Resolution No. 93-62 ON
CITY OF TIGARD,OREGON
m RESOLUTION NO.93-&_,�_)
A RESOLUTION OF THE CITY OF TIGARD.OREGON, AUTHORIZING THE ISSUANCE AND SALE OF
LIMITED TAX GENERAL OBLIGATION BOND ANTICIPATION NOTES,SERIES 1994,IN AN AMOLIiT
NOT TO EXCEED$3,300,000 FOR THE PURPOSE OF THE CONTINUED INTERIM FINANCING OF THE
IMPROVEMENTSFORTHEDARTMOUTH STREET LOCAL IMPROVEMENT DISTRICT;PRESCRIBINGTHE
FORM AND DETAIL OF SAID NOTES AND THE COVENANTS AND AGREEMENTS MADE BY THE CITY
TO FACILITATE AND PROTECT THE PAYMENT THEREOF.
WHEREAS,pursuant to Ordinance No.88-08,passed by the City of Tigard,Oregon(the"City"),
on May 9, 1988,which amended Ordinance No.84-17, passed by the City on April 9, 1984 (collectively the
"Dartmouth LID Ordinance'),the City approved the formation of a local improvement district(the"Dartmouth LID")
to provide certain improvements set forth in the Dartmouth LID Ordinance(the"Improvements");and
WHEREAS,pursuant to the Dartmouth LID Ordinance,upon completion of ihe-,y.ov�-a.-.r.thc
City shall prepare the final assessment rolls for the Improvements,send notice of such assessments along with notice
of a hearing on said proposed final assessments,and shall,after such hearing and after considering any comments on
saidro
p posed final assessments, finally assess the properties benefitted by the Improvements and cause such final ;4
assessments to be spread upon the benefitted properties;and
WHEREAS,the City will allow the benefitted property owners to finance the assessments against
their properties as provided in the Bancroft Bonding Act,ORS 223.205,ec seq.,as amended,and the City intends to
issue special assessment bonds or limited tax special assessment bonds to the extent of applications for payment in
installments are received;and
WHEREAS, pursuant to ORS 287.502, et seq., any city authorized to issue bonds under ORS
223.205,et seq.,is authorized to issue bond anticipation notes to finance the construction of public improvements of
the character described in ORS 223.205;and
WHEREAS,the Improvements are of the character described in ORS 7.23.205;and
WHEREAS,as required under ORS 287.515(1),the City held a hearing on the Improvements on
March 28,1988,and the City Council,acting upon the request of an affected property owner,continued that hearing
to April 11, 1958,has declared in the Dartmouth LID Ordinance its intention to construct the Improvements;and
WHEREAS,the pursuant to Resolution No.92-05,passed by the City Council on January 28,1992,
the City issued its Limited Tax Ger-ernl Obligation Bond Anticipation Notes,Series 1992 (the"1992 Notes"), to
provide the interim financing of the Improvements;and
WHEREAS,the 1992 Notes mature on February 1,1994,and the Improvements are not completed
so that the City will not be able to finally assess the benefitted properties and complete the permanent financing of
the Improvements by February 1, 1994;and
WHEREAS,ORS 287.504(2)allows the refinancing of 1992 Notes;and
WHEREAS,the City intends to issue its Limited Tax General Obligation Bond Anticipation Notes,
Series 1994 (the"Notes"),to provide the continued interim financing of the Improvements;and
Page I-Resolution No.93-�
WHEREAS, this Council finds that Notes issued pursuant to this authority do not exceed in the
aggregate the current estimated cost of the Improvements and that the maturity date of the Notes herein authorized
is not laser than t—.---- A...,.,,.�_�--_,�,::__-- - "
-_ ---.-..,.�,..a....�v...a.e tures;
THE CITY OF TiGARD RESOLVES AS FOLLOWS:
1. Notes Authorized. The City Council authorizes the issuance of Limited Tax General Obligation
Bond Anticipation Notes, Series 1994(the"Notes') in an principal amount not to exceed$3,300,000 pursuant to
ORS 287.502,et seq.,as amended,for the purpose of funding the interim construction of the Improvements and the
costs of issuing these Notes. The Notes shall be dated January 1, 1994,or such other date designated by the City
Administrator or the Finance Director shall mature on January 1, 1996. The Notes shall bear interest from their
dated date payable on January 1 and July 1 of each year commencing on July 1, 1994,until maturity or earlier
redemption, at a rate as hereafter determined. The Notes shall be in denominations of$5,000 and integral
multiples thereof.
