City Council Packet - 06/06/1984 TIGARD CITY COUNCIL PUBLIC NOTICE: Anyone wishing to speak on an
N SPECIAL MEETING AGENDA agenda item needs to sign on the appropriate
JUNE 6, -1984, 12:00 Noon sign-up sheet(s). If no sheet is available,
TIGARD CITY HALL ask to be recognized by the Chair at the start
12755 SW ASH AVENUE of that agenda item. Visitor's agenda items
TIGARD, OREGON 97223 are asked to be kept to 2 minutes or less; longer
matters can be set for a future Agenda by con-
tacting either the Mayor or City Administrator.
1. SPECIAL MEETING: `
1.1 Call To Order and Roll Call
2. OPEN AND AWARD BID - GENERAL OBLIGATION BOND SALE
o Finance Director
3. AWARD BID - 68TH SEWER LID s
o Director of Public Works
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4. ADJOURNMENT
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COUNCILAGENDA - JUNE 6, 1984 - PAGE l
SPECIAL COUNCIL MEETING NOTICE
Notice is hereby given that a special Council Meeting, called by the Mayor
with the common consent of Council, will be held on June 6, 1984, at 12:00
Noon, at Tigard City Hall, 12755 SW Ash Avenue, Tigard, Oregon. The meeting
is called for the purpose ,of awarding the bid for the general obligation bond
sale and 68th Avenue'sewer'`LID bid award.
John E. Cook, Mayor
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T I G A R D C I T Y C b U N C 1 L
SPECIAL MEETING MINUTES - JUNE 6, 1984 -'12:00 NOON
L ROLL CALL: Present: Mayor John Cook; Councilors: Tom Brian, and Ima
Scott; City Staff: Jerri Widner,,Finance Director (arriving 'C
at 12:06 P.M.) and'Loreen Wilson, Deputy City Recorder. q
: 2, AWARD BID - 68TH SEWER LID
Deputy Recorder stated the bid opening had been held June lst at
f a. P Y
2:0O P.M. and noted the results as follows: ;
Doug's Construction, Salem, Oregon $142,993.50 {¢
Evergreen Excavating, Beavercreek, Oregon $164,012.00
Fuiten'srPlumbing Forest Grove, Oregon $171,018.25 t
Tobey's Excavation; Hillsboro, Oregon $191,523.50
Carver Equipment, ,Oregon City, Oregon $192,276.15
$162,700.00
Engineer's Estimate
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DJB, Inc., stated she was satisfied with
b. Mrs. Ball, representing Illi
answers received from staff regarding the contractor as long as
the Director of Public'Works was satisfied.
C. Motion by Councilor Brian, seconded by Councilor Scott to award
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the bid to. the.,apparent low.bidder, Doug's .Construction in the
amount of $142,993.50.
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Approved by unanimous vote of Council present.
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3. ACCUMULATED TIME REPORT REQUEST
a. Councilor Scott requested that the Accumulated Time Reports, j
received at the 6/4/84'meeting,-be placed as a"discussion item on i
the 6/25/84 meeting.
Consensus of Council was to consider this issue on the 25th.
4. AWARD BID - GENERAL OBLIGATION BOND SALE - SERIES 1984 i
a. Finance Director reported the following bids were received:
U.S. National Bank of Oregon 10.51013%
Merrill Lynch Capital Markets 10.566969%
First Interstate Bank of Oregon
10.6545%
Oregon Bank 10.6164%
She recommended awarding the bid for the sale of the G.O. City
Building Bonds to U.S. National Bank of Oregon.
b. RESOLUTION NO. 84-39 A RESOLUTION ACCEPTING A BID FOR THE PURPOSE
OF CITY OF TIGARD GENERAL OBLIGATION CITY BUILDING BONDS, SERIES
1984, AND DIRECTING DELIVERY AND SALE THEREOF.
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C. Motion by Councilor Brian, seconded by Councilor Scott to approve.
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Approved by unanimous vote of Council'present.
5. ADJOURNMENT: 12:11 P.M.
spot, City Recorder - City of Tigard
ATTEST:
-City of Tigard
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(1w/1641A)
Page 1 COUNCIL MINUTES - JUNE 6, 1984
CITY OF TIGARD, OREGON
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COUNCIL AGENDA ITEM SUMMARY �}
AGENDA OF: June 6, 1984 AGENDA ITEM #: QC
DATE SUBMITTED: 6/6/84 PREVIOUS ACTION: March election '
ISSUE/AGENDA TITLE: AWARD BID FOR
SALE OF'G.O. BONDS REQUESTED BY: J. Widner
DEPARTMENT HEAD OK: J. WidnerCITY'ADMINISTRATOR:
INFORMATION SUMMARY
The sale of general obligation City building bonds was held today at the
office of Ragen, Roberts, O'Scannlainc& Neil.
