Ord 1898COUNCIL. BILL N0. 832
ORDINANCE NO. 1898
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NEGOTIABLE GENERAL OBLIGATION
IMPROVEMENT BONDS, SERIES 1984, IN THE PRINCIPAL SUM OF $123,875.95 PAR VALUE
AND DECLARING AN EMERGENCY,
THE CITY OF WOODBURN ORDAINS AS FOLLOWS:
Section 1. ISSUE. The City shall issue its General Obligation
Improvement Bonds, Series 1984, in the amount of ONE HUNDRED TWENTY THREE
THOUSAND EIGHT HUNDRED SEVENTY FIVE AND 95/100 ($123,875.95) to be dated
November 1, 1984, in denominations of Five Thousand Dollars ($5,000.00) or
integral multiples thereof, except the first maturity, to bear interest payable
on May 1 and November 1 of each year and to mature serially on the first day
of November of each year as follows:
Date Amount Date Amount
1985 $ 8,875.95 1990 $ 15,000.00
1986 10,000.00 1991 15,000.00
1987 10,000.00 1992 15,000.00
1988 10,000.00 1993 15,000.00
1989 10,000.00 1994 1.5,000.00
Section 2. SECURITY. The City has pre-assessed benefited properties
for the costs of local improvements, and has received applications to pay
assessments in installments in an amount at least equal to the principal amount
of the bonds. All installment assessment payments shall be placed in the
Bancroft Bond Redemption Fund and applied to the payment of .principal and
interest on the bonds. 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, and the City shall levy annually, as provided by law,
a direct ad valorem tax upon all of the taxable property within the City in
an amount sufficient, with other available funds, to pay interest on and the
principal of the bonds as they become due and payable. The City covenants
with the owners 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 3. FORM OF REGISTERED BOND. The bonds shall be in
substantially the following form: ~ `~~~
Page 1 - COUNCIL BILL N0. 832
ORDINANCE N0. 1898
No. R-
UNITED STATES OF AMERICA
STATE OF OREGON
CITY OF WOODBURN
COUNTY OF MARION
GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 1984
$
DATED INTEREST % PER ANNUM MATURITY DATE CUSIP
THE CITY OF WOODBURN, County of Marion, State of Oregon (the "City"),
for value received, acknowledges itself indebted and hereby promises to pay to
the Registered Holder, or registered assigns, the principal sum of
Dollars ($ ) on the maturity date, together with interest thereonWfrom
the date hereof at the rate per annum indicated above. Interest is payable
semiannually on the first day of May and on the first day of November in each
year until maturity or prior redemption, commencing May 1, 1985. Interest
upon this bond is payable through the First Interstate Bank of Oregon, Port~a~d, Oregon
the City's paying agent and registrar (the "Registrar") by check or draft,;
checks or drafts will be mailed to the name and address of the registered owner
as it appears on the bond register as of the close of business on the last day
of the month next preceding 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 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 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 of Woodburn, 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 limits prescribed by
such Constitution, statutes and Charter; and that the City Council has covenanted
to levy annually a direct ad valorem tax upon all taxable property within the
City in an amount sufficient, with other available funds, to pay the interest
on and the principal of the bonds fo such issue as they become due and
payable®
IN WITNESS WHEREOF, the City Council of the City of Loodburn,
County of Marion, Oregon, has caused this-bond to be signed by facsimile
signature of its Mayor and attested by the facsimile signature of the City
Recorder, and has caused its seal to be affixed hereto or printed hereon
as of this first day of November 1984.
(may' o r - .._ ____
City of Woodburn, Oregon
ATTEST:
City Recorder
City of Woodburn, Oregon
Page 2 - COUNCIL BILL N0. 832
ORDINANCE N0.1898
THIS BOND SHALL NOT BE VALID OR BECOME OBLIGATORY UNTIL THE CERTIFICATE OF
AUTHENTICATION HEREON SHALL HAVE BEEN SIGNED BY THE BOND REGISTRAR.