Interest on the Notes and,upon presentment and surrender thereof, the principal thereof shall be
payable in lawful money of the United States of America by check or draft by First Bank National Association,
P°-Tdand,Oregon,the City`s paying agent,or its successor_ Interest shall be payable on each interest payment date
to the person in whose name the Note is registered at the close of business on the 15th day,whether or not a business
day,of the month preceding the payment date. Interest on the Notes shall cease at maturity or on a date prior
thereto on which the Notes have been duly called for redemption unless the holder thereof shall present the same for
payment and payment is refused.
2. Redemption. The Notes may be subject to redemption if negotiated with the Underwriter as
provided herein. In the event the City reserves the right to redeem all or any portion of the Notes,if less than all
Notes are redeemed,then the Notes redeemed shall be selected by the Registrar by lot_
Unless waived by any registered owner of Notes to be redeemed, official notice of any such
redemption shall be given by the Registrar on behalf of the City by mailing a copy of an official redemption notice
by registered or certified mail not less than 15 days nor more than 30 days prior to the date fixed for redemption to
the registered owner of the Note or Notes to be redeemed at the address shown on the Register or at such other
address as is furnished in writing by such registered owner to the Registrar.
All official notices of redemption shall be dated and shall state:
(1) the redemption date,
(2) the redemption price,
(3) if less than all outstanding Notes are to be redeemed,the identification (and,in
the case of partial redemption,the respective principal amounts)of the Notes to be redeemed,
(4) that on the redemption date the redemption price will become due and payable
upon each such Note called for redemption, and that interest thereon shall cease to accrue from and after
said date,and
(5) the place where such Notes are to be surrendered for payment of the redemption
price,which place of payment shall be the principal corporate trust office of the Registrar.
The Registrar shall also cause to be published the official notice of redemption as required in ORS
287.508,as may be amended.
Page 2-Resolution No.93-,�
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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 Notes which are to be redeemed on that date.
Official notice of redemption having been given as aforesaid,the Notes 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 Notes shall cease to accrue interest. Upon
surrender of such Notes for redemption in accordance with such notice,such Notes shall be paid by the Registrar at
the redemption price. Installments of interest due on or prior to the redemption date shall be payable as herein
provided for payment of interest. Upon surrender for any partial redemption of any Note,there shall be prepared for
the registered owner a new Note or Notes of the same maturity in the amount of the unpaid principal. Notes which
have been redeemed shall be canceled and destroyed by the Registrar and shall riot be reissued.
In addition to the foregoing notice,further notice shall be given as may be otherwise required by
law. No defect in said further notice icor 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 gig en as above prescribed.
3. Security. The Notes are payable from proceeds of the assessment bonds to be sold upon completion
of the Improvements and as otherwise provided in Section 4 hereof;provided that if the City is not able to sell
.—u-ma wr,.ao fOr dhe.:ptc... .. thu Civ intends t_imue b—o.d.S br the 1— tueno
(the permanent financing in whichever form being collectively referred to herein as the"Bancroft Bonds"). The full
faith and credit of the City and any taxes which the City may levy within the limitations of section 11 or I lb,Article
XI of the Oregon Constitution are also pledged to the punctual payment of the Notes.
