Resolution - 12/14/1976 RESOLUTION
WHEREAS, on Tuesday, the 9th day of November, 1976 , at
or about 7:30 P.M. , Pacific Standard Time, Administrator Robert E.
Santee reported that three bids had been duly submitted for the
District's $1,900 ,000 general obligation bond issue, and
WHEREAS, Administrator Robert E. Santee did forthwith
open and read aloud the following three bids:
1. Bid submitted by United States National Bank of
Oregon, with a net interest cost to the District of $1,212 ,005 . 83 ,
being an effective interest rate of 5.48336 percent;
2. Bid submitted by The Oregon Bank, with a net interest
cost to the District of $1,214 ,082.29 , being an effective interest
rate of 5.492757 percent;
3. Bid submitted by First National Bank of Oregon, with
an estimated net interest cost to the District of $1,221,464.36 ,
being an effective interest rate of 5.526 percent, and
WHEREAS, it being duly noted that the bid submitted by
United States National Bank of Oregon will result in the lowest
interest cost to the District, and
WHEREAS, it being moved by Verne Wheelwright and seconded
by Don Thomas that said bid be accepted,
NOW, THEREFORE, IT IS UNANIMOUSLY RESOLVED AND ADOPTED
as follows :
1. That the bid submitted by United States National
Bank of Oregon for the purchase of $1,900 ,000 general obligation
bonds of the Tigard Water District is hereby accepted, and
2. That the good faith deposit of the United States
National Bank of Oregon in the sum of $38 ,000 be deposited in the
general funds of the District and be credited on the purchase price
of the bonds, and
3. That the good faith deposits of the two unsuccessful
bidders, hereinbefore named, each in the sum of $38 ,000 , be immediately
returned to them.
MOVED BY:
Verne Wheelwright
SECONDED BY:
Don Thomas
RESOLUTION PASSED-FAILED: PASSED
/
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...,�. SIGNED: z�-�_ �t
Clarence F. Nicdli
ATTESTED TO: _.r•9tjt).
Robert E. Santee
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B'Nu e
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UNITED STATES NATIONAL BANK OF OREGON
A Subsidiary of U.S.Bancorp
HEAD OFFICE
309 S.W. SIXTH AVENUE
P.O. BOX 4412, PORTLAND, OREGON 97208
November 9, 1976
Tigard Water District
8841 S. W. Commercial St.
Tigard, Oregon 97223
Gentlemen:
For $1 ,900,000 (One Million Nine Hundred Thousand Dollars) Tigard Water District
General Obligation Bonds, Issue 1976, to he dated December 1, 1976, to be in
denominations of $5,000 each, bearing interest payable semiannually and to
mature serially in numerical order as follows:
$ 60,000 due Jan. 1, 1978 @ % $100,000 due Jan. 1, 1988 0
65,000 due Jan. 1, 1979 @ -.7/0 105,000 due Jan. 1, 1989 @ .:.'
65,000 due Jan. 1, 1980 @ .,0 115,000 due Jan. 1, 1990 @
70,000 due Jan. 1, 1981 @ 120,000 due Jan. 1, 1991 @ ,.
75,000 due Jan. 1, 1982 @ :. 125,000 due Jan. 1, 1992 @ .`
80,000 due Jan. 1, 1983 @ 130,000 due Jan. 1, 1993 @
80,000 due Jan. 1, 1984 @ 140,000 due Jan. 1, 1994 @ .GG'
85,000 due Jan. 1, 1985 @ 75 145,000 due Jan. 1, 1995 @ ;•"
90 ,000 due Jan. 1, 1986 @ '. .'?U 155,000 due Jan. 1, 1996 @
95,000 due Jan. 1, 1987 @
providing, however, that such bonds then outstanding are subject to prior
redemption at the option of the District in inverse numerical order on January
1, 1987 or on any interest payment date thereafter, both the principal of and
the interest upon the bonds will be paid at the office of the Department of
Finance and Administration of Washington County, all in accordance with your
published notice of sale, we will pay you at the rate of . for. each
$100.00 face value, together with accrued interest to date of delivery to us
in Portland, Oregon.
