Ord 1791COUNCIL DILL i~0. 689
ORDINANCE N0. 1791
AN ORDINAP~CE RELATING TO THE ISSUANCE APJD SALE OF i 982 BA~NCROFT IPiPROVE~IENT
BONDS OF THE CITY OF ~~OODBURN, OREGON, AND DECLARING AN EMERGENCY.
bti~HEREAS, the Common Council of the City of b}~oodburn has heretofore
proceeded with the construction of local improvements in said City in accordance
with the following designated ordinances with a principal balance remaining
unpaid upon such ordinances as hereinafter shown;
Ordinance f,~o.
1707
1711
lll2
1713
1714
1715
Description
Cleveland Street Sewer
'~~est Church Street Improvement
'Test Lincoln Street Improvement
Leasure Street Improvement - I
Leasure Street Improvement - II
Hali Street Improvement
and as duly assE~ssed the costs of said improvements tc the properties benefited
thereby or liable therefor, according to the provisions of the Charter and
ordinances of said City; and
WHEREAS, the owners of the properties assessed for said improvements
in the amount of $25.00 or rwore have heretofore filed their assessments in
installments, in a total amount of ~i23~,8v5.00, each i~f which application
provides that the applicant and property owner waived all irregularities or
defects, jurisdictional or otherwise, i n the proceedings for the improver~ent
for which the assessment was levied, and in the apportionment of the cost
thereof; and
WH~REA5, each such application contained a provision that the applicant
and property owner would pay the assessment in 20 ea~ual semi-annual installments
with interest at seven percent ~7%} per annum on the portion of the assessment
which has not been paid; and
WHEREAS, each application so filed contained a statement by lots or
blocks or other convenient description of the property of the applicant assessed
for said improveme~~t; and
Pagc 1 ~- CvC'~CIL BILL N0. X89, ORDINANCE ~°~C. 1791
WHEREAS, in no application received as aforesaid did the amount
of such assessment, plus any previous assessment for improvements levied
against the same property and remaining unpaid, equal or exceed double the
assessed valuation of the property as shown by the last tax roll for ~~~~arion
County, Oregon, in which the property is situated; and
I~HEREAS, the City Recorder of said City has kept all such applications
above described separate and in convenient form for examination in the ~~anner
provided by law and has also entered in a book kept for that purpose under
separate heads for each improvement, the date of the filing of each application,
the name of the applicant, the description of the property and the amount of
the assessment, as shown in the application; and
~~HEREAS, after the expiration of the time for filing applications
for the payment of assessments for improvements, the City Recorder of said
City has entered in the bond lien docket kept for that purpose under separate
heads for each improvement, by name or number, a description of each lot
or parcel of land or other property against which the assessment is made or
which bears or is chargeable for the cost of improvement, with the name of
the applicant and property owner and the amount of the unpaid assessment; and
WHEREAS, between the time of the execution of the various applications
for bonding assessments totaling `~23~,305.00 and the lst day of September, 1982,
there has been paid by installments the total of $f2,983.00 leaving
$171,822.C0 principal assessments remaining to be paid by installments under
the terms of the various applications; and
WHEREAS, each and every act and thing required to be done by the
laws of the State of Oregon and the Charter of the City of Woodburn precedent
to the issuance of the bonds hereinafter mentioned has been regularly done
and performed in the manner and at the time required by law; now, therefore,
Page 2 - COi~fVCIL SILL NC. X89
OPD I NP-f~C E N0. 1191
THE P~-~4'L~ Or TI~~ CITY vi~ '~~OOO~i~R,i~ 00 C~~;0~1~~" o
Section 1. (a) That the City of ~~~oadb;~rn issue 34 bons in the
denor~~i nati on of $S,OCw. OO each and one bond i n t-~e amount of ~~l ,8%c . 0~, al 1 i n
thre name of and under the corporate seal of said~City, anu in all ec;ual to the
sum of $171,822.; 0, the total amount rer~ai ni ng to be paid, as of ~~R~e 24th day
of august, 1882, on unpaid assessments for the improvements hereinabove described
and for which applications to pay in install~~~ents under the provisions of the
law have been duly filed, as shown by the bond lien doc'<et of said CityQ that
the bond in the amount of X1,822.00 be numbered "1" anal that the bands in the
denomination of X5,000.00 each be numbered "2" through "35"; that said bonds
be executed by the ~~layor, attested by the City Pecorder of the City of I~oodburn,
and authenticated by the corp~~rate seal of the City of ~~~oodburn attached,
manually or printed, thereto; and that said pcnds be issued bearing the date
of October 1, 1982, and mature serially as follows:
$11,~~~2 . v0 on October 1, 1983
X15,000.00 on October 1, 1984
$15,000.00 on October 1, 1985
X15,000.00 on October 1, 1985
X15,000.00 on October 1, 1987
X20,000.00 on October 1, 1~U8
~20,0OO.Ou on October 1, 1989
~20,000.OC' on October 1, 1990
`20,000.00 on October 1, 1991
X20,000.00 on October 1, 1Q92
(b) That, in respect to maturity of said bonds, it is provided that
the City of ~~oodburn may, on or of~er seven years from the.date of issue of the
bonds, or any interest paying date thereafter, redeem ac~y ar all of the tE~en
outstanding bonds, in inverse numberical order, open notice and other proceedings
as provided by ORS 223.240 and ORS 223.250, that the C,it,~,l will redeem and pay
said bond or bonds, stating. the number of t'~e bond or aonds that it will redeem
and the i nterest ~ayi na date at ~~~hi c~ suc'~ redemption and payr~ent wi 11 be made.