The City received the following bids: `
U.S. National` Bank of Oregon 10.51013%
;Terrill Lynch Capital Markets 10.566969%
First Interstate Bank of Oregon 10.6545%
Oregon Bank 10.6164%
ALTERNATIVES CONSIDERED
1. Accept lowest bid from U.S. National Bank of Oregon.
2. Reject all bids.
SUGGESTED ACTION
Staff recommends that Council award the bid for the sale of general obligation ,
City building bonds to U.S. National Bank of Oregon.
(0406F)
UNITED STATES NATIONAL BANK OF OREGON
A Subsidiary of U.S.Bancorp
e HEAD OFFICE
309 S.W.SIXTH AVENUE
P.O.BOX 4412,PORTLAND,.OREGON 97208
June;6, 1984
City;of 'Tigard
c/o Ragen, Roberts, O'Scannlain,
Robertson & Neill
1600 Orbanco Building
Portland, Oregon 97204
Gentlemen:
For $2,200,000 (Two Million Two Hundred;Thousand Dollars) City ;of Tigard
General Obligation City Building Bonds,',Series 1984, to be in $5,000 de-
nominations or integral multiples thereof, dated June 1, 1984, ;bearing
interest payable on June l and December l of each year, beginning
December 1,' 1984, and to mature serially in numerical order as follows:
$ 40,000 due 6-1-86 @ )9A6 % $100,000 due 6-1-95 @ ff M %
45,000 due 6-1-87 @J$ 40 110,000 due 6-1-96 @
50,000 due 6-1-88 @J jo 125,000 due 6-1-97 @
55,000 due 6-1-89 @ Io2.60 135,000 due 6-1-98 @10-34
60,000 due 6-1-90 @ 16,'15' 150,000 due 6-1-99 @ 16.yd
65,000 due 6-1-91 @ IT AT 165,000 due 6-1-00 @ /(J.SZ)
75,000 due 6-1-92 @ /d,ho 185,000 due 6-1-01 @1 0
80,000 due 6-1-93 @ q. -76200,000 due 6-1-02 @ l0.da
90,000 due 6-1-94 @ 225,000 due 6-1-03 @ /&411
245,000 due 6-1-04 @ /J.6,1)
providing the City reserves the right to redeem all or any portion of the
- bonds then outstanding in inverse order of maturity and by lot within a
maturity on the following dates at the following prices expressed as per-
centages of the principal amount, plus accrued interest to the redemption
date:
If redeemed on Redemption Price
June 1, 1994 and December 1, 1994 101.0%
June 1, 1995 and December 1, 1995 100.5`/,
June 1, 1996 and thereafter 100.0%
both the principal and the interest are payable, either at maturity or
upon earlier redemption, by check through the office of the registrar and
paying agent of the City, which is currently the office of U. S. National
Bank of Oregon, in Portland, Oregon, all in accordance with your published
notice of sale, we will pay you at the rate of $/QQ.dO for each $100.00
face value, together with accrued interest to date of delivery to us in
Portland, Oregon.
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UNITED STATES NATIONAL BANK OF OREGON SHEET NO
e
On the basis of the abovd bid, the interest cost to the City is as follows:
Coupon Interest Cost
Less Premium Bid
Net Interest Cost -� a4,2 '11.5
7'
� 1
Effective Interest Rate Id-5-141Y /d
This bid is made for prompt acceptance only and for prompt delivery of
the bonds as they can be conveniently prepared and executed within thirty
days after the sale, unless further extended by mutual agreement.
This bid is also made with the understanding that prior to our taking up
and paying for the bonds, you will provide without cost to us the opinion
of Ragen, Roberts, O'Scannlain, Robertson & Neill, Lawyers, of Portland,
Oregon, approving the legality of said bonds and the sale thereof, which
opinion will be printed on the bonds at the expense of the City.
As evidence of good faith, we enclose our cashier's check dated June 6,
1984 in the amount of $44,000.00 payable to the City of Tigard upon the
understanding that if said bonds are awarded and delivered to us in ac-
cordance with this bid, said check may be applied as part payment; other-
wise, same is to be promptly returned to us.
Jointly submitted,
UNITED STATES NATIONAL BANK OF OREGON
PAINE, WEBBER, JACKSON & CURTIS, INC.
SEATTLE-NORTRWEST SECURITIES CORP.
Joint Managers,
& Associates
BY 1�Cr
Duane Castles, Manager.
Municipal Bond Department
United States National Bank of Oregon
Encl.
