Ordinance No. 84-51 CITY OF TIGARD, OREGON
ORDINANCE NO. 84- �~I
AN ORDINANCE OF THE CITY OF TIGARD, OREGON AUTHORIZING THE ISSUANCE OF GENERAL
OBLIGATION IMPROVEMENT BONDS.
THE CITY OF TIGARD ORDAINS AS FOLLOWS:
Section 1. Issue. The City shall issue its General Obligation
Improvement Bonds, Series 1984, in the amount of Four hundred ninety-two
thousand dollars ($492,000.00) to be dated September 1, 1984, to be in
denominations of Five Thousand Dollars ($5,000) or integral multiples thereof,
except the first bond, to bear interest payable on March 1 and September 1 of
each year and to mature serially on the first day of September of each year as
follows:
Date Amount Date Amount
1985 $32,000 1990 $50,000
1986 35,000 1991 55,000
1987 °i5,000 1992 60,vv0
1988 40,000 1993 65,000
1989 45,000 1994 75,000
Section 2. Redemption. The City reserves the right to redeem all
or any portion of the Bonds maturing after September 1, 1992, in inverse order
of maturity and by lot within a maturity on September 1, 1992, and on any
Interest payment date thereafter, at par plus accrued interest to the
redemption date.
Section 3. Security. The City has assessed benefited properties
for the costs of local improvements, and has received applications to pay
assessment in installment in an amount at least equal to the principal amount
of the bonds. All installment assessment payments shall be placed in the
Bancroft Bond Redemption Fund and applied to the payment of principal and
interest on the bonds. The full faith and credit of the City are pledged to
the successive owners of each of the bonds for the punctual payment of such
_obligations, when due, and the City shall levy annually, as provided by law, a
direct ad valorem tax upon all of the taxable property within the City in an
amount sufficient, with other available funds, to pay interest on and the
principal of the bonds as they become due and payable. The City covenants
with the owners of its bonds to levy such a tax annually during each year that
any of the bonds, or bonds issued to refund them., are outstanding.
PAGE 1 - ORDINANCE NO. 84 -
Section 4. Form of Registered Bond. The bonds shall be in
substantially the following form:
UNITED STATES OF AMERICA.
CITY OF TICARD
COUNTY OF WASHINGTON
GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 1984
DATED INTEREST % PER ANNUM MATURITY DATE CUSIY
THE CITY OF TIGARD, in the County of Washington, State of Oregon,
for value received acknowledges itself indebted and hereby promises to pay
to , or registered assigns, the principal sum
of Dollars (,$ ) on the above
maturity date, together with interest thereon from the date hereof at the rate
per annum indicated above. Interest is payable semiannually on the 1st day of
March and on the 1st day of September in each year until maturity or prior
redemption, commencing March 1, 1985. Interest upon this bond is payable
through the office of the City of Tigard's paying agent and registrar (the
"Registrar") by check or draft; checks or drafts will be mailed to the name
and address of the registered owner as it appears on the bond register on the
fifteenth day of the month prior to the date on which interest comes due.
Bond principal is payable upon presentation and surrender of this bond to the
Registrar.
ADDITIONAL PROVISIONS OF THIS BOND APPEAR ON THE REVERSE SIDE; THESE
PROVISIONS HAVE THE SAME EFFECT AS IF THEY WERE PRINTED HEREIN.
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 and the Charter of the City of Tigard, Oregon;
that the issue of which this bond is a part, and all other obligations of such
City, are within every debt limitation and other limits prescribed by such
Constitution, statutes and Charter; and that the City Council has covenanted
to levy annually a direct ad valorem tax upon ,all taxable property within the
City in an amount sufficient, with other available funds, to pay the interest
on and the principal of the bonds of such issue as they become due and payable.
