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City Council Packet - 12/07/1989 SPOCIAL Cy aa[ cm/InmQO[ umm REVIEW BOARD MEMM4G D®0223ER 7, 1989 - 12:00 P.M. CIVIC CENTER - O DEVF.f~ lr oo cE ROM 13125 S.W. BAIT., BMEEVAM, `a'rc M, CIRWM AGENDA 1. a. Call to Order - Tigard City Council and Local Contract Review Board. b. Roll Call 2. Consideration of Bid Award - General Obligation Improvement Bonds (135th Avenue Project), Series 1989. 3. Adjmnment Cw cca1207 ~PFY_'TAT. Qty CO NCII,/Ic)CAL SCI' REVIEW BOARD 1920M DRCENBER 7, 1989 - 12:00 P.M. CIVIC CENTER - CCI*LIEM DEVE[DPMENT CONFERENCE ROOM 13125 S.W. HAIL BUMEVARD, TIGAi3D, O RMM i b 4 k. E 1. Ram CAIL: Present: Mayor Jerry Edwards, Ccmcilors Carolyn Eadon, Joe is Kasten, and John Schwartz. Staff Present: Patrick Reilly, City Administrator; Wayne Lowry, Finance Director; and Catherine Meatley, City Recorder. Local Cbntza+ct Review Board Meeting: 2. CCN CST OF EM MUM - MHRAL OB<.IGmaff Il UMMr BCNDS (139TH AVENUE Pln]E ) , SEA 1989. a. Finance Director advised that six bids were received with the low bidder, U.S. Bank, quoting a rate of 6.31%. He noted the City maintained their Moody's A-1 financial rating for this issuance. s b. Local Contract Review Board discussed the bond issuance in general. It was noted the term of the bonds was 10 years. C. RESOLUTION NO. 89-91; A RESOLUTION ACCEPTING A BID FOR THE PURCHASE OF CITY OF TIGARD, OREGON, GENERAL OBLIGATION IMPROVEMENTS BONDS F' (135TH AVENUE PRO=), SERIFS 1989. f d. Motion by councilor/Board Membex Eadon, seconded by councilor/Board Member Kasten, to approve Resolution No. 89-91. 1 The motion was approved by a unanimous vote of Council/Board members present. e. Councilor Eadon thanked staff for their bard work in putting the bid package together and for assuring the City of Tigard retained E their A-1 credit rating. f. Discussion followed on the 135th Avenue Local Improvement District with regard to those property owners (representing approximately 97 parcels) within the LID who had not responded to the City's notification for payment of their assessment. He advised a letter would be sent to these property owners outlining their options; it was noted that if a bond sale takes place in the near future, these individuals may be able to sign up for financing at that time. I CITY COUNCIL MEETIIJG MIlJU ES - DECEMBER 7, 1989 - PAGE 1 3. . 12:15 p.m. CW:herine Wheatley, City Recorder ATTEST: of i Mayor, Ci-by ccm1207 CITY COUNCIL MEETING MnRYTES - DECEMBER 7, 1989 - PAGE 2 TIMES PUBLISHING COMPANY Legal 7- P.O. BOX 370 PHONE (503) 684.0360 Notice 6 4 3 2 BEAVERTON, OREGON 97075 Legal Notice Advertising • • ❑ Tearsheet Notice City of Tigard REcEIIian • P. O. Box 2 3 3 9 7 • ❑ Duplicate Affidavit Tigard, OR 97223 DEC 04 ~q c • • CM OF TIG{; AFFIDAVIT OF PUBLICATION STATE OF OREGON, COUNTY OF WASHINGTON, I, Alice M11i rden being first duly sworn, depose and say that I am the Advertising Director, or his principal clerk, of the Tigard Times a newspaper of general circulfii_onaaxsddefined in ORS 193.010 and 193.020; published at g in the aforesaid county and state; that the ritrounci1 McPtinr, a printed copy of which is hereto annexed, was published in the entire issue of said newspaper for One successive and consecutive in the following issues: November 30, 1989 Subscribed z]F me this 1st of December, 1989 Notary Public for Oregon My Commis 93 AFFIDAVIT ti :.fir S ❑p 4; a^ . +iry~,,t-~tsy~,~~'i .~'`*µxs+ t»m'4'~s~ w 44 g t = 'ec set o '~I ~ fk rtiaa Vin Yai' d'7 t x,d o br~fMrb E ~ en$u r,~ a ,y topic of discussion WtBhGrC ~z ,v aJ~ rtuilydmforms t pleas ~ ~ tY IS 639$%7 L -kk d Y .t TIMES PUBLISHING COMPANY Legal 7-6431 P.O. BOX 370 PHONE (503) 664.0360 Notice f, i` BEAVERTON. OREGON 97075 Legal Notice Advertising f s. • ❑ • City of Tigard Tearsheet Notice RECEIVED P.O. Box 23397 • ❑ • Tigard, OR 97223 Duplicate Affidavit DEC 041989 o CITY OF TIGAIM Ekk i' t AFFIDAVIT OF PUBLICATION STATE OF OREGON, ) S' COUNTY OF WASHINGTON, )ss. I, Alice Midr-dep.