Resolution No. 89-19 f
RESOLUTION NO. �-I L1
RESOLUTION OF THE CITY OF TIGARD, COUNTY OF WASHINGTON,
STATE OF OREGON AUTHORIZING THE ISSUANCE OF GENERAL
OBLIGATION BONDS FOR THE PURPOSE OF FINANCING THE
REHABILITATION AND CONSTRUCTION OF CERTAIN ROADS AND TO
PAY COSTS INCIDENTAL THERETO.
WHEREAS, this Council submitted to the legal voters of
the City of Tigard, in Washington County, Oregon (the "City"),
the question of contracting a general obligation bonded
indebtedness in the sum of $8,500,000 to finance the
rehabilitation and construction of certain roads within the
boundaries of the City and to pay all costs incidental thereto;
and
WHEREAS, the election was duly and legally held on the
8th day of November, 1988, and this Council has canvassed the
result thereof and has declared that issuance of bonds in such
sum has been approved by a majority of the qualified voters of
the City voting at the election; now, therefore,
The City of Tigard, Oregon, resolves as follows:
Section 1. Issue. For the above purposes, the City
shall issue its General Obligation Road Bonds, series 1989 (the
"Bonds"), in the amount of EIGHT MILLION FIVE HUNDRED THOUSAND
DOLLARS ($8,500,000), to be dated May 1, 1989, to be in
denominations of Five Thousand Dollars (55,000) or integral
multiples thereof, to bear interest payable on January 1 and
July 1 of each year unti1 maturity or prior redemption,
commencing January 1, 1990, and to mature serially in numerical
order on July 1 of each year as follows:
Date Amount Date Amount
1990 $550,000 1995 $870,000
1991 $675,000 1996 $930,000
1992 $720,000 1997 $990.000
1993 $765,000 1998 $1.,055,000
1994 $815,000 1999 $1,130,000
The dating and maturity schedule of the Bonds may be
altered by the Mayor or Finance Director as provided in Section 9
of this Resolution.
section 2. Optional Redemption. The City reserves the
riy. r_ I- redeem all os any portion of the n.,onug maturing after
July 1, 1995, in inverse order of maturity and by lot within a
95, and on any interest payment date
maturity on July 1, 19
thereafter, at par plus accrued interest to the date fixed for
Page 1 - Resolution
redemption.. The redemption dates and terms of the Bonds may be
altered by the Mayor or Finance Director as provided in Section 9
of this Resolution.
Section 3. Notice of-Redemption. Unless waived by the
holders of Bonds to be redeemed, official notice of any such
redemption shall be given by the City's paying agent and
registrar (the "Registrar") on behalf of the City by mailing a
copy of an official redemption notice by registered or certified
mail at least 30 days and not more than 60 days prior to the date
fixed for redemption to tyle registered owner of the Bond or Bonds
to be redeemed at the address shown on the Bond Register or at
such other address as is furnished in writing by such registered
owner to the Registrar, or as otherwise required by law.
All official notices of redemption shall be dated and
uhall state:
A. the redemption date,
B, the redemption price,
C. if less than all outstanding Bonds are to be redeemed,
the identification (and, in the case of partial
redemption, the respective principal amounts) of the
Bonds to be redeemed,
D. that on the redemption date the redemption price will
become due and payable upon each such Bond or portion
thereof called for redemption, and that interest thereon
shall cease to accrue from and after said date, and
E. the place where such Bonds are to be surrendered for
payment of the redemption price, which place of payment
shall be the principal corporate trust office of the
Registrar.
Prior to any redemption date, the City shall deposit
with the Registrar an amount of money sufficient to pay the
redemption price of all the Bonds or portions of Bonds which are
to be redeemed on that date.
Official notice of redemption having been given. as
aforesaid, the Bonds or portions of Bonds so to be redeemed
shall, on the redemption date, become due and payable at the
redemption price therein specified, and from and after such date
(unless the City shall default in the payment of the redemption
price) such Bonds or portions of Bonds shall cease to bear
interest. Upon surrender of such Bonds for redemption in
accordance with said notice, such Bonds shall be paid by the
t Registrar at the redemption price. Installments of interest due
on or prior to the redemption date shall be payable as herein
Page 2 — Resolution
provided for payment of interest. Upon surrender for any partial
redemption of any Bond, there shall be prepared for the
registered owner a new Bond or Bonds of the same maturity in the
amount of the unpaid principal. All Bonds which have been
redeemed shall be cancelled and destroyed by the Registrar and
shall not be reissued.