4. Notes Sinkim Fund. The Finance Director is directed to establish a sinking fund,commonly known
as the Bancmft Bonded Debt Sinking Fund-Series 1994 Notes(the"Fund"),to which shall be deposited all proceeds
from the collection of unbonded assessments,the sale of improvement bonds pursuant to ORS 223,205,et seq.,and
the foreclosure of improvement liens for unbonded assessments realized from the Improvements with respect to such
Notes.
The deposits in the Fund shall be applied to the call and payment of such Notes and such funds
shall not be transferred,borrowed,diverted or used for any other purpose and for failure to hold,account for and apply
P` such funds as provided in this section,the Finance Director shall be personally liable and shall also be liable on the
official bond to the holders of such Notes.
5. Sale of Notes. The City Administrator or Finance Director is authorized to enter into a Purchase
Contract for the Notes with United States National Bank of Oregon (the"Underwriter"). The Purchase Contract
shall state the principal amount of Notes to be issued,the maturity date of the Notes to be issued,the price to be
paid to the City for the Notes,the interest rate on the Notes,the denominations and term of the Notes,the schedule
of payment of Note principal and interest,the terms and conditions under which the Notes may be redeemed prior
to maturity,if any,whether the Notes will be book-entry,and such other terms and conditions of the Notes that are
not appropriately determined at the time of this resolution. The City Administrator or Finance Director shall report
the terns of the Purchase Contract to the City Council at the next regularly scheduled meeting of the City Council.
The Purchase Contract may include a discount,which discount,if provided for,shall not exceed one percent(1.0%).
The true interest cost for the Notes shall rot exceed five percent(5.00%). The Purchase Contract executed by the
City Administrator or Finance Director shall be one which satisfies the overall financial objectives of the City for this
financing after consideration of the report by a financial advisor pursuant to ORS 287.028,vis amended,evaluating
the terms of the Purchase Contract.
The City Administrator or Finance Director of the City is hereby authorized and directed to prepare
and execute the Notes in the manner hereinafter specified,to cause the Notes to be registered and authenticated with
Page 3.Rasolurlon No.9346 Z
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First Bank National Association,Portland,Oregon(the"Registrar"),and to deliver the Notes to the Underwriter,upon
payment of the purchase price for the Noes.
6. Temporary Notes. The Notes herein authorized may be issued as one or more temporary Notes,
which may be typewritten and exchanged for definitive Notes when available.
7. Form and Denomination. The Notes shall�e executed on behalf of the City with the manual or
Facsimile signature of the City Administrator or Finance Director_ The Notes shall not be valid c, prove obligatory
ert
for any purpose or be entitled to any security or benefit under this Resolution until the Cifrcare of Authentication
hereon shall have been dated and executed by manual signature of a duly authorized officer or employee of the
Registrar. The Notes shall be issued substantially in the form as set forth in Exhibit A hereto and in such names and
such denominations as requested by the Underwriter.
S. Authentication Re"tstration and Transfer.
(1) All Notes shall be in registered fore. The City hereby appoints First Bank
National Association,Portland,Oregon,to serve as paying agent and registrar for the Notes(the"Registrar").
A successor Registrar may be appointed for the Notes by ordinance or resolution of the City. The Registrar
shall provide notice to Note owners of any change in the
i Fbs,or not
later than interest paymenr datefollowing the change in Regtrar,
(Z) No Note shall be entitled to any right or benefit under this Resolution unless it
shall have been authenticated by an authorized officer or employee of the Registrar. The Registrar shall
authenticate all Notes to be delivered at closing of this Note issue,and shall additionally authenticate all
Notes properly surrendered for exchange or transfer pursuant to this Resolution and any Note issued in lieu
of any mutilated,destroyed,lost or stolen Notes.
(3) The ownership of all Notes shall be entered in the Note register maintained by
the Registrar,and the City and the Registrar may treat the person listed as owner in the Note register as the
owner of the Note for all purposs.