(;.) That sai d bonds be payable i n 1 egal tender of the ~!"r~i ted States
of America and bear interest at the rate designated in the bid accepted but not
to e~;ceed a net effective rate of i nterest of t~~i rt4en percent (13%) payabl e
se~~1-annually o~~~ t'~e first day of April a~,~ October of .each year, and that
Page 3- CC ~C i L b l a L i~0 . v~9
~~ rf ~ ~~~A~~C ~ ^~0. 17 S 1
interest coupons be attached to the bonds calling far the payment of interest
on said dates, which coupons shall ~~ave the signature of the Mayor and the
City Recorder of the City of Woodburn lithographed or printed thereon.
~d) That the principal and interest of the bonds shall be payable
at the office of the Treasurer of the City of Woodburn, Marion County, Oregon;
that said bonds shall be known as the 1982 Bancroft Improvement Bonds, and that
prior to delivery said bands shall be countersigned by the City Treasurer and
registered consecutively by number and denomination in the book to be keat ay
the City treasurer to be known and designated as the 1982 Bancroft Improvement
Bond Register.
Section 2. That the bonds hereby authorized and the coupons attached
thereto shall be in substantially t~~e following form, except that the bond
numbered one ~l} shall be in the principal sum of $1,822.00, and that the
interest coupons annexed thereto shall be in the proportionate ar~ounts:
No. 2
U~!ITED STATES OF AMERICA
STATE OF OREOOPI, CO~IPJTY OF ~(ARIOP~
1982 BAiJCROFT IMPROVEMENT BO~~~DS
CITY OF WOODBURN, OREuO~d
X5,000.00
KNOW ALL MEN BY TI~ESE PRESENTS that the City of U~oodburn, a municipal
corporation, in the County of N"Earion, State of Oregon, for value received
hereby agrees and promises to pay the bearer the sum of
--~-----FIVETNOIiSANDDOLLARS-----------
i n 1 awful r~~oncy of the ilni ted States of America on the presentation
and surrentder of this obligation on the ist day of October, 19 ,
with interest thereon at the rate of percent per annum, ;payable
sei~~i -annual 1 y i n 1 i ke 1 awful r~oney on the first day of Apri 1 and October
of each year upon presentation and surrender of the proper coupons hereunto
annexed; both principal and interest payable at the office of the City
Treasurer of the City of ~Foodburn, Gregon.
Page 4 - COUfvCIL EIS i. ~d0. Cs9
Any ar all bonds of the issue of which this is a part maturing
after October 1, 1989 are subject to call and redemption in inverse
numerical order at par value and accrued interest on October 1, 1989,
or on any interest paying date thereafter upon notice given at least
thirty days prior to the redemption date th~~rein specified by publication
of such notice in one issue of a newspaper published and generally
circulated within the boundaries of the City of G~oodburn, Oregon, or
if there is no such newspaper, then in a newspaper having a general
circulation in the said City.
Thi s bond, one of a serf es of bonds i n the total sum of ONE H~u~vDRED
SE.vEPJTY OPJE THOI~SAI~D, EIGHT Hl1NDRED 1~WENTY T~~~0 r~~ND NO/100---------------
DOLLARS ($171,822.00), as authorized by the Charter and ordinances of
the City of Woodburn and under and 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, is issued for the
payment of the cast of such local improvements and is a general
obligation of the City of Woodburn for which assessments will be levied
uaon properties specifically benefited to offset the costs and pay for
said bonds. That in addition thereto, due provisions have been r~~ade
for the levying, assessment and collection of a direct annual ad valorem
tax an all of the taxable property of said City in addition to all other
taxes, sufficient to create a fund to pay the interest accruing to this
bond when and as the same becomes due and to establish a sinking fund
with which to discharge t~~e principal thereof at maturity.