In addition to the foregoing notice, further notice
shall be given by the Registrar as set out below, but no defect
in said further notice nor any failure to give all or any portion
of such further notice shall in any manner_ defeat the
effectiveness of a call for redemption if notice thereof is given
as above prescribed.
A. Each further notice of redemption given hereunder shall
contain the information required above for an official
notice of redemption plus (i) the CUSIP numbers of all
Bonds being redeemed; (ii) the date of issue of the
Bonds as originally issued; (iii) the rate of interest
borne by each Bond being redeemed; (iv) the maturity
date of each Bond being redeemed; and (v) any other
descriptive information needed to identify accurately
the Bonds being redeemed.
B. Each further notice of redemption shall be sent at least
35 days before the redemption date by registered or
certified mail or overnight delivery service to all
registered securities depositories then in the business
of holding substantial amounts of obligations of types
comprising the Bonds (such depositories now being
Depository Trust Company of New York, New York, Midwest
Securities Trust Company of Chicago, Illinois, Pacific
Securities Depository Trust Company of San Francisco,
California and Philadelphia Depository Trust Company of
Philadelphia, Pennsylvania) and to one or more national
information services that disseminate notices of
redemption of obligations such as the Bonds (such as
Financial Information, Inc. 's Financial Daily Called
Bond Service; Interactive Data Corporation's Bond
Service; Kenny Information Service's Called Bond
Service; Moody's Municipal and Government; and Standard
and Poor's Called Bond Record.
C. Each such further notice shall be published one time in
The Bond Buyer of New York, New York or, if such
publication as impractical or unlikely to reach a
substantial number of the holders of the Bonds, in some
other financial newspaper or journal which regularly
carries notices of redemption of other obligations
similar to the Bonds, such publication to be made at
least 30 days prior to the date fixed for redemption.
Page 3 - Resolution
D. Upon the payment of the redemption price of Bonds being
redeemed, each check or other transfer of funds issued
for such purpose shall bear the CUSIP number
identifying, by issue and maturity, the Bonds being
redeemed with the proceeds of such check or other
transfer.
Section 4, security. The full faith and credit of the
City are pledged to the successive owners 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 ;.s:d
occur in tile payment of such taxes and
delinquencies that may
other monies available for the payment of debt service on the
Bonds, to pay the Bonds promptly as they mature, and the City
covenants with the owners of its Bonds to levy such Bonds issued
tax
annually during each year that any of the Bonds,
or to refund them, are outstanding.
Section 5. Form of Registered Bonds. The City may
issue the Bonds as one or more typewritten, temporary Bonds which
shall be exchangeable for definitive Bonds when definitive Bonds
are available. The Bonds shall be in substantially the following
form:
S
No. R-____
UNITED STATES OF AMERICA
STATE OF OREGON
COUNTY OF WASHINGTON
CITY OF TIGARD
GENERAL OBLIGATION ROAD BOND
SERIES 1989
DATED May 1, 1989 INTEREST _8 PER ANNUM MATURITY DATE CUSIP
REGISTERED OWNER:
DOLLARS
PRINCIPAL AMOUNT:
THE CITY OF TIGARD, in the County of Washington, State
of Oregon (the "City"), for value received, acknowledges itself
indebted and hereby promises to pay to the registered owner
hereof, or registered.assigns, the principal amount indicated
above on the above maturity date together with
interest
thereon
from the date hereof at the rate p indicatedJanuar and
Interest is payable semiannually on the first day y
Page 4 - Resolution
the First day of July in each year until maturity or prior
redem-Ntion, commencing January 1, 1990. Interest upon this Bond
is payable by check or draft through the principal corporate
trust office of the City's paying agent and registrar, which
currently is United States National Bank of Oregon, in Portland,
Oregon (the "Registrar"). Checks or drafts will be mailed on the
interest payment date (or the next business day if the interest
payment date is not a business day) to the registered owner at
the address shown on the Bond Register as of the fifteenth day of
the month prior to the interest payment date. 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 SA14E EFFECT AS IF THEY WERE
PRINTED HEREIN.
IT IS HERESY 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 been 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; 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 of 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.
IN WITNESS WHEREOF,. the City Council of the City of
Tigard, Washington County, Oregon, has caused this Bond to be
signed by facsimile signature of its Mayor and attested by
facsimile signature of its Recorder, and has caused its seal to
be affixed hereto or printed hereon as of the date indicated
above.
Mayor, City of Tigard, Oregon
(SEAL) Recorder, City of Tigard, Oregon
f
Page 5 - Resolution
THIS BOND SHALL NOT BE VALID UNLESS
PROPERLY AUTHENTICATED BY THE REGISTRAR
IN THE SPACE INDICATED BELOW.