IN WITNESS WHEREOF, the City Council of the City of Tigard,
Washington County, Oregon, has caused this bond to be signed by facsimile
signature of its Mayor ,and attested by facsimile signature of its Finance
Director, and has caused its seal to be affixed hereto or printed hereon as of
this day of 1984.
Mayor, City of Tigard, Oregon
ATTEST:
Finance Director, City of Tigard, Oregon_
PAGE 2 ORDINANCE N0, 84
THIS BOND SHALL NOT BE VALID UNLESS
PROPERLY AUTHENTICATED BY THE REGISTRAR
IN THE SPACE INDICATED BELOW.
CERTIFICATE OF AUTHENTICATION
This is one of the City of Tigard, Oregon General Obligation
improvement Bonds, Series 1984, issued pursuant to the Bond Ordinance
described herein.
DATED
U.S. National Bank of Oregon
By
Authorized Officer
Note to Printer: The following language should be printed on the
reverse of the bond:
This bond is one of the General Obligation Improvement Bonds, Series
1984, of the City, and is issued by the City to finance local improvements
pursuant to an ordinance of the City the "Bond Ordinance" and Oregon Revised
Statutes Sections 223.205 to 223.295, in full and strict accordance and
compliance with all of the provisions of the Constitution and Statutes of the
State of Oregon and the Charter of the City.
a� The City reserves the right to redeem all or any portion of the
Bonds maturing after September 1, 1992, in inverse order of maturity and by
lot within a maturity on September 1, 1992, and on any interest payment date
thereafter, at par plus accrued interest to the redemption date.
Notice of redemption shall be mailed to the registered owners of the
bonds to be redeemed not less than thirty days prior to the intended
redemption date, and given as otherwise required by law; however, any failure
to give notice shall not invalidate the redemption of the bonds. All bonds
called for redemption shall cease to bear interest from the date designated in
the notice.
The bonds are issuable in the form of registered bonds without
coupons in the denominations of $5,000 or any integral multiple thereof.
Bonds may be exchanged for bonds of the same aggregate principal amount, but
different authorized denominations.
Any tranfer of this bond must be registered, as provided in the Bond
Ordinance, upon the bond register kept for that purpose at the office of the
Registrar. The City and the Registrar may treat the person in whose name this
bond is registered as its absolute owner for all purposes, as provided in the
Bond Ordinance.
The bondowner may exchange or transfer any bond only by surrendering it,
together with a written instrument of exchange or transfer which is
satisfactory to the Registrar and duly executed by the registered owner or his
duly authorized attorney, at the office of the Registrar in the manner and
subject to the conditions set forth in the Bond Ordinance.
PAGE 3 ORDINANCE NO. 84 - L
ASSIGNMENT
tI FOR VALUE RECEIVED, the undersigned sells, assigns and transfers
unto
Please insert social security or other
identifying number of assignee
the within Bond and does hereby irrevocably constitute and
appoint
as attorney to transfer this Bond on the books kept for registration thereof
with the full power of substitution in the premises.
Dated:
NOTICE: The signature to this assignment must correspond with the name of the
registered owner as it appears upon the face of the within bond in every
particular, without alteration or enlargement or any change whatever.
Signature Guaranteed
U.S. National Bank of Oregon
Authorized Officer
The following abbreviations, when used in the inscription on the
face of the within Bond, shall be construed as though they were written out in
full according to applicable laws or regulations.
TEN COM -- tenants in common
TEN ENT -- as tenants by the entireties
JT TEN -- as joint tenants with right of survivorship and not as
tenants in common
OREGON CUSTODIANS use the following
CUST UL OREG
as custodian under the laws of Oregon for
MIN
(Minors Name)
Additional abbreviations may also be used though not in the list
above.
Section 4. Authentication, Registration and Tranfer.
(1) No bond shall be entitled to any right or benefit under this
ordinance the "Bond Ordinance" unless it shall have been
authenticated by an authorized officer of the City's paying agent
and registrar (the "Registrar"). The Registrar shall authenticate
all bonds to be delivered at closing of this bond issue, and shall
additionallyauthenticate all bonds properly surrendered for
exchange or transfer pursuant to this Bond Ordinance.