- being--first duly sworn, depose and say that I am the Advertising Director, or his principal clerk, of the T~r~ard mi mPG a newspaper of general circuJation defined in ORS 193.010 and 193.020; published at igarct in the aforesaid county and state; that the a printed copy of which is hereto annexed, was published in the entire issue of said newspaper for One successive and consecutive in the following issues: November 30, 1989 F; G` Subscribed and swo to before me this i peGe 'be 1989 1- t ,r c k: Notary Public for Oregon ' E My Commis n Expir' 6-9-93 t: AFFIDAVIT yT r TS ~ y s .,r~.,,n~ .a t •t ~ ~~'lti. ? 1~ wb n i Ag RE Y T 5 k 4 1 1 t ~r~ t .u .S t '~-4t.- - ~Y~ ~ F1 Pte' ~x~'rt K ~'~~•-1~A3N'3mL~. crrYfc- fac IL'si MEET E ER1 ~9sQ ~ - w t y p rote,1E~i k.a1'~ 12.0Q.Nf f Z G fh(~ er ifi§9 'spon',p eases" 4 x:63 -4 -t or T-'j~ 25 S W i # T ~T jay` LLLLL.J7777 VV''f y~ yR y t '.7( ~tYpp~~ ~4~j3. Tf •S ~ ' f xi E IIIEW CITY OF TIGARD, OREGON AFFIDAVIT OF POSTING C In the Matter of the Proposed 2~-E % rigs 0-r' 6o- u v ic.- L on STATE OF OREGON ) County of Washington ) ss City of Tigard ) T, r.~herif)l? ~!L being first duly sworn, on oath, depose and say: That I posted in the following public and conspicuous places a copy of Notice of Special Meetingsfor the Council Meeting dated loZl7l8 9 _ a copy of said ngtice being hereto attached and by reference made a part hereof on the day of 198_. / on 64A-1&tZ4A b-44-LO/ 14-~ " ~"jQPC[~.0 of (~v1 /1 fca~ ~l T~~ ~ryn,vr Subscribed and sworn to before me thi day of J 198 L-Notary Public for Or gon: My Commission Expi i `F. +T, k~ ~r CI'T'Y COUNCIL SPECIAL MEETING - DEER 7, 1989 12:00 NOON TIGARD CIVIC CENTER, C10*1WITY DEVELOPMENT CM* RRENCE ROOM 13125 SW HALL BOULEVARD, TIGARD, OREGON For further information, please contact the Tigard City Recorder at 639-4171 or at 13125 S.W. Hall Boulevard, (P. 0. Box 23397) Tigard, Oregon 97223. o Local Contract Review Board; Consideration of Bid Award - Sale of Bancroft Bonds for S.W. 135th Avenue Local Improvement District TT124-7 CITY COUNCIL SPECIAL STING - DECEMBER 7, 1989 6:30 PM EMBASSY SUITES HOTEL, 9000 wAsHiNGION SQuuzE ROAD, NIMBUS ROOM TIGARD, OREGON A special meeting has been called by the Mayor, with consent of Council, to talk with City of Portland Councilor Ehrl Blumenauer. The primary topic of discussion will be light rail transportation. For further information, Please contact the Tigard City Recorder at 639-4171 or at 13125 S.W. Hall Boulevard, (P. O. Box 23397) Tigard, Oregon 97223. TT124-7 U.S. BANK December 7, 1989 City of Tigard c/o Lindsay, Hart, Neil & Weigler Suite 1800, 222 S. W. Columbia St. Portland, Oregon 97201-6618 Gentlemen: g We hereby bid $ Q I e S / per $100 face value for $J ,0000 City of Tigard General Obligation Improvement Bonds, Series 1989 plus accrued interest from the dated date, 12-01-89 to the date of delivery. The bonds are due 12-01-90 through 12-01-96 & 1999 , inclusive. All bonds/ maturing 12-01-99 optional.call 12-01-90 @ 100.90 after are subject to/redemption in order on are non optional mandatory ca beginning 12-01-97 @ 100.00 before maturity. The interest rates on the bonds will be as follows: Amount Maturity Rate Amount Maturity Rate $ 20,000 12-01-90 7 U % $ 0/0 $ 20,000 12-01-92 % $ 0/0 $ 12-01-93 U % $ % $ 12-01-94 . Q % $ % $ 20, 12-01-95 D O % $ % 20,000 12-01-96 4,00 % $ % / 200,000 12-01-99 4./o % $ % $ % $ % $ % We compute the cost to be: Gross Interest Cost $ 16-6; D t1o Q Q Less-Pfefft6m $ 6-, v 6 ~ . .L/) Plus Discount Net Interest Cost $ ~o U / y~0 Net Effective Rate lo, ~S °5~ 7 8C/ % True Interest Cost • / 7 9 % This bid is made pursuant to