DATED:
CERTIFICATE OF AUTHENTICATION
This is one of the City's General
Obligation Road Bonds, Series 1989,
issued pursuant to the Resolution
described herein.
UNITED STATES NATIONAL BANK OF OREGON,
as Registrar
By -
Authorized OTficer
Note t� Printer: The following language should be printed on
the reverse of the bond:
This Bond is one of a series of General Obligation Road
Bonds, Series 1989, of the City in the agg-egate principal amoun_:
of $8,500,000, and is issued by the City for the purpose of
financing the rehabilitation and construction of certain roads
and to pay all costs incidental thereto, in full and strict
accordance and compliance with all of the provisions of the
Constitution and Statutes of the State of Oreqon and the Charter
of the City.
The City reserves the right to redeem all or any portion
of the Bonds maturing after July 1, 1995, in inverse order of
maturity and by lot within a maturity on July 1, 1995, and on any
interest payment date thereafter, at par plus accrued interest to
the date fixed for redemption.
Notice of any call for redemption, unless waived by the
holders of the Bonds to be redeemed, shall be mailed not less
than thirty days and not more than sixty days prior to such call
to the registered owners of the Bonds, and otherwise given as
required by the authorizing Bor_d resolution (the "Resolution")
and by law; 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 date designated
in the notice.
The Bonds are issuable in the form of registered Bonds
Page 6 - Resolution
E.
without coupons in the denominations of $5,000 or any integral
multiple thereof. Bonds may be exchanged for Bonds of the same
aggregate principal amount, but different authorized
denominations.
Any transfer of this Bond must be registered, as
provided in the Resolution upon the Bond Register kept for that
purpose at the principal corporate trust office of the
Registrar. The City and the Registrar may treat the person in
whose name this Bond is registered as its absolute owner for all
purposes, as provided in the Resolution.
The Bondowner may exchange or transfer any Bond only by
surrendering it, together with a written instrument of exchange
or transfer which is satisfactory to the Registrar and duly
executed by the registered owner or his duly authorizer) attorney,
at the principal corporate trust office of the Registrar in the
manner and subject to the conditions set forth in the Resolution.
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and
transfers unto
Please insert social security or other
identifying number of assignee
tLis Bond and does hereby irrevocably constitute and appoint
as attorney to
transfer this Bond on the nooks kept for registration thereof
with the full power of substitution in the premises.
Dated:
NOTICE: The signature to this assignment must correspond with
the name of the registered owner as it appears upon the face of
this Bond in every particular, without alteration or enlargement
or any change whatever.
Page 7 — Resolution
■
Signature Guaranteed
(Bank, Trust Company or
Brokerage Firm)
Authorized Officer
The following abbreviations, when- ryei in the inscr-; D--
tion on the face of this Bond, shall be construed as though they
were written out in full according to applicable laws or
regulations.
TEN COM -- tenants in couanon
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
OUST UL OREG MIN as
custodian for (name of minor)
OR UNIF TRANS MIN ACT
under the Oregon Uniform Transfer to Minors Act
Additional abbreviations may also be used though not in
the list above.
Section 6. Authentication, Registration and Transfer.
A. No Bond shall be entitled to any right or benefit under
this resolution (the, "Resolution") unless it shall have
been authenticated by an authorized officer of the
City's paying agent and registrar, which currently is
United States National Bank of Oregon in Portland,
Oregon (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.
B. All Bonds shall be in registered form. The City has
appointed United States National Bank of Oregon in
Portland, Oregon as Registrar for the Bonds. A
successor Registrar may be appoin ed for the Bonds by
ordinance or resolution of the city. The Registrar
shall provide notice to Bondowners of any charge in the
Registrar not later than the Bond payment date following
the change in Registrar.
C. The ownership of all Bonds shall be entered in the Bond
Register maintained by the Registrar, and the City and
Page 8 - Resolution
the Registrar may treat the person listed as owner in
the Bond Register as the owner of the Bond for all
purposes.
D. The Registrar shall mail each interest payment on the
Interest payment date (or on the next business day if
the interest payment date is not a business day) to the
registered owner at the address appearing on the Bond
Register as of the fifteenth day of the month preceding
an interest 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.
E. Bonds 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
owners if the Bondou.,ner submits the following to the
Registrar:
1, written instructions for exchange or transfer
satisfactory to the Registrar, signed by the
Bondowner or his attorney in fact and guaranteed or
witnessed in a manner satisfactory to the
Registrar; and
2. the Bonds to be exchanged or transferred.