On the basis of the above bid, the interest cost to the District is as follows:
s
Coupon Interest Cost
Less Premium Bid
Net Interest Cost
'`n• Effective Interest Rate •'.
POINIMM
� , HI I 7 l.U,
JNITED '•a'H5• P.'-\HLJNAL BANK CIF CIF?( =DN
Tigard Water District November 9, 1976
This bid is made for prompt acceptance only and for as prompt delivery of
the bonds as they can be conveniently prepared and executed on or about
December 1, 1976, 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 Messrs. Rankin, Samson & Gallagher 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 District.
As evidence of good faith, we attach hereto our cashier's check #009067 dated
November 5, 1976 for $38,000.00 in favor. of Tigard Water. District upon the
understanding that if said 'bonds are awarded and delivered Co us in accordance
with this bid, said check may be applied an part payment; (iiIn rwl:;r•, to
he promptly returned to us.
Jointly submitted,
UNITED STATES NATIONAL BANK OF OREGON
BLYTH EASTMAN DILLON & CO. INC.
�rw DAIN, KALMAN & QUAIL, INC.
ATKINSON & COMPANY
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By ! L d
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Edward E. Fritz
Vice President and Manager
Tigard Branch
United States National Bank of Oregon
Encl.
Marr
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Now
bank N, 0
^AL"r;. DEPAPT"J1Ei'IT
November 9, 1976
Tigard Water District
8841 S.W. Commercial St.
Tigard, Oregon 97223
Gentlemen:
For your $1 ,900,000 par amount of Tigard Water District General Obligation
Bonds, issue 1976, dated 12-1-76 and maturing 1-1-78 through 1-1-96 in-
clrr:;ivr, In denominations of $5,000 each, bcarinr, interest payable s;rrrri-
annually, both the principal of and the interest upon the bonds payable
at the office of the Dept. of Finance and Administration of Washington
County, We will pay par plus a premium of $ None for bonds to
bear the following interest rate or rates:
$60,000 due 1-1-78 @ 6.25 % $100,000 due 1-1-88 @ 5.10
$65,000 due 1-1-79 @ 6.25 % $105,000 due 1-1-89 @ 5.25
$65,000. due 1-1-80 @ 6.25 % $115,000 due 1-1-90 @ 5.40
$70,000 due 1-1-81 @ 6.25 % $120,000 due 1-1-91 @ 5.50
$75,000 due 1-1-82 @ 6.25 '/ $125,000 due 1-1-92 @ 5.60
$80,000 due 1-1-83 @ 4.40 % $130,000 due 1-1-93 @ 5.70
$80,000 due 1-1-84 @ 4.60 '/ $140,000 due 1-1-94 @ 5.70 7
$85,000 due 1-1-85 @ 4.75 % $145,000 due 1-1-95 @ 5.75
$90,000 due 1-1-86 @ 4.90 % $155,000 due 1-1-96 @ 5.75 '/
$95,000 due 1-1-87 @ 5.00
providing all bonds maturing after 1-1-87 are subject to call and
redemption in inverse order on 1-1-87 and on any interest payment
date thereafter.
S rrr
L
The following is for infoiuiation only:
Gross Interest Cost $1,214.082.29
Less Premium None
Net Interest Cost $1.214.082.29
Average Rate 5.492757
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.
This bid is made subject to our receiving prior to the delivery of the
bond;, without cost to us, the unqualified legal opinion of Rankin,
:;;tuition ,G Callagher, Attorneys, Portland, Oregon; said legal to be
pi inti d on the bonds.
Enclosed is our cashiers check in the amount of $38,000 which is to be
returned to us if this hid 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 District
as and for all liquidated damages.
`rYrr'
Respectfully submitted this 9th day of November, 1976.
The Oregon Bank
Seattle First National Bank
Foster & Marshall, Inc.
Piper, Jaffray & Hopwood, Inc.