It is hereby certified, recited and warranted that the City of
Woodburn is a municipal corporation, duly organized, existing and
operated as a city under and by virtue of the laws of the State of
OregorE. It is furt~~er certified, recited and warranted that all things,
Page 5 - COi~NCIL BILL No. X89
ORDINANCE iJO. 191
acts and conditions required by the Constitution and laws of the
State of Oregon and the Charter and ordinances of the City of Woodburn
precedent to an issue of this bond in order to constitute t~~e sane the
valid and binding obligation of said City have been done and performed
in regular and due form and time9 that the total indebtedness of said
City, including this band, does not exceed any constitutional, statutory
or charter limitation.
Far the fulfillment of the conditions of this obligation, the
full faith and credit of the City of Woodburn are hereby irrevocably
pledged.
IN WITNESS WHEREOF this bond has been signed by the Mayor and
attested by the Recorder of the City of Woodburn and the corporate seal
of said City hereto affixed this day of 19
Mayor
ATTEST:
City Recorder
That the interest coupons to be annexed to said bonds s~~all be
substantially in the following farm, to wit:
CCLPON
No.
CITY OF WOODBDRN, STATE OF OREGON
will pay to tl~e bearer on the day of 19 ,
in legal tender of the ilnited States of America at the office of the
City Treasurer of the City of Woodburn, Oregon,
DOLLARS
being six months' interest on 1982 BancroftIr~provement Bond No.
being dated
Page C - COI~NCIL BILL iVO. 689
ORDINANCE NC, 1791
19
Mayor
ATTEST:
City Recorder
and all coupons maturing after October 1, 1989 shall bear also the
following phrase, "unless sooner redeemed as therein provided."
Section 3. ~a) That the full faith credit of the City of ~f~oodburn
is hereby pledged to each successive holder of each of said bonds for the
punctual payment of the principal and interest thereof when and as the same
shall become due, and the City of Woodburn, P~1arion County, Oregon, hereby
covenants and agrees with each successive holder of each of said bonds and
coupons, that the Common Council of said City shall ascertain and levy
annually a tax sufficient to pay the interest accruing an said bonds as the
same becomes due and that the Common Council shall levy, in addition to the
tax required to pay for such interest, an ariount sufficient to pay the annual
installments of principal on such bonds, all less the amount estimated to be
received in payments of principal and interest on installments of assessments
involved herein, and from receipts from sales and rentals from property acquired
by theCity of 4~'oodburn pursuant to such assessments, during the year for which
the levy is made, in the manner provided by law.
(b) That the Treasurer of the City of `u~oodburn is hereby directed
to keep such funds, received from the collection of assessment installments
and ,interest, apart from other funds of the City and to place to the credit
of a fund k~ereby created and to be known and designated as the 19$2 Bancrof t
Improvement Bond Redemption Eund, all payments of assessment installments
hereunder, and all payments of interest on the unpaid balances of such
assessments.
Page 7 - COJP!CIL BILL CVO. 68a
OP,~I~zANCE N0. 1791
Section 4. That the Recorder shall cause to be published in the
~Joodburn Independent, a newspaper of general circulation, printed and published
in Woodburn, Oregon, on September 15, 1982, and on September 22, 1982, and
published in the Daily Journal of Commerce, a business and financial newspaper
published in Portland, Oregon, on September 15, 1982, notices of proposed
sale of the bonds, as provided by law, in the form substantially as shown
on Exhibit A, attached hereto and by reference incorporated herein, specifying
that sealed bids will be received by the Recorder at the Offices of Ragen,
Roberts, O'Scannlain, Robertson, & Neill, Eond Counsel, 1600 Orbanco building,
1001 S.W. Fifth Avenue, Portland, Oregon, 97204, up to and including tie
hour of 11:00 o'clock a.m. Pacific Daylight Time, on the 30th day of September,
1982, and that immediately thereafter bids received will be publicly opened
by the City Recorder and evaluated and referred to the Common Council for
the sale of the bonds, at not less than the par value thereof and accrued
interest thereon, at an interest rate or rates in multiples of one-eighth
of one percent or one-tenth of one percent, not exceeding a neaeffective rate
of ahirteen percent, per annum, payable semi-annually on April 1 and October 1,
that the bids shall be accompanied by a cashier's check or certified check,
or or upon a bank doing business in the State of Oregon, in the sum of
X3,500.00 (not less than 2% of the par value of the bonds to be forfeited
to the City in case the bidder fails to complete his purchase in accordance
with the terms of his bid; that bids must be unconditional except as to
qualification o~~ approval of validity of the bond issue by bond attorneys;
that bids must sd ~c~~, the tctal cost of the bond issue to the City, including
interest, less premium offered, if any, provided the bid be accepted and no
callable bonds of the issue are redeemed prior to the maturity dates thereofy
that the bonds ~~ril1 be sold to tie bidder whose bid will result in the
lowest net interest cost to the Cityj and that the City Council reserves
the right to reject a y or all bids.
