Ordinance No. 77-13 a
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CITY OF TIGARD, OREGON
ORDINANCE NO. 77-r/
t
AN ORDINANCE ADOPTING, RATIFYING AND CONFIRMING ALL
PROCEDURES AND DETERMINATIONS HERETOFORE MADE WITH
RESPECT TO THE "SOUTHWEST HUNZIKER STREET IMPROVEMENT
DISTRICT" AS SET FORTH IN PRIOR ORDINANCES AND RESOLU-
TIONS OF THE CITY COUNCIL OF TIGARD, AND AUTHORIZING
THE ISSUANCE OF BONDS PURSUANT TO THE PROVISIONS OF THE
BANCROFT BONDING ACTS, CORRECTING ERRORS IN PRIOR
ORDINANCES AND NOTICES, AND DECLARING AN EMERGENCY.
• E
WHEREAS, the City Council of Tigard by Ordinance No.
75-1 duly enacted under the date of January 13, 1975 (a copy thereof '
being attached to this document and by this reference made a part
hereof) , declared its intention to improve a certain area, as in
said ordinance described, by the construction of street improvements,
that area commonly known as and hereafter referred to as "The
Southwest Hunziker Street Improvement District;" and
WHEREAS, after due and legal notice, hearings and pro-
ceedings as by law required, the City Council of Tigard caused to
have prepared by the City's Engineers plans, specifications and
estimates of said improvements, and the same having been duly adopted
and a contract let for the completion of the work, and the install-
ation of said improvements having been fully performed and the total
final assessable costs thereof determined to be the sum of $213,200.00
which sum was apportioned, spread and assessed against the real
property within the boundaries of the said district; and
WHEREAS assessment rolls, both with respect to the prelim-
inary estimated costs of said improvements and with respect to the
final costs, were duly prepared by the City's Engineers, and the
total assessment, including the preliminary assessment and the
final assessment, was duly adopted by the City Council of Tigard,
and was 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 the City has received applications in the total sum of $177,395.80
from the various owners of property assessed pursuant to this pro-•
ceeding, and which applications the owners asked for permission to
pay the assessments on an installment plan; and
WHEREAS it is necessary to issue improvement bonds pur-
Page 1 - Ordinance No 77- �
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suant to the provisions of the Bancroft Bonding Acts to provide for
payment of the remaining cost of said improvements; and
WHEREAS the area comprising the assessment district known
as "Southwest Hunziker Street Improvement District" is described
on the attached sheets designated "Exhibit A;" and
WHEREAS Ordinance No. 77-2, passed by the Council on the
10th day of January, 1977, failed to provide that publication of
the notice of bond sale should be made in the Daily Journal of
Commerce, Portland, Oregon, as well as the Tigard Times? and
WHEREAS that Ordinance was in certain other respects less
favorable to the interests of the City of Tigard in marketing its
bonds than the Council had intended, and
WHEREAS Ordinance No. 77-12, passed by the Council on the
31st day of January, 1977, improperly provided for bonds in denomin-
ations in excess of $5,000.00 each, and improperly provided for a delay
of 13 days between the opening of bids and the Council's action
accepting the low bid;
NOW, THEREFORE, THE CITY OF TIGARD ORDAINS AS FOLLOWS:
Section 1. 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 with the Southwest
Hunziker Street Improvement District as described above, be, and
the same are, hereby adopted, ratified and confirmed by the City
of Tigard.
Section 2. Ordinance No. 77-2 and Ordinance No. 77--12 are hereby
repealed.
Section 3. The City of Tigard, Oregon does hereby authorize the
issuance and sale of general obligation improvement
bonds, Series 12, of the City of Tigard, Oregon, in the amount
of $177,395.80, to be dated April 1, 1977, to be numbered consecu-
tively from 1 to 36 in denominations of $5,000.00 each, except
Bond No.1, which shall be in the amount of $2,395.80, to bear
interest payable semiannually on April l and October 1 of each year
and to mature serially in numerical order as follows;
Bond No. Maturity Date Amount
1-2 April4, 1979 $ 7,395.80
3-4 Aprilr, 1980 10,000.00
5-6 Aprili. 1981 10,000.00<
7-8 Aprill, 1982 10,000.00
Page 2 Ordinance No. 77-
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Bond No. Maturity Date Amount
9-10 AprilIt 1983 $1b,000.00
11-12 Aprill, 1984 10.000.00
13-14 Aprils, 1985 10,000.00
15-16 April l, 1986 10,000.00
17-18 Aprilp, 1987 10,000.00
19-20 Apr i11, 1988 10,Ci00.00
21-22 April/, 1989 10,000.00
23-24 April, 1990 10,000.00
25-26 April 1, 1991 10,000.00
27-28 Aprill, 1992 10,000.00
29-30 Aprill, 1993 10,000.00
31-32 Apri1,, 1994 10,000.00
33-34 April{, 1995 10,000.00
35-36 April', 1996 10,000.00
Section 4. Each of the bonds shall be personally signed with the
manual signature of the Mayor in office on the date of
execution of such bonds; each of the bonds shall be attested in like
manner by the Recorder in office on such date; the coupons appertain-
ing to the bonds shall be executed with the facsimile signatures of
such Mayor and Recorder; and each of the bonds shall be registered
in the improvement bond register4by the Recorder of the City of
Tigard, Washington County, State of Oregon.
