Resolution - Bonds RESOLUTION
Mr. Clarence Nicoli stated that it is necessary to authorize
the issuance and sale of $500,000.00 general obligation bonds of
the District to provide funds to:
1. Construct two storage reservoirs;
2. Acquire one parcel of land for a future reservoir site;
3. Construct major transmission lines and two pump stations
for distribution; and
4. Increase pumping capacity and transmission main to Bull
Mountain.
Mr. Nicoli stated that 420 votes were cast at the special
election held August 24, 1971, and the results were as follows:
312 votes for the proposed bond issue
108 votes against the proposed bond issue.
The Certificate of Election stating that a majority of the
votes cast were in favor of the issuance and sale of said bonds
was filed with the District's records. Mr. Nicoli declared that
the electors of the Tigard Water District had, by their vote at
said specia:. election, authorized the District to issue, offer for
sale, and sell $980,000.00 general obligation bonds.
The balance of the general obligations ($480,000.00) will be
used to provide funds to:
1. Install a telemetering system;
2. #squire another reservoir site;
3. Develop an alternate source of water;
4. Construct additional major transmission lines.
Itis anticipated that the balance of the general obligation
bonds will be offered for sale during the fall of 1972.
Tie following resolution was then made by Lester L. Rawls,
seconded by R. Verne Wheelwright, and unanimously adopted:
1. The Tigard Water District does hereby direct the issuance
of 10f general obligation bonds, each serially numbered F-i to and
incluting F-100, each of said bonds to be in the principal amount
of $5000.00. Each of said bonds and their respective maturity
dates shall be as follows:
Serial Number Maturity Date
P-i through F-4 January 1, 1973
F-5 through F-9 January 1, 1974
F-10 through F-14 January 1, 1975
Page 1 - RESOLUTION
6. Said general obligation bonds shall be advertised for sale
by publication of notice of sale in the Tigard Times, a newspaper
of general circulation published in Tigard, Oregon, within the cor-
porate limits of the TIGARD WATER DISTRICT in the issues of said
newspaper dated September 16, 1971, and September 23, 1971.
7. Upon the sale of said bonds, the Secretary shall have
bond forms prepared and printed in the form hereinabove set forth.
There shall be affixed to said bonds the official seal of the
TIGARD WATER DISTRICT, and such bonds shall be signed by the
President of this Board, attested by the Secretary of this Board,
and countersigned by the Treasurer of this Board. The Secretary
shall also have prepared and printed in the form hereinabove set
forth interest coupons which shall bear the facsimilie signatures
of said officers.
Kenneth W. Baines, of the attorneys for the District, pre-
sented to the Board of Commissioners a form of Notice of Sale;
whereupon, it was moved, seconded, and unanimously:
RESOLVED: That the form of Notice of Sale for the gen-
eral obligation bond issue is adopted; and
FURTHER RESOLVED: That sealed bids will be received by
the Tigard Water District at 5: 30 p.m. , Pacific Stan-
dard Time as established by Section 187.110 Oregon Re-
vised Statutes, on October 1, 1971, and immediately
thereafter publicly opened by the Board of Commissioners
of the Tigard Water District at its office at 8841 S. W.
Commercial, Tigard, Oregon.
Mr. Baines stated that it is necessary that the Board of Com-
missioners authorize the employment of attorneys Shuler, Rankin,
Myers, Walsh and Ragen to provide an approving opinion as to the
validity of the bonds; whereupon, it was moved, seconded, and
unanimously
RESOLVED: That Kenneth W. Baines is authorized to em-
ploy Shuler, Rankin, Myers, Walsh and Ragen to provide
an approving opinion as to the validity of the bonds.
It was pointed out that it will be necessary that the bonds
and coupons be printed; whereupon, it was moved, seconded, and
unanimously:
RESOLVED: That the District employ Irwin-Hodson Company
to print the bonds and coupons.