F. 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 shah be
exchanged or transferred promptly following that payment
date.
G. 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.
H. 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
E. of this section.
I. The City may alter these provisions regarding
registration and transfer by mailing notification of the
altered provisions to all Bondowners. The altered
provisions shall take effect on the date stated in the
nctice, which shall not be earlier than 45 days after
notice is mailed.
Page 9 - Resolution
Section 7. Maintenance of Tax-Exem t Status. The City
covenants for the benefit of the owners of the Bonds to comply
with all provisions of the Internal Revenue Code of 1986, as
amended (the "Code") which are required for Bond interest to be
excluded from gross income for federal income taxation purposes
(except for certain taxes on corporations), unless the City
obtains an opinion of nationally recognized Bond Counsel that
such compliance is not required for the interest paid on the
Bonds to be so exempt. The City makes the following specific
covenants with respect to the Code:
A. The City shall not take any action or omit any action,
if it would cause the Bonds to become "arbitrage bonds"
under Section 148 of the Code and shall pay any rebates
to the United States which are required by Section
148(f) of the Code.
B. The City shall operate the facilities financed with the
Bonds so that the Bonds are not "private activity bonds"
within the meaning of Section 141 of the Code.
The covenants contained in this section and any
covenants in the closing documents for the Bonds shall constitute
contracts with the owners of the Bonds, and shall be enforceable
by them.
Section 8. De_.ignation of Bonds as Qualified Tax-Exempt
Obligations. The City designates the Bonds as "qualified tax-
exempt obligations" pursuant to Section 265(b) (3) of the Code.
The City covenants not to so designate tax-exempt obligations in
the current calendar year in an aggregate amount of more. than
$10,000,000. The City and all its subordinate entities do not
reasonably expect to issue more than $10,000,000 of tax-exempt
obligations during the current calendar year.
Section 9. Sale of Bonds. The Mayor and Finance
Director may alter the terms of she Bonds described in Sections 1
and 2 of this resolution in order to conform the Bonds to market
conditions existing at the time the notice of sale is to be
published. The Finance Director shall cause to be published in
the Tigard Times, Tigard, Oregon, in the Daily Journal of
Commerce, Portland, Oregon, and The 1?cnd�Buyeer, New York, New
York, notices of sale of the Bondsin the form substantially as
shown on Exhibit A attached hereto and by this reference
incorporated herein, or summaries, as provided by law. The bids
for the Bonds shall be acted upon by the City Council within four
hours after the time specified for receipt of bids in the notice
of sale. The Bonds shall be sold on the date and at the time and
Page 10 - Resolution
place stated in Exhibit A, unless the Mayor or Finance Director
establishes a different date, time, or place.
ADOPTED by the unanimous vote of the Council, with a
quorum in attendance, this . day of a 1989.
APPROVED by the Mayor this Q-7 L'' day of Feb.r_uar , 1989.
i
` Mayor
Executed this 6th day of March, 1989.
ATTEST:
Recorder, 12,e 1-51
Page 11 - Resolution CWCcwcl463/#
EXHIBIT A
OFFICIAL NOTICE OF BOND SALE
$8,500,000
CITY OF TIGARD
COUNTY OF WASHINGTON
STATE OF OREGON
GENERAL OBLIGATION ROAD BONDS, SERIES 1989
NOTICE IS HEREBY GIVEN that sealed bids willbe received
on behalf of the City of Tigard in Washington County, Oregon (the
"City"), for the purchase of its General Obligation Road Bonds,
Series 19 4",� he "Bands",_until 10;00 o'clock a.m. (Pacific
Time) on , April 1989, at the offices of Lindsay,
Hart, Neil & Weigler, Lawyers, Suite 1800, 222 S. W. Columbia
Street, Portland, Oregon 97201-6618, 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: The issue shall be in the aggregate principal
amount of EIGHT MILLION FIVE HUNDRED THOUSAND DOLLARS
($8,500,000) consisting of registered Bonds in denominations of
Five Thousand Dollars ($5,000) or integral multiples thereof, all
dated May 1, 1989.
INTEREST RATE: The maximum interest rate shall not
exceed a true effective cost of ten percent (10%) per annum.
Interest is payable semiannually on January 1 and July 1 of each
year until maturity or prior redemption, commencing January 1,
1990. Bidders must specify the interest rate or rates which the
Bonds hereby offered for saie shall bear. The bids shall comply
with the following conditions: (1) each interest rate specified
in any bid must be a multiple of .001 percent; (2) no Bond shall
bear more than one rate of interest; (3) each Bone/ shall bear
interest from its date to its stayed 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; and (5) no rate of
interest may exceed ten percent (10%).
