Loading...
Ordinance No. 82-41 CITY OF TIGARD, OREGON / ORDINANCE No. 82--L—) AN ORDINANCE AUTHORIZING ISSUANCE OF GENERAL OBLIGATION IMPROVEMENT BONDS AND DECLARING AN EMERGENCY. THE CITY OF TIGARD ORDAINS AS FOLLOWS: Section 1: Authorization. The City of Tigard, Oregon, does hereby authorize the issuance and sale of General Obligation Improvement Bonds, Series No. 14, of the City of Tigard, Oregon, in the amount of One Hundred Eighty Four Thousand Six Hundred Sixty Four Dollars and Thirty Five Cents ($184,664.35) to be dated September 1, 1982, to be numbered consecutively from one (1) to thirty seven (37) inclusive, to be in denominations of $5,000.00 each, except bond number one in the amount of $4,664.35, to bear interest payable semiannually on June 1 and December 1 of each year and to mature serially in numerical order on the first day of December in each year as follows: BOND NO. MATURITY DATE AMOUNT I December 1, 1983 $ 4,664.35 2 December 1, 1984 $ 5,000.00 3 December 1, 1985 $ 5,000.00 4-5 December 1, 1986 $10,000.00 6-7 December 1, 1987 $10,000.00 8-9 December 1, 1988 $10,000.00 10-11 December 1, 1989 $10,000.00 12-13 December 1, 1990 $10,000.00 14-15 December 1, 1991 $10,000.0f 16-17 December 1, 1992 $10,000.00 18-19 December 1, 1993 $10,000.00 20-21 December 1, 1994 .$10,000.00 22-23 December 1, 1995 $10,000.00 24-25 December 1, 1996 $10,000.00 26-27 December 1, 1997 $10,000.00 28-29 December 1, 1998 $10,000.00 30-31 December 1, 1999 $10,000.00 32-33 December 1, 2000 $10,000.00 34-35 December 1, 2001 $10,000.00 36-37 December 1, 2002 $10,000.00 with the right reserved to the City, however, at its option, to redeem in inverse numerical order at par and accrued interest on December 1, 1992, and on any interest payment day thereafter, any or all of the bonds of such issue maturing after December 1, 1992. Section 2: Signatures and Registration. 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 by the r 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 auditor or recording officer of the City of Tigard, Washington County, State of Oregon. Section 3: Security. The City has assessed the cost 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 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 E consideration discounts taken and delinquencies that may occur in the l payment of such taxes, to pay the bond and bond interest obligations ' l promptly as they respectively mature; and the City convenants 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 4: Maintenance of Tax-Exempt Status. The City shall take no action nor make any use of the proceeds of the bonds, installment payments of assessments or ad valorem tax revenues intended to be used to pay principal and interest on the bonds, which will cause the bonds to lose their tax-exempt status under federal or State of Oregon income tax , laws, regulations and judicial or administrative interpretations. Section 5: Form. The bonds and the coupons attached thereto shall be in substantially the following form, the terms of which are hereby adopted: UNITED STATES OF AFRICA STATE OF OREGON ,. COUNTY OF WASHINGTON CITY OF TIGARD GENERAL OBLIGATION IMPROVEMENT BOND, SERIES NO. 14 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 day of , 1982, the sum of DOLLARS with interest thereon from the date hereof at the rate of percent ( %) per annum, on the first day of June and the first day of December in 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 in the City of Tigard, Oregon. THE BONDS of the issue of which this bond forms a part, maturing after December 1, 1992, may be redeemed by the City, at par value and accrued interest to the date of redemption on December 1, 1992, and on any interest payment day thereafter, in inverse numerical order, upon notice given at least thirty (30) days prior to the redemption date specified therein, by publication thereof in one issue of the Daily Journal of Commerce, Portland, Oregon and in the Tigard Times, a newspaper of general circulation in the City of Tigard, County of Washington, State of Oregon, and as otherwise providad by law. From the date of redemption designated in any such notices, interest upon the bonds so called for payment shall cease. PAGE 2 ORDINANCE NO. 82 - �// THIS BOND is one of a series aggregating One Hundred Eighty Four Thousand Six Hundred Sixty Four Dollars and Thirty Five Cents ($184,664.35) par value, issued to provide funds to construct public improvements as authorized by Oregon Revised Statutes Ac�3 a20d5 are 223.295, geneial nclusive, commonly 'renown as the Bancroft Bonding obligations of the City. IT IS HEREBY