PAGE 4 ORDINANCE N0. 84
(2) All bonds shall be in registered form. The City hereby
appoints U.S. National Bank of Oregon to serve as Registrar. A
successor Registrar may be appointed for the bonds by ordinance or
resolution of the City. The Registrar shall provide notice to
bondowners of any change in the Registrar not later than the bond
payment date following the change in Registrar.
(3) The ownership of all bonds shall be entered in the bond
register maintained by the Registrar, and the City and the Registrar
may treat the person listed as owner in the bond register as the
owner of the bond for all purposes.
(4) The Registrar shall mail each bond payment to the name and
address of the bondowner it appears on the bond register on the
fifteenth day of the month preceding a bond payment date (the
"Record Date"). If payment is so mailed, neither the City nor the
Registrar shall have any further liability to any party for such
payment.
(5) Bonds may be exchanged for an equal principal amount of bonds
of the same maturity which are in different denominations, and bonds
may be transferred to other owners if the bondowner submits the
following to the Registrar:
(a) written instructions for exchange or transfer satisfactory
to the Registrar, signed by the bondowner or his attorney in fact
and guaranteed or witnessed in a manner satisfactory to the
Registrar; and
(b) the bonds to be exchanged or transferred.
(6) The Registrar shall not be required to exchange or transfer any
bonds submitted to it during any period with a Record Date
and ending on the next following payment date; however, such bonds
shall be exchanged or transferred promptly following that payment
date.
(7) The Registrar shall note the date of authentication on each
bond. The date of authentication shall be the date on which the
bondowner's name is listed on the bond register.
(8) For purposes of this section, bonds shall be considered
submitted to the Registrar on the date the Registrar actually
receives the materials described in subsection 5 of this section.
(9) The City may alter these provisions regarding registration and
transfer by mailing notification of the altered provision to all
bondowners. The altered provisions shall take effect on the date
stated in the notice, which shall not be earlier than 45 days after
notice is mailed.
PAGE 5 ORDINANCE NO. 84 - s-1
Section 6. Sale of Bonds. The Finance Director shall cause to be
published in the Tigard Times, and in the Daily Journal of Commerce, Portland,
Oregon, noticed of sale of the bonds in the form substantially as shown on
Exhibit A attached hereto and by this reference incorporated herein, or
summaries, as provided by law. The bonds shall be sold upon the terms
provided in the attached Exhibit A. The bonds shall be sold on the date and
at the time and place stated in Exhibit A, unless the Mayor or Finance
Director establishes a different date, time, or place.
PASSED: By �vt i vrt o u s vote of all Council members present after
A,-
being read by number and title only, this _nday
ofg„ �i _ , 1984.
Depu y City Recorder — C of Tigard
APPROVED. This day of , 1984.
mayor = City of Tigard
r,
PAGE 6 .ORDINANCE N0. 84 —
EXHIBIT A
OFFICIAL NOTICE OF BOND SALE
$492,000.00
CITY OF TIGARD
COUNTY OF WASHINGTON
STATE OF OREGON
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1984
Notice is hereby given that sealed bids will be received on behalf
of the City of Tigard, Washington County, Oregon, until 11:00 a.m. (Pacific
Time) on September 11, 1984, at the offices of Ragen, Roberts, O'Scannlain,
Robertson & Neill, 1600 Orbanco Building, 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 within four
hours.
ISSUE: Four hundred ninety-two thousand DOLLARS ($492,000.00)
consisting of registered bonds in denominations of FIVE THOUSAND DOLLARS
($5,000) or integral multiples thereof, except the first bond, all dated
September 1.