Merrill Lynch Capital Markets
Municipal Securities Division ?h F u ai.ci, C,.nier Budding Telephone
i 215 4;h Aven„e_ 206 464-3546
5cduie WaShingtoil
98i61
June 6, 1984
To: City of Tigard, Oregon
C/ORagen, Roberts, O'Scannlain
Robertson& Neill
1600 Orbanco Building
1001`S.W. Fifth Avenue
Portland, Oregon :97204
Gentlemen:
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We offer to purchase all, but not less than all $2,200,000 principal amount
City of 'Tigard, County;of Washington,State of Oregon, General Obligation Bonds,
Series 1984, more particularly described in your Official Notice of Sale, which is
incorporated herein and made a part hereof,at the par value thereof and accrued
interest thereon to date of delivery, together withremium discount of
$ 2.0 4. so , said interest to be payable at the rates more particularly
set forth below:
Maturity Interest Maturity Interest
Date Rate Date Rate
1985 p % 1995 1 o-oo %
1986 t 2.75 % 1996 10.10 96
1987 12.75 % 1997 /0-7=6 %
1988 12.SQ;% 1998 10.30 %
1989 1 Z—ECL_% 1999 /0-yo %
1990 t 1. 75 % 2000 /a'5:0 %
1991 -1 2001 Lo.&o %
1992 1®. % 2002 I0.&5 %
1993 A. 75 % 2003 10.70 %
1994 . 2004 /0.75 %
A cashier's check is enclosed in the amount of $44,000.00. If we are not awarded
the bonds, please return our check promptly.
Our estimated net interest is$ 3,-211),755.5Q ,
or %.
� Respectfully submitted
C Q
MerpAl Lyne C ital Markets
�._ George E. hstey
Vice President & Mgr. ?
Northwest Municipal Region
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Mrst
First Interstate Bank
of Oregon,N.A.
N Bank
City of Tigard I
c/o Ragen, Roberts, O'Scannlain, Robertson & Neild I
3600 Orbanco Building
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1001 S.W. Fifth Avenue
Portland, OR :97204
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In accordance with your official notice of sale dated
May 22, 1984 inviting bids on
$2,200,000 CITY OF TIGARD, WASHINGTON COUNTY, OREGON
GENERAL OBLIGATION CITY BUILDING BONDS
we will pay the par value thereof less a discount/plus a premium of$
The bonds are to bear interest as follows:
� e
Maturity Rate Maturity Rate ;
Maturity 6/1 Rate 3
1994 10-00 2011 1 a '1
1986 ( pfJ 1995 10, 10 2004 Iafl �lS
1987 1 'oy 1995 10,20 g
_1988 131 so 1997 _ 10-30
1989 13,00 1998 10,4-0 {
1990 _12,25 1999 10 -TD
1991 1 2.z5 2000 Io.Go 3
1992 `'f,CO 2001 10,70
1993 91 �0 2002 to 7S
Based on the above interest rates,we have made the following estimates: I
Gross amount of interest $ 1—a��-440
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Less premium/Plus discount $Net amount of interest $ 3
Net effective rate — 10, ,S-+S -
All of the terms of the official notice of sale are incorporated herein and made apart hereof. We enclose our Good Faith check in the
amount of$ 44,000.00 _- - .In the event we are not awarded the bonds,please return the check promptly to the undersigned.
Delivery to be within 30 days unless mutually extended. '
Respectfully submitted,
FIRST INTERSTATE BANK OF OREGON,N.A.
PO`iTLAND,OREGON
(503) 225-3II52
{� BY:
W
BOND-ti c•a•ut ORIGINAL COPY
June f 1984
AM& OREGON
AN OR$ANCO COMPANY
City of Tigard
c/o'Ragen, Roberts, O'Scannlain, :
Robertson & Neill
1600 Orbanco Building`
Portland, Oregon 97204
Gentlemen:
For your$ 2,200,000 paramount of City ofTigard, -County_o.f_tTashin tg on, State of
Oregon General.Obligation Bonds dated; June._1,_1985 - :�� and
maturing June 1, 1985 through June 1, 2004, inclusive, in denominations of
$5,000 , bearing interest payable semiannually, both the principal of and the interest
upon the bonds payable at United States National ,Bank-of Oregon,_:in._Portland-,_Oregon
We will pay par plus a premium / less a discount of $ /L~ �— .for bonds to bear the following interest
rate or rates:
$ 40,000 due 06-01-.86 @ 177 % $ 100-1000 - -due06-01-95 @�Q,�%
$ 45,000 due 06-01-87 @'/ % $ 110,000 _ dQie(_)!5_— 96 @1��1�%
$$ .: . 50,.000 due 06-01=7$$ @ r�- / $ _125,_000 dueQ6791797 @L 11%
. -55,000 . due 06-01-$9 @_1 $ 135,000, — -^_du�6-01-98 @L&, %
j----due-0 -99
@ j�L �%
. / $ -50 01due
$_::_ __65 -000_____:_ -,-.,--.due_06=01_-91 @._.! e2._:% $: 165,000 -----dueQ6-01-00 @ %
_'__75.'.000 __: ____due 06-01-92 @'/_� �3% $.: . 00
185 0.__—.__due06-01-01 @ J,L0 % I
_due 06-01 7V::-93 @,;67.� % $, _200i0Q0:-- _-- dueQ6-01-02 @ fe. %
' _ _90:..000______-. __-due 06-.OL-94 @_5's r71�_% $ 22.5 000 ---- _dueQb-01-03 @1o, %
-due @:< % $: 245,,000 due06-01-04 @ (0.?t7% i
providing all bonds / maturing after June .1, 199be subject to call and redemption in inverse 't
,rder on .-.June 1.,---1994- _.and on any interest payment date thereafter./ are non-op-Senal-tseforematarit-y.
