIGATION: At the time of payment for the deliver
of said bonds, the City will furnish. the successful bidder a
certificate that there is no litigation pending affecting the
validity of the bends.
OFFICIAL STATEMENT AND ADDITIONAL INFORMATION: The
City has prepared an official statement relating to the bonds, a
copy of which will be furnished upon request to its financial
advisor, Public Financial Management, Inc., 1300 S.W. Fifth
Avenue, Suite 2929, Portland, Oregon, 97201; telephone (503)223-
3383. Interested parties requiring additional information should
contact the City's financial advisor.
,r By Order of the City of Tigard
i.. HbfR�h4i0038.iss
Page 11 - Resolution 0=tobar 24, 1969
Exhibit B
No. R- $
UNITED STATES OF AMERICA
STATE OF OREGON
COUNTY OF WASHINGTON
CITY OF TIGARD
GENERAL OBLIGATION IMPROVEMENT BOND (135TH AVENUE PROJECT)
SERIES 1989
DATED INTEREST % PER ANNUM MATURITY DATE CUSIP
REGISTERED OWNER:
PRINCIPAL AMOUNT: DOLLARS
THE CITY OF TIGARD, in the County of Washington, State
of Oregon (the "City"), for value received, acknowledges itself
indebted and hereby promises to pay to the registered owner
hereof, or re_istered assigns, the principal amount indicated
above an the above maturity date together with interest thereon
from the date hereof at the rate per annum indicated above.
Interest is payable semiannually on the first dray of June and the
first day of December in each year until maturity or prior
redemption, commencing June 1, 1990. Interest upon this bond is
payable by check or draft through the principal corporate trust
office of the City's paying agent and registrar, which is
currently United States National Bank, in Portland, Oregon (the
"Registrar") . Checks or drafts will be mailed on the interest
payment date (or the next business day if the interest payment
date is not a business day) to the registered owner at the
address appearing on the Bond Register as of the fifteenth day of
the month preceding the interest payment date. Bond principal is
payable upon presentation and surrender of this bond to the
Registrar.
ADDITIONAL PROVISIONS OF THIS BOND APPEAR ON THE
REVERSE SIDE; THESE PROVISIONS HAVE THE .fiAME EFFECT AS IF THEY
WERE PRINTED HEREIN.
IT IS THEREBY CERTIFIED, RECITED, AND DECI.JARED that all
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 wanner as required by the Constitution and Statutes of
the State of Oregon and the Charter of the. City; that the issue
of which this bond is a part, and all other obligations of such
City, are within every debt limitation and other limit prescribed
by such Constituti.on, Statutes and Charter; and that the City
Page 12 - Resrlution
Council has provided fcr the levying annually of a direct ad
valorem tax upon all the property witt.i.n the boundaries of the
City so taxable for itz purposes in art amount sufficient, with
other available funds, to p y the lntere��L on and the principal
of the bonds of such issu.-. a-; such oblJqations become due and
payable.
IN WITNESS WHEREOF, the City Council of the City of
Tigard, Washington County. Oregon, has caused this bond to be
signed by facsimile signature of its Mayor and attested by
facsimile signature of .its Finance Director, and has caused i.ts
seal to be affixed hereto or printed hereon as of the date
indicated above.
Mayor
(SEAL) Finance Director
THIS BOND SHALL NOT BE VALID UNLESS
PROPERLY AUTHENTICATED BY THE REGISTRAR
IN THE SPACE INDT_CATED BELOW.
t
DATED:
CERTIFICATE OF AUTHENTICATION
This is one of the City's General
Obligation Improvement Bonds
(135th Avenue Project), Series 1989,
issued pursuant to the Resolution described herein.
(Name of Registrar)
By
Authorized Officer
Note to Printer: The following language should be printed
on the reverse of the bond:
This bond is one of a series of $ aggregate
principal amount of General Obligation Improvement Bonds (135th
Avenue Project), Series 1989 (the "Bonds"), of the City, and is
issued by the City to finance local improvements pursuant to the
City's authorizing resolution (the "RQ4olution") and Oregon
' Page 13 - Resolution
�i
Revised Statutes, Sections 223.205 to 223.295, in full and strict
accordance and compliance with all of the provisions of the
Constitution and Statutes of the State of Oregon and the Charter
of the City.
The City reserves the right to redeem all or any portion of
the bonds maturing on December 1, 1999, by lot, on December 1,
1990, and on any interest payment date thereafter, at par plus
accrued interest to the date fixed for redemption.
Bonds maturing on December 1, 1999, shall be subject to
mandatory redemption, in integral multiples of $5,000, by lot, on
December 1, 1997, and on any interest payment date thereafter, at
a price of par, plus interest accrued to the date fixed for
redemption, to the extent that available revenues in the
Redemption Fund exceed scheduled debt service and a reasonable
reserve as determined by the City.
Notice of any call for redemption, unless waived by the
registered owners of the bond or bonds to be redeemed, shall be
mailed not less than thirty days and not more than sixty days
prior to such call to the registered owners of the Bonds, and
otherwise given as required by the Resolution and by law;
howeaer, any failure to give notice shall not invalidate the
redemption of the Bonds. All Bonds called for redemption shall
cease to bear interest frc.,-t the date designated in the notice.
The Bonds are issuable in the form of registered Bonds
without coupons in the denominations of $5,000 or any integral
multiple thereof. Bonds may be exchanged for Bonds of the same
aggregate principal amount, but different authorized
denominations.
Any 'transfer of this Bond must be registered, as
provided in the Resolution of the City authorizing the issuance
of the Bonds, upon the Bond Register kept for that purpose at the
principal corporate trust office of the Registrar. The City and
the Registrar may treat the person in ,shore name this Bond is
registered as its absolute owner for all purposes, as provided in
the Resolution.
The Bondowner may exchange or transfer any Bond only by
surrendering it, together with a written instrument of exchange
or transfer which is satisfactory to the Registrar and duly
executed by the registered owner or his duly authorized attorney,
at the office of the Registrar in the manner and subject to the
conditions set forth in the Resolution.
Page 1.4 - Resolution
s
r
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and
transfers unto
Please insert social security or other
identifying number of assignee
this Bond and does hereby irrevocably constitute and appoint _
as attorney to
transfer this Bond on the books kept for registration thereof
with the full power of substitution in the premises.
Dated:
P
Page 15 - Resolution
NOTICE: The signature to this assignment must correspond with
the name of the registered owner as it appears upon the face of
this Bond in every particular, without alteration or enlargement
or any change whatever.
Signature Guaranteed
(Sank, Trust Company ur
Brokerage Firm)
Authorized Officer
The following abbreviations, when used in the inscrip-
tion on the face of this Bond, shall be construed as though they
were written out in full according to applicable laws or
regulations.
TEN COM -- tenants in common
TEN ENT -- as tenants by the entireties
JT E'EN -- as joint tenants with right of survivorship
and not as tenants in common
OREGON CUSTODIANS use the following
CUST UL GREG MIN as
custodian for (name of minor)
OR UNIF TRANS MIN ACT
under the Oregon Uniform Transfer to Minors Act
Additional abbreviations may also be used though not in
the list above.
Page 16 - Resolution ava\h�003a_ree
October 26, 1989