CERTIFICATE OF AUTHENTICATION
This is one of the City of Woodburn, Oregon, General Obligation Improvement
Bonds, Series 1984, issued pursuant to the Bond Ordinance described herein.
DATED
FIRST INTERSTATE BANK OF OREGON, as Registrar
by
Authorized Officer
Note to Printer: The following language shall be printed on the reverse
of the bond:
This bond is one of the General Obligation Improvement Bonds, Series
1984, of the City, and is issued by the City to finance local improvements
pursuant to Ordinance No. 1898 ,adopted by the City Couneil on September 24
1984, and Oregon Revised Statutes 223..205 to 223.295, 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 Bonds of this issue maturing after November 1, 1989, and on any
interest payment date thereafter, are redeemable at the option of the .City
at par, together with accrued interest to the date fixed for redemption.
The Bonds are redeemable in whole, or in part in integral multiples of ,
$5,000.00 in inverse order by lot within a maturity. Notice of redemption
shall be published as provided by law and shall be given by registered or
certified mail not less than thirty (30) days prior to the date fixed for
redemption to the registered owner of each Bond to be redeemed at the address
shown on the registration books of the City. Bonds are redeemable at the:
office of the Paying Agent.
The Bond is transferable by the registered owner hereof in person
or by the owner's attorney duly authorized in writing at the principal office
of the Bond Registrar, First Interstate Bank, of Oregon, Portland, Oregon, but only in
the manner and subject to the limitations provided in the authoriz ing ordinance,
and upon surrender and cancellation of this Bond. Upon such transfer, anew
Bond or Bonds of authorized denominations of the same maturity and for the
same aggregate principal amount will be issued to the transferee.
The Bonds are issuable in the form of registered Bonds without
coupons in the denominations of $5,000.00 or any integral multiple thereof.,
This Bond may be exchanged at the principal office of the Bond Registrar
for a like aggregate principal amount of Bonds of the same maturity of
other authorized denominations.
The City and the Bond Registrar may deem and treat the registered
owner hereof as the absolute owner hereof for the purpose of receiving
payment of the principal hereof, and interest due hereon and for all other
purposes and neither the City nor the Band Registrar shall be affeeted by
any notice to the contrary.
Page 3 - COUNCIL BILL N0. 832
ORDINANCE N0. 1898
INSERT LEGAL OPINION HERE
The following 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
UNIF GIFT MIN ACT - __ Custodian
Cust ~ ~ ~ Minor
under Uniform Gifts to Minors
Act
tate
Additional abbreviations may also be used though not set forth above.
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
Please insert social security or other
identifying number of assignee
~~~Name and Address of Assignee ~~ _ ~~~
the within Bond andTdoes hereby irrevocably constitute and appoint ~~T ~~
as attorney
to transfer the within bond on the books kept for registration thereof, w~lyl full
power of substitution in the premises.
Dated
NOTE: The signature(s) on this assignment must correspond with the name(s) as
written on the face of the within registered bond in every particular without
alteration or enlargement or any change whatsoever.
Page 4 - COUNCIL BILL N0. 832
ORDINANCE N0. 1898
Signature Guaranteed
Bank, Trust Company, or Firm
Authorized Officer .___
Section 4. The Bonds shall be serial negotiable general obligation
improvement Bonds of the City of Woodburn and shall bear interest at a net
effective rate not to exceed twelve percent (12%) per annum, payable semi-annually.
The Bonds shall be payable in any coin or currency which at the time of payment
is legal tender for the payment of public and private debts within the United
States of America.
Section 5. The Bonds shall be entitled "City of Woodburn, Oregon,
General Obligation Improvement Bonds, Series 1984" and shall bear the facsimile
signature of the Mayor of the City and the facsimile signature of the City
Recorder. In addition, the City Council does hereby request and authorize the
Bond Registrar to execute the Certificate of Authentication as of the date of
delivery of the Bonds.
Section 6. The principal of the Bonds shall be payable upon delivery
of the Bonds at maturity or upon redemption at the office of First Interstate
Bank of Oregon, Portland, Oregon. .Payment of each installment of interest due
on May 1 and November 1 of each year shall be made by check or draft of the
Paying Agent mailed to the registered owner thereof whose name and address
appears on the registration books of the City maintained by the Paying Agent.