MATURITIES: The Bonds shall mature serially in
numerical order on the Is" day of July of each year as follows:
Date Amount Date Amount
1990 $550,000 1995 $870,000
1991 $675,000 1996 $930,000
1992 $720,000 1997 $990,000
t
1993 $765,000 199& $2,055,000
1994 $815,000 1999 $1,130,000
Page 12 - Exhibit A (Notice of Bond Sale)
REGISTRATION: The Bonds will be issued is felly
registered form, and may be exchanged at the expense of the City
for similar Bonds of different authorized denominations. Bonds
may not be converted to bearer form.
OPTIONAL REDEI+4PTION: The City reserves the right to
redeese, all or any portion of the Bonds maturing after July 1,
1:95, in inverse order of maturity and by lot within a maturity
on July 1, 1995, and on any interest payment date thereafter, at
par plus accrued interest to the date fixed for redemption.
Notice of any call for redemption, unless waived by the
holders of the Bonds to be redeemed, shall be mailed not less
than thirty days and not more than sixty days prior to such call
to the registered owners of the Bonds, and otherwise given as
required by the authorizing Bond resolution and by law; 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 date designated in the notice.
PAYMENT: Principal and interest are payable, either at
maturity or upon earlier redemption, by check or draft through
the principal corporate trust office of the registrar and paying
agent of the City, which is currently United States National Bank
of Oregon, in Portland, Oregon.
PURPOSE: The Bonds are being issued to finance the
rehabilitation and construction of certain roads within the City
and to pay all costs incidental thereto. The Bonds were
authorized at an election held within the City on November 8,
1988.
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 Lindsay, Hart,
Neil & Weigler, 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: In the opinion of bond counsel,
under existing law sad conditioned on the City complying with
certain covenants relating to the tax-exempt status of the bonds,
interest on the bonds is excluded from gross income for federal
income tax purposes (except for certain taxes on corporations).
The Bonds are not "private activity bonds" under Section 141 of
the Internal Revenue Code of 1985, as amended (the "Code").
i
Page 13 - Exhibit A (Notice of Bond Sale
In the opinion of bend counsel, the interest on the
bonds is exempt from personal income taxation by the State of
Oregon under present state law.
Bond counsel expresses no opinion regarding other
federal or state tax consequences arising with respect to the
bonds.
The City has the legal authority to comply with its
covenants.
BANK PURCHASE: The City has designated the Bonds as
"qualified tax-exempt obligations" pursuant to Section 265(b) (3)
of the Code.
BEST BID: The Bonds will be awarded to the resoonsibie
bidder whose proposal will result in the lowest true interest
cost to the City. True interest cost will be determined by
doubling the semiannual interest rate necessary to discount the
debt service to May 1, 1989 and the price bid for the Bonds.
Each bidder is requested to supply the total interest cost and
the true interest cost 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 paid by
the City.
CERTIFICATE OF REOFFERING PRICE: The successful bidder
shall provide to Bond Counsel not less than three business days
prior to closing a certificate stating that the successful
bidder: (1) shall offer all bonds in each maturity for sale to
the general public at a price no greater than the certified
reoffering price until at least ten percent of the principal
amount of each maturity is sold at a price less than or equal. to
the certified reoffering price; or (2) has purchased the bonds
for its own portfolio without intention to resell the bonds; or
(3) has made a bona fide private placement of the bonds and the
teras of such private placement. Failure to honor this
agreement may result in cancellation of the sale and forfeiture
of the successful bidder's Good faith deposit.
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. Payment
for the Bonds must be made in federal funds. Delivery of the
Bonds will be made within thirty days.
FORK OF BID: All bids must be for riot less than all the
Bonds hereby offered for sale, and for not less than ninety-eight
and one-half percent (98.5%) 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
Page 14 - Exhibit A (Notice of Bond Sale)
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 ONE HUNDRED SEVENTY THOUSAND
DOLLARS ($170,000) payable 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 advisor, Government
Finance Associates, Inc., 1300 S.W. Fifth Avenue, Suite 2929,
Portland, Oregon 97201, teleahone. 503-222-1405.
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 tiie 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.
FURTHER INFORMATION: Additional information regarding
the City and .his sale may be obtained from Wayne Lowry, Finance
Director, City of Tigard, 13125 S.W. Rall Boulevard, Tigard,
Oregon 97223, telephone: 593-639-4171.
City of Tigard, Oregon
t
Page 15 - Exhibit A (Notice of Bond Sale) CWCcwcl463/15