Section 5. The City has assessed the cost of public improvements
to benefited properties and all moneys collected therefrom
shall be placed in Bancroft Bond redemption fund and applied to the
payment of principal and interest on these bonds. The full faith
and credit of the City are also pledged to the successive holders of
each of the bonds and of the interest coupons appertaining thereto,
for the punctual payment of such obligations, when due; and the
City shall levy annually, if required, a direct ad valorem tax upon
all of the taxable property within the City in sufficient amount,
after taking into consideration discounts taken and delinquencies
that may occur in the payment of such taxes, to pay the bond and
bond interest obligations promptly as they respectively mature;
and, the City covenants with the holders of its bonds to levy such
a tax annually as required during each year that any of the bonds,
or of bonds issued to refund them, and bond interest obligations,
are outstanding.
Section 6. The bonds and the coupons attached thereto shall be in
substantially the following form, the terms of which are
hereby adopted:
UNITED STATES OF AMERICA
STATE OF OREGON
COUNTY OF WASHINGTON
CITY OF TIGARD
GENERAL OBLIGATION IMPROVEMENT BOND
SERIES 1?
Page 3 - Ordinance No, 77- �i
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$5,000.00 No.
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The City of Tigard, in the County of Washington, State of
Oregon, acknowledges itself indebted and for value received hereby
promises to pay to bearer on the first day of April, 19 , the
sum of $5,000.00 with interest thereon from the date hereof at
the rate of percent per annum, on the first day of April and
the first day of October in each year until maturity= upon surrender I
of the annexed interest coupons as they severally mature. The
principal of and the interest upon this bond are payable in lawful
money of the United States of America, at the office of the
Treasurer, City of Tigard, Oregon. f
f
This bond is one of a series aggregating $177,395.80,
numbered from 1 to 36, both inclusive, authorized and issued by
the City of Tigard, Oregon, pursuant to Oregon Revised Statutes
223.205 to 223.295, inclusive, commonly known as the Bancroft f
Bonding Act, and are general obligations of the City.
It is hereby certified, recited, and declared that all
conditions, acts, and things required to exist, to happen, and to
be performed precedent to and in the issuance of this bond have
existed, have happened, and have been performed in due time, form,
and manner as required by the constitution and statutes of the state
of Oregon; that the issue of this bond is a part, and all other
obligations of the City, are within every debt limitation and other lim-
its prescribed by such constitution and statutes; and that the
City has provided for the levying annually of direct ad valorem
tax as required upon all property within the City so taxable for
its purposes, in sufficient amount to pay the interest on and the
principal of the bonds of such issue, as such obligations respectively
may become due and payable.
IN WITNESS WHEREOF the City of Tigard, Oregon, has caused
this bond to be signed by its Mayor and attested by its Recorder,
the annexed interest coupons to be executed with the facsimile
signatures of such officers, and the seal of the City to be affixed
hereto this day of 1977.
CITY OF TIGARD, OREGON
By;
Mayor
ATTEST:
By:
Recorder
FORM OF BOND COUPON
No.
Page 4 - Ordinance No. 77-
On the first day of April, 19_, the City of Tigard,
State of Oregon, upon surrender of this coupon at the office
of the Treasurer of the City of Tigard, Oregon, will pay
to bearer the sum of __
Dollars ($ ) , in lawful money of the United States
of America, for interest then due on its general obligation
improvement bond, Series 12, dated ,
1977, and bearing No.
