City Council Packet - 07/06/1970 Sp,'C17%*- COUp�C?:I, .E t 11
- G
11_ 0, 7:30 P.r'.
`T'IGi1R;D Cl Lly 17E1LL
AGiENjA,
1. CALL TO ORDER
2. ROLL CALL
3. SALE Or' BONDS OF, S.101. cKlNTERBURY LANE !MPROV1la,-gP DISTRICT
(a) Bid Opening 8:00 P,1.
4. OTHER BUSINESS
`a. CALL TO AUDIENCE FOR THOSE DESIRING TO SPEAK
6. ADJOURNMENT
y
STUDY SESSION AGENDA:
1. COOK PARK GRA14T
2. ZONING ORDINANCE REVISIONS
E.
TIGARD CITY COUNCIL
SPECIAL MEETING JULY 6, 1970, 7:30 P.M.
1. ROLL CALL: Present: Mayor E.G. Kyle, Councilmen Floyd
H. Bergmann, Daniel L. Larsen, Robert C. Moore;
Stephen M. Telfer, City Administrator; Fred A.
Anderson, City Attorney; Keith C. Thompson,
Director of Public Works; Doris Hartig, City
Recorder
Absent: Councilman Thomas M. O'Halloran
Special meeting was duly called with common consent of Council
for the purpose of opening and awarding the bids for sale of
$45,683.12 of Bancroft Improvement bonds of the City Canterbury
Lane Project.
Bid Opening at 8:00 P.M.
Bids received as follows:
First National Bank 6 3/8% net interest cost $17,194.38;
effective interest rate 6.3522€
U.S. National Bank bonds maturing 1971-75 inclusive 7%
bonds maturing 1976-80 inclusive 6 1/48
total interest cost $17,447.82 effective interest rate
6.4458%
Cityy Administrator recommended award of bid to First National
Ba subject to checking of interest computation and approval of
Attorneys Shuler, Rankin, Myers and Walsh
(a) Motion by Councilman Larsen to award bid to First
National Bank subject to checking of interest _
computation and approval of bonding attorney's;
seconded by Councilman Bergmann
Approved by unanimous vote of Council present.
OTHER BUSINESS
EARL H. WILKINS ASSESSMENT Bancroft #2. Balance Due $230.41
plus 'interest of $37.04.
City Administrator explained that due to clerical error outstand-
ing lien was not indicated on routine lien check by Title
insurance Company and Mr. Wilkins"states: since he no longer has
aninterest in. the .property he is..not responsible..for the assess-
ment. Attorney Anderson commented he felt city was on shaky
grounds in trying to 'recover the assessment and considering the
court costs we;should absorb the cost of the assessment plus
interest to date.
(a) Motion by Councilman`MooreCity absorb:the cost of
the Wilkins'assessment in the amount of $230.41 plus
interest of $37.04; seconded by'Councilman'Larsen.
Approved by unanimous vote of Council present.
Adjournment 8:10 P.M.
City,Record
ATTEST:
� � Mayor
11c. LE ci$1 Wil:1 In con2eIIL F:et O` t... l C^�Iin CO"
aro 15 called to Ynt:e avo2 ,.,�� r, 0
1)l0 in tr:eCit ;111 i; •r r 1
ariditio r to tY 'a;✓or, all.
tscel. a':eou ot'acr o a zincss. 1-1v n L!
the '.<Yyorannounccd t?le- imo for,
with re 'pect to the sale of, ;, !;-
ncrnl 011-,14 :cn 1 i :,•otc -
mat bonds of the Cito of �:and
I prove erntvistriet, blurt hel
r Y,1:�i ? pn 1. , :a .lt•:'@`i.Yat'1:: _
The .:a;/or nroceedpci to O,en tho btcis t.n; T-UhIIcly r
a follows. d.7 t; .. ,
and `',ranch, iraru re
=-orr
For all said bonds as pudiicic.:ed,
Coupon interest rate of 6-111/8,;-
Price:
-?;8Price: 3100.135 for each : 100. par value
Net interest cost,
317,19q.�;,
ffective interest rate. 6 a -:2 ,
NATIOIaAL l'AdY, J< '3iCe).., LY`_H F and A I'I SO'
COMPANY, I'JC. :
For all of said toric':. a,,i PU alicized,
Coupon interest rata of 71,' for all ix>nds
maturinr, 1971 to 1975, inclusive
Coupon;interest rate of-6-1/4" for all bonds
maturinr from 11%76 to 1)80, ihclu:> ve
Price: $100. for each Y100, par`vallle
Net interest
cost 17,447.82
Effective interest rateU;trt6�',
After some discussion, on;;;otion :wade by Councilman [,arsen,
seconded by Councilman Dorf,mann, and the unanimous vote of all
councilmen present and the Mayor, the bid of the First National Dank
Of Oregon was duly accepted.
On motion duly made, seconded and passed, it was directed that
the City, Recorder and the City Attorney Droceed forthwith to cause to
have prepared the final transcript of proceedint-,s'-for approval by
Messrs. Shuler, Rankin, Myers & ?:alsh,, an(-,',, to have tho bonds nre-
pared and delivered on or _prior to Autrust 6, 1970.
ATTEST:
fi City Recorder
iayor`
s