Ordinance No. 67-67 CITY OF TIGARD, OREGON
ORDINANCE No.67-
AN ORDINANCE ADOPTING, RATIFYING AND C014F'IRMING ALL PRO-
CEDURES AND DETER69INAT'IONS HERETOYCRr MADE -WITH RESPECT TO THE
11S. m n�OVEIMc:NT DISTRICT" AS CET FORTH Tld PRIOR
W. '✓tvIid STRLF,_ .Ii•Y�L..v�,•:,...
ORDINANCES AND RESOLUTIONS OF THE CITY COUNCIL OF TIGARD, AND AUTH-
ORIZING THE ISSUANCE OF BONDS PURSUA14T TO THE PROVISIONS OF THE
BANCROFT 3ONDING ACTS, AND DECLARING AN FMIERGENCY.
WHEREAS, the City Council of Tigard by Ordinance No.67-23
duly enacted under date of March 13, 1967 (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 regrading, vr' ^ntng„ pavinm, curbin , installation of sidewalks,
construction of storin sewers and installation of lighting facilities
within the boundaries of said area, commonly !mown as and hereinafter
referred to as the "S. W. MAIN STREET IMPROVEI+`,.EN`l DISTRICT"; and
WHEREAS, after due and legal notice, hearin;s and proceedings
as by law required, the City Council of Tigard caused to have pre-
pared by the City's Engineer, plans, specifications and estimates of
said improvements, and sane were duly adopted and a contract let for
the completion of the work, and the installation of said improvements
was fully performed and the total fine! coets thereof determined to
be the sum of $131,040.51, with respect to wnich $26,OOO.00 was de
termined to represent the general beuef'it from the said improvements
and payable from City and County road funds, and the balance, to-wit:
$105,040.51, was apportioned, spread and assessed against the real
property within the boundaries of said S. W. Main Street Improvement
District; and
WHEREAS, assessment rolls both with respect to the preliminary
estimated cost of said improvements and with respect to a deficit
representing the difference between the estimated cost and the actual
cost, were duly prepared by the City Engineer, and the total assess-
ment, including the preliminary assessment and the deficit assessment,
was duly adopted by the City Council of Tigard., and way apportioned
and assessed against each property within the District; and
WHEREAS, all remonstrances were disposed of, and the said
assessments have been duly entered in the Lien Docket of the City;
and applications representing the sum of .$51,569.05 having been
filed by various owners of property so assessed to be permitted to
pay the assessments on the installment plan; and
WHEREAS, it is necessary *-n issue improvement bonds pursuant
to the provisions of the Bancroft Bonding Acts to provide for pay-
- ment of the remaining cost of said improvements; and
WHEREAS, the area comprising said assessment district known
as "S, W. MAIN STREET IMPROVEME
DISTRICT" is described or. the
attached sheets designated "Exhibit A",
NOW, THEREFORE,
THE CITY OF TIGARD ORDAINS AS FOLLOWS!
Page'1 - ORDINANCE`No.67- �;7
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Section 1: That all proceedings conducted by the City Council with
respect to all matters, conditions and actions prece-
dent to the apportionment, spread of assessment, and assessing of
the cost of installing said improvements within the S. W. Main Street:
Improvement District as hereinabove described, be, and the a:. are,
hereby adopted, ratified and confirmed by the City of Tjgara.
Section 2: That general obllsuLIOT, bond~ of the O ty of Tibard,
Oregon, will be issued in serial form and shall be
payable in semi-annual installments, in the total sum of $51,569,.05, `t
said bonds to be dated January 1, 1968, nunfoered consecutively from
1 to 52 , in denominations of $1,000. each, except Bond No.l which
shall be in the amount of $569.05, maturing serially in numerical
order as follows:
Bond NO. Maturity Date. Amount
1 July 1, 1968 $ 569.05
2 - 11, inc. January 1, 1969 31000.00
- 7, inc. July 1, 1969 3,000.00
8 -10, inc. January 1, 1970 3,000.00
11.-13, inc. July 1, 1970 3,000.00
14-16, inc. January 1, 1971 3,000.00
17-19, inc. July 1, 19'Tl 3,000.00
20-22, inc. January 1, 1972 3,000.00
23-25, inc. Juiy 1, 1972 3,000.00
26-28--inc. January 1, 1973 3,000.00
29-31, inc. July 1, 1973 3,000.00
32-31F,inc. January 1, 1974 3,000.00
35-37, inc. July 1, 1974 3,000.00
38-40, inc. January 1, 1975 3,000.00
41-43, inc. July 1, 1975 3,000.00
44-46, inc. January 1, 1976 3,000.00
47-49, inc. July 1, 1976 3,000.00
50-52, inc. January 1, 1977 3,000.00
i
Said bonds shall bear interest at a rate not to exceed six (6%) per
cent oer annum payable semi-annually on the first days of July and
January 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 Treazu er, City of Tigard, Oregon.
Section 3• All bonds shall be sold at par value plus accrued inter-
est from date thereof to dat. 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 Jul �11972 shall be
subject to redemption in numerical order on any Interest
due date on or after
January 1 1973
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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 ar_3 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 with
s...nds ..d mnnc that in the
each successive holder of each of sue;� .,•�..u., a•. co�.�.,
event of default in payment of any assessment pursuant to applica-
tions 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 z•agistered in the office of the
City Recorder of the City of Tigard, Oregon.
Section 7: The City Recorder be, and she is hereby, instructed to
advertise the said bonds fcr sale in the manner provided
by law, by written sealed bids to be opened at 8:00 o'clock P.M.,
Pacific Standard Time on the 17-th day of December, 1967 at the City
Hall, Main Street, Tigard, Oregon, notice of said sale to be given by
publication in the Tigard Times, a newsnaper 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:
NOT , OF BO'i'D SALE
CITY OF TIGARD, OREGON
NOTICE IS HEREBY GIVEN that written, sealed bids will be re-
ceived by the City of Tigard, Oregon, up to 8:00 o'clock P.M.,
Pacific Standard Time , on the lith day of December, 1967 at the
office of the City, 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 $51,569.05, said bonds to be in denominations
of $1,000. each, except Bond No.1 in the amcunt of $569.05, dated
January 1, 1968, and to mature serially in numerical order as follows:
Bond No. Maturity Date Amount
1 July 1, 1968 $ 569.05
2 - 4, inc. January 1, 1969 3,000.00
5 - 7, inc. July 1, 1969 3,000.00
8 -10, inc. January 1, 1970 3,000.00
11-13, inc. July 1, 1970 3,000.00
14-16, inc, January 1, 1971 3,000.00
17-19, inc. July 1, 1971 3,000.00
20-22, inc. January 1, 1972 3,000.00
i 23-25, inc. July 1, 1972 3,000.00
26-28, inc. January 1, 3.973 3,000.00
29-31, inc. Jule 1, 1973 3,000.00
32-34, inc. January 1, 1974 3,000.00
55-37, inc. July 1, 1974 3,000.00
' 38-40, inc. January 1, 1975 3,000.00
41-43, inc. July 1, 1975 3,000.00
44-46, inc. January 1, 1976 3,000.00
117-49, inc. July 1, 1976 3,000.00
50-52, inc. January 1, 1977 3,000.00
Pape 3 - ORDIN".NCE No.67-
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Said bonds shall bear interest at the rate or rates to be
determined by the City Council of theCity of Tigard, Oregon, at
the time of award, not to exceed six (6%) per cent per annum, pay-
able semi-annually; principal and interest to be payable at the
f office of the City Treasurer of the City of Tigard, Oregon, at
12420 S.W. Main Street, Tigard, Oregon.
All bids bill 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 J2nuary 1,
1968 to date of delivery. All bids must be in writing, posted, or
delivered in hand to be received by the City Recorder of Tigard,
City Hall, 12420 S. W. Main Street, Tigard, Oregon, on or before
8:00 o'clock P.M., Pacific Standard Time, on the 11th day of Decem-
ber-, 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
(2N) 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 July is �Q72
in numerical order on any interest due date on or of er January 1_
1.973 p, upon tender of payment of principal and accrued
interest to aate of payment.
The legal approving opinion of Shuler, Rankin, Myers & Walsh,
Attorneys at Law, 620 Morgan Building, 720 S. W. Washington, Port-
land, 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 16th day of November, 1967.
BY ORDER OF THE CITY COUNCIL
CITY OF TIGARD, OREGON
By: Doris Hartig, Recorder
Section 8: The form of the bond and coupons to be attached thereto
shall be substantially as follows:
UNITED STATES OF AMERICA
STATE OF OREGON
$1,000. CITY OF TIGARD No.
GENERAL OBLIGATION IMPROVEI—ENT BOND
CITY OF TIGARD, 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
per cent per annum, payable semi-annually on
the first days of July and January of each year, to the
bearer upon presentation of the respective coupons hereto
at�ached 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.
Page 4 ORDINANCE No-067--k2-
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This bond is one of a series of like date and tenor,
except as to maturity dates, aggregating $51,569.05,
numbered from 1 to 52 , both inclusive, authorized and
issued by the City of—Tigard, Oregon, pursuant to Sections k
223.205 to 223.300, inclusive, Oregon Revised Statutes.
It is hereby certified by the City of Tigard, Oregon
that every requirement of law for the issuance and sale of
bondv ha., been
duly complied with, and that this bond is
within every date and other limitation
provided by the
Constitution 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.
All bonds of this series payable after Jules 1, 1972
shall be subject to redemption in numerical order on any
interest payment date on or after January 1, 1973 , upon
the giving of notice of call for recomption 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. r
IN WITNESS WIiEREOF, the City of Tigard, Oregon has
caused this bond to be signed by its Mayor, and attested to
and countersigned by its City Recorder, this 1st day of
January, 1968.
CITY OF TIGARD, OREGON
By:
Mayor -- -
Attested and countersigned:
City Recorder
That the coupons to be affixed to all bonds mataring on or
prior toJules 1, 1972 shall be in the fallowing form:
Bond No. Coupon No.
On the first day of , 19 , CITY
OF TIGARD, OREGON will pap to bez.rer 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 January 1,' 1968.
CITY OF TIGARD, 0REG0N
By:_.
Mayor
attested and countersigned:
{
,City Recorder
:
Page 5 - ORDINANCE NO. 67-
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That the coupons to be affixed to all bonds maturing after
July 1, 1972 shall be in the following form:
Bond No. Coupon No.
Unless sooner called or redeemed and due
provision made for the payment of the bona to
which this coupon is attached, on the first day
of , 19 , CITY OF TIGARD, OREGON
will'pay to bearer iri lawful money of the United
States of America, at the office of the City
Treasurer, Tigard, Oregon, $ for six
months' interest then due uponits general
obligation improv3ment bond numbered as above
dated January 1, 1963.
CITY OF TIGARD, OREGON
Mayor
Attested and countersigned:
By, , City Recorder
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 o£ the City of Tigard, Oregon, that 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. Main Street Improvement District.
PASSED: By the City Council by unanimous vote of all Council
members present, after being read three times by number
and title only, this 13th day of November, 1967.
Gc /
Recorder City of < _ and
APPROVED: By the Mayor, this 13th day of November, 1967.
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Mayer-- City of rd
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