CITY OF TIGARD, OREGON
By:
Mayor
ATTEST:
By:
—Recorder
Section 7. The Recorder shall cause to be published in the Tigard
Times, a newspaper of general circulation printed and
published in the City of Tigard, County of Washington, State of
Oregon, and in the Daily Journal of Commerce, Portland, Oregon,
notices of proposed sale of the bonds as provided by law, in the
form substantially as shown on Exhibit "B, " attached hereto and
by this reference incorporated herein, specifying that sealed bids
will be received by the city up to and including the hour of 5
o°clock p.m. on the day of March, 1977, and that immediately
thereafter bids received will be publicly opened by the Council
for the sale of the bonds, at not less than the par value thereof
and the accrued interest thereon, at an interest rate or rates in
multiples of 1/8 of one percent or 1/20 of one percent, not exceed-
ing a net effective rate of 7 percent per annum, payable semi-
annually on April 1 and October 1; that the bids shall be accompanied
by a cashier's check or certified check, of or upon a bank doing
business in the State of Oregon, in the sum of $3,600.00 to be
forfeited to the City in case the bidder fails to complete his
purchase in accordance with the terms of his bid; that bids must
be unconditional except as to qualification of approval of validity
of the bond issue by bond attorneys; that bids must show the total
cost of the bond issue to the City, including interest, less premium
offered, if any, provided the bid be accepted; that the bonds will
be sold to the bidder whose bid will result in the lowest net
interest cost to the City; and that the City Council reserves the
right to reject any or all bids.
Section 8. 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 this
Page 5 - Ordinance No. 77-_L _
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 for the payment
of the obligations arising out of the Southwest Hunziker Street
Improvement District.
PASSED; By the City Council by jL"a y„�,, u s vote
of all Council members present, after being read three
times by number and title only, this ?-k-
day of February,
1977.
r
Recorder - City of Tig
SIGNED; By the Mayor, this day of February, 1977.
Mayor ^ City of Tigard
ATTEST;
Recorder - Cit of Ti and
q'
Page 6 •- Ordinance No. 77-moi
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CITY OF TIGARD, OREGON ;
ORDINANCE No. 75 -
AN ORDINANCE CONFIRMING AND RATIFYING THE RESOLUTION OF THE CITY COUNCIL OF DECEMBER 9,
1974 WITH RESPECT TO THE "STREET IMPROVEMENT DISTRICT No. 1.20.2 (S.W. HUNZIKER STREET)",
APPROVING, RATIrYING AND ADOPTING PLANS, SPECIFICATIONS AND ESTIMATES'FOR STREET IMPROVE-
MENTS, DECLARING RESULTS OF HEARING HELD WITH RESPECT 1'dERETO, DIRECTING SOLICITATION OF
BIDS FOR CONSTRUCTION OF SAID IMPROVEMENTS, PROVIDING FOR THE MAKING OF SAID IMPROVEMENTS,
AND DECLARING AN EMERGENCY.
THE CITY OF TICARD ORDAINS AS FOLLOWS;
Section 1: The Council of the City •of Tigard finds that a resolution was duly passed
by the Council at its regular meeting of December 9, 1974, a copy whereof
is hereto attached and by this reference made a part hereof to the same legal force
and effect as if set forth herein in full, by the terms of which the boundaries of a
proposed street improvement assessment district were described and the Council declared ,
its intention to make the improvements as therein described; and by the terms of said
resolution a hearing was duly called to be held for the purpose of affording an
opportunity to any parties aggrieved '6the proposal to make objections or remonstrances
to the proposed improvement.
Section 2: The Council finds that pursuant to said resolution, due and legal notice
of said hearing (including the locational change of place) was given by
publication in the Tigard Times for •two consecutive publishings on January 2nd &
9th, 1975 prior to said hearing.
Section 3: The Council further Finds that said hearing was duly and regularly called
to order and held in the Administration Offices of Charles F. Tigard Grade
School, 13137 S.W. Pacific Highway, Tigard, Oregon on January 13, 1975 at the hour of
8:00 P.M. whereat all interested persons appeared and were heard, and all written
remonstrances received by the City Recorder up to and at the time of the hearing were
read and ordered to be made a part of the record.
Section 4: The Council finds that all objections and remonstrances as thus presented
prior to and at the hearing, represent less than 66 2/3% of the owners of
the property in the area within the improvement assessment district and that the
percentage of remonstrance is riot a bar to further proceedings in the making of said
improvements; and the Council further finds that all proceedings to date have been
in conformity with Sections 223.387 and 223.389 Oregon Revised Statutes and Tigard
Municipal Code - Title 13 of the City of Tigard, and that all proceedings were duly
and regularly conducted thereunder and are hereby approved, ratified and confirmed.
