Resolution No. 84-38 ■
v_
CITY OF TIGARD, OREGON
RESOLUTION NO. 84-9
A RESOLUTION AUTHORIZING THE :ISSUANCE OF BONDS FOR THE PURPOSE OF PURCHASING
LAND AND CONSTRUCTING A TIGARD CITY BUILDING.
WHEREAS, the City Council submitted to the legal voters of the City
of Tigard, Oregon the question of contracting a general obligation bonded
indebtedness in the sum of $2,200,000 to finance the purchase of la-.d and
cunstruction of a Tigard city building; and
WHEREAS, the election was duly and legally held on the 27th day of
March, 1984, and this Council has canvassed the result thereof and has
declared that issuance of bonds in such sum has beer approved by a majority of
the qualified voters of the City voting at the election,
NOW, THEREFORE, BE IT RESOLVED by the Tigard City Council that:
Section 1. Issue. For the above purposes, the City shall issue its
General Oblig..tion City Building Bonds, Series 1984, in the amount of Two
Million Two Hundred Thousand Dollars ($2,200,000), to be dated June 1, 1984,
to be in denominations of Five Thousand Dollars ($5,000) or integral multiples
thereof, and to mature serially on June 1 of each year as follows:
Date Amount Date Amount
1985 $ 0 1995 $100,000
1986 40,000 1996 110,000
1987 45,000 1997 125,000
1988 50,000 1998 135,000
1989 55,000 1999 150,000
1990 6V,000 2000 165,000
1991 65,000 1.001 185,000
1992 75,000 2002 200,000
1993 80,000 2003 225,000
1994 90,000 2004 245,000
Section 2. Redemption: The City reserves the right to redeem all
or any portion of the Bonds then outstanding in inverse order of maturity and
by lot within a maturity on the following dates at the following prices
expressed as percentages of the principal amount, plus accrued interest to the
redemption date:
If Redeemed On Redemption Price
June 1, 1994 and December 1, 1994 101.0%
June 1, 1995 and December 1, 1995 100.5%,
r June 1, 1996 and thereafter 100.0%
PAGE 1 - RESOLUTION NO. 84 -
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Section 3. Security. The full faith and credit of the City are
pledged to the successive holders of each of the bonds for the punctual
payment of such obligations, when due. The City shall levy annually, as
provided by law, a direct ad valorem tax upon all of the taxable property
within the City in sufficient amount, after taking into consideration
discounts taken and delinquencies that may occur in the payment of such taxes
and all other monies reasonably available for the payment of debt service on
the bonds, to pay the bonds promptly as they mature, and that the City
covenants with the holders 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.
Section 4. Form of Registered Bonds. The bonds shall be in
substantially the following form:
UNITED STATES OF AMERICA
CITY OF TIGARD
COUNTY OF WASHINGTON
GENERAL OBLIGATION CITY BUILDING BOND, SERIES 1984
DATED INTEREST % PER ANNUM MATURITY DATE CUSIP
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 amount
of 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 first day
of June and the first day of December in each year until maturity or prior
redemption, commencing December 1, 1984. Interest upon this bond is payable
through the office of the paying agent and registrar of the City of Tigard by
check and will be mailed to the name and address of the registered holder as
it appears on the bond register on rhe f,fteenth 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 be-,cn
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 limit prescribed by such
Constitution, statutes and Charter; and that the City Council has provided for
the levying annually of a direct ad valorem tax upon all the property within
the City so taxable for its purposes, in an amount sufficient with other
available funds, to pay the interest on and the principal of the bonds of such
issue as such obligations become due and payable.
PAGE 2 - RESOLUTION NO. 84 -
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IN WITNESS WHEREOF, the City Council of the City of Tigard,
Washington County, Oregon, has caused this bon,+ 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 1st day of June, 1984.
Mayor, City of Tigard, Oregon
ATTEST:
Finance Director, City of Tigard, Oregon
THIS BOND SHALL NOT BE VALID UNLESS PROPERLY AUTHENTICATED BY THE REGISTRAR IN
THE SPACE INDICATED BELOW.
