Ordinance No. 67-29 CITY OF TIGARD, OREGON
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ORDINANCE No.67- 2-9 _
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AN ORDINANCE ADOPTING, RATIFYING AND CONFIRMING ALL PRO
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CFDURES AND DETERMINATIONS HERETOFORE MADE WITH RESPECT TO THE
'i "S. W. PACIFIC HIGHWAY SEWER IMPROVEMENT DISTRICT" AS FORTH IN
PRIOR ORDINANCES AND RESOLUTIONS OF THE CITY COUNCIL OF TIGARD, AND
AUTHORIZING THE ISSUANCE OF BONDS PURSUANT TO THE PROVISIONS OF THE
BANCROFT BONDING ACTS, AND DECLARING AN EMERGENCY.
<; WHEREAS, the City Council of Tigard by Ordinance No.66-32
duly enacted under date of August 8, 1966 (a copy thereof being
hereto attached and by reference made a part hereof), declared its
intention to improve a certain area as in said ordinance described,
by Installation of interceptor and lateral sanitary sewers, said
area being commonly known as and hereinafter referred to as the
i "S. W. PACIFIC HIGHWAY SEWER IMPROVEMENT DISTRICT"; and
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WHEREAS, after due and legal notice, hearings and proceed-
` ings as by law required, the City Council of Tigard caused to have
prepared by the City's Engineer, plans, specifications and estimates
of said improvements and same were duly adopted and a contract let
for the completion of the work, and the installation of said sewer
improvement was fully performed and the final costs thereof deter-
mined to be the sum of $68,846.39, and said sum was apportioned,
spread and assessed against the real property within the boundaries
of said S. W. Pacific Highway Sewer Improvement District; and
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WHEREAS, said assessment roll with respect to said improve-
went district was duly prepared by the engineer for theCity of
Tigard and the assessment of each property within the district was
duly adopted by the City Council of Tigard; and
WHEREAS, applications as filed by the various owners of real
property so assessed to be permitted to bond said assessments, and
said assessments having been duly entered in the Lien Docket of the
City with a present unpaid amount of assessment as of the date of
this ordinance in the sum of $ 31.903.78 with interest from
March 1, 1967; and
WHEREAS, it is necessary to issue improvement bonds pursuant
to the provisions of the Bancroft Bonding Acts to pay the remaining
unpaid costs of said improvements; and
WHEREAS, provision has been made in the 1967-68 budget of
the City of Tigard, Oregon, for the amounts required to service said
bonds and by setting off the amounts estimated to become available
from the payments of assessments during such budgetary period; and
WHEREAS, the area comprising said assessment district known
as "S. W. Pacific Highway Sewer Improvement District is described
on the attached sheet headed "DESCRIPTION" and designated Exhibit "A",
NOW, THEREFORE,
THE CITY OF TIGARD ORDAINS AS FOLLOWS:
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Section 1: That all proceedings conducted by the City Council with
respect to all matters, conditions and actions preced-
ent to the apportionment, spread of assessment and assessing of the
cost of interceptor and lateral sanitary sewers within the S.W.Pacific
j highway Sewer Improvement District as hereinabove described, be, and
the same are hereby, adopted, ratified and confirmed by the City of
Tigard.
w Section 2• That general obligation bonds of the City of Tigard,
Oregon, will be issued in serial form and shall be
payable in semi-annual installments, in the total sum of $31,903.78 ,
said bonds to be dated July 1, 1967, numbered consecutively from 1 to
32, in denominations of $1,000. each, except- Bond No. 1 which shall
} be in the amount of $903.78 maturing serially in numerical
order as follows:
Bond No. I+Ia.t�Date Amount
s:
1 January 1, 1968 $ 903.7°
2 January 1, 1968 1,000.00
3-4 July 1, 1968 2,000.00
5-6 January 1, 1969 2,000.00
7-8 July 1, 1969 2,000.00
9-10 January 1, 1970 2,000.00
l 11-12 July 1, 1970 2,000.00
13-14 January 1, 1971 2,000.00
15-16 July 1, 1971 2,00).00
17-18 January 1, 1972 2,000.00
19-20 July 1, 1972 2,000.00
21-22 January 1,1973 2,000.00
23-24 July 1, 1973 2,000.00
25-26 January 1, 1914 2,000.00
27-28 July 1, 1974 2,000.00
29-30 January 1, 1975 2,000.00
31-32 July 1, 1975 2,000,00
Said bonds shall bear interest at a rate not to exceed six (6%) per
cent per annum payable semi-annually on the first days of January
' and July of each year, as evidenced by coupons to be attached thereto.
Both principal and interest upon said bonds shall be payable at the
office of the City Treasurer, City of Tigard, Oregon.
f Section 3: All bonds shall be sold at par value plus accrued
interest from date thereof to date of _delivery. All
such bonds shall be signed by the Mayor and countersigned by the City
Recorder of the City of Tigard, Oregon. The coupon attached thereto
shall bear the facsimile signatures of the said officers of the City.
Section 4: All bonds payable after January 1, 1970_ shall be
subject to redemption in numerical order on any interest
due date on or after July 1. 1970
Section 5: 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 interest thereof as and when the same shall become
due, and the City of Tigard, Oregon, hereby covenants and agrees
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with each successive holder of each of such bonds and coupons that
in the event of default in payment of any assessment pursuant to
applications on file, the City Council of the City of Tigard, Oregon
;. will proceed as provided by law to collect all unpaid assessment
liens.
Section 6: That all bonds shall be registered in the office of the
City Treasurer of the City of Tigard, Oregon.
Section 7: The City Recorder of the City of Tigard, Oregon be, and
she is hereby, instructed to advertise the said bonds
for sale in the manner provided by law, by written sealed bids to
be opened at 8:00 o'clock p.m. Pacific Daylight Saving Time on the
29 day of .My 1967 at theCity Hall, Main Street,
Tigard, Oregon, notice of said sale to be given by publication in
` the Tigard Times, a newspaper of general circulation, published
within the said City of Tigard, once each week for three publications
in all. The form of notice of sale shall be as follows:
NOTICE OF BOND SAFE
CITY OF TIGARD, OREGON
NOTICE iS HEREBY GIVEN that written, sealed bids will be
received by the CITY OF TIGARD, OREGON, up to 8:00 o'clock p.m.,
Pacific Daylight Saving Time, on the 22 day of May , 196'7
at the office of the City at 12420 S. W. Main Street, Tigard, Oregon,
for the sale of general obligation improvement bonds of the City of
Tigard, Oregon, in the amount of $31 903.78 , said bonds to be
idenominations of $1,000. each, except Bond ho. 1 in the amount of
$ 0 '8 , dated July 1, 1967, and to mature se:^ially in numerical
or� �ms o flows:
Bond No. Maturity Date Amount
1 January 1, 1968 903.78
2 January 1, 1968 1,000.00
3-4 July 1, 1968 2,000.00
5-6 January 1, 1969 2,000.00
7-8 July 1, 1969 2,000.00
9-10 January 1, 1970 2,000.00
11-12 July 1, 1970 2,000.00
13-14 January 1, 1971 2,000.00
15-16 July 1, 1971 2,080.00
17-18 January 1, 1972 2,000.00
19-20 July 1,1972 2,000.00
21-22 January 1, 1973 2,000.00
23-24 July 1., 1973 2,000.00
25-26 January 1, 1974 2,000.00
27-28 July 1, 1974 2,000.00
29-30 January 1, 1975 2,000.00
31-32 July 1, 1975 2,000.00
Said bonds shall bear interest at the rate or rates to be
determined by;the City Council of Tigard at the time of award, not to
exceed six (6%) per cent per aaanum, payable semi-annually, principal
and interest to be payable at .the office of. the City Treasurer of
Tigard, City Hall, 12420 S.W.Main Street, Tigard, Oregon.
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All bids will be opened and publicly read at the time and
place aforesaid and shall be sold to the highest responsible bidder
( for not less than par value plus accrued interest from July 1, 1967
to date of delivery. All bids must be in writing, posted, or deliv-
ered in hand to be received by the City Recorder, City of Tigard,
12420 S. W, Main Street, Tigard, Oregon, on or before 8:00 o'clock
p.m., Pacific Daylight Saving Time on the _22 day of May , 1967.