(4) The Registrar shall mail each interest payment to the name and address of the
owner of the Note as they appear on the Note register at the close of business on the fifteenth day,whether
or not a business day,of the month preceding an interest payment date (the"Record Dateh if payment
is so mailed,neither the City nor the Registrar shall have any further liability t" any party for such paymeinteresnt
payment. The principal of the Notes shall be payable upon maturity or tidier redemption or the principle
corporate trust office of the Registrar upon presentation and surrender of the Note.
F
(5) Notes may be exchanged for an equal principal amount of Notes of the same
maturity which are in different denominations,and Notes may be transferred to other owners if the Note
owner submits the following to the Registrar.
(a) written instructions for exchange or transfer satisfactory to the Registrar,
signed by the Note owner or his atromey in fact and guaranteed or witnessed in a manner
satisfactory to the Registrar;and
(b) the Notes to be exchanged or transferred.
(E+) The Registrar shall not be required to exchange or transfer any Notes submitted
to it during any period beginning with a Record Date and ending on the next following interest payment date;
however,such Notes shall be exchanged or transferred promptly following that interest payment date.
Page 4-Rnoiution No.93.&_J_
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(7) Each Note delivered under this Resolution upon transfer or exchange for,or in
lieu of,any other Note shall catty all the rights to interest accrued and unpaid,and to accrue,which were
carried by such other Note,and each such Note shall be so dated that neither gain nor loss in interest shall j
result from such riansier,exchange or substitution. i ere Registrar snail note the date of authentication on ;
each Note. The date of authentication shall be the date on which the Note owner's name is listed on the
Register.
(8) For purposes of this Section,Notes shall be considered submitted to the Registrar
on the date the Registrar actually receives the materials described in subsection(5)of this Section 8;provided
they are received by noon,otherwise,they will be deemed received and registered the following business day.
(9) The City may alter these provisions regarding registration and transfer by mailing
notification of the altered provisions to all Note owners. The altered provisions shall take effect on the date
stared in the notice,which shall not be earlier than 45 day'after notice is mailed.
9. Construction Account. The proceeds of the Notes shall be applied first to tete payment of the
accreted value of the 1992 Notes on February 1,1994. Any remaining proceeds of the Notes shall be deposited in
the Construction Account created under Resolution 92-5 and used for cost of issuance for the Notes,capitalized
interest on the Notes and completion of the Improvements. The amounts in the Construction Account exceeding
the i __n n-rcbie fi'om-he rcdc of--posit Insurance Corporation shall be secured by the depository bank in
accordance with state and federal law. Withdrawals from the Construction Account shall be made only on checks
signed by the Finance Director as authorized by the Council,and only for the purposes for which the Notes were
issued as specified in the estimate of costs,including costs of issuance of the Notes and capitalized interest on the
Notes. The City's share of any liquidated damages and other moneys paid by defaulting contractors or the sureties
shall be deposited in the Construction Account to assure completion of the Improvements. When the construction
of the Improvements has been completed,or all construction costs have been paid in full,any balance remaining in
f the Construction Account shall be used to pay or apply on the payment of any such Notes as may thereafter fall due,
or,if said Notes have been paid from the proceeds of the sale of its Bancroft Bonds,then the balance shall be applied
to the payment of the Bancroft Bonds in the manner prescribed by the resolution authorizing the Bancroft Bonds.
The City shall keep records of all expenditures from the Construction Account designating whether
the expenditure is for the Improvements,capitalized interest or cost of issuance of the Notes.
Funds in the Construction Account may be used to pay contractors and vendors directly for the
Improvements,or paid directly to the City to reimburse the City for expenses already paid by the City from funds
other than those held in the Construction Account. The City currently has expenses for which it will be reimbursed
at the closing of the Note issue.
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Commencing on February 3,1995,any unspent funds in the Construction Account shall be invested
at a yield not in excess of the yield on the Notes as computed in accordance with Treasury Regulation Section 1.148.
4.