It was pointed out that it will be advisable to furnish to
possible qualified bidders copies of the Notice of Sale of the
District's bonds; whereupon, it was moved, seconded, and unani-
mously:
RESOLVED: That the District furnish tear sheets of the
Notice of Sale of the District bonds to investment
houses, banks, and the State of Oregon who may be inter-
ested in submitting a bid or bids for the purchase of
these bonds.
Page 4 - RESOLUTION
It is hereby certified that every requirement of law relat-
ing to the issue hereof has been duly complied with, and this bond
is within every debt and other limit prescribed by the Constitu-
tion and the laws of the State of Oregon.
For the prompt and punctual payment of principal and interest
hereon, the full faith and credit of the TIGARD WATER DISTRICT are
hereby irrevocably pledged, together with all of the net income or
revenue of the District.
IN WITNESS WHEREOF, TIGARD WATER DISTRICT has caused these
presents to be signed by its President, its seal hereunto affixed,
attested to by its Secretary, and countersigned by its Treasurer
October 1, 1971.
Is/ C. Nicoli
resident
ATTESTED BY:
[s/ John M. Wied
Secretary
COUNTERSIGNED BY:
(s/ Roger W. Cowell
Treasurer
5. The coupons affixed to the bonds shall be in the follow-
ing form:
Bond No. F- Coupon No.
On the lst day of (January or July) , 19 , TIGARD WATER
DISTRICT, Washington County, Oregon, will pay to bearer, in lawful
money of the United States of America, at the office of the Depart-
ment of Finance and Administration, Washington County, Oregon,
Dollars
) for six months ' interest then due upon its general ob-
ligation bond numbered F-
TIGARD WATER DISTRICT
By /8/ C. Nicoli
President
ATTESTED BY:
/s/ John M. Wied
Secretary
COUNTERSIGNED BY:
/8/ Roger W. Cowell
Treasurer
Page 3 - RESOLUTION
Serial Number Maturity Date
F-15 through F-19 January 1, 1976
F-20 through F-25 January 1, 1977
F-26 through P-31 January 1, 1978
F-32 through F-37 January 1, 1979
F-38 through F-43 January 1, 1980
F-44 through F-50 January 1, 1981
F-51 through F-57 January 1, 1982
F-58 through F-65 January 1, 1983
F-66 through F-73 January 1, 1984
F-74 through F-82 January 1, 1985
F-83 through F-91 January 1, 1986
F-92 through F-100 January 1, 1987
2. The general obligation bonds shall bear interest from and
after October 1, 1971, until maturity, at a rate not exceeding
eight per cent per annum. Interest shall be paid semi-annually on
the 1st day of January and the 1st day of July of each year be-
ginning January 1, 1972, on each bond until the same has been
matured and paid. Interest coupons shall be affixed to each bond,
which coupons shall be payable to the bearer for the amount of in-
terest on each of such bonds for each payment date.
3. For the purpose of additionally securing payment of the
principal and interest on the general obligation bonds, the Com-
missioners pledge all of the net income or revenue of the Tigard
Water District.
4. Each of said bonds shall be in the following form:
F- F-
STATE OF OREGON
COUNTY OF WASHINGTON
TIGARD WATER DISTRICT
$5,000.00 $5,000.00
BOND
TIGARD WATER DISTRICT, County of Washington, State of Oregon,
for value received, promises to pay to bearer Five Thousand Dollars
($5,000.00) on the 1st day of January, 19 , with interest
thereon at the rate of per cent ( + ') per annum, payable
semi-annually on the 1st days of January and July to the bearer
of the coupons attached hereto upon presentation as they mature,
both principal and interest payable in lawful money of the United
States of America at the office of the Department of Finance and
Administration, Washington County, Oregon.
This bond is one of a series of like date and tenor, except as
to maturities, aggregating $500,000.00 par value in amount, num-
bered serially F-1 through F-100, authorized by the electors of
the TIGARD WATER DISTRICT at a special election held August 24,
1971.
Page 2 - RESOLUTION