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 January 1. 1970
in numerical order on any interest due date on or after July 1.
1970 , upon tender of payment of principal and accrued
interest to date of payment.
The legal approving opinion of Shulcr, Rankin, Myers and
Walsh, Attorneys at Law, 620 Morgan Building, 720 S. Ulashington,
Portland, Oregon, will be furn�shed the successful bidder.
The City of Tigard, Oregon reserves the right to reject any
and all bids.
DATED at Tigard, Oregon this 8th day of May, 1967.
Section 8: The form of the bond and coupon to be attached thereto
shall be substantially as follows:
UNITED STATES OF AMERICA
STATE OF OREGON
CITY OF TIGARD
$1,000. Ado.
GENERAL OBLIGATION IMPROVEMENT BOND
CITY OF TIGARD, STATE OF OREGON, for value received, hereby
promises to pay to bearer $1,000. on the first day of
19 , with interest thereon at the rate of
d per cent per annum, payable semi-annually on the first days
ti of July and January of each year, to the bearer upon pre-
sentation 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,
e:;�,ept as to maturity dates, aggregating $31,903.78 ,
=s numbered from l to 32, both inclusive, authorized and issued
by the City of Tigard, Oregon, pursuant to Sections 223.205
_ to 223.300, inclusive, Oregon Revised Statutes.
It is hereby certified by the City of Tigard, Oregon
` that exery requirement of law fcr the issuance and sale of
bonds has been duly complied with, and that this bond is
within every date and other limitation provided by the
Con-stitution and the Laws of the State of Oregon, and for the
punctual payment of principal and interest hereof, the full
faith and credit of the City of Tigard, Oregon are hereby
irrevocably pledged.
At
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All bonds of this series payable after Januapy 1, 1970
shall be subject to redemption in numerical order on any interest
payment date on or after July 1, 1970 , upon the giving of
notice of call for redemption by publication thereof in a newspaper
of general circulation printed and published in Washington County,
State of Oregon, not less than thirty (30) days prior to the date
of redemption.
IN WITNESS WHEREOF, the City of Tigard, Oregon, has caused
this bond to be signed by its Mayor, and attested to and counter-
signed by its City Recorder, this 1st day of July, 1967.
CITY OF TIGARD, OREGON
By:
Mayor
ATTESTED AND COUNTERSIGNED
By:
City Recorder
That the coupons to be affixed to all bonds maturing on or
prior to July J. 1910 shall be in the following form:
Bond No. Coupon No.
On the first day of 19_2 CITY OF
TIGARD, OREGON will pay to bearer in lawful money of
the United States of America, at the office of the
City Treasurer, Tigard, Oregon, $ for six
months' interest then due upon its general obligation
improvement bond numbered as above dated July 1, 1967,
CITY OF TIGARD, OREGON
By:
Mayor
ATTESTED AND COUNTERSIGNED
Ey
City Recorder
That the coupons to be affixed to all bonds maturing after
July 1, 1970 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—
CITY OF TIGARD, OREGON will pay to bearer in lawful money
of the United States of America, at the office.of the
City Treasurer, Tigard, Oregon, $ for six months'
interest then due upon its general obligation improvement
bond numbered as above dated July 1, 1967.
CITY OF .TIGARD, OREGON
ATTESTED AND COUNTER_ By Mayor
SIGNED
By + City Recorder
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Section 9: It is hereby declared that an emergency exists and
that it is necessary for the immediate preservation
'. of the peace, health and safety of the City of Tigard, Oregon, that
s+ this Ordinance become effective upon its passage by the Council and
approval by the Mayor in order that the credit of the City of Tigard,
Oregon may be preserved, and to provide funds wherewith to pay the
obligations arising from the S. W. Pacific Highway Sewer Improvement
District.
PASSED: By the City Council this 8th day of May, 1967, by
unanimous vote of all Council members present, after
being read three times by number and title only.
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Recorder - City of Tigard
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APPROVED: By the Mayor, this 8th day of May, 1967.
Mayor - City of/Yigard
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