Resolution No. 76-51 CITY OF TIGARD, OREGON
RESOLUTION No. 76-_jj_
A RESOLUTION AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION IMPROVEMENT
WARRANTS IN ACCORDANCE WITH O.R.S. 287.502 TO 287.510 FOR THE PUNZIKER
STREET LOCAL IMPROVEMENT DISTRICT, AND ESTABLISHING AN INTEREST RATE AND A
DATE OF MATURITY.
WHEREAS, the City of Tigard has lawfully created the Hunziker Street
Local Improvement District and has complied in full with all legal requirements
of state law and local ordinance in the creation of the Local Improvement
District; aid
WHEREAS, the City has insufficient funds available to meet all of the
obligations of the Hunziker Street Local Improvement District until the sale
of Bancroft Bonds therefore, or the payment of assessment by benefiting
properties; and
WHEREAS, it is estimated that said assessment payments and/or the
sale of Bancroft Bonds for said Hunziker Street Local Improvement District
will occur on or before December 20, 1976; and
WHEREAS, Oregon R-vised Statutes 287.502 to 287.510 provide for the
issuance of General Obligation Improvement Warrants for the purposes of
financing the cost of improvements of the character described in Oregon
Revised Statutes 223.205; and
WHEREAS,; the Hunziker Street Local Improvement District is an improvement
of the character described in Oregon Revised Statutes 223.205
NOW, THEREFORE, be it resolved by the City Council of Tigard, Oregon that:
Section 1: General Obligation Improvement Warrants specifically for the
Hunziker Street Local Improvement District are hereby authorized
to be issued to United States National Bank of Oregon in the
aggregate amount of $85,650.00. Said warrants shall bear interest
at a rate of five (5) percent per annum and shall constitute�a
general obligation of the City of Tigard that shall mature on or
before December 20, 1976.
Section 2: The Mayor and City Recorder are hereby authorized to execute
said warrants in behalf of the City of Tigard.
PASSED: This day of 1976.
Mayor - City of Tigard
ATTEST:
117
Recorder - City bf 'Tigar
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