REGISTRAR'S CERTIFICATE OF AUTHENTICATION
This is one of the City of Tigard, Oregon General Obligation City
Building Bonds, Series 1984, issued pursuant to the Resolution described
herein.
k
2
By_
Note to Printer: The following language should be printed on the
reverse of the bond:
This bona is one of the General Obligation City Building Bonds,
Series 1984, of the City, and is issued by the City for the purpose of
purchasing land and constructing a Tigard City Building 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.
The City reserves the right to redeem all or any portion of the Bonds then
outstanding in inverse order of maturity and by lot within a maturity on the
following dates at the following prices expressed as percentages of the
principal amount, plus accrued interest to the redemption date:
If Redeemed On Redemption Price
June 1, 1994 and December 1, 1994 101.0%
June 1, 1995 and December 1, 1995 100.5%
June 1, 1996 and thereafter 100.0%
Notice of redemption shall be mailed by certified mail to the
registered holders of the bonds to be redeemed not less than thirty days prior
to the intended redemption date, and otherwise given as required by law;
PAGE 3 - RESOLUTION NO. 84 -
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lee!
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
C 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. The
owner of any registered bond or bonds may surrender the same, together with a
written instrument of transfer which is satisfactory to the registrar and
paying agent which is executed by the registered owner or his duly authorized
attorney, at the office of the registrar and paying agent, in exchange for an
equal aggregate principal amount of registered bonds, of the same maturity and
of any other authorized denominations in the manner, subject to the conditions
set forth in tre resolution of the City, authorizing the issuance of its
General Obligation City Building Bonds, Series 1984 (the "Resolution").
Any transfer of this bond must be registered, as provided in the
Resolution, upon the bond register kept for that purpose at the office of the
registrar and paying agent. This bond may be registered only by surrendering
it, together with a written instrument_ of. transfer which is satisfactory to
the registrar and paying agentand which is executed by the registered owner
or his duly authorized attorney in writing. Upon registration, a new
registered bond or bonds, of the same series and maturity and in the same
aggregate principal amount, shall be issued to the transferee as provided in
the Resolution. The City may treat the person in whose name this bond is
registered as its absolute owner for all purposes, as provided in the
Resolution.
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers
unto
j
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 mus,. 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.
i
Signature Guaranteed
U.S. National Bank of Oregon
Authorized Officer
PAGE 4 — RESOLUTION NO. 84 —
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Thefollowing 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 GREG
as custodian under the laws of Oregon for
MIN
(Minors Name)
Additional abbreviations may also be used tho.,gh not in the list
above.
Section 4. Aulhentication, Registration and Transfer_
(1) No bond shall be entitled to any right or benefit under this
Resolution unless it shall have been authenticated by an
authorized officer of the registrar. The registrar shall
authenticate all bonds to be delivered at closing of this bond
issue, and shall additionally authenticate all bonds properly
surrendered for exchange or transfer pursuant to this
Resolution.
(2) All bonds shall be in registered form. The City hereby
appoints U.S. National Bank of Oregon to serve as registrar and
paying agent for the bonds (the "Registrar"). A successor
Registrar may be appointed for the bonds by ordinance or
resolution of the City. The Registrar shall provide notice to
bondholders 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 bondholder as 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) Bond 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 holders if the boriholder
submits the following to the Registrar:
(a) written instructions for exchange or transfer satisfactory
PAGE 5 - RESOLUTION NO. 84 -
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to the Registrar, signed by the bondholder or his attorney
in fact and guaranteed or witnessed in a
satisfactory to the Registrar; and manner
(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 beginning 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 provisions to all
bondholders, 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.
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, notices 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 the unanimous vote of the Council, with a quorum in attendance,
this //ITh day of 1984.