Section 5: That said remonstrances and objections to the proposed improvements be,
and the same are hereby, overruled, and the City Council be, and it is'
hereby, deemed to have acquired jurisdiction to order the proposed improvements to
be made, and that the boundaries as described in said Resolution of December 9, 1974
and as described on "Exhibit A" hereto attached and by this reference made a part
• hereof, are hereby adopted and fixed- as the boundaries of the said improvement
assessment district to be benefited and assessed.
Section 6: That the City Council, having acquired jurisdiction to order the improvements
to be made, does hereby authorize and direct the construction of improvement
q within the boundaries of said "Street Improvement District No. 1.20.2 (S.W. Hunziker
Street)" in conformity in all reasonable particulars with the plans and specifications by
said Resolution adopted and hereby ratified and confirmed, with the following exceptions
if any: ! GUG,� All
Section 7: That the City Administrator and the City Engineer be, a;:d they *are hereby
directed to immediately invite proposals for the constructions of said
improvements by publication in the Tigard Times in not less than two consecutive issues,
The first publication to be not less than ten (10) days prior to February 27, 1975
at the hour of 4:00 P.M., which date and time is hereby designated for the opening of
bids in the Tigard City Hall, 12420 S.W. Main Street, Tigard, Oregon, all proposals
to be then and there publicly read.
Section 8: Inasmuch as it is necessary to the peace, health and safety of the
peopi6 of the City of Tigard that the said improvements be constructed
with the least possible delay, an emergency is hereby declared to exist and this
ordinance shall be effective upon its passage by the Council and signature by the
Mayor.
PASSED: By the Council, by unanimous vote of all Council members present, after
being read three times by title and number this 13 day of January ,
1975.
/s/ Doris Hartig
City Recorder - City of Tigard
APPROVED.. By the Mayor this 13 day of January 1975.
_ fs/ Wilbur A. Bishop
Mayor - City of Tigard
.{
PACE 2 -ORDINANCE No. 75-
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CITY OF TIGARD, OREGON
RESOLUTION No. 74-
DECEMBER 9, 1974
RESOLUTION OF THE TIGARD CITY COUNCIL DECLARING AN INTENTION TO CONSTRUCT CERTAIN
STREET IMPROVEMENTS WITHIN AN AREA DETERMINED TO BE A STREET IMPROVEMENT ASSESS-
MENT DISTRICT, TO BE KNONN AS "STREET IMPROVEMENT DISTRICT No. 1.20.2 (S.W.
HUNZIKER STREET)"; DESCRIBING THE PROBABLE TOTAL COST THEREOF; DEFI14ING THE
BOUNDARIES OF THE DISTRICT TO BE BENEFITED AND ASSESSED; APPROVING AND ADOPTING
PLANS AND SPECIFICATIONS FOR THE WORK AND ESTIMATES OF THE CITY'S ENGINEER, AND
SETTING A PUBLIC HEARING AND DIRECTING THE GIVING OF NOTICE THEREOF.
WHEREAS, the City Council proposes to improve S.W; Hunziker Street, beginning
at its intersection with the East right-of-way line of S.W. Hall Boulevard and
thence running Easterly 2800 feet more or. less to a terminal point; and
WHEREAS, pursuant to Chapter 13.04 of the Tigard Municipal Code the City
Council finds it expedient and necessary to order the improvement of the here-
inafter described lands by regrading, widening, paving, curbing, construction
of storm sewers, the installation of a sidewalk and pursuant thereto the City's
Engineer has submitted to the Council plans, specifications and estimates for
the r:ork to be done and the probable cost thereof together with a statement of
the lots, parts of lots and parcels of land to be benefited and the apportionment
of the total cost of the improvements which each of said lots, parts of lots and
parcels of land shall be assessed on account of the benefits derived; and
WHEREAS, the Council finds that said plans, specifications and estimates
are satisfactory.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF TIGARD
as follows:
(a) That the City Council does hereby deem it e,%pedient and necessary, and
does hereby declare its intention, to improve the aforesaid portion of S.W.
Hunziker Street by regrading, widening, paving, curbing, construction of storm
sewers, and the installation of a side;ealk.
(b) That all lands situated within the boundaries described on the attached
"EXHIBIT A" are determined and declared to be a street improvement assessment
district, to be known as "S.W. Hunziker Street ImprovemEnt District", and it is
further declared that each lot, part of lot and parcel of land within said
boundaries will be especially benefited by said improvements, and that the
estimated cost of all potential improvements is $1al87,400.00 and 80% of said cost
shall be assessed on an equitable basis against l lands within said improvement
district and 20% of said cost shall be borne by the City of Tigard in recognition
of a general city-wide benefit. _
(c) That the plans, specifications and estimates with respect to the street
irnprorer::erts as submitted by the City's engineers be, and the same are hereby,
adopted and ordered to be maintained on file by the City Recorder for public
inspection.