the terms and provisions of your official notice of bond sale and for delivery within thirty days from the date of sale, unless extended by mutual agreement. The bid is subject to our receiving prior to the delivery of the bonds, without cost to us, the unqualified legal opinion of Lindsay, Hart, Neil & Wei gl er , Attorneys, Portland, Oregon. We enclose our cashiers check for $ 6,800.00 payable to City of Tigard Submitted By UNITED STAT NAT[ A A K OF ORE Enclosure By 38&7096 ~e~ Title: Carolyn Lieb , Assistant Vice Pres. Fxwr k1ter First Interstate Bank .1 of Oregon, N.A. Bank City of Tigard General Obligation Improvement Bonds, Series 1989 C/O Lindsay, Hart, Neil & Weigler In accordance with your official notice of sale dated inviting bids on $340,000 CITY OF TIGARD, COUNTY OF WASHINGTON, STATE OF OREGON, GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1989 we will pay the par value thereof less a discount/pArxe-prcnrieNn of $ 3, 420. 00 The bonds are to bear interest as follows: Maturity 12/1 Rate Maturity Rate Maturity Rate 1990 -5-75 1991 :5-, k-0 1992 -9; k-9 1993 S 90 1994 6, co 1995 l~.OS 1996 G 1999 6. 20 Based on the above interest rates, we have made the following estimates: Gross amount of interest $ P 5 ? S-70 Les&jwenvi" r/Plus discount S 3 4-CO Net amount of interest $ 14. x/70 Net effective rate (TIC) 6. ~a-34 All of the terms of the official notice of sale are incorporated herein and made a part hereof. We enclose our Good Faith check in the amount of $ 6.800.00 In the event we are not awarded the bonds, please return the check promptly to the undersigned. Delivery of bonds within 30 days unless mutually extended. Respectfully submitted, FIRST INTERSTATE BANK OF OREGON, N.A. PORTLAND, OREGON (503) 225.3852 BY: ~"Y BOND-11 6-1-81 ORIGINAL COPY i SECURITY PACIFIC BANK Z=® OREGON City of Tigard, Oregon c/o Lindsay, Hart, Neil, & Weigler 222 SW Columbia, Suite 1800 Portland, Oregon 97201 Gentlemen: For your S 340,000.00 par amount of City of Tigard, Washington County Oregon GO Imp. Bonds, Series 1989 ,dated December 1, 1989 and maturing December 1, 1990 through December 1, 1999 inclusive, in denominations of $5,000.00 , bearing interest payable semiannually, both the principal of and the interest upon the bonds payable at United States National Bank, Portland, Oregon We will pay par plus a premium / less a discount of S 11-766) CiD for bonds to bear the following interest rate or rates: $ 20, 000.00 due 12-1-90 @ S ~C1 % $ due @ % $ 20,000.00 due 12-1-91 @ S;I,O % S due @ % $ 20,000.00 due 12-1-92 @ ~~1v % $ due @ % $ 20,000.00 due 12-1-93 @ (p I)v % S due @ % $ 20,000.00 due 12-1-94 @ % $ due @ % $ 20,000.00 due 12-1-95 @1L % $ due @ % S 20,000.00 due 12-1-96 @~,-/U % $ due @ % $ 200,000.00 due 12-1-99 @ 69, C) % $ due @ % $ due @ % $ due @ % $ due @ % $ due @ % providing all bonds i maturing after Dec. 1, 1990 are subject to call and redemption in inverse i order on December 1, 1990 and on any interest payment date thereafter./ The following is for information only: Gross Interest Cost lss/'7/l~• Vii Less Premium Plus Discount 1,~,C)• 0D Net Interest Cost t/70 Average Rate This bid is made for prompt acceptance only and for delivery and payment for not later than thirty 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 Lindsay, Hart, Neil, & Weigler Attorneys, Portland, Oregon; said legal to be printed on the bonds. We enclose our cashiers check for $ 6,800.00 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 7th day of December 1989 F, t + F, Mark Stephenson i 4 Assistant Vice President Security Pacific Bank Oregon Investment Department ` l 1001 S.W. Filth Avenue I C `i 10 Box 2715 Portland. Oregon 97208 503/222-7610 TOB 1459 (4/80) Kidder, Peabody 8 Co. INCORPORATED -.ou~tc'd/'?es 3200 FIRST INTERSTATE TOWER NEW YORK BOSTON PHILADELPHIA 