Resolution GO Bonds BE IT RESOLVED, that Nancy ! arson -- Ii
ookkecper-i:l erL
i :; hereby authorized to recei,ce and re ei.pt to the District 's P:ivin::
r, n. r,,. cancelled bonds and coupons of the Districi .
Passed Sep t etnher 12 1972
(Month) (Day) (Year)
BOARD OF COMMISSIONERS
Ti and Water District
7C
,
By Orinfl . Wi ed
Cla i rakan
r 7.1-1
"-
By Lester L. Rawls
Secretary
STA'fI? OP OREGON )
) ss.
COUNTY OF WASHINGTON )
44Uw I, Lester L. Rawl ; , Secretary
of the Board of Commissioners of Tiard
Water District, Washington County, Oregon hereby certify that
I. have carefully compared the above resolution with the original thereof,
and that it is a full and true copy thereof, as duly carried on the date
earned therein, as shown by the records of said Board in my care and custody.
Witness my hand and the seal of said District
September 10
, . 1972
(Month) (Day) (Year)
Le -f1er Rawls
Secretary
RESOLUTION
Now
John M. Wied stated that it is necessary to authorize the
issuance and sale of $480,000.00 in general obligation bonds of
the District, which are the balance of the bonds authorized to be
issued and sold by the voters at the special election held August
24, 1971, to provide funds to:
1. Install the first phase of a telemetering system;
2. Acquire one parcel of land for a future reservoir site;
3. Develop an alternate source of water; and
4. Construct additional major transmission lines.
The following resolution was then made by R. Verne Wheelwright,
seconded by Hugh A. Brown, and unanimously adopted:
1. The Tigard Water District directs the issuance of 96 gen-
eral obligation bonds , each serially numbered G-1 to and including
G-96, each of said bonds to be in the principal amount of $5,000 .00 .
Each of said bonds and their respective maturity dates shall be as
follows :
Serial Number Maturity Date
G-1 through G-4 January 1, 1974
G-5 through G-9 January 1, 1975
G-10 through G-14 January 1, 1976
G-15 through G-19 January 1, 1977
G-20 through G-24 January 1, 1978
G-25 through G-30 January 1, 1979
G-31 through G-36 January 1, 1980
G-37 through G-42 January 1, 1981
G-43 through G-49 January 1, 1982
G-50 through G-56 January 1, 1983
G-57 through G-63 January 1, 1984
G-64 through G-71 January 1, 1985
G-72 through G-79 January 1, 1986
G-80 through G-87 January 1, 1987
G-88 through G-96 January 1, 1988
2. The general obligation bonds shall bear interest from and
after November 1, 1972 , until maturity, at the rate of not-to-
exceed a net effective rate of 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 beginning January 1, 1973, on each bond
until the same has matured and been paid. Interest coupons shall
be affixed to each bond, which coupons shall be payable to the
' "' bearer for the amount of interest 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 unobligated net income or revenue of
the Tigard Water District.
Page 1 - RESOLUTION
4. Each of said bonds shall be in the following form:
w..
G- G-
STATE OF OREGON
COUNTY OF WASHINGTON
TIGARD WATER DISTRICT
$5,000 .00 $5,000 .00
GENERAL OBLIGATION 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 Adminis-
tration, Washington County, Oregon.
This bond is one of a series of like date and tenor, except as
to maturities , aggregating $480 ,000.00 par value in amount, numbered
serially G-1 through G-96 , authorized by the electors of the Tigard
Water District at a special election held August 24 , 1971.
It is certified that every requirement of law relating to the
issue hereof has been duly complied with, and this bond is within
every debt and other limit prescribed by the Constitution and the
laws of the State of Oregon.
For the prompt and punctual payment of principal and interest
hereon, the full faith and credit of the Tigard Water District are
irrevocably pledged, together with all of the unobligated net in-
come or revenue of the District.
IN WITNESS WHEREOF, Tigard Water District has caused these
presents to be signed by its President, its seal hereunto affixed,
attested to by its Secretary, and countersigned by its Treasurer
November 1, 1972.
/s/ John M. Wied
P resident
ATTESTED BY:
%100 /s/ Lester L. Rawls
Secretary
COUNTERSIGNED BY:
/s/ C. Nicoli
Page 2 - RESOLUTION
5. The coupons affixed to the bonds shall be in the following
form:
Bond No. G- Coupon No.
On the 1st day of (January or July) , 19 , Tigard Water
District, Washington County, Oregon, will pay to bearer, in lawful
money of the United States of America, at the office of the Depart-
ment of Finance and Administration, Washington County, Oregon,
Dollars
($ ) for six months ' interest then due upon its General
Obligation Bond numbered G-
TIGARD WATER DISTRICT
By /s/ John M. Wied
President
ATTESTED BY:
/s/ Lester L. Rawls
Secretary
COUNTERSIGNED BY:
/s/ C. Nicoli
Treasurer
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 14, 1972 , and September 21, 1972.
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 facsimile signatures of said officers.
Kenneth W. Baines , of the attorneys for the District, presented
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 Standard
Page 3 - RESOLUTION
Time as established by Section 187. 110 , Oregon Revised
Statutes , on October 3, 1972, and immediately thereafter
,, publicly opened by the Board of Commissioners of the
Tigard Water District at its office at 8841 S . W. Com-
mercial, Tigard, Oregon.
Mr. Baines stated that it is necessary that the Board of Com-
missioners authorize the employment of attorneys Rankin, 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 employ
Rankin, 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 also 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:
nani-
mously:
'44161, 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 which may be in-
terested in submitting a bid or bids for the purchase
of these bonds.
* * * * * *
Page 4 - RESOLUTION