Ordinance No. 79-85 t
CITY OF TIGARD, OREGON
ORDINANCE NO. 79-_2,6-
AN ORDINANCE ADOPTING, RATIFYING AND CONFIRMING; ALL PROCEDURES AND DETERMINA-
TIONS HERETOFORE MADE WITH RESPECT TO THE "SOUTHWEST HUNZIKER STREET INPROVE-
MENT DISTRICT" AS SET 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 ACT, AND DECLARING AN EMERGENCY.
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 here-
after referred to as "The Southwest Hunziker Street Improvement District;"
and
WHEREAS after due and legal notice, hearings and proceedings 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
the same having been duly adopted and a contract let for the completion of
the workand the installation of said improvements having been fully performed
and the total final costs thereof determined to be the sum. of $213 ,200.00,
which sum was apportioned, spread and assessed against the real property with-
in the boundaries of the said district; and
WHEREAS assessment rolls, both with respect to the preliminary
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 assess-
ments have been duly entered in the lien docket of. the City, and the City
has received applications to pay in installments from the various owners of
property assessed pursuant to this proceeding, the total balance owing by
the owners who have applied for installment payment now being $128 ,082 .41 ;
and
WHEREAS it is necessary to issue improvement bonds pursuant to the
provisions of the Bancroft Bonding Act to provide for payment of the remain-
ing 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.'°
_ .
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 precedent to the apportionment, spread of
assessment, and assessing of the cost of installing said improvements within
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 : The City of Tigard, Oregon does hereby authorize the bonds,
Series 12, of the City of Tigard, Oregon, in the amount of $128 ,082.41, to be
dated November 1, 1979, to be numbered consecutively from 1 to 26 in denom-
inations of $5,000.00 each, except Bond No. 1, which shall be in the amount
of $3,082.41, to bear interest payable semiannually on November 1 and May 1
of each year and to mature serially in numerical order as follows :
Bond No. Maturity Date Amount
1 - 2 November 1, 1980 $ 8,082 ,41
3 - 4 November 1, 1981 10,000.00
5 - 6 November 1, 1982 10,000.00
7 - 8 November 1, 1983 10,000,00
9 - 11 November 1, 1984 15,000.00
12 - 14 November 1, 1985 15,000.00
15 - 17 November 1, 1986 15,000.00
18 - 20 November 1, 1987 151000,00
21 - 23 November 1, 1988 15,000.00
24 - 26 November 1, 1989 15,000.00
SECTION 3: 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 appertaining 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 register by the Recorder of the City of
Tigard, Washington County, State of Oregon.
SECTION 4: 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 5: The bonds and the coupons attached thereto shall be in" substan-
tially 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 12
$5,000.00 No.
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 November, 1979, 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 November and the first day of May of each year until
maturity, upon surrender 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.
This bond is one of a series aggregating $128,082.41, numbered
from 1 to 26, both inclusive, authorized and issued by the City of Tigard,
Oregon; pursuant to Oregon_ Revised Statutes 223.205 to 223.295, inclusive,
commonly known as the Bancroft Bonding Act, and are general obligations of
the City.
It is hereby :certified, recited, and declared that all conditions,
acts, and things required to exist, to happen, and to be performed precedent
to and in the issuance of this bond have existed, have happened, and have
been performed in due time, form, and manner as required by the constitution
and statutes of the State of Oregon; that the issue of this bond is part,
and all other obligations of the City, are within every debt limitation and
other limit prescribed by such constitution and statute; and that the City
has provided for the levying annually of direct ad valorem tax as required
upon all property within the City so taxable for its purposes, in sufficient
amount to pay the interest on and the principal of the bonds of such issue,
as ,such obligations respectively may become due and payable.
IN WITNESS WHEREOF the City of Tigard, Oregon, has caused this bond
to be signed by its Mayor and attested by its Recorder, the annexed interest
coupons to be executed with the facsimile signatures of such officers, and,
the seal of the City to be affixed hereto this day of ,
1979. -
CITY OF TIGARD, OREGON
By;
Mayor, Caty of Tigard
ATTEST:
By:
Recorder,; City of Tigard
FOR111 OF BOND COUPON
No.
On the first day of November, 197 , the City of Tigard, State of
Oregon, upon surrender of this coupon at the office of the Treasurer of the
City of Tigard, Oregon, will pay to bearer the sum of
Dollars ($ ) , in lawful money of the
United States of America, for interest then due on its general obligation
improvement bond, Series 12, dated , 19_, and
bearing No.
CITY OF TIGARD, OREGON
By:
Mayor, City of Tigard
ATTEST:
By:
Recorder, City of Tigard
SECTION 6: 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 2 o'clock p.m. on the
14th day of November, 1979, and that immediately thereafter bids received
will be publicly opened by the Council for the sale of the bonds, at not
less than 98 percent of par value 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 exceeding a net effective rate of 10 percent per annum, payable
semiannually on November 1 and May 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 $2,600.00 to be forfeited to the City in y.