CERTIFIED, RECITED, AND DECLARED that tbe al conditions, exist, to happen, and performed acts, and things required to his bond have existed, have precedent to and i.. the issuance of tt happened, and have been performed in due time, form, and manner as required by the construction and statutes of the State of Oregon; that the issue of which this bond is a part, and all other obligations of the by City, are within every debt limitation and other haslimts provided prescribed the such constitution and statutes; and that the City 5 levying annually of a direct ad valorem tax as required upon all the property within the City so taxable for its purposes, in sufamount to pay the ficient issue, as such obligations t on and eprincipal respect velybecomedue and payable. of such IN WITNESS WHEREOF, the City of Tigard has caused this bond to be signed by its Mayor and attested by its Recorder, the annexed interest i coupons to be executed with the facsimile signatures of such officer, and the sale of the City to be affixed hereto this day_ i of 1982. Mayor - City of Tigard ATTEST: Recorder - City of Tigard ' FORM OF BOND COUPON No. 19 City of On the f irst day of , of Tigard, State of Oregon, upon surrender of this coupon at the office the g to the bearer the Treasurer of the City of Tigard, Oregon, will pay DOLLARS sum of lawful money of the United States of America, for interest then due on its General Obligation Improvement Bond, Series , 19 and bearing No. No. 14, dated unless sooner redeemed as therein provided. 4 Mayor City of Tigard ATTEST: ; Recorder - City of Tigard J. PACE 3 Section 6: Sale, The Recorder shall cause to be published in the Tigard Times, a newspaper of general circulation in the City of Tigard, County of Washington, State of Oregon, and in the Daily Journal of l Commerce, Portland, Oregon, notices of proposed sale of the bonds, as provided by law, in the form substantially as shown on Exhibit A attached E hereto and by this reference incorporated herein, specifying that sealed bids will be received up to and including the hour of 4:00 o'clock P.M. (Pacific Daylight Savings Time) on the 16th day of August, 1982, at Bond Counsel's office, Ragen, Roberts, O'Scannlain, Robertson & Neill, 1001 SW Fifth Avenue, Portland, Oregon, 97204, and that immediately thereafter bids received will be publicly opened and announced for the sale of the bonds, at not less than the par value thereof and the accrued interest thereof, at an interest rate or rates in multiples of one-eighth of one percent or one-twentieth of one percent, not exceeding a net effective rate of thirteen percent per annum, payable semiannually on June 1 and December 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 $3,700.00 (not less than 2% of the par value of the bonds) to be forfeited to the City in case the bidder fails to complete the 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 and no callable bonds of the issue are redeemed prior to the maturity dates thereof; 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 Council reserves the right to reject any or all bids. Section 7: Emergency. This ordinance being necessary for the immediate preservation of the public peace, health and safety of the City of Tigard, in order to obtain sufficient funds to pay for public improvements, an emergency is hereby declared to exist and this ordinance ` shall be in full force and effect immediately upon its passage by the Council and signature of the Mayor. PASSED: By LchA.��,rY�er. s vote of the City Council present, after being read two times by number and title only, this a {, day of ��r ( - , 1982. Recorder - City f Tigard SIGNED: By the Mayor, this day of ,,,, , 1982. Mayor - City of Tigard PAGE 4 ORDINANCE NO. 82 OFFICIAL NOTICE OF BOND SALE { $184,664.35 CITY OF TIGARD WASHINGTON COUNTY STATE OF OREGON GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES NO. 14 Notice is hereby given that sealed bids will be received on behalf of the City of Tigard, Washington County, Oregon, until 4:00 o'clock P.M. (Prevailing Daylight Savings Time) on August 16, 1982, at Bond Counsel's office - Ragen, Roberts, O'Scannlain, Robertson & Neill, 1001 SW Fifth Avenue, Portland, Oregon, 97204 - 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 August 16, 1982 commencing at 7:30 o'clock P.M. (Prevailing Daylight Savings Time). i ISSUE: One Hundred Eighty Four Thousand Six Hundred Sixty Four Dollars and Thirty Five Cents ($184,664.35) consisting of thirty-.seven (37) coupon bonds in denominations of FIVE THOUSAND DOLLARS ($5,000), except bond number One in the amount of $4,664.35, all dated September 