Page 8 - COUNCIL ~I~.E ~0, 589
CRDINA~!CE h~, 1791
Section 5. 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 as to form: +, ~ ~ - ~ ~ ~ ~ ~,~.-
~~,~y A r ey ~ ~ ~~
r ~ ~ ;.
~~~~
L.
Passed by the Council
Submitted to the Mayor
Approved by the Mayor
Filed in the Office of the Recorder
,;~,; .~
ATTEST~~'f~~
AR~~EY G. U R ,Recorder
City of Woodburn, Oregon
Sept 9, 1982
Date
APPROVED ~:% ~` 1~- ~~ ~.....,f
E. WALTER L W N, Mayor
September 13, 1x82
September 1~, 1982
September 14, 1882
September 14, 1982
Page 9 - COUNCIL 8I LL i~d0. 689
ORDINANCE N0. 1791
Ex!-~IBIT `~~,"
OFFICIAL NOTICE OF BOND SALE
$171,822
CITY OF WOODBURN
COUNTY OF f~ARION
STATE OF OREGON
1982 BANCROFT IMPROVEMENT BONDS
f~otice is hereby given that sealed bids will be received by the City
Recorder on behal f of the City of 6~Joodburn, ~~ari on County, Oregon, anti 1
11 o'clock a.m. Pacific Daylight Time, on September 30, 1982, at the offices
of Ragen, Roberts, O'Scannlain, Robertson ~ Neill, E~ond Counsel, 1600 Orbanco
Quilling, 1001 S.W. Fifth Avenue, Portland, Oregon, 97204, at which tine they
will be publicly opened and announced.
The bids shall be considered and acted upon by the City Council of t"e
City of Woodburn at a special meeting to be held on September 3v, 1982,
commencing at 12:30 p.m. Pacific Daylight Time.
ISSUE: ONE HU~dDRED SEVENTY ONE THOUSAND, EIGHT HUNDRED TWENTY TWO
AND NO/100 DOLLARS ($171,822.00) consisting of 34 coupon bor-ds in
denominations of FIVE THOI~SAND AND NO/100 ($5,000.00} and one coupon
bond in the denomination of ONE THOUSAND, EIGHT HUNDRED TWEi~TY TWO
AND NO/100 DOLLARS ($1,822.00), all dated October 1, 1982.
INTEREST RATE: fu3aximum not to exceed a net effective rate of thirteen
percent (13%) per annum, the first interest payment due on April 1, 1983
and semi-annually thereafter on Gctober 1 and April 1 of each year.
Bidders must specif~~ 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 in multiples
of 1/8th or 1/10th of one percent (1%}; (2) iVo bond shall bear more than
one rate of interest, no interest payment shall be evidenced by more than
one coupon, and supplemental coupons will not be permitted; (3) Each bond
shall bear interest from its date to its stated maturity date at the
interest rate specified in the bids; (4) all bonds maturing at any one
time steal 1 bear the sar~~e rate of i nterest; and (5 } no interest rate bi l
shall exceed seventeen percent (17%x).
MATURITIES: The bonds shall mature serially in numerical order,
on October 1 of each year, rrs follows:
Ai~OUNT DATE AMOUNT DATE
$11,822.00 1983 $20,000.00 1988
$15,000.00 1984 $20,000.00 1989
$15,000.00 1985 $20,000.00 1990
$15,000.00 1986 $20,000.00 1991
$15,OOO.C0 1987 $20,000.00 1992
RE~I~iRATIOI~`: The bonds wi11 be issued in bearer form with an option
for registration.
~~~;~.;~I~. ~.ILt ,`~.~. X89
o ~ ~ 1791
REDEMPTION: The City reserves the right to redeem any or all of the
bonds then outstanding in inverse ~numer~ical~ Order on any interest payment
date on and after October 1, 1989, at par plus accrued interest to the
date of redemption. Notice of any such intended redemption shall be given
as required by law. Interest on any band or bands so called far redemption
shall cease on such redemption date unless the same are not redeemed upon
presentