Resolution No. 10-40 CITY OF TIGARD, OREGON
TIGARD CITY COUNCIL
RESOLUTION NO. 10- './p
A RESOLUTION OF THE CITY OF TIGARD,WASHINGTON COUNTY, OREGON,
CALLING A MEASURE ELECTION TO SUBMIT TO THE ELECTORS OF THE CITY THE
QUESTION OF CONTRACTING GENERAL OBLIGATION BONDED INDEBTEDNESS
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $17 MILLION TO
ACQUIRE OPEN SPACES, PROTECT CLEAN WATER, IMPROVE PARKLANDS;
DECLARING INTENT TO REIMBURSE EXPENDITURES;AND RELATED MATTERS.
WHEREAS, the City Council of the City of Tigard, Washington County, Oregon (the "City"), has
determined that a need exists for the City to finance the costs of land acquisition and capital improvement
related to protection of water quality in local creeks and streams; preservation of natural areas, wildlife
habitat; creation of community parks and recreational areas; construction and improvement of hiring,bilging
and walking trails through land acquisition and restoration. The bond proceeds would also be used to pay
bond issuance costs; and.
WHEREAS, the costs of the Project to be funded with bond proceeds are estimated to be not more than
$17,000,000; and
WHEREAS, Oregon Revised Statutes Chapter 287A.050 authorizes the City to contract bonded
indebtedness to provide funds to finance the costs of the Project and to pay bond issuance costs subject to
voter approval; and
WHEREAS, the City anticipates incurring expenditures (the "Expenditures") to finance the costs of the
Project and hereby declares its official intent to reimburse itself for any Expenditures it may make on the
Project from the proceeds of voter-approved general obligation bonds (the "Bonds"), the interest on which
shall be excluded from gross income under Section 103 of the Internal Revenue Code of 1986, as amended
(the "Code"); and
WHEREAS, The City understands that the use of proceeds of the Bonds to reimburse an Expenditure may
occur no later than the later of (a) 18 months after the date of such Expenditure or (b) 18 months after
completion of the projects to which such Expenditure relates, and in any event no later than three years
after the date of such Expenditure; and may occur no earlier than sixty (60) days prior to the date of the
adoption of this resolution; except for preliminary expenditures in an amount not exceeding 20% of the
Bond proceeds or expenditures which do not exceed the lesser of $100,000 or 5 percent of the Bond
proceeds.
NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that:
SECTION 1: A measure election is hereby called for the purpose of submitting to the electors of the City
the question of contracting general obligation bonded indebtedness in the name of the City
in an amount not to exceed $17,000,000. Bond proceeds will be used to finance the Project
and pay all Bond issuance costs. The Bonds shall mature over a period of not more than
twenty-one (21) years. Pursuant to ORS 250.285, the City Council approves the ballot title
that is attached as Exhibit A and directs that this ballot title be filed with the City Attorney
and the City Elections Officer.
RESOLUTION NO. 10-41(D
Page I
SECTION 2: The txleasure election hereby called shall be held in the City on the 2nd day of November,
2010. The election shall be conducted by mail pursuant to ORS 254.405 and 254.470.
SECTION 3: The City authorizes the Mayor, City Manager (each an "Authorized Representative") or a
designee of the Authorized Representative to act on behalf of the City and to take such
further action as is necessary to carry out the intent and purposes herein in compliance with
the applicable provisions of law.
SECTION 4: Pursuant to ORS 250.275(5), the City Elections Officer shall publish in the next available
edition of the Tigard Times or in some other newspaper of general distribution within the;
City, a notice of receipt of the ballot title including notice that an elector may file a petition
for review of the ballot title pursuant to ORS 250.290 not later than the seventh business day
after the title is filed with the City Elections Officer in substantially the form attached hereto
as Exhibit B (the "Notice").
SECTION 5: Pursuant to ORS 254.095(2) the City directs the City Elections Officer to file a Notice of City
Measure Election in substantially the form of Exhibit A with the Washington County Elections
Office not earlier than the eight business day after the date on which Exhibit A is filed with the
City Elections Officer and not later than September 2, 2010 (sixty-one (01) days prior to the
election elate). The Washington County Elections Office is required to produce and disseminate a
facsimile of the ballot in accordance with ORS 254.205,
SECTION 0: The City hereby declares its official intent to reimburse itself with the proceeds of the Bonds
for any of the Expenditures incurred by it prior to the issuance of the Bonds.
SECTION 7: The law firm of K & L Gates LLP, is hereby appointed to serve as bond counsel with
respect to the issuance of the Bonds. The City will pay the fees and expenses of bond
counsel from Bond proceeds.
SECTION 8: This resolution shall tape effect immediately upon its adoption by the City Council.
PASSED: This D day of _2010.
ayor-'City of Tigard
ATTEST:
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City Recorder-City of Tigard
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RESOLUTION NO. 10 - 4
Page 2
EXHIBIT A
NOTICE OF CITY MEASURE ELECTION
CITY OF TIGARD
WASHINGTON COUNTY, OREGON
NOTICE IS HEREBY GIVEN that on November 2, 2010, a measure election will be
held in the City of Tigard,Washington County, Oregon. The following shall be the ballot title of the
measure to be submitted to the City's voters on this date:
CAPTION
BOND TO ACQUIRE OPEN SPACES, PROTECT CLEAN WATER, IMPROVE
PARKLANDS
QUESTION
SHALL CITY ISSUE$17 MILLION GENERAL OBLIGATION BONDS TO ACQUIRE,
PRESERVE AND PROTECT OPEN SPACES, WATER QUALITY, HABITAT,AND PARKS?
If the Bonds are approved, they will be payable from taxes on property or property ownership that
are not subject to the limits of Sections 11 and 11b, Article XI of the Oregon Constitution.
SUMMARY
If approved, this measure would authorize the City of Tigard to sell up to $17 million in
bonds for land acquisition, restoration, capital construction and improvements allocated as follows:
• 80 % or more to acquire land to preserve open space, parklands, and wildlife habitat,
protect streams for unproved local water quality to benefit fish and wildlife,
• 20 % or less to create and improve community parrs,recreational areas and trails, and
• Up to 10 % of the total for downtown park land.
This investment is for the benefit of current and future generations.
The Parks and Recreation Board would provide oversight; spending would be audited in the City's
yearly audit.
Bonds would ;mature in 21 years or less frorn issuance and may be issued in one or more series. The
estimated additional annual cost to property owners would be $0.29 per $1,000 of assessed
valuation. For a home with the median assessed value of$207,000, the City estimates that the
additional monthly cost would be about$4.99 per month, or$60 per year.
EXHIBIT B
NOTICE OF RECEIPT OF BALLOT TITLE
Notice is hereby given that a ballot title for a measure referred by the City of Tigard has
been filed with the City Elections Officer on July 27, 2010. The ballot title caption is BOND TO
ACQUIRE OPEN SPACES, PROTECT CLEAN WATER, IMPROVE PARKLANDS. An
elector may file a petition for review of this ballot title in the Washington County Circuit Court no
later than 5,00 p.m.,August 5, 2010.
Ply t�Yt - LL 4W!, , &(—)to
Signature of City Elections Officer U Ate si ed
Catherine Wheadgy City Recorder
Printed name of City Elections Officer Title
This legal notice is to be published by the City Elections Officer in the Tigard Times,Tigard,
Oregon, or in another newspaper of general distribution within the City.
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