(d) That Monday, the 13th day of January., 1975„ at the hour of 8:OO P.19.,
at'the.new Fowl.er.•Ji. High Lectuie io&li 10865 SW•1;alnut.St-,: ; Tigard, Oregon, be,
and the same are hereby ;et as the time and place for hearing and considering
objections or remonstrances to the proposed improvement by any parties aggrieved
thereby.
(e) That the City Recorder be, and she is hereby, directed to give notice
by causing to have this resolution published in the Tigard Times, issues of
J+nuaiy 2, 1975,and danuiry79; 1975:'
(f) Within ten days from _tlie date of the first publication of the notice of
this resolution, the owners of 66 2/37. or more in area of the property within the
boundaries described on "EXHIBIT A" hereto attached, may make and file with the
City P.ecorder a written objection or remonstrance against the proposed improvement.
i
Dated at Tigard, Oregon this f day of //,, /- , 1974.
_ Mayor
ATTEST:
Recorder
_f
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RESOLUTION No. 74--t,7
Page 2
EXHIBIT "A" -_
(Boundary of S.W. Hunziker L.I,D,)
'Phat portion of land situated in Sections 1 and 2 of Township 2
South, Range 1 Vlest, Will<rmette Meridian, Washington County, _
Oregon, being more particularly described as follows:
Beginning at the stone marking the Southwest corner of the Peter
halter 10 acre tract in the W.W. Graham D.L.C. No. 39 in said
Section 1; thence [-lest 10 feet to a pipe; thence North 340.3 feet
to the Southeast corner of that tract of land conveyed to Reith R.
Peterson & Carl S. Spitznagel, by deed recorded in Book 731, on
Page 917, in said County's Deed Records; said corner of the
Peterson & Spitznagel 2.02 acre tract being the True Point of -
Beginning of this description; running thence West, along the
South boundary line of the said Peterson & Spitznagel tract of
land, a distance of 334.7 feet to the Southwest corner thereof;
said Southwest corner of the Peterson & Spitznagel tract being
a point on the East boundary line of that tract of land conveyed
to Sam R. Jost et. ux. , by deed, recorded in Book 336, on Page 534,= _
in said County's Deed Records; thence South, along the East boundary-:
line of said Jost tract of land, a distance of 68 feet, more or less;'
to the Southeast corner thereof; thence Vlest, along the South boundary
line of said Jost tract of land, a distance of 330 feet to the
Southwest corner thereof; said Southwest corner of the Jost tractr
being a point on the East boundary line of that tract of land con-
veyed to L.H. & B. Nichols and F.W. & S. Fields, by deed, recorded
in Book 606, on Page 590, in said County's Deed Records; thence
South Olo 14' 30" west, along the East boundary line of said Nichols-
and Fields tract of land, a distance of 940 feet, more or less, to
the Southeast corner thereof; said Southeast corner of the Nichols-
and Fields tract also being the Northeast corner of that tract of land
conveyed to Fred 11. & Suzanne Fields, by contract, recorded in Book
933, on Page 75, in said County's Deed Records; thence continuing
South 010 14' 30" Vlest, along the East bounc)ary line of =aid Fred
and Suzanne Fields tract of land a distance of 1085 feet, more or
less, to the Southeriy most corner thereof; said Southerly most corrizr
of the Fred & Suzanne Fields tract being a point on the Northeast _
f boundary line of the Southern Pacific Railroad Company right--of-way;
thence i<orthwesteriy, along the northeast right-of-way boundary line
of said Railroad Company tract, a distance of 2336 feet, more or less.,
to the Southwest corner of that tract of land conveyed to Georgia
Pacific Corporation, by deed, recorded in Book. 768, on Page 429, - _
in said County's D ed Records; thence North 460 50' East, along the
northwest boundary line of said Georgia Pacific Corporation tract of
land, a distance of 195.5 feet to the most Southerly corner of that
tract of land conveyed to Western Foundry Company, by deed,-recorded
in Book 706, an Page 311, in said County's Daed Records; thence North
410 46' West, along the Southwest boundary line of said western
Foundry Company tract of land, a distance of 613.80 feet to the Trost
;leste.rly corner thereof; thence Ilorth 430 17' East, along the north-
west boundary line of said ;4ester.n Foundry; Company tract of land, a
distance of.350.0 feet to the Southerly most corner of that tract of
land conveyed to M. Truirbo Conuyany, by deed, recorded in P.00k 848, on
Page 584, in said County's Decd Records; thence North 410 46' Nest,
along the Southcaest boundary line of said. M. Trumbo Company tract of
. . ._. ..... ..