10. Other Documents and Proccedines.The actions to date of the City Administrator,Finance Director
and other City staff are hereby ratified. The officers and officials of the City are hereby authorized and directed to
execute and carry out or cause to be carried out the obligations which are necessary or advisable in connection with d
this Resolution and the issuance, sale and delivery of the Notes, including, but not limited to, agreements with
financial institutions to serve as paying agent and registrar in accordance with Section 7 hereof. The officers and
officials of the City are further authorized and directed to prepare and furnish to the attorneys passing on the legality
of the Notes, certified copies of all proceedings,ordinances, resolurions and records and all such certificates and
affidavits and other instruments as may be required to evidence the legality and marketability of the Notes,and all
Page 5-Roolution Na 93-k2
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certified copies,certificates,affidavits and other instruments so furnished shall constitute representations of the City
as to the corn mess of all facts stated or recited therein.
I1. Tax Covenants. The City covenants that it will nor take any action,or fail to take any action,if
any such action or failure to take action would adversely affect the exclusion from gross income of the interest on
the Notes under Section 103 of the Internal Revenue Code of 1986,as amended (the"Code"). The City:vile not
directly or indirectly use or permit the use of any proceeds of the Notes or any other funds of the City,or take or omit
to take any action,that would cause the Notes to be"arbitrage bonds"within the meaning of Section 148(a) of the
Code. To that end,the City will comply with all requirements of Section 148 of the Code to the extent applicable
to the Notes.
12. Small Issuer Exernotion from Bank Nondeductibility Restriction. The City hereby designates the
Notes as"qualified tax-exempt obligations"as defined in Section 265(b)(3)(B) of the Code. The aggregate face
amount of all tax-exempt obligations(excluding private activity bonds other than qualified 501(c)(3)bonds) issued
or to be issued by the City (and all subordinate entities thereof)during the calendar year 1994 is not reasonably
expected to exceed$10,000,000. The City hereby covenants that the City and all is subordinate entities will not
issue in excess of$10,000,000 of qualified tax-exempt obligations(including the Notes but excluding private activity
bonds other than qualified 501(c)(3) bonds) during the calendar year 1994 without first obtaining an opinion of
nationally recognized counsel in the area of municipal finance that the designation of Notes as"qualified
obligations"will not be adversely affected.
13. Small Issuer Exemption from Rebate Requirements. In accordance with Section 148(f)(4)(C)of the
Code,the City represents and warrants that it is a governmental unit with general taxing powers;that the Notes are
not private activity bonds as defined in Section 141 of the Code;that 95%or more of the net proceeds of the Notes
are to be used for the local government activities of the City and that the aggregate face amount of all tax-exempt
obligations(other than private activity bonds)issued by the City(and all subordinate entities)during the calendar
year 1994 is not reasonably expected to exceed$5,000,000.
14. Approval of the Preliminary Official Statement. It is hereby found that the Preliminary Official
Statement in the form attached hereto as Exhibit B,does not contain material which is misleading or an untrue
statement of material fact or omit to state any material fact necessary in order to make the statements made therein,
p in light of the circumstances under which they were made,not misleading,with respect to matters contained therein
relating to the City. The use and public distribution of the Preliminary Official Statement is hereby ratified,approved
and confirmed.
15. Report of Financial Advisor. Prior to entering into the Purchase Contract wirh the Underwriter the
Finance Director shall obtain and review a report of the Public Financial Management,Inc.,financial advisor to the
City,pursuant to ORS 287.028,as amended,evaluating the terms of the Purchase Contract.
16. Effective Date of Resolurion. This Resolution shall take effect and be in full force from and after
its passage and approval.
PASSED by the Council,with a quorum in attendance,this day -'Lri1,e, 19Q-,3.
