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Resolution No. 82-113 CITY OF TIGARD, OREGON RESOLUTION NO. 82 - 113 A RESOLUTION ACCEPTING A BID FOR THE PURCHASE OF CITY OF TIGARD GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES NO. 15, AND DIRECTING DELIVERY AND SALE THEREOF. WHEREAS, on the 28th day of September, 1982, bids were considered during special Council meeting for the purchase of ta838,600 of City of Tigard General Obligation Improvement Bonds, Series No. 15, to be dated October 1, 1982, and the Council of the City having met in special session to consider said bids; and WHEREAS, several bids having been received and considered, copies of each of which are attached hereto, and the Council deems it desirable that the responsible bidder offering to purchase said bonds at the lowest net effective rate of interest cost to the City of Tigard, Oregon be accepted; NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF TIGARD, OREGON: Section l: The Council of the City of Tigard hereby finds and determines that the bid of U. S. National Bank is the best bid received for the purchase of General Obligation Improvement Bonds, Series No. 15, being the one with the lowest net effective rate of interest, said net effective rate of interest being 9.59727% per annum, with total interest cost to maturity of $505,642.00. That bid is hereby accepted and the bonds shall be sold and delivered to the bidder above-named. PASSED: This 28th day of September , 1982. Mayor - City of Tigard T ATTEST: / r Deputy Recorder - City of Tigard u RESOLUTION NO. 82- 113 r i -!gw:-I �P UNITEO STATES NATIONAL BANK OF OREGON A Subsidiary of U.S.Bancorp MUNICIPAL BONO OEPARTMENT,BB—7 309 S.W.SIXTH AVENUE _ P.O.BOX4412,PORTLAND,OREGON 97208 September 28, 1982 City of Tigard c/o Ragen, Roberts, O'Scannlain, Robertson and Neill 1600 Orbanco Building 1001 SW Fifth Avenue Portland, OR 97204 Gentlemen: For $838,600 (Eight Hundred Thirty-Eight thousand Six Hundred Dollars) City of Tigard, Washington County, Oregon, General Obligation Improvement Bonds, Series 15, to be dated October 1, 1982, to be in denominations of $5,000 each, except Bonds No. One in the amount of $3,600, bearing interest payable semi- annually and to mature serially in numerical order as follows: $48,600 due October 1, 1983 @)J.4 S 85,000 due October 1, 1988 @TOO $60,000 due October 1, 1984 @ t3�% $ 90,000 due October 1, 1989 @ % $65,000 due October 1, 1985 @ II O% $100,000 due October 1, 1990 @ 9_50% $70,000 due October ], 1986 @ s;, $115,000 due October 1. 1991 @ `1-X% $80,000 due October 1, 1987 @ S-15 $125,000 due October 1, 1992 @ / % providing the bonds of the issue of which this Bond forms a part, maturing after October 1, 1989, may be redeemed by the City, in inverse numerical order on Octoberl, 1989, at the following prices expressed as percentages of the pri-ncipal amount, plus accrued interest to the re:iemption date as follows: If redeemed on Redemption price October 1, 1989 and April 1, 1990 102% October 1, 1990 and April 1, 1991 101v/ October 1, 1991 and thereafter 101% both the principal of and the interest upon the bonds are payable at the office of the City Treasurer, Tigard, Oregon all in accordance with your published notice of sale, we will pay you at the rate of $/40.00 for each $100 face value, together with accrued interest to date of delivery to us in Portland. ,. UNITES STATES NATIONAL BANK OF OREGON SHEET NO, j( 41 On the basis of the above bid, the interest cost to the City is as follows: Coupon Interest Cost5� Less Premium Bid Net Interest Cost �05� tOyG�. 60 Effective Interest Rate 9. 597a7 This bid is made for prompt acceptance only and for as prompt delivery of the bonds as they can be conveniently prepared and executed, but not later than 30 days from the date of sale, unless further extended by mutual agreement. This bid is also made with the understanding that prior to our taking up and paying for the bonds, you will provide without cost to us the opinion of . Ragen, Roberts, O'Scannlain, Robertson -& Neill, Attorneys at Law, in Portland, Oregon, approving the legality of said bonds and the sale thereof, which legal opinion will be printed on the bonds at the expense of the City. As evidence of good faith, we attach hereto our cashier's check No. 02422 Y dated September 28, 1982 in the amount of $16,775 payable to the order of the City of Tigard, Oregon, upon the understanding that if said bonds are awarded and delivered to us in accordance with this bid, said check may be applied as part payment; otherwisw, same is to be returned promptly to us. z Jointly submitted, i. UNITED STATES NATIONAL BANK OF OREGON) Joint g, PAINT, WEBBER, JACKSON & CURTIS, INC ) Managers and Associates zz4 Y By i t ice President United States National Bank of Oregon i 1 1 Enc. INS First First Interstate Bank -® 