City Council Packet - 01/27/1987 TIGARD CITY COUNCIL
SPECIAL BUSINESS MEETING AGENDA
JANUARY 27, 1987, 12:00 NOON
TIGARD CIVIC CENTER
13125 SW HALL BLVD.
TIGARD, OREGON 97223
1. BUSINESS MEETING:
1.1 Call To Order and Roll Call
RECESS COUNCIL MEETING
2. LOCAL CONTRACT REVIEW BOARD
2.1 Call To Order & Roll Call
2.2 Approval Of Bid Award - General Obligation (Advance) Refunding
Bonds, Series 1987 -- City Recorder
2.3 Adjournment
RECONVENE COUNCIL MEETING
3. APPROVE ADVANCE REFUNDING BOND BID AWARD - RESOLUTION NO.
o City Recorder
4. ADJOURNMENT
lw/4497A
COUNCIL AGENDA - JANUARY 27., 1987 - PAGE 1
T I G A R D C I T Y C 0 U N C I L
REGULAR MEETING MINUTES — JANUARY 27, 1987 — 12:16 P.M.
1. ROLL CALL: Present: Mayor Tom Brian; Councilors: Carolyn Eadon,
Valerie Johnson (arrived at 12:20 PM), and John Schwartz;
City Staff: Bob Jean, City Administrator; Wayne Lowry,
Acting Finance Director; and Loreen Wilson, City Recorder,
RECESS COUNCIL MEETING: 12:17 PM
2. LOCAL CONTRACT REVIEW BOARD
a. ROLL CALL: Present: Board Chairman Tom Brian; Board Members:
Caro'yn Eadon, Valerie Johnson, and John Schwartz; City Staff:
Bob J,�an, City Administrator; Wayne Lowry, Acting Finance
Director; and Loreen Wilson, City Recorder.
b. APPROVAL OF BID AWARD — General Obligation (Advance) Refunding
Bonds, Series 1987
Acting Finance Director reported the following bids were received:
NAME TRUE INTEREST COST
US National Bank 6.007485
Prudential—Basche 6.15751
Merrill Lynch 6.1135
First Interstate Bank 6.0947
He noted that Bond Counsel and Local Government Finance agreed US
National Bank was the qualified low bidder and recommended bid
award to that firm.
COUNCILOR JOHNSON ARRIVED: 12:20 PM
He further stated that with the favorable interest rate received,
the City would experience Present Value Savings of $193,000
instead of the anticipated $77,000.
After further discussion, Board Member Eadon moved to award the
bid to US National Bank of Oregon with a True Interest Cost of
6.007485. Motion was seconded by Board Member Johnson.
Approved by unanimous vote of Board present.
C. ADJOURNMENT: 12:23 PM
RECONVENE COUNCIL MEETING: 12:23 PM
:o
Page 1 — COUNCIL MINUTES — JANUARY 27, 1987
f
3. RESOLUTION NO. 87-15 A RESOLUTION OF THE TIGARD CITY COUNCIL
AUTHORIZING THE SALE OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 1987.
' a. City Recorder reported Section 4 had been added to the resolution
since Council had received their packets and the Exhibits A and B
had been completed with the bid opening information.
b. Notion by Councilor Johnson, seconded by Councilor Eadon to
approve.
Approved by unanimous vote of Council present.
4. ADJOURNMENT: 12:25 PM
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Wil
J
XCitycorder - City of Tigard
ATTEST:
Mayor - City of Tigard
LW/4497A
page 2 - COUNCIL MINUTES - JANUARY 27, 1987
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MEMORANDUM
CITY OF TIGARD, OREGON
TO: Honorable Mayor & City CounFil January 25, 1987
1
FROM: Loreen Wilson, City Recorder
SUBJECT: Contract Review Board Meeting — January 27, 1987
For your information and review, attached please find a draft of the
resolution which will be considered at the January 27, 1987 Local Contract
Review Board meeting. Exhibits A and B will be completed as soon as the bid
results are tabulated just prior to the meeting. The completed Resolution
will be distributed at the meeting.
Attachment
cw/4517A
F'
CITY OF TIGARD, OREGON
RESOLUTION NO. 87—
A RESOLUTION OF THE TIGARD CITY 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 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 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 Paving 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.
PASSED: This 27th day of January, 1987.
Mayor — City of Tigard
ATTEST:
k` City Recorder — City of Tigard
( 4516A
Resolution No. 87—_
:�:�m.: . � . . . . . . . . . . . . . . . . . . . . . . . . .
EXHIBIT A {
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\ \ Bids were received from the f lle In entities: {
\ Tru■ Interest
/. Name Cost
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-Exhibit A to Resolution N. 87
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EXHIBIT B
The Bonds shall mature on the first day of June in the
following principal amounts:
Year Amount
;F
1987
1988
1989
1990
1991
1992
1993
1994
1995
t 1996
1997
1998
1999
2000
2001
2002
2003
2004
Exhibit B. to Resolution No. 87—
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