Resolution No. 79-92 CITY OF TIGARD, OREGON
RESOLUTION NO. 79-Q;.
NTS
A RESOLUTION AUTHORIZING ISSUANCE OF GENERAL OBLIGATION VE�IIE WERIMPROVE-
FOR CONSTRUCTION OF IMPROVEMENTS IN THE SOUTHWEST 121
MENT DISTRICT, THE SOUTHWEST KATHERINE STREET SEWER IMPROVEMENT DISTRICT, AND
THE SOUTHWEST
VAOFSMSTREET
TY IMPROVEMENT DISTRICT, ESTABLISHING AN INTEREST
RATE AND A DATE
WHEREAS the City of Tigard has created three local improvement
districts, Southwest 121st Avenue Sewer Improvement District, Southwest
ment Katherine Street Sewer
Improve
compliDistrict
complied dSouthwest
<illlegalrequirementstinethe
Improvement District, a
nd has
creation of these districts, and
WHEREAS the City. has insufficient funds available to meet all oof
f
the the obligations of the three named improvement districts untilects,soreuntil
Bancroft Bonds can be accomplished in connecoWnerser-
iof the benefiting prop m,.
the payment of assessments has been made by
ties, and through7.502 287,510
WHEREAS Oregon of ised generalatutes obligationions .improvement warrants for
provide for the issuance of g
the purposes of financing the costs Of improvements of the character
described in ORS 223.205, and
WHEREAS the three named improvement districts are improvements Of
the character described in ORS 223.205. i
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
TIGARD that:
SECTION l: Ceneral obligation
districtseare hereby nt sauthorized lly for the
in the
three named local imp
following amounts:
A. Southwest Varns Street Improvement District $5+,500.00
B. Southwest Katherine Street Sewer Improvement $52,000.00
District
C. Southwest 121st Avenue Sewer Smprovement
$27,000.00
District
The warrants shall bear interest at the rate of 7 percent per
constitute a general obligation of the City of Tigard that
annum and shall before two years from the date of issuance, but not
shall mature on co g
later than November 1, 1981. 9If
r
Warrants shall be retired as funds are received in accordance
with ORS 287.506.
SECTION 2: The mayor and the city recorder are hereby authorized to
execute the described warrants in behalf of the City of Tigard.
t
PASSED: This ��_ day of sky r- , 1979.
Y O RD
ATTEST:
RECORDER, CITY OF ARD
r
I{:
I'