Section 7. The Bonds maturing after November 1, 1989, shall be
subject to call and redemption, at the option of the City, on November 1, 1989,
and on any interest payment date thereafter at par value together with accrued
interest to the date of redemption. The Bonds shall be subject to call and
redemption in whole, or in part in integral multiples of .$5,000.00 in inverse
order of maturity and by lot within a maturity. Notice of redemption shall be
provided by law and shall be given by registered or certified mail not less
than thirty (30) days prior to the date fixed for redemption to the registered
owner of each bond to be redeemed at the address shown on the registration
books of the City. The Bonds are redeemable at the office of the Paying Agent.
Section 8. The City Council does appoint and designate the First
Interstate Bank of Oregon, Portland, Oregon, as the Paying Agent and Registrar
of the Bonds. The City Administrator is authorized to negotiate and execute
on behalf of the City a Paying Agent and Registrar Agreement, as approved
as to form by the City Attorney. The Agreement shall provide for compliance
with Oregon Administrative Rule 170-61-010.
Section 9. The Bonds are transferable, or subject to exchange,
for fully registered Bonds in the denomination of $5,000.00, or integral
multiples thereof, by the registered owner thereof in person, or by the
owner's attorney, duly authorized in writing, at the office of the Bond
Registrar.
Page 5 - COUNCIL BILL N0. 832
ORDINANCE N0. 1898
The Paying Agent shall maintain a record of the names and addresses of the
registered owners of the Bonds. The records of .registered bond ownership
are not public records within the meaning of Oregon Revised Statutes 192.410(4).
All bonds issued upon transfer, or in exchange for Bonds, shall be valid
general obligations of the City of Woodburn, evidencing the same debt and
entitled to the same benefits as the Bonds surrendered fo.r such exchange or
transfer. All fees, expenses, and charges of the Paying Agent and of the
Bond Registrar sha11 be payable by the City,. The Bond Registrar shall not
be required to transfer or exchange any Bond called or being called for
redemption.
Section 10. The City Administrator is authorized to contract for the
printing of the Bonds. The City Administrator may provide for the printing
of, in addition to the original issue of Bonds, additional bonds to be printed
in blank form as to registration and to be designated by appropriate number
for the Bond Registrar for delivery to the registered owner upon transfer or
exchange of Bonds. The additional bonds sha11 be dated as of November 1, 1984,
shall be signed by the facsimile signature of the present Mayor of the City and by
the facsimile signature of the present City Recorder, and the Bond
Registrar shall manually sign the Certificate of Authentication as of the
date of the transfer of the Bonds.
Section 11. The City Administrator shall cause to be published in
the Woodburn Independent, Woodburn, Oregon, 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 City Administrator establishes a different date,
time, or place.
Section 12. Emergency Clause. This ordinance being necessary for
the immediate preservation of the public peace, health and safety, an
emergency is declared to exist and this ordinance shall take effect
immediately upon passage by the Council and approval by the Mayor.
Approved a s to Form :~_~__.__ _____ _______ ~ ~~ __~ _~..
City Attorney Date
r ~
~/
APPROVED: ~~G~~er,~~. ~°-
~~~F
,ln~-I`TLLIAM J. COST ~, Mayor
Passed by the Council
Submitted to the Mayor
Approved by the Mayor
Filed in the Office of the Recorder
- --Sep.~ember 24~.._1~8.~
September 25, 1,984
September 25, 1984
September 25, 1984
'' ~'
ATTEST f~~,, ~`~ ,~'~s
AR~O t~URRIS, Recorder
City of Woodburn, Oregon
Page 6 - COUNCIL BILL N0. 832 ORDINANCE N0. 1898
"EXHIBIT A"
OFFICIAL NOTICE OF BOND SALE
$123,875.95
CITY OF WOODBURN
COUNTY OF MARION
STATE OF OREGON
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1984
Notice is hereby given that sealed bids will be received by the City
Recorder on behalf of the City of Woodburn, Marion County, Oregon, until
10:00 o'clock a.m. (Pacific Daylight Time) on October 17, 1984, at the
offices of Ragen, Roberts, O'Scannlain, Robertson & Neill, Bond Counsel,
1600 Orbanco Building, 1001 S.W. Fifth Avenue, Portland, Oregon, 97024,
at which time they will be publicly opened and announced.
