Ordinance No. 63-13 CITY OF TIGARD, OREGON
ORDINANCE No. 63- f-a_
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF SEWER
BONDS OF THE CITY OF TIGARD IN THE AMOUNT OF $150,000.00 AND
DECLARING AN Et�:iGENCY.
WHEREAS, an amendment to the Charter of the City of Tigard,
designated as Section 41 of Chapter IX, authorizing the construction,
reconstruction, repair, operation and maintenance of sewer disposal
th •within aria outside the corporate
facilities and a sewer system, -
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limits of said City, and authorizing a bond issue to finance the
t�.w .,,„nae of submitting
same, and calling a special election Lo p--,---
the proposed charter amendment to the voters, was passed by the
City Council of Tigard on the 10th day of June, 1963, designated
"Ordinance 63-7", and said proposed charter amdndment was duly and
regularly submitted to the voters at an election held in said City
on the first day of July, 1963, and of the total of 221 votes cast,
169 ballots were in favor, and 52 ballots were against said charter
amendment, and thus a clear majority of the voters favored the said
charter amendment and the issuance of bonds in the sum of $150,000.
for the purposes above stated; and
WHEREAS, pursuant to said authorization of the legal voters
and to meet the deadline established by the federal government with
respect to participation by way of federal grant in the cost of
said sewer system and disposal facilities, it is necessary that
immediate action be taken to offer said bonds for sale to provide
funds wherewith to defray the cost thereof;
NOW, THEREFORE,
THE CITY OF TIGARD ORDAINS AS FOLLOWS:
Section 1• That general obligation sewer bonds of the City of
Tigard Oregon shall be issued in sU00a00feach,nto be
total sum of $150,060.00
'in denominations of $1,
designated "Sewer Bonds - Series 1963", and running consecutively
Page 1 - ORDIONCE No. 63-
IF
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from 1 to 150, said bonds to be dated December 1, 1963 and to
mature as follows:
NMaturity Date
Number Amount
1 to 8, inc. $ 8,000. December 1, 1964
9 to 16, inc. 8,000. December 1, 1965
17 to 24, inc. 81000. December 1, 1966
25 to 33, inc. 9,000. December 1, 1967
34 to 42, inc. 9,000. December 1, 1968
43 to 51, inc. 9,000. December 1, 1969
52 to 61, inc. 10,000. December 1, 1970
62 to 71, inc. 10,000. December 1, 1971
72 to 81. inc. 10,000. December 1, 1972
82 to 92, inc. 11;000. December 1, 1973
93 to 103, inc. 11,000. December 1, 1974
104 to 115, inc. 12,000. December 1, 1975
116 to 12? 12-000, December 1. 1976 _
128 to 140,, inc. 13,000. December 1, 1977
1.41 to 150, inc. 10,000. December 1, 1978
Said bonds shall bear interest at a rate to be fixed by the
City Council when same are sold, and not to exceed '/. per
annum, payable semi-anmially on the first da of June an an
of each year as evidenced by the coupons to be attached thereto;
both principal and interest on said bonds shall be payable at the ;
Office of the City Treasurer of the City of Tigard, Tigard, Oregon.
Section 2: All bonds payable after December 1 1971
shall be subject to redemppt on ILn numm ca or er on
any interest due date on and after December 1 1971
Section 3: All bonds shall be sold at par plus accrued interest
from date thereof to date of delivery, and all bonds
shall be signed by the Mayor and countersigned by the Recorder of
the City of Tigard, Oregon, and the coupons attached thereto shall
bear the facsimile signatures of the said officers of the City.
Section 4: The full faith and credit of the City of Tigard, Oregon
shall be and is hereby pledged to each successive
holder of each of said bonds for the prompt and punctual payment
- of the principal and ini:.rest thereof as and when same shall become
due, and in addition thereto, the City of Tigard, Oregon herebyy
covenants and agrees with each successive holder of each of said
bonds and coupons, that the City of 'Tigard does pledge to the pay
ment thereof the net revenue derived from the operation and use of
the City's sewer systems and the -sale of sewer service therefrom
subject only to pre-existing outstanding sewer bonds and the require-
c` ments for payment thereof.