1, 1982. INTEREST RATE: Maximum not to exceed a net effective rate of thirteen percent (13%) per annum, the first interest payment due on December 1, w 1982 and semiannually thereafter on June 1 and December 1 of each year. Bidders must specify the interest rate 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 (1%); (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 bonds; (4) All bonds maturing at anyone time shall bear the same rate of interest; (5) The difference between the highest and lowest rates bid shall not exceed two percent (2%). MATURITIES: The bonds shall mature serially in numerical order on the first day of December in each of the years as follows: BOND NO. MATURITY DATE AMOUNT 1 December 1, 1983 $ 4,664.35 2 December 1, 1984 $ 5,000.00 3 December 1, 1985 $ 5,000.00 4-5 December 1, 1986 $10,000.00 6-7 December 1, 1987 $10,000.00 8-9 December 1, 1988 $10,000.00 10-11 December 1, 1989 $10,000.00 12-13 December 1, 1990 $10,000.00 ' 14-15 December 1, 1991 $10,000.00 16-17 December 1, 1992 $10,000.00 18-19 December 1, 1993 $10,000.00 PAGE 5 ORDINANCE NO. 82 - BOND NO. MATURITY DATE AMOUNT 20-21 December 1, 1994 10,000.00 22-23 December 1, 1995. $10,000.00 j 24-25 December 1, 1996 $10,000.00 26-27 December 1, 1997 $10,000.00 28-29 December 1, 1998 $10,000.00 30-31 December 1, 1999 $10,000.00 32-33 December 1, 2000 $10,000.00 34-35 December 1, 2001 $10,000.00 36-37 December 1, 2002 $10,000.00 REGISTRATION: The bonds will be issued in bearer form with no option for registration. REDEMPTION: The City reserves the right to redeem any or all of the bonds then outstanding in inverse numerical order on December 1, 1992 and on any interest payment date thereafter at par plus accrued interest to the date of redemption. Notice of any such intended redemption shall be given by publication of such notice at least once, not less than thirty (30) days prior to said redemption date, in the Daily Journal of Commerce, Portland, Oregon, and in the Tigard Times, a newspaper of general circulation in the City of Tigard, County of Washington, State of Oregon, and as otherwise provided by law. Interest on any bond or bonds so called for redemption shall cease on such redemption date unless the same are not redeemed upon presentation made pursuant to such call. PAYMENT: Principal and interest are payable, either at maturity or upon earlier redemption, in lawful money of the United States at the office of the Treasurer, City of Tigard, City Hall, Tigard, Oregon 97223. PURPOSE: The bonds are issued to provide funds for sewers. SECURITY: The City has assessed the cost of public improvements to benefited properties and all monies collected therefrom shall be placed in the Bancroft Redemption Fund and applied to the payment of principal and interest on these bonds. The bonds are also general obligations of the City. The City has covenated 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, 0`Scannlain, Robertson & Neill, Attorneys at Law, of Portand, 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 present federal income tax laws and 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. 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 PAGE 6 ORDINANCE NO. 82 the coupon rate or rates specified in the bid assuming no bonds are called prior to maturity, less premium offered, if any. Bidders are requested to supply the total interest costs and net effective interest rate, based upon f 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 informative only. 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 shall name. Payment for the bonds must be made in funds immediately available to the City. Delivery will be made within thirty (30) days. FORM OF BID: All bids must be for not less than all the bonds hereby offered for sale, and for not less than one hundred percent (100%) 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 City and designated "Proposal for Bonds". 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 Seven Hundred Dollars ($3,700.00) 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. Checks will be forfeited to the City as liquidated damages in case the bidder to whom the binds 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. 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 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. ADDITIONAL INFORMATION: Additional information regarding the City and this sale may be obtained from Doris Hartig, City Recorder, City Hall, 12755 SW Ash { Avenue, Tigard, Oregon 97223, (503) 639-4171. Doris Hartig Finance Director City Recor e- City of Tigard, Oregon PAGE 7 ORDINANCE NO. 82 - 1/1