Mayor Pro Tem - City of Tigard
ATTEST:
� n i
of-Tigard
n 1 lX�
// Deputy City Recorder - City
t
(0325F)
PAGE 6 - RESOLUTION N0. 84 -�JO
EXHIBIT A
OFFICIAL NOTICE OF BOND SALE
$2,200,000
CITY OF TIGARD
COUNTY OF WASHINGTON
STATE OF OREGON
GENERAL OBLIGATION CITY LCILDING 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 o'clock a.m. (Pacific
Time) ^n June 6, 1984, at the offices of Ragen, Roberts, O'Scan.nlain,
Robertson 8 Neill, 1600 Orba,.w wilding, 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: Two million two hundred thousand DOLLARS ($2,200,000) consisting
of registered bonds in denominations of FIVE THOUSAND DOLLARS ($5,000) or
integral multiples thereof, all dated June 1.
INTEREST RATE: Maximum not to exceed a net effective rate of fourteen
percent (14%) per annum. Interest is payable semiannually on June 1 and
December 1 of each year. Bidders must specify the interest rate or rates
which the bonds hereby offered for sale shall bear. The bids shall comply
pp with the following conditions: (1) Each interest rate specified in any bid
0.� must be a multiple of I/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; (5) No rate of interest may exceed eighteen percent (18%); and
(6) Rates bid for bonds maturing after June 1, 1995 shall not be less than
the rates bid for any earlier bonds maturing on and after June 1, 1995.
MATURITIES: The bonds shall mature serially on the 1st day of June of
each year as follows:
Date Amount Date Amount
1985 $ 0 1995 $100,000
1986 40,000 1996 110,000
1987 45,000 1997 125,000
1988 50,000 1998 135,000
1989 55,000 1999 150,000
1990 60,000 2000 165,000
1991 65,000 2001 185,000
1992 75,000 2002 200,000
1993 80,000 2003 225,000
1994 90,000 2004 245,000
REGISTRATION: The bends will be issued in fully register--d form,
and may be exchanged at the expense of issuer for similar bonds of different
authorized denominations. Bonds may not be converted Lo bearer form.
PAGE I NOTICE OF BOND SALE
REDEMPTION: The City reserves the right to redeem all or any portion of the
Bonds then outstanding in inverse order of maturity and by lot within a
maturity on the following dates at the following prices expressed as
percentages of the principal amount, plus accrued interest to the redemption
date:
If Redeemed On Redemption Price
June 1, 1994 and December 1, 1994 101.0%
June 1, 1995 and December 1, 1995 100.56
June 1, 1996 and thereafter 100.0%
PAYMENT: Principal and interest are payable, either at maturity
or upon earlier redemption, by check through the office of the registrar and
paying agent of the City, which is currently the office of U.S. National Bank
of Oregon, in Portland, Oregon.
PURPOSE: Tho bonds are being issued to purchase land and
construct a Tigard City Building.
SECURITY: The bonds are 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 principal 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 bonds, in the opinion of bond
counsel, is exempt from taxation by the United States under present federal
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, 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. Pzyment for the bonds must be made in Federal
ff funds. Delivery will be made within thirty days.
4
PAGE 3 NOTICE OF BOND SALE
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FORM OFBID: All bids must be for not less than all the bonds
hereby offered for sale, and for not less than one hundred percent (100%) 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
envelope addressed to the City and designated "Proposal for Bonds".
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 Forty—four Thousand Dollars ($44,000.00) hay, ble 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 its purchase in accordance with 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.
OFFICIAL STATEMENT: The City has prepared an official statement
relating to the bonds, a copy of which will be furnished upon request to its
financial consultant, Poster & Marshall/American Express, Inc.; 4800 SW
Macadam Suite 309; Portland, Oregon 97201; phone 503/241-7243.
POTENTIAL BID: The financial consultant may submit a bid or
participate in a bidding syndicate.
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.
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.
FU:THER INFORMATION: Additional information regarding the City
and this sale may be obtained from Jerri L. Widner, Finance Director, City
14.11- POB 23397, 12755 SSW. Ash Avenue, Tigard, Oregon 97223, telephone
(503) 639-4171.
Jerri L. Widner
Finance Director
(0332F)
PAGE 3 NOTICE OF BOND SALE