Section 5: That all bonds shall be registered in the Bond Register
of the City of Tigard, Oregon by the Treasurer of said
city.
page 2 - ORDINANCE No. 63- !3
Section 6: That the City Recorder of the City of Tigard, Oregon
be and he is hereby instructed to advertise said
AW bonds for sale in the manner pro;Aded by law by written sealed bids
WL to be opened at 8:00 p.m., Pacific Standard Time, on the 13th day of
November, 1963 in the Council Room at the City Hall on Main Street,
Tigard, Oregon; notice of said sale to be given by publication in
the Tigard Times, a newspaper of general circulation and published
within the said Cit of Tigard, Oregon, once each week for three pub-
lishings in all. The form of the notice of sale shall be as follows:
NOTICE OF BOND SALE
CITY OF TIGARD, OREGON
Notice is hereby given that written sealed bids will
be recelvad by t.e City of Tivard up to 8:00 p.m. Pacific
Standard Time on thellth day of November, 1963 in tue
Council Room of the City Hall on Main Street in the City
_ of Tigard. Oregon, for the sale of general obligation eewer
bonds of the city of Tigard, ti%eguu in the amount of
$150,000, said bonds to be in denominations of $1,000.00
each dated December 1 1963 and to math-re serially in
numerical order as foilows:
Bond No. Amount Maturity Date
✓ $ 8 000.E December 1, 1964
9 to 16, inc.-' 8,000." December 1, 1965
17 to 24, inc.✓ 8,000.✓ December 1, 1966v
25 to 33, inc./ 9,000.= December 1, 1967v
34 to 42, inc.,, 9,000.v December 1, 1968/
43 to 51, inc.✓ 9,000. ✓ December 1, 1969✓
52 to 61, inc.✓ 10,000.- December 1, 1970v
E2 to 71, inc.✓ 10,000. ✓ December 1, 1971✓
72 to al, inc.✓ 10,000. - December 1, 1972✓
82 to 92, inc.- 11,000. ./ December 1, 1973✓
93 - 103, inc.- 11;000. ✓ December 1, 1974,%
104 - 115, inc..- 12,000.,/ December 1, 1975-
116 - 127, inc W/ 12,000., December 1, 1976.
128 - 140, inc.t,- 13,000.1 December 1, 1977
141 - 150, inc..- 10,000.,/ necember 1, 1978/
Said bonds shall beer interest at the rate or rates to
be determined by the City Council of the City of Tigard, Ore-
gon at the time of award, not to exceed six % per annum
payable semi-annually, both principal an n Brest tc be
payable at the Office of the City Treasurer, City of Tigard,
Oregon, City Hall, Tigard, Oregon.
All bids will be opened and publicly read at the time
ff and place aforesaid and shall be sold to the highest respons-
ible bidder for not-less than par value plus accrued inter-
est from December 1, 1963 to date of delivery. All bids
must be in writing, posted, or delivered in hand to be
received by the City Recorder, City of Tigard, Oregon
City Hall, Main Street, Tigard, Oregon, on or before 400
p.m. Pacific Standard Time on the 11th day of November, 1963.
Page 3 - ORDINANCE No. 63- 13
Each bid shall be accompanied by a certified check on a
bank doing business in the State of Oregon for not
less than two (2) per cent of the par value of the bonds
hereby offered for sale, except that any bid of the
State of Oregon shall not require such bid deposit.
The City of Tigard, Oregon, reserves the right to
call and redeem any or all of such bonds maturing after
December 1 1971 in numerical order on any interest
ue to on or a ter December 1. 1971 , upon tender
of payment of principal and accrued Inverest to date of
payment.
The legal approving opinion of Shuler, Sayre,
Winfree and Rankin, Attorneys at Law, Oregon Bank Build-
ing, Portland, Oregon, will be furnished the successful
bidder.
The City of Tigard, Oregon, reserves the right to
reject any and all bids.
DATED at Tigard, Oregon, this 14th day of October,
1963.
By Order of the City Council, City of Tigard
RALPH V. SYMONS, City Recorder
Section 7: The form of bond and the coupons to be attached
thereto, shall be substantially as follows:
STATE OF OREGON
CITY OF TIGARD
$1,000.00 No.
** Series - 1963 **
GENERAL OBLIGATION SEWER BOND
The CITY OF TIGARD, State of Oregon, for value
received, hereby promises to pay to bearer $1,000.00 on
the first day of , 19 , with interest thereon
at the rate of per cent per annum, payable semi
annually on the- r-s- days of June and December of each
year, to the bearer upon presentation of the respective
coupons hereto attached as they mature; both principal and
interest to be paid in lawful money of the United States
of America at the office of the City Treasurer, City of
Tigard, Oregon.
This bond is one of a series of like date and tenor,
except as to maturity dates, aggregeting $1.50,000.00, numb-
ered l to 150, both inclusive, authorized and issued by the
City of Tigard, Oregon pursuant to Sections 287.002 to
287.012, inclusive, Oregon Revised Statutes, and is issued
under and pursuant to authority of amendment to the City
Charter of the City of Tigard, Oregon proposed and sub-
mitted to the legal voters of said City by the City Council
thereof at an election held in said City on July 1, 1963
Page 4 - ORDINANCE No. 63- ,
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and at said election duly adapted by a majority of the legcl
votes cast at said election and it is hereby certified that
all acts, conditions and things required to b3 done precedent
to the issuance of this bond have been duly and legally done
as required by law, that the aforesaid charter amendment
authorized the issuance and sale of this bond and that this
bond is within every date and other limitation provided by
the constitution and laws of the State of Oregon and the
charter of the City of Tigard, and for the punctual payment
of principal and interest thereof, the full faith and credit
f the City of Tigard, Oregon are hereby irrevocably pledged.