Page
_ C.
IenAf a distance of 300 feet, more or less, to the most Westerly
corns thereof; thence North 480 14' Fast, along the Northwest
boundary line of said 14. Trumbo Company tract of land, a distance
of 3.58.23 feet to the Westerly most Northwest corner thereof; said
:9esterly most Northwest corner of the M. Trumbo Company tract of
land being a point on the South boundary line of that tract of land
conveyed to E. C. Hunzi'zer, by deed, recorded in Book 215, on Page E
193, in said County's Deed Records;, thence North 600 59' west, along
the-South boundary line of said Hunziker tract of land, a distance k
of 460. feet, more or less, to the Southerly most Southwest corner
thereof; thence North 290 O1' East 100.0 feet and North 600 59' west
162.28 feet to the Westerly most Southwest corner thereof; said
Westerly most Southwest corner of the Hunziker tract of land being a .
point in the centerline of (60 foot wide) State Secondary Highway
No. 141 (S.SV. Hall Boulevard); thence North 000 45' West, along the
centerline of said State Highway, a distance of 278 feet, more or
less,'-to a point of intersection with a Westerly extension of the
North boundary line of Lot 5 of Knoll Acres, a subdivision of record
in said County; thence North 89° 15' East, along the said extension
of the.North line of Lot 5, a distance of 30 feet to the Northwest
corner of said Lot 5 of Knoll Acres subdivision; thence continuing;
North_890 15' East, along the North boundary line of Lot 5, a
distance of 161.0 feet to the Northeast corner thereof; said North-.
east corner of Lot 5 also being the Northwest corner of Lot 6 of
said-Gubdivision; thence South 600 59' East, along the North boundary
line -_SSE- Lot 6, a distance of 80.0 feet to the Northeast corner thereof;
said Northeast corner of Lot 6 also being the Northwest corner of
Lot 7 of said subdivision; thence continuing South 600 59' East, along
the North boundary line of Lot 7, a distance of 66.1 feet to the
North-Iast corner thereof; thence South 520 53' 08" East, crossing
(50 foot wide) S.W. Knoll Drive, a distance of 51.54 feet to the
Northwest corner of Lot 5 of Tigardia Terrace, a subdivision of
record in said County; thence South 670 13' East, along the North
boundary line of Lot 5, a distance of 89.0 feet to the Northeast
corner thereof; said Northeast corner of Lot 5 also being the North-
west corner of Lot 4 of said subdivision; thence continuing South
670 13' East, along the North boundary line of. Lot 4, a distance
of 84.0 feet to the rdort:heast Corner thereof; said r?orthe.ac.corti•ro ..i,ot.
4 als5.being the Northacst corner of Lot 3 of said subdivision; thence
contiiitzing South 670 13' East, along the North boundary line of Lot 3,
a distance of 80.16 feet to the Northeast corner thereof; said North-
east-corner of Lot 3 being a point on the. East boundary line of said
Tigardia Terrace subdivision; thence North 220 47' East, along the
East--boundary line of Tigar.dia Terrace a distance cf 250.0 feet to the
initial point thereof; said initial point of Tigsrdia Terrace being a
point_on the west boundary line of that tract-. of land conveyed to
E.w. & P. Koning, by deed, recorded in Book 415, on Page -466, in said
County's Deed Records; thence continuing North 220 47' East, along the
East boundary line of said Koning tract of land, a distance of 403.65
feet to the Northwest corner thereof; said Northwest corner of the
Koning tract of land being a point on the South boundary line of
Tigard Road Gardens, a subdivision of record in said County; thence
North 820 37' best along the South boundary lime of Tigard. Road
Gardens, a dista=nce of 453.92 feet to the Southwest corner of Lot 7
thereof; thence I.orth 130 44' 00" Iles t, along the }•nest boundary line
of Lot 7, a distance of 366.0 feet to the Northwest corner thereof;
thence North 830 04' S9est, alongthe north boundary line of Lot 7,
F4'r� 3
• 5 1
a distance of 279.5 feet to the Nor.tiZeast ;corner ctu.reor thence
South 200 08' East, along the East boundary line :2f Lot 7, a
distance of 137 feet, more or less, to a point of-intersection with