11"i(C'S A of Oregon,N.A. I Bank September 28, 1982 Members of the City Council City of Tigard c/o Ragen, Roberts, O'Scannlain, Robertson & Neill 1600 Orbanco Bldg. Portland, OR 97204 In accordance with your official notice of sale dated 9/2/82 ,inviting bids on $838,600 CITY OF TIGARD, OREGON GENERAL OBLIGATION IMPROVEMENT BONDS Dated: 10/01/82 we will pay the par value thereof less a discount/plus a premium:of$ — " The bonds are to bear interest as follows: - Maturity 10/1 Rate Maturity 10/1 Rate Maturity Rate 1983 1�,5(� 1992 1984 10 GCS 1985 In 5O 1986 1987 1988 q �Q - 1989 1990 9 S n 19 91 Cl-61) — r. Based on the above interest rates,we have made the following estimates: c' Gross amount of interest S ©� Less premium/Plus discount $ Net amount of interest S z Neteffectiverate 4�5 { i. All of the terms of the official notice of sale are incorporated herein and made a part hereof. We enclose our Good Faith check in the amount of$_1A,775-0fl .In the event we are not awarded the ponds,please return the check promptly to the undersigned. Delivery to be within 30 days from date of sale unless mutually extended. Respectfully submitted, FIRST INTERSTATE BANK OF OREGON,N.A. ) Manager I:ammerbeck & Company Seattle First National Bank s r PORTLAND,OREGON (503) 2225-38.552 BY: Michael Shane Assistant Vice President eoc�o-u e•t-at ORIGINAL COPY r 0 P ®. Sept. 28, 1982 BANEK AN ORW.NICO COMPANY City of Tigard, Oregon C/o Messrs. Ragen, Roberts, O'Scannlain, Robertson & Neill 1600 Orbanco Bldg. 1001 SW Fifth Portland, OR 97204 Gentlemen: For your 838,600 par amount of City of Tigard General Obligation Improvement Bonds Sr--ries 15 dated Oct. 1, 1982 and maturing Oct. 1, 1983 through Oct. 1, 1992 inclusive,in denominations of $5,000 except Bond #1($3,600), bearing interest payable semiannually, both the principal of and the interest upon the bonds payable at Office of City Treasurer, City of Tigard,Washington County, Oregon We will pay par plus a premium /-less-a-disseu -t-of $ /l'e----Z for bonds to bear the following interest rate or rates: $ 48,600 due 10-1-83 due $ 60,000 due 10-1-84 @ 1 $1 % $ due _.-@ _.-_-_--_% $ 65,000 due 10-1-85 @ q,ce % $ due @_ -_-_—% $ 70,000 due 10-1-86 @ ,.tc % S due $ 80,000 due 10-1-87 @ ,,zj % S due ° $ 85,000 due 10-1-88 @ 9.s-C % $ due @ % $ 90,000 due 10-1-89 @ q.-.>S- % $ due $ 100,000 due 10-1-90 @ to t)4- % $ due @ .___-_.% $ 11.5,000 due 10-1-91 @ i V i i' % $ due $ 125,000 due 10-1-92 @ )C ii-% $ clue providing all bonds / maturing afterOct. 1, 1989 are subject to call and redemption in_ inverse Oct. 1, 1989 order on and on any interest payment date thereafter./ - The following is for information only: Gross Interest Cost 0 _ Less Premium Plus Discount _ Net Interest Cost Average Fate i 'y 0 l c/o This bid is made for prompt acceptance only and for delivery and payment for not later than 30 days from date of sale unless iurther extended with our approval, subject to our receiving prior to the delivery of the bonds,without cost to us, the unqualified legal opinion of Messrs. Ragen, Roberts, 0 Scannlain, Robertson & Neill Attorneys,Portland,Oregon;said legal to be printed on the bonds. We enclose our cashiers check for$ _ 16,75`5_ which is to be returned to us if this bid is not accepted; otherwise it shall be held as advanced part payment;or,if we fail to pick up and pay for the bonds under the terms of this bid,it shall be forfeited to the City as and for all liquidated damages. Respectfully submitted this 28th day of Sept. 19 -82 KIDDER, PEABODY & CO. INC. OREGON BANK FOSTER & MARSHALL INC, CAROLYN EATON" IEBER ASSISTANT VICE PRESIDENT 7U'CL. yon Ban„ Inve tm—t Department 1001 S.W.Fdf A enue P.O.RON 2715 Porttand.Oregon 97208 5031222-7610 TOB 1459 (4/BO) Eaaits'ara Incorporated c Suite 1022 520 S.W.Yamhill Portland,Oregon 97204 (503)223-5788 September 28, 1982 Doris Hartig City Recorder, Tigard, Oregon c/o Ragen, Roberts, O'Scannlain, Robertson & Neill 1600 Orbanco Building 1001 S.W. Fifth Avenue Portland, Oregon 97204 Gentlemen: For $838,600 City of Tigard, Oregon General Obligation Improvement Bonds as described in the notice of sale, which is incorporated herein and made a part of this proposal, we will pay the sum of $838,600 and inter— est to the date of delivery for bonds maturing 10-01 to bear interest at the annual rate set forth below: Maturity Rate Maturity Rate 1983 14.00 ^_ 1984 12.3'? 1985 11.50 1986 10.00 1987 9,25 1988 9.50 1989 9.75 1990 t0,00 1991 10.25 1T 10.50 We enclose our good faith check in the amount of $ 16,775 Delivery to be within 30 days, unless mutually extended. Information, not part of proposal: Gross interest $ 535,841.50 Less premium/plus discount $ ?Ione Net amount of interest $ 535,841.50 Net effective rate 10.17042 pectfully submitted, IPA, } Tim F. Ellis .- Ellis & Carl, Inc. Charter Investment Group f r moo <