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 ordinance become effective upon
its passage by the Council and approval by the Mayor, in order that the
f.
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 _j°ihz2:ivote of all
Council members present, after being read three times
by number and title only, this - fj day of c;c
1979.
Recorder, Cit f Tigard
SIGNED: By the Mayor, this day of September, 979.
Mayor, ty of Tigard
ATTEST:
Recorder, z y o/f gard
r
7
CITY OF TIGARD, OGEGON
ORDINANCE No. 75 -
AN ORDI1dAC:Ci: CO',IFIRMING AND RATIFYING THE RESOLUTION OF TN.E CITY COUNCIL. OF DECELdHER 9,
1974 W17H RESPECT TO TIDE "STREET IMPROVEMENT DISTRICT No. 1.20.2 (S.I:. HUNZIUR STREET)",
APPROVING, RATIFYING AND ADOPTING PLANS, SPECIFICATIONS AND ESTIMATES FOR STREET IMP 0VE-
11ENTS, DECLARING RESULTS OF HEARING HELD WITH RESPECT THERETO, DIRECTING SOLICITATION OF
RIDS FOR CONSTRUCTION OF SAID IMPROVEMENTS, PROVIDING FOR THE MaING OF SAID IMPROVEMENTS,
AN'D DECi.Az° ING MN EMERGENCY.
ND'
THE CITY OF TIGARD 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 by the 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.nt. Pacific Highway, Tigard, Oregon on January 13, 1975 at the hour of
8:00 P.M. whereat ail 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 2/37 of the owners of
the property in the area within the improvement assessment district and that the
percentage of remonstrance is not 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
an<' 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 hereb; adopted and fixed as the boundaries of the said improvement
to l..J b_';e Filed and
Section 6. That the City Council, having acquired _jurisdiction to order the imnrov,e7ents
dG;,; hereby authorize and direct the Cu atructio>•n of improve:end
within the boundaries of said "Street Improvement District No. 1.20.2 (S.W. Hunziker
Street)" in confo-amity in all reasonable particulars with the plans and specifications by
said Resolution adopted and hereby ratified and confirmed, with the following exceptions
if any:
( i
I
i
Section 7; That the City Administrator and the City Engineer be, and 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
people of the City of Tigard that the said improvements be constructed
•ith 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, fter
being read three times by title and number this �; day of ,
1975.
3 -9
City RLTcorder - City of Tigard
APPROVED: By the Mayor this 3 day of k/G/I ,1 a . �, 1975.
Mayor - City of Tigard -�
i
i
L
PACE 2 - ORDINANCE No. 75-
CITY OF TIGARD, OREGON
RESOLUTION No. 74{Ca
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 KNOWN AS "STREET IMPROVEMENT DISTRICT No. 1.20,2 (S.W.
HUNZIKER S1REST)"; DESCRIBING- THE PROBABLE TOTAL COST THEREOF; DEFINING THE
BOUNDARIES0F THE DISTRICT TO BE BENEFITED AND ASSESSED; APPROVING AND ADOPTING
t 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 work 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 plan,, specifications and estimates
are satisfactory.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF TIGARD
as follows:
r
` (a) That the City Council does hereby deem it expedient 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 sidewalk.
(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 Improvenent 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 Sy_187,400.00 and 80% of said cost.
shall be assessed on an equitable basis against all 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
improvements as submitted by the City's engineers be, and the same are hereby,
adopted apr) ordered to be. maintained on file by the City Recorder for public
inspection.
(d) '17nat P:onday, the 23rd day of December, 1974, at the hour of 8:00 P.M.,
at Charles F. Tigard Grade School, 13137 S.W. Pacific Highway, Tigard, Oregon, be,
and the same are hereby set as the time and place for hearing and considering
objections "r 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
c` December 12, 1974 and December 19, 1974.
�`.
441
(f) Within ten days from the 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 Recorder a written objection or remonstrance against the proposed improveRent,
Dated at Tigard, Oregon this day of 1974.
i
Mdyor Jt
f^
ATTEST;
A corder
I
RESOLUTION No. 74- fo'7
Page 2
EXHIBIT "A"
(Boundary of S,W. Hunziker L.I.D.)
That portion of land situated in Sections 1 and 2 of Township 2
South, Range 1 West, Willamette 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 West. 10 feet. to a pipe; thence North 340.3. feet
to the Southeast corner of that tract of land conveyed to Keith R.