a ,•jesterly extension of the North boundary line iif. Lot 3 of Tigard
Road Gardens; thence North 840 27' 50" -ast, along said extension
of the North line of Lot 3, a distance of 41.4 feet to the Northwest
corner of said Lot 3 of Tigard Road Gardens; thence continuing North
840 27' 50" East, along the North boundary line of Lot 3, a distance
of 216.8 feet to the Northeast corner thereof; said Northeast corner
of Lot 3 being a point or. the Y7est boundary line of unnamed (60 foot
wide) dedicated public right-of-way; thence continuing North 840 27'
50" East, along'an Easterly extension of the North line of Lot 3 of
Tigard Road Gardens, a distance of 62.01 feet to a point of intersection
with the East boundary line of said unnamed public right-of-way; thence
North 200 10' ,jest, along the East boundary line of said unnamed public
right-of-way, a distance of 57 feet, more or less, to -the Northwest
corner of that tract of land conveyed to Lakeside Development Company,
by deed recorded in Book 819, on Page 553, in said County's Deed
Records; thence South 830 40' East, along the North boundary line of
said Lakeside Developm,�nt Company tract of land, a distance of 136 feet,
more or less, to a point thereon; the.nc/:: Forth 590 10' Last, continuing
along the North boundary line of said Lakeside Development Company
tract of land, a distance of 94.33 feet to a point, thereon.; thence
North 000 08' I%est, continuing along the North bou"dary line of said
La<eside Development Company tract of land, a of 158 feet,
more or less, to a point of intersection with the--southwest right-of-
way boundary lire of State Secondary Highway No.'
= --
144 (Beaverton2igard
Freeway No. 217); thence Southeasterly along the Southwest boundary
line of said State Secondary Highway No. 144, crossing (40 foot wide)
S.t4. Hunziker Street and continuing southeasterly"along said State
S-acondary Highway No. 144 boundary line, a total"distance of 3115
feet, more or less, to the Easterly roost yortheast corner of the
aforesaid Keith R. Peterson & Carl S. Spitznagal1tract of land; thence
South 00 43 39' I^7est, along the East boundary
on
and Spitznagel tract of land, a distance of 2.55 feet, i*:ore or less,
to the True Point of Beginning of this i<vscription. containing
approximately 132.72 Acres.
Y
OFFICIAL NOTICE OF BOND SALE
$177,395.80
CITY OF TIGARD
COUNTY OF WASHINGTON
_ STATE OF OREGON
GENERAL OBLIGATION IMPROVEMENT BONDS
SERIES 12
Notice is hereby given that sealed bids will be received on behalf of the City
of Tigard, Washington County, Oregon, until 5 o'clock p.m., on the 1st day of
March", 19772 at the offices of the Recorder of the City of Tigard, Tigard City
Hall, 12420 S.W. Main, Tigard, Oregon 97223, at which time they will be publicly
opened and announced.
The bids shall be considered and acted upon by the City Council at its meeting to
be held on March 1, 1977, commencing at 7-o'clock p.m. Pacific Standard Time.
ISSUE: ONE HUNDRED SEVENTY SEVEN THOUSAND THREE HUNDRED NINETY-FIVE AND 80/100
DOLLARS ($177,395.80) consisting of 35 coupon bonds in denominations of FIVE
THOUSAND DOLLARS ($5,000.00), all dated April 1, 1977, and one bond in the
amount of TWO THOUSAND THREE HUNDRED NINETY-FIVE AND 80/100 DOLLARS ($2,395.80),
also dated April 1, 1977.
INTEREST RATE: Maximum not to exceed a net effective rate of 7 percent per
annum, the first interest payment due on October 1, 1977, and semiannually thereafter
on April I and October l of each year. Bidders must specify the interest or rates
which the bonds hereby offered for sale shall bear. The bids shall comply with the
following conditions: (1) Each interest rate specified in any bid must be in multiples
of 1/8th or 1/20th of one percent not exceeding a net effective rate of 7 percent
per annum; (2) No bond shall bear more than one'rate of interest, no interest payment
shall be evidenced by-more than one coupon, and supplemental coupons will not be
permitted; (3) Each bond shall bear interest from its date to its stated maturity
date at the interest rate specified in the bids; (4) All bonds maturing at any one
time shall bear the same rate of interest.