INTEREST RATE: Maximum not to exceed a net effective rate of
fourteen percent (14X) per annum. Interest is payable semiannually on March 1
and September 1 of each year, commencing March 1, 1985. 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 a multiple of 1/8th or 1/20th of
one percent (1%); (2) No bond shall bear more than one rate of interest; (3)
Each bond shall bear interest from its date to its stated maturity date at the
interest rate specified in the bid; (4) All bonds maturing at any one time
shall bear the same rate of interest; and (5) No rate of interest may exceed
eighteen percent (18%).
MATURITIES: The bonds shall mature serially on the 1st dray of
September of each year as follows:
Date Amount Date Amount
1985 $32,000 1990 $50,000
1986 35,000 1991 55,000
1987 35,000 1992 60,000
1988 40,000 1993 65,000
1989 45,000 1994 75,000
REGISTRATION: The bonds will be issued in fully registered form,
and may be exchanged at the expense of issuer for similar bonds of different
authorized denominations. Bonds may not be converted to bearer form.
The City reserves< the right to redeem all or any portion of the
'Y Bonds maturing after September 1, 1992, in inverse order of maturity and by
lot within a maturity on September 1, 1992, and on any interest payment date
thereafter, at par plus accrued interest to the redemption date.
PAGE I NOTICE OF BOND SALE
Notice of redemption shall be given by mailing notice thereof to the
registered owners not less than 30 days prior to the redemption date, and as
otherwise required by law. Interest on any bond or bonds so called for
redemption shall cease: on the redemption date designated in the notice.
PAYMENT: Principal and interest are payable, either at maturity or
upon earlier redemption, by check thruugh the office of the rcgistrur and -
paying agent of the City, which is currently the office of U.S. National Bank
of Oregon, in Portland, Oregon.
PURPOSE: The bonds are being issued to finance local improvements.
SECURITY: The City has assessed benefited properties for the costs
of local improvements and has received applications to pay assessments in
installments. All assessment installments will be placed in the Bancroft Bond
Redemption Fund and applied to the payment of principal and interest on the
bonds. The bonds are also general obligations of the City. The City has
covenanted to levy an ad valorem tax annually which, with other available
funds, will be sufficient to pay bond princips',_ and interest as they come due.
LEGAL OPINION: The approving opinion of Ragen, Roberts,
O'Scannlain, Robertson & Neill, Lawyers, 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 present federal
IN ' 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. 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 rate or, rates specified in the bid assuming no bonds are called
prior to maturity, less premium offered, and plus discount, if any. Each
bidder is requested to supply the total interest cost and net effective
interest rate that the City will pay upon the issue if the bid is accepted.
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 of 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 offered for sale; and for not less than one hundred percent (100X) 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
envelopeaddressed to the City and designated "Proposal for Bonds".
PAGE 2 NOTICE OF BOND SALE
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° Nine thousand eight hundred forty dollars ($9,840.00) 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 bonds are awarded
withdraws its bid or fails to complete L purchaac in accordance W9 th 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.
RIGHT OF REJECTION: The City reserves the right to reject any or
all bids, and to waive any irregularities.
=4
OFFICIAL STATEMENT: The City has prepared an official statement
relating to the bonds, a copy of which will befurnished upon request to its
financial consultant, Foster & Marshall/American Express Inc.; 222 SW
Columbia St. Suite 801, Portland, Oregon 97201/503-241-7243.
15 POTENTIAL BID: The financial consultant may submit a bid or
s participate in a bidding syndicate.
y CUSIP: CUSIP numbers will be imprinted upon all bonds of this issue
at the City's expense. Failure to print, or improperly imprinted numbers will
not constitute basis for the purchaser to refuse to accept delivery.
z: 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.
FURTHER INFORMATION: Additional informal. on regarding. the City and
this sale may be obtained from Jerri L. Widner, Finance Director, telephone
(503) 639-4171.
Finance Director
City of Tigard, Oregon
,k.
�t
3
{
PAGE 3 NOTICE OF BOND SALE