All bonds of this series payable after December 1, 1971
shall be subiect to redemption in numerical or er on any
interest payment date on or after December 1, 1971 upon the
giving of notice of call for redemption y pu cation thereof
1R a
nor Of eenera7_ circulation, printed and published
Sao woi.�r-_
in Washington County, State of Oregon, not less than thirty
(30) days prior to the date of redemption, and, effective
with the date of redemption to be publicized, interest shall
-k_H_r
_ e to accrue.
\ Under the provisions of the charter of the City of
Tigard and ordinances enacted thereunder, the City of Tigard
shall i=apa and maintain such rates and charges for the use
of the sewer system of said City as w.411 provide revenues
sufficient at all times to pay the costs of operation and
maintenance of said sewer system and to pay the interest and
principal of this Series =1963 Sewer Bonds authorized by
said amendment to the City Charter, in addition to the re-
quirements for payment of all other issues of sewer bonds of
said City, and the entire net revenues of said sewer system
T shall be deposited in a separate account known as "Sewer
Bond Fund", and the net revenue thereof is hereby pledged to
the payment of the series of bonds of which this bond is one
of 150, subject only to the requirements for payment of pre-
existing bonds of similar character heretoforeissued and
outstanding.
IN WITNESS WHEREOF, the City of Tigard, Oregon has
caused this bond to be signed by its Mayor and counter-
signed by its Recorder and the annexed interest coupons
have been executed witA the facsimile signatures of said
officers of the City of Tigard, Oregon, this first day of
December, 1963.
CITY OF TIGARD, OREGON
By:
Attested and countersignedMayor
Recor er
That the coupons to be affix3d to all bonds maturing
on or prior to December 1, 1971 _, shall be in the following form:
Bond No. Coupon No.
on the first day of , 19 , the CITY OF TIGARD, Ore-
gon, will pay to bearer in aw moxleq of the Unite&States of
America, at the office of the City Treasurer, Tigard, Gregor.,$
for six months' interest then due upon its eneral abtigation sewer
bond numbered as above dated December 1, 193.
CITY OF TIGARD, OREGON
Page 5 ORDINANCE No. 63- 1
BY
ayor
Attested and countersigned;
C' ty ecor er
That the coupons to be attached to all bonds maturing
after Z,0gmbcr 1_ 1971 shall be in the following form:
Bond No. Coupon No.
Unless sooner called or redeemed and due provision
made for the payment of the bond to which this coupon is
attached, on the first day of , 19_^_ , the CITY
OF TIGARD, Oregon, will pay toTeari in lawiut money or the s.m
United States of America, at the office of the City Treas-
urer, Tigard, Oregon, $ for six months' interest
then due upon its generaT_oTil�g�ation sewer bond numbered as
d`vvvc "O-V LGcwWvvr 1,
CITY OF TIGARD, OREGON
By:
Mayor
Attested and countersigned;
city Recorder
Section 8 The Havor of the City of Tigard is hereby authorized and
directed to sign the bonds, and the facsimile signature
of the Mayor shall appear on the coupons, and the City Recorder is
heneby authorized and directed to countersign said bonds and to
affix the seal of the City of Tigard to each of said bonds for and
on its behalf.
Section 9: All of the net operating revenues derived from the sewer
system of the City of Tigard shall be utilized to pay
interest chargee and serial m.;turities of principal of said bond
issue, subject only to the requirements of principal and interest of
pre-existing'outstanding bonds of said City with respect to which
said revenues have heretofore been pledged. Net operating revanues
are hereby defined as the gross operating revenues from the city
sewer system, less operating and maintenance expenses thereof.
Section 10: It is hereby declared and adjudged that existing con-
ditions are such that the immediate enactment of this
orAinance is necessary for the preservation of the peace, health and
safety of the Cit q of Tigard, Oregon to avoid serious disruption of
sewer service ;thin said City and it is hereby declared that an
emergency exists and that this ordinance shall become effective immed-
iately upon its passage by the Council and its approval by the Mayor.
PASSED: By UNfIN1161490S vote of all Council members present,
after a ng, rst read in full and then by title, this.
/yf day of
APPROVED: By the Mayor, this Y of , 1963.
z�.
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