MATURITIES: The bonds shall mature serially in numerical order as follows:
Bond No. Maturity Date Amount
1-`2 April 1, 1979 $ 7,395.80
3-4 April 1, 1980 10,000.00
5-6 April 1, 1981 10,000.00
7-8 April 1, 1982 10,000.00
9-10 April 1, 1983 10,000.00
11-12 April 1, 1984 10,000.00
13-14 April 1, 1985 10,000.00
15-16 April 1 1986 10,000.00
17,18 April 12 1987 10,000.00
19-20 April 1, 1988 10,000.00
21-22 April 1, _1989 10,000.00
23-24 April 1, 1990 10,000.00
25--26 April 1 1991 "10,000.00s
27-28 April 1, 1992 10,000.00 Y
4 29-30 April 1,=1993 10,000.00
Al
` 31-32 April 1,' 1994 10,000.00 ;
33--34 April 1, 1995 10,000.00 :.
g 35 36 April 1, 1946 10,000.00
Page 1 -;Official Notice of Bond Sale` Exhibit B °
REGISTRATION: The bonds will be issued in bearer form with no option for registration.
PAYMENT: Principal and interest are payable in lawful money of the United States
at the office of the City Treasurer, City Hall, 12420 S.W. main, Tigard, Oregon 97223.
PURPOSE: The bonds are issued to provide funds for the inprovement of Southwest
Hunziker Street in the City of Tigard, a local improvement district.
SECURITY: The City has assessed the costs of public improvements to benefited
properties and all monies collected therefrom shall be placed in the Bancroft Bond
Redemption Fund and applied to the payment of the principal and interest on these
bonds. The bonds are also general obligations of the City. The City has
convenanted to levy an ad valorem tax annually as required to pay bond principal
and interest as they respectively come due.
LEGAL OPINION: The approving opinion of Ragen and Roberts, attorneys at law, of
Portland, Oregon, will be provided at no cost to the purchaser, and will be printed
on the bonds at the expense of the City.
TAX EXEMPT STATUS: Interest on the bonds, in the opinion of bond counsel, is
exempt from taxation by the United States under the present federal income tax
Laws and from personal income taxation by the State of Oregon under present state law.
BEST BID: The bonds will be awarded to the responsible bidder whose proposal will
result in the lowest net cost to the City of Tigard. The successful bid will be
determined by computing the total amount of interest which the City would be
required to pay from the date of each bond to its respective maturity date at the
coupon rate or rates specified in the bid, less premium offered plus discount, if
any. The purchaser must pay accrued interest, computed on a 360-day basis, from
the date of the bonds to the date of delivery. The cost of printing the bonds
will be borne by the City.
DELIVERY: Delivery of the bonds will be made without cost to the successful
bidder at such bank in the City of Portland, Oregon, as the successful bidder sh� .1
name. Payment for the bonds must be made in federal funds. Delivery will be
made within thirty days.
FORM OF BID: All bids must be for not less than all the bonds hereby ordered for
sale, and for not less than ninety-eight percent (98%) of the par value thereof and
accrued interest to the date of delivery. Each bid together with bidder's check as
herein specified must be enclosed in a sealed envelope addressed to the District and
designated "Proposal for Bonds." Bids must be received by 5 o'clock p.m. on the
lst day of March, 1977, at the office of the Recorder of the City of Tigard.
BID CHECK: All bids must be unconditional -and accompanied by a certified or
cashier's check on a bank doing business in the State of Oregon for Three Thousand
Six Hundred and no/100 Dollars ($3,600.00) payable to the order of the City to _
secure the City from any loss resulting, from the failure of the bidder to comply with
the terms of its bid. In addition, bidders are requested to supply the total
interest costs and net effective interest rate, based upon the aggregate interest
cost, if itzi bid be accepted, that the City will pay upon the issue if the bid is
accepted. Such information shall be considered as informative only. Checks will
be forfeited to the City as liquidated damages in case the bidder to whom the bonds
are awarded shall withdraw its bid or fail to complete its purchase in accordance
with the terms thereof. No interest shall be allowed on the deposit but the check
of the successful bidder will be retained as part payment of the bonds or for liquidated
damages as described above. Checks of the unsuccessful bidders will be returned by
the City promptly after award of bid.
Page 2 Official Notice of Bond Sale Exhibit B
RIGHT OF REJECTION: The City reserves the right to reject any or all bids and to
waive any irregularity.
FINANCIAL DATA: Information and financial data about the City may be obtained from
the undersigned.
CUSIP: CUSIP numbers will be imprinted upon all bonds of this issue at the purchaser's
request and expense. An improperly imprinted number will not constitute basis for
the purchaser to refuse to accept delivery.
NO LITIGATION: At the time of payment for the delivery of said bonds, the City will
furnish the successful bidder a certificate that there is no litigation pending
affecting the validity of the bonds.
BY ORDER OF THE TIGARD CITY COUNCIL
DORIS HARTIG, CITY RECORDER
Telephone 639-4171
Page 3 - Official Notice of Bond Sale Exhibit B