City of Tigard
ATTEST. cu n6 1 Pw5 do 4-
Recorder,City of Tigard T�
Page 6.Re-ludon No.93.L
/ EXHIBIT A-FORM OF NOTE
UNITED STATES OF AMERICA
CTFY OF HOARD
WASHINGTON COUAPIY,OREGON
LIMITED TAX GENERAL OBLIGATION BOND ANTICIPATION NOTE
SERIES 1994
IN TERFSf RATE-% MAT'URPIY DAM 1996 DATED DATE: ,1994 CUSIP NUMBER
f
Registered Owen
Principal Amounn
z u., OF,
- _lw---i. _�tT,.eu-se i.ejf LnAA,,ed and hereby promises to
rh
pay tc, e registered owner specified above,or registered asnigru,the principal amount specified above esti the above maturity date together with
interest thereon from the dated date indicated above at the rare per annum indicated above. Interest accruing is payable on January I and Judy
1 of each year commencing on July 1,1994. Interest on this Now is payable through the office of Fiat Bank NaNaaal Association,Portland,
Oregon,the C[ty's paying agent and registrar(rhe"Regvm')by check or draft mailed rothe name and address of the teXisrend owner as it appear i
on the Now register on the fifteenth day of the rnonda preceding the month on which intense comm due. Now principal is payable upon
presenmtion and surrender of this Now to the principle corporate trust office of the Registrar. 3
A
The Noyes arc issuable in the F of registered Notes without coupon in the cl-inadons of$5,000 or any integral
\f multiple thereof. Notes may be exchanged for Notes of the same aggregate principal amount,but different authotised denominatietas.. .i
"- Any transfer of this Now must be toed,as '
regia provided le the resolution of the City authorizing the issuance of the Noyes
adapred on ,199 (the"Reotution'),upon the Now register Rept for that purpose at the office of the Registrar.The City and
the Registrar may treat rhe person in whose name this Now is registered as its absolute owner for all purposes,as provided in the Resolution-
The Nom owner may exchange or transfer any Note only by surrendering 14 together with a written instrument of exchange
ar tranaf which is"tl3factory to the Registrar and duly exeeured by the registered owner m his duly authorized attorney,at the o®es of the
Registrar in the manner and subject to the conditions set forth in the Resolution.
This Nom is one of the Limited Tax General Obligation Bond Anticipation Notes,Series 1994,of the Ciry,issued in the
aggregate principal amount of$3,_,000 and b bated by the City pursuant to Oregon Revisc-d Statutes 287502,et seq.,for the purpooe of
providing corutrucrion financing for terrain public improvement(the"Improvements').The Notes are payable from proceeds of asxnment bonds
which the City intends w issue upon compl,tion of the Improvements and as otherwise provided in the Resolution:provide that if the City is not
able w sell assessment bonds for the Improvements,it intends to issue limited tax assessment bonds for the Improvements.The full faith and credit
of the City and any taxes which the City may levy within the limitations of section 11 or l lb,Article XI of the Oregan Constitution are also
pledged to the punctual payment of principal of and interest on the Moms.The Finance Director is directed to establish a sinking fund,commonly
itnown as the Bancroft Bonded Debt Sinking Fund-Series 1994 Notes(the"Fund'),to which shall be deposited all proceeds from the collection
of unbonded assessments,the sale of improvement bonds pursuant to ORS 223,205,et seq.,and the foreclosure of improvement liens for unbonded
aw,eesments realized from the Improvements with respect to such Notes.The deposits in the Fund shall be applied to the call and payment of such
Notes and such funds shall not be transferred,borrowed,diverted or used for any other purpose.
The Nota have been issued in full and complete compliance with the Constitution and laws of the State of Oregon and the r
Charter of the City.
The Note are[Trot]subject ro optional redemption,in whole or in part,on ,1995,and the first day of each
mcmth thereafter,at par plus accrued to the redemption date. If less than all Notes are redeemed then the Notes to he redeemed shall be selected
by the Registrar by lot.