B 1S
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Tigard Branch
The Oregon Bank
7
FIRST NATIONAL BANK OF OREGON
„..?ROPOSAL FOR PURCHASE OF BONDS Dated November 9, 1976
TO
Members of the Board of Commissioners
Tigard Water District
8841 S. W. Commercial Street
Tigard, Oregon 97223
PROPOSAL FOR all but no part of Bonds Dated December 1, 1976 Denominations S 5,000.00
$1,900,000 TIGARD WATER DISTRICT,
WASHINGTON COUNTY, OREGON GENERAL
OBLIGATION BONDS, ISSUE 1976
Interest payable semi-annually, January 1 and July 1,
to maturity.
IN ACCORDANCE WITH THE TERMS OF THE OFFICIAL NOTICE INVITING RIDS, PUBLISHED 10/20/76 AND 'ATTACHED
W[ BR) A'; Ft)1 I OW; — —,—
i',u Voltie Interest Rate Maturing ftnnt 14) 1{ including
$ 190,000. 6% 1-1-78 1-1-80
575,000. 5.25% 1-1-81 1-1-87
100,000. 5.10/ 1-1-88
105,000. 5.30% 1-1-89
115,000. 5.40% 1-1-90
*kali
120,000. 5.50% 1-1-91
255,000. 5.60% 1-1-92 1-1-93
140,000. 5.70% 1-1-94
300,000. 5.757. 1-1-95 1-1-96
We will pay par and accrued interest to date of delivery,
less a discount of ESTIMATED
plus a premium of $ 0 NET INTEREST COST $ 1,221,464.36 or 5.526 %
•
Enclosed is our Good Faith check in the amount of $ 38,000.00
In the event you are unable to award the bonds to us or deliver the bonds in accordance with the terms of the bid, our check is to be re-
turned to the undersigned branch of the First National Bank of Oregon.
•Delivery to be within 30 days from date of Respectfully submitted,
sale, unless mutually extended.
FIRST NATIONAL BANK OF OREGON
This bid is made for immediate acceptance.
Delivery to be made in Portland, Oregon.
**ow AND ASSOCIATES
by First National Bank of Oregon
Tigard Branch '
/ i;
14c .i4L` ONSa (Wed
ON SALEM FREEWAY 1-5 AT HAINES ROAD EXIT • ONLY 8 MINUTES FROM DOWNTOWN PORTLAND (503) 639-1131
P. O. BOX 23247 • 12000 S.W. 66TH AVENUE • PORTLAND,OREGON 97223
November 9, 1976
fir. Robert E. Santee
Tigard Water District
8841 S.W. Commercial St.
Tigard, Oregon 97223
Dear Mr. Santee;
Thank you for the opportunity to bid on one new 1977 Ford Pick-up. This
truck would conform to your published specifications.
Your cost F.O.D. Tigard $5619.42 plus License fee (if any)
We are looking forward to doing business with you in the near future.
Vic Alfonso Ford wants to be your Car Company.
VIC , 2:NSO,_ ORD )001
New !/ )
ce c anie
Fleet Manager
DEE THOMASON FORD co.
��y�e�� } FOR D FORD SALES & SERVICE
309 South State Street • Phone 636-3691
LAKE OSWEGO, OREGON 97034
November 9, 1976
Tigard Water District
8841 S. W. Commercial St
Tigard, Oregoh, 97223
Bid:
1977 Ford F250 133" WB Styleside Pickup, 81 Box, GVW 6200#
Equiped as follows:
Body Side Moulding
Low Mount Mirrors
351 A
Extra Cooling Radiator
Cruise-0-Matic
3.73 Rear Axle
60 Amp Alternator
68 Amp Hr Battery
Gages
Ci arette Lighter
AM/FM Radio
Hi Output Heater
Power Brakes
Power Steering
Dual Tanks
Locking Gas Caps
8.00 x 16.5 E Radial BSW Tires
3 Highway Tread
2 Mud & Snow Treads
Step Rear Bumpers
Front Stabilizer Bar
Protection Group
Front Taw Hooks
Tool Stowage Box
Service & Undercoat
Rota - Beam - RB11 12 volt Lamp
Delivered Locally to your Shop:
Your Coat: $5746.22
Thank You,
JOHN W. HANNA
Truck & Fleet