S enifiznaael. by recorded in Book 731, on
_
Peterson & Car.. .,I- i
`( Page 917, in said County's Deed Records; said corner of the
Peterson & Spitznagel 7:02 acre-.tract being the True Point of
Beginning of this description; running thence West, along the t
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, gore or less,
to the Southeast corner thereof; thence West, 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 tract
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 010 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 W. & Suzanne Fields, by contract, recorded in Book
933, on Page 75, in said County's Deed Records; thence continuing
r South 010 14' 30" West, along the East boundary line of said Fred
and Suzanne Fields tract of land a distance of 1085 feet, more or" -:
less, to the Southerly most corner thereof; said.Southerly most corner E
of the Fred & Suzanne Fields tract being a point on the Northeast- j
boundary line of the Southern Pacific Railroad Conpany right-of-way;
thence Northwesterly, along the -Northeast right-oi-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. Deed Records; thence tiorth 40 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, on Page 311, in said County's Deed 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 most
jAresterly corner thereof; thence North 43o 17' East, along the North-
, est Boundary line of said Western Foundry; Company tract of land, a
distance of,350.0 feet to the Southerly most corner of that tract of
land conveyed to M. Trumbo Company, by deed, recorded in Book 848, on
Paqe 584, in said County's Deed Records; thence North 410 46' West,
along the Southwest boundary line of said M. irur o Company tract or
ge 2
.xnd, a distance of 30U feet, more or less, to the most Westerly
corner thereof; thence North 480 14' East, along the Northwest
boundary line of said M. Trumbo Company tract of land, a distance
of 358.23 feet to the Westerly most Northwest corner thereof; said
Westerly most Northwest corner of the M.. Trumbo Company tract of 4
land being a point on the South boundary line of that tract•of land
conveyed to E. C. Hunziker, by deed, recorded in Book 215, on Page
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' '
of 460 feet, more or less, to the Southerly most Southwest corner -,'*
thereof; thence North 290 01' 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 _L,
point in the centerline of (60 foot wide) State Secondary Highway
No. 141 (S.W. Hall Boulevard), thence North 000 45' West, .along -thee.__
centerline of said State Highway, a distance of 278 feet, more or
less, to a point of intersection with a Westerly extension ofthe : '
North boundary line of Lot 5 of Knoll Acres, a subdivision of record
in said County; thence North 890 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 continuiftg..;
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 subdivision; thence South 600 59' East, along the North boundary
line of 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
Northeast 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 errace, a subdivision of
record in said County; thence South 67 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 k
of 84.0 feet -to the Northeast corner thereof; said Northeast-cornercfLLot I
4 also being the Northwest corner of Lot 3 of said subdivision; thence E
continuing South 670 13' East, along the North boundary line of Lot 3,
a distance of 80.16 feat to the Northeast corner thereof; said North-
east corner of Lot 3 being a point on the East boundary line of said -
Ticardia Terrace subdivision; thence North 220 47' East, along the
Tast boundary line of Tigardia Terrace a distance of 150.0 feet to the
initial point thereof; said initial point of Tigardia Terrace being a
point on the ;fest 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 I
Koning tract of land being a point on the South boundary line of r
Tigard Road,Gardens, a subdivision of record in said County; thence
North 820 371 West along the South boundary line of Tigard. Road
Gardens, a distance of 453.92 feet to the Southwest corner of Lot 7
thereof; thence North 130 44' 00" Fest, along the West boundary line
of Lot 7, a distance of 366.0 fe-et_.to the Northwest corner thereof;
thence North 830 04' West, along the North boundary line of Lot 7,
-fY
a distance of 279.5 Cet to tt'a Idor theast corrj
South 200 08' East, along the East btonaapoointnof°intersectior: with
distance of 137 feet, more or less, of
a westerly extension of the North boundary
line 0
along .aid3extensiond �
Road Gardens; thence North 84° 27' {
of the North line of Lot 3, a distance of 41.4 feet to the Northwest
d Road Gardens; thence continuing North
carnet of said hot 3 of Tigar
boundaryline of Lot 3, a distance '
°r
th
840 27' S0' East, along the N
of 216.8 feet to the Northeast carnet thereaf; 'said Northeast corner
of Lot 3 being a point on the wlest
-of-way;
bothence continuingline of 11North(60amed foot
27 t`
wide) dedicated public right-of-way; of the North ,line.