Page 7-Reaolutimi No.93•67-1
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Unless
Registrar on behalf of the City"'ried by any rcglaremd ower of Nous Wbe redeemed,official notice of any such rxde�:.yee:shall be gives by du
( by maWng■Dopy of an official redemption notice by registered or cendW sell on,les than 15 day.os
30 days prior to the dam fixed for redemption m the regisrend owner of dee Note or Note to be mdeeaurd at dw addevas ahawn m Rehr n
n,at such oche:address as s furnished In wddnq by—h-,unit—,.,,,,.,...s ram ez+-!=n- nam=„r nn ddr a, ,
the Notes or portion of Nora an m be rsdoseed shall,on the redemptiondare, . _,_,,,
and 6om and after much date(unless the City shall default in the becooe due and payable at the redemption price dwe§n epwiii d,
m bear Intemat, li Payment of rhe redea redemption price)such Notes or pordona of Nora dWI cease
Porn surrender of such Norm(o uedempdon in accordance with ouch notice,such Notes*hail be paid by the Regbtrar at the
redemPtloxn Price, trustalb-tnts of interest due on ce prior to the redemption dam shall be payable as herein provided for payment of Interest Upe n
mender for t Paid principal.
any Now,item shall be prepared for the reaq,-„
the a _j c=�ner arum•Nom se Notes of ire*eve maturity in
mount offthe tart
The Nemave s hbeen designated by the City as"quali
Inremal Revenue Cede of Notes uxtxempt obligatlaos
n"for purposes of Section 265(6)(3)of the
r—
IS HERMY CERTIFIED,RECPIZD.AND DECLARED that all condidoru,ac0.and things required to exist,to happen,
and to be performed precedent to and in the issuance of this Nore have e.i red,have happened,and have been perforuncd 1.due.Ohne,fess sed
manner as requiredallof by the Cjk_ don and natures of the Sam of Oregon and the Charter of the Cry,and that the 1—of which the Note
Chane of the sty. dxu of such City,aro within every debt limitation and other Breit prescribed by such Constitution and atone,and
CM OF TIGARD,OREGON
Finance D¢ecro
THIS NOTE SHALL NOT BE VALID UNLESS
PROPERLY AUTHEA."TfCA'MD BY THE
REGISTRAR IN THE SPACE INDICATED BELOW,
�- AUTHENTICATION DATE:
REGISTRARS CERTIFICATE OF AUTHEN7ICAT[ON
This is one of the City's Ihnired
Tax General Obligations Bond Anticipation Notes,
Series 1994,issued pursuant to the Resolution
described hemi..
Fist Bank National A_—cdation,as Regintnr
Authorized tomer
Page 8.Resolution No.93_&?—
mac_ -�
ASSIGNMLIJ--
FOR VALUE RECEIVED.the undenlgned sella._4p,and tra_f_unm
Ykase insert acetal security or other
kkntify number of assignee ossa above ft,
the within Note and don hereby irrevocably constitute and appoint as attorney to ttanafer this Note on the books kept f
the full poweror regiavatbn thereoFwith
of aub..Imd n ti the premfsey-
Dated:
NOTICE The,signature to"asaigaament must correspond with the name of the registered owner ss it.
within Note N every particular.without alteration or enlargement or any ehan_whar.., ppean upon d—face of the..,
NOTICE Signatum(a)muat be Signature Guaranmed
guataaareM by a member of
the New York Stock Exchange
a commercial bank or
must cmpny. (Bank,Tnsat C
_nyomg
_ Amhorix i Officer
-Ihe following abbrevtatlona,when used in the inscription on the face of the within Nom.shall be conatrned as though they anme written
--
'"'in full accorduag to applicable laws or regulatians-
TEN COM..tenants in common
TIN ENT..as tenants by the enthetln
IT TEN--as joint tenants wtrh right of aurvtvonhip
and not as tenants in common
OREGON CUSTOD)ANS use the following•.
CUST UL ORE
as custodian reader the laws of Oregon for
MIN
(Minors name)
i'
Additional abbrev(at'ms may also be used though not in the list above,
Page 9-Resolution No.93.lci
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EXHIBIT B•FORM OF PRELIMINARY OFFICIAL STATEMENT 3
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Page 10-Rmolud—No-93--