The following is for information only:
Gross Interest Cost -.._-----
Less Premium ./ C) 'c/ -----
Plus Discount y N
Net Interest Cost _ 3 3`t, ',-v
---
Average Rate
This bid is made for prompt acceptance only and for delivery and payment for not later than----30—
days from date of sale unless further extended with our approval, subject to our receiving prior to the delivery of
the bonds,without cost to us, the unqualified legal opinion of Ragen, Roberts,_..0'Scannlain,_-Robertson & l
Neill Attorneys, Portland, Oregon;said legal to be printed on the bands.
We enclose our cashiers check for$ 44,000 which is to be returned to us if this bid is not accepted;
otherwise it shall be held as advanced part payment;or,if we fail to pick up and pay for the bonds under the terms
of this bid,it shall be forfeited to the City as and for all liquidated damages.
Respectfully submitted this .6th day of June 19
The Oregon Bank L,
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Foster & Marshall
Kidder Peabody
�7 &0
Carolyn Rao -Lieber
As
sistant 'ri President
L rhe Oregon Bank ..
Investment Department
1001 S .Fifth Avenue RS
P.O.Boa 2715 e
Portland.Oregon 97208
5031222 7610 TOB 9459 (4/80) #;.
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S.W. 68TH AVENUESANITARY SEWER L.I.D. #42`
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BID OPENING:
June 1, 1984
SUBJECT Bid Results 2:00 P.M.
City Hall, Tigard, OR
BID BID
BIDDER'S NAME ADDRESS BOND PREQUALIFICATION TOTAL
P.O.' Box'13061
1 Doug's Construction Salem, OR 97309 X X $142,993.50
P.O. Box 159
2. Evergreen Excavatinc Beavercreek, OR 97004 X X 164 012.00 r
1832 Pacific Ave.i
7 3, Fuiten's' Plumbing Forest Grove, OR 97116 ' X X $171,018.25
33003 SW T=V Hwy_
4. Tobey's-Excavation Hillsboro, OR 97123 X X $191 ,523 50
1532.'S Springwater Rd.
5. Carver Equipment Oregon City, Or'97034 X X $192,276.15
6.
` 7.
9.
. 10.
11.
12.
13.
14.
15.
16.
17.
18.
19
20
$162,700.00
Dorris Har.ti.g, Pur - sing Agent Engineer's Estimate
ovc eel 1edee eeee
ATrnci
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Plovi
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!��1 ! ) ! >�f�flf 4 T�alP f Iia alaala�rlali�I{alI{aiIl11a9+lala�ala�atalafl�alllala,a4ala4i
NOTE: IF THIS MICROFILMED .-._ 2 •� '4 -_. -- 8_ _ 7 i$ 9 0 I l 92 - c"".
DRAWING IS LESS CLEAR THAN
THIS NOTICE. IT IS DUE TO .
THE QUALITY OF THE ORIGINAL _
DRAWING.
OFFE 62 BZ LiiZ 92 s2vz £2 ZZ !Z 02 SP 81—t1 --9i-Sf bl Ea Z{ 11 0{ f3 9 [ -9 - 5
fNIINIlIiI11�I110I1i11'tUlii1N81111111�I11F.1{,� _ 16
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MARP"CHJ
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S. W. 68TH AVENUE SANITARY SEWER L.C.D. e42
:S�FCT: Bid S?read Sheet (Summary)
T � e
EST. ,d ou 5 &A 5{vu G}�0+1 �/N✓ ='�EEXTENDED
�„ 2n 5 i7 g UNIT PRICE EXTENDED PRICE UNIT PPRICE c- 6UNST QUANTITY UNIT nICE EXTENDED PRICE UNIT PRICE EXTENDED PRICE UNIT PRICE EXTENDED PRICE
�
UNIT Par_ r
Mcbilization L.S. All 00. 40 .
49
& Grubbin L.S. All .50040. O 400X ce=r
Ody,,
.. i Trench Excavation. C.Y. 2773 119,°u .30. .5.oa $6S `