Resolution No. 82-118 - CITY OF TIGARD, OREGON
RESOLUTION NO. 82- 318
A RESOLUTION ACCEPTING A BID FOR THE PURCHASE OF CITY OF TIGARD GENERAL
OBLIGATION IMPROVEMENT BONDS, SERIES N0. 16, AND DIRECTING DELIVERY AND SALE
THEREOF.
WHEREAS, on the 27th day of October, 1982, bids were considered during a
special Council meeting for the purchase of $1,371,200 of City of Tigard
General Obligation Improvement Bonds, Series No. 16, 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 1: The Council of the City of Tigard hereby finds and determines
that the bid of U.S. Bank is the best bid received for the
" purchase of General Obligation Improvement Bonds, Series No. 16, being the one
With the lowest net effective rate of interest, said net effective rate of
interest being 9,08767 per annum, with total interest cost to
maturity of $794.371.00 That bid is hereby accepted and the
bonds shall be sold and delivered to the bidder above-named.
PASSED: This 27th day of October , 1982.
Mayor - City of Tigard
ATTEST:
Record r - Cit f Tigard
RESOLUTION NO. 82- 118
U21
UNMEO STATES NATIONAL BA"K OF OREGON
A Subsidiary of U.S.Bancorp
HEAD OFFICE
3095.W.SIXTH AVENUE
P.O.BOX 443^.,PORTLAND,OREGON 9720a
October 27, 1982 s
s
City of Tigard, Oregon
Ragen, Roberts, O'Scannlain,
Robertson & Neill It
1600 Orbanco Building
1001 SW Fifth Avenue
Portland, Oregon 97204
f
S:
Dear Sir:
We hereby bid (JO.00 per $100 face value for all or none of the: $1,371.200.-- City of
Tigard, Oregon General Obligation Improvement Ponds, Series 16
( plus accrued interest to date of delivery,
The interest rate (s) to be borne by these bonds will be as follows:
Maturities Rates Maturities Rates
19j-jt'4'q_=ae-i. 19—to 19 Incl.
19 19 to 191nci. '
19te-1T=�. 19—to 19 Incl. z'
r
19 00 19 to 19Incl.-
19—to
Incl.19to 19 Incl ,
19 `+^ *o -�_el. =S� 19 to 19 Incl.
t
19 g�/ 'o- --�T--1. g• 19 to 19 Incl
19�( to-v9_IRel. 19 to 19 Incl.
1991 t.44-1=1. g./U/ 19 to 19 Incl.
1 19 to 19 Incl.
v
2
uN,rEb STATES NATIONAL BANK OF OREGON SHEET NO,
We compute the net interest cost to be:
Gross Interest Cost
Less Discount 2
Plus Premium TJ /,
Net interest Cost $ _ - 7�y, •00
Net Effective Rate 1
This bid is made subject to the terms and provisions of your official notice of
sale and for prompt acceptance only and prompt delivery of the definitive bearer
coupon bonds as they can be conveniently prepared, but not later than 30 days
from date of sale unless extended by mutual agreement.
We enclose a check in the amount of $28,500.00 Payable to the order of
City of Tigard Oregon
Respectfully submitted,
UNITED STATES NATIONAL BANK OF OREGON
and Associates
{
By C
William H. Heath
Vice President
Investment Division
United States National Bank of Oregon
do
enclosure
i
OREGON Oct. 27, 1982
BANK
AN ORBANCO COMPANY
City of Tigard
c/o Messrs. Ragen, Roberts, O'Scannlain, Robertson & Neill
1600 Orbanco Bldg.
1001 SW Fifth Ave.
Portland, OR 97204
Gentlemen:
For your$ 1,371,200 paramount of City of Tigard General Obligation Improvement
Bonds Series 16 , dated Oct. 1, 1982
maturing Oct. 1, 1983 through Oct. 1, 1992 inclusive, in denominations of
$5,000 except Bond #1(1,200), bearing interest payable semiannually, both the principal of and the interest
upon the bonds payable at Office of City Treasurer, City of Tigard, Washington County_, Oregon
We will pay par plus a premium / less a discount of$ yj,,_, ' for bonds to bear the following interest
rate or rates"
$ 81,200 due 10-1-83 @ %t3 C % $ due
$ 90,000 due 10-1-84 @ C % $ due -_ @ %
$ 100,000 due 10-1-85 @ !l•tl % $ due
$ 110,000 due 10-1-86 @ 'I % $ due _ @
$ _ 125,000 due 10-1-87 @ ZD-:" % $ due @ °
$
135,000 due 10-1-88 @ f,.bo% $ due_ _._ @ ____.%
$ 155,000_ due 10-1-89 @ E. 7.7% $ _ _ due
$ 170,000 due 10-1-90 @ -/ t)p% $ __ _. due -- CO -------%
$ 190,000 due 10-1-91_@ _/. t' % $ _ due
$ __ 215,000 due 10-1-92 @ /-yo% $ due
providing all bonds/ maturing after 10-1-89 are subject to call and redemption in__ Inverse__..__—
order on 10-1-89 and on any interest payment date thereafter./
The following is for information only: p
Gross Interest Cost z G'y. C n�C
Less Premium --
Plus Discount _
Net Interest Cost 601/' :;C-
Average
GAverage Rate 1,2C,5---�Z-45-r
This bid is made for prompt acceptance only and for delivery and payment for not later than ___30 __--__
days from date of sale unless further 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, Robert s,_O_'Sc_annlain,_--
.Robertson & Neill , Attorneys, Portland,Oregon;said legal to be printed on the bonds.
We enclose our cashiers check tar$ 28,500 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 27th day of Oct. 1982. _
Oregon Bank
Foster & Marshall Inc.
Douglas N. McLean
Encl. �(
The Oregon
Investment Department
1001 S.W.Fifth Avenue
P.O-Box 2715
Portland.Oregon 97208
5031222.7610 TOB 1459 (4/80)
Mist
Ey �- First Interstate Bank
• of Oregon,N.A.
Bank
October 27, 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 10/7/82inviting bids on
$1,317,200 CITY OF TIGARD, OREGON GENERAL OBLIGATION IMPROVEMENT BONDS
Dated: 10/1/82
we will pay the par value thereof less a discount/plus a premium of S
The bonds are to bear interest as follows:
Maturity 10/1 Rate Maturity 10/1 Rate Maturity Rate
1983 12,00 1992 q.4o
1984 /I.S-o
1985 9,'7 5,
1986 q,7S
1987 Q,7S
1988 Q,(,p
1989 $.&o
1990 _ C1,00
1991 q.D-0
Based on the above interest rates,we have made the following estimates:
Gross amount of interest S 6 1-- 491.5o
Less premium/Plus discount S
Net amount of interest S $IJ,4,9 1, S'<2—
Net effective rate 9,2720
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 S 28,500,00 .In the event we are not awarded the bonds,please return the check promptly to the undersigned.
rr Definitive bonds to be delivered 30 days from date of sale unless mutually extended.
Respectfully submitted,
FIRST INTERSTATE BANK OF OREGON,N.A) Manager
SEATTLE FIRST NATIONAL BANK
taaMMERBECK & COMPANY
0
PORTLAND,OREGON
(503) 225-3852
Michael Spangle
tG / Assistant Vice President
i
BOND-11 6d-81 ORIGINAL COPY