1300 S. W. FIFTH AVENUE CHICAGO SAN FRANCISCO LOS ANGELES PORTLAND, OREGON 97201 ATLANTA DALLAS KANSAS CITY, MO. TELEPHONE (503) 225-9246 H. A. McCoy VICE PRESIDENT December 7, 1989 City of Tigard General Obligation Improvement Bonds (135th Avenue Project) Series 1989 Lindsay, Hart, Neil & Weigler 222 Columbia Street, Suite 1800 Portland, Oregon 97201-6618 Gentlemen: i For all or none of the City of Tigard General Obligation Improvement Bonds (135th Avenue Project) Series 1989 in the amount of Three Hundred Forty Thousand Dollars ($340,000) par value to be dated December 1, 1989 as described in your official notice of kk sale, which is hereby made a part of this bid, the undersigned will 1 pay for each $100 par value thereof, which is a total of $335-,29 1 , plus accrued interest from the date of the bonds to the ate of delivery to us for bonds maturing in your notice of s sale and bearing interest as follows: Principal Interest Principal Interest Year Amount Rate Year Amount Rate 12/01/90 $ 20,000 5•) a 12/01/94 20,000 6• C© 12/01/91 20,000 b 12/01/95 20,000 12/01/92 20,000 .9 b 12/01/96 20,000 12/01/93 20,000 6. C76 TERM BOND 12/01/99 200,000 6•Z On the basis of this bid the interest cost and effective rate are as follows: Q L~ Total Interest Cost $ 'Y 0, ! 0 C) p n9Ci- Plus Discount $ 'C>(5 Less Premium $ Net Interest Cost $ 6 3, a o e> Effective Interest Rate b ~j7' JJ LC-~ Ki_dder.Peabody 8 Co. Incorporated City of Tigard GO Improvement, Series 1989 December 7, 1989 -Page Two- Both principal and interest will be payable through the principal corporate trust offices of the registrar and paying agent of the city which is currently United States National Bank of Oregon, Portland, Oregon. It is understood and agreed that prior to our taking up and paying for these bonds, we are to be furnished with the unqualified legal opinion of Messrs. Lindsay, Hart, Neil & Weigler, Lawyers, of Portland, Oregon. As evidence of our good faith in making this bid, and as required, we are attaching herewith our cashier's check in the amount of $6,800.00 to be held by you pending delivery of the bonds to us or to be returned immediately in event we are not awarded this issue of bonds. This bid is made for prompt acceptance and delivery on or about December 20, 1989. C. Respectfully submitted, Kidder, P y__& Co. Inc. H . A . McCoy 1i Vice-President Seattle Northwest SECURITIES CORPORATION PORTLAND DIVISION 1300 SOUTHWEST FIFTH. SUITE 3030 PORTLAND, OREGON 97201 December 7, 1989 City of Tigard c/o Lindsay, Hart, Neil & Weigler, Lawyers 222 S.W. Columbia Avenue, Suite 1800 Portland, OR 97201-6618 Gentlemen: For $340,000 City of Tigard, Oregon, General Obligation Improvement Bonds (135th Avenue Project), Series 1989, dated December 1, 1989, and to bear coupons as follows: $20,000 due 12-1-90 _ 6'70 20,000 due 12-1-91 20,000 due 12-1-92 20,000 due 12-1-93 20,000 due 12-1-94 20,000 due 12-1-95 20,000 due 12-1-96 200,000 due 12-1-99 61,30 WE WILL PAY YOU 4q9-650 per $100 plus accrued interest from date of issue to date of delivery of the bonds. The following is for information only: Gross Interest Cost lb , Less Premium Plus Discount Net Interest Cost I ~51 UzV w Average Rate (TIC) C~ 70 1 t r City of Tigard C December 7, 1989 Page Two s E This bid is for prompt acceptance and for delivery of the bonds on or before January 8, 1990, and is made subject to the terms and provisions of your official Notice of Sale. It is also subject to the unqualified approving legal opinion of Lindsay, Hart, Neil & Weigler, Lawyers, in Portland, Oregon, which we request be printed on the bonds. We also request that the CUSIP numbers be printed on the bonds. To evidence our good faith, we enclose our check for $6,800. Respectfully submitted, P David C. Mann ~ Vice President Account Manager Encl.` G F: F k t' 4 A I i