50" East, along an Easterly extension 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
+ + the East boundary line of said unnamed public
North 206 10' West, a� ••� t; - •:oral::est
right-of-way, a distance of 57 £eetedmtoeLakeside,Development Company,
corner of that tract of land convey
by deed recorded in -Rook 819, onstage 5ng the Nortthcounty's
boundaryline of
Records; thence South 83 40 East, along
said Lakeside Development Company thenceractoNorthd590 10, East,a distance ocontinuing,
more or less, to a point thereon;
oundary line of said Lakeside Development Company
along the North b
tract of land, asdisconteruing4along thetNorthoboindaryelinetofnsaid
Borth 00 08
Lakeside Development Company tract of land, a distance we t r feet,
more or less, to a point of intersection with the Southwest right-of-
way boundary line of State Secondary Highway No. Sout144 (Best boundary
i
Freeway >;o. 217); thence Southeasterly along the
crossinrw(4¢ O°tdwide)
line of said State ,Secondary Highway No. 1.4, 9
S.W. Hunziker Street and continuing Southeasterly along said State
Secondary Highway No. 144 boundary line, a total distance of 3115
feet, more or less, to the Easterly most Northeast corner of the
Keith R. Peterson & Carl S. Spitznagel tract of land; thence
aforesaid
South 43` 39" �h*eSt, slang the East boundary line of said Peterson
and Spitznagel tract of land, a distance of 255 feet, more less,
to the True Point of Beginning of this Description. Containini ng _
approximately. 132.72 Acres.
.M1
OFFICIAL NOTICE OF BOND SALE
$128 ,082 .41
CITY OF TIGARD
COUNTY OF WASHINGTON
STATE OF OREGON
GENERAL OBLIGATION IMPROVEMENT BONDS
SERIES 12
Notice is hereby liven that sealed bids will be received on behalf
of the City of Tigard, Washington County, Oregon, until 2 o'clock p.m. , on
the 14th day of November, 1979, at the offices of the Recorder of the City of
Tigard, Tigard City Hall, 12420 SW 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 November 14, 1979 , commencing at 4 o'clock p.m.
Pacific Standard Time.
ISSUE: ONE HUNDRED TWENTY EIGHT THOUSAND EIGHTY-TWO AND 41/100
DOLLARS ($128,082.41) consisting of 25 coupon bonds in denominations of FIVE
THOUSAND DOLLARS ($5,000.00) , all dated November 1 , 1979, and one bond in the
amount of THREE THOUSAND EIGHTY-TWO AND 41/100 DOLLARS ($3,082 .41) , also
dated November 1, 1979.
INTEREST RATE: Maximum not to exceed a net effective rate of 1.0
percent per annum, the first interest payment due on May 1 , 1980 and there-
after semi-annually on November 1 , and May 1 , 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 riot exceeding a net effective rate of 10 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 time shall bear the same rate of interest.
MATURITIES: The bonds shall mature serially in numerical order as
follows:
Bond No. MatuEj.Ly Date Amount
I - 2 November 1 1.980 $ 8,082 .41
3 - 4 November 1, 1981 10,000 00
5 a 6 November 1 , 1982 10,000.00
7 - 8 November 1 , 1983 10,000.00
9 -, 11 November 1, 1984 15,000.00
12 - 14 November 1 , 1985 15,000.00
15 17 November 1, 1986 15,000.00
18 - 20 November 1 , 1987 15,000.00
21 - 23 November I, 1988 15,000.00
24 W 26 November 1, 1989 15,000-00 M
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REGISTRATION: she bonds will be issued i& nearer form with no
option for registration.
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PAYMENT: Principal and interest are payable in lawful money of the
United States at the office of the City Treasurer, City Hall , 12420 SW Main,
Tigard, Oregon 97223
PURPOSE: The bonds are issued to provide funds for the improvement F'
of Southwest Hunziker Street in the City of Tigard, a local improvement
district. {
SECURITY: The CiLy has assessed the costs of public improvements
to benefited properties and all moneys collected therefrom shall be Enlaced 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 covenanted 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, Roberts , O'Scanalain,
Robertson and Neill, 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 o�- bond
counsel , is exempt from laxation 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,
plus discount, if any, less premium offered. The purchaser must pay accrued
interest, computed on a 365-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 shall name. Payment for the bonds must be made in federal
funds. Delivery will be made within thirty days .
FORM 4F BID: All bids must be for not less than all the bonds
hereby ordered for sale, and for not less than 98 percent 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 2 o'clock p.m. on the l.4th day of November, 1979, 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
or TWO THOUSAND SIX HUNDRED AND NO1100 DOLLARS ($2,600.00) payable to the
order of the City to secure the City from any loss resulting from the failure
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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 its bid be accepted, that the City
will pay upon the issue if the bid is accepted. Such information shall be
considered as information 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 ursucc4ssf,-,l bidders
will be returned by the City promptly after award of bid.
RIGHT OF REJECTION: The City reserves the right to reject any or
all bids and to waive any irregularity.
OFFICIAL STATEMENT: The City has prepared an official statement
relating to the bonds, a copy of which will be furnished upon request to the
undersigned.
CUSIP: CUSIP numbers will be imprinted upon all bonds of this issue
at the issuer'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 cerificate that there
is no litigation pending affecting the validity of the bonds.
Doris Hartig
>, Recorder, City of Tigard
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