The bids will be considered and acted upon by the City Council of the
City of Woodburn at a special meeting to be held on October 17, 1984,
commencing at 12:30 p.m. (Pacific Daylight Time).
ISSUE: ONE HUNDRED TWENTY THREE THOUSAND, EIGHT HUNDRED SEVENTY FIVE
AND 95/100 DOLLARS ($123,875.95) consisting of registered bonds in
denomination of five thousand dollars ($5,000.00) or integral multiples
thereof, except for Bond No. 1, all dated November 1, 1984.
INTEREST RATE: Maximum not to exceed a net effective rate of
twelve percent 12%) per annum. Interest is payable semiannually on
May 1 and November 1 of each year, commencing on May 1, 1985. Bidders
must specify the interest rate or rates which the bonds hereby offered
for sale shall bear. The bids shall comply with the following conditions:
(1) Each interest rate specified in any bid must be a multiple of 1/8th
or 1/10th 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; and
(5) The difference between the highest and lowest interest rate shall not
exceed three percent (3%).
MATURITIES: The bonds shall mature serially in numerical order,
on November 1 of each year, as follows:
AMOUNT DATE AMOUNT DATE
$ 8,875.95 1985 $15,000.00 1990
$10,000.00 1986 $15,000.00 1991
$10,000.00 1987 $15,000.00 1992
$10,000.00 1988 $15,000.00 1993
$10,000.00 1989 $15,000.00 1994
REGISTRATION: The bonds will be issued in fully registered form,
and may be exchanged at the expense of issuer for similar bonds of
different authorized denominations. Bonds may not be converted to bearer
form.
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REDEMPTION: The City reserves the right to redeem any or all of the
bonds then outstanding in inverse order of maturity and by lot within a
maturity on November 1, 1989, or any interest payment date thereafter,
at par, plus accrued interest. Notice of redemption shall be given by
publication as required by law and by mailing notice thereof to the registered
owners not less than thirty (30) days prior to the redemption date. Interest
on any bond or bonds so called for redemption shall cease on the redemption
date designated in the notice.
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 the First Interstate
Bank of Oregon, Portland, Oregon.
PURPOSE: The Bonds are authorized pursuant to the provisions of the
Bancroft Bonding Act, Oregon Revised Statutes, Sections 223.205 to 223.295,
and acts amendatory thereof and supplementary thereto, providing for the
issuance of bonds for local improvements and the bonds are issued for the
payment of the costs of such local improvements.
SECURITY: The City has pre-assessed the cost of public improvements
to benefited properties and all monies collected therefrom shall be placed
in the Bancroft Bond Redemption Fund and applied to the payment of principal
and interest on those bonds. The bonds are also 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, Bond Counsel, 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 the 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 laws.
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.. Payment for the bonds must. be made in
federal funds. Delivery will be made on or before November 5, 1984.
Delivery may be made in the form of a single typewritten temporary bond
which will be exchanged for definitive printed bonds on or before
November 15, 1984.
-2-
FORM OF BID: 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 Two Thousand Four Hundred Seventy Seven and 52/100 Dollars ($2,477.52),
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 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.
RIGWTS 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
the undersigned at Woodburn City Hall, 270 Montgomery Street, Woodburn,
Oregon, 97071.
CUSIP: CUSIP numbers will be imprinted upon all bonds of this issue
at the City's expense. An improperly imprinted number 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.
FURTHER INFORMATION: Additional information regarding the City and
this sale may be obtained from the undersigned, telephone (503) 982-5210.
~ T,
BARNEY 0~: BURRIS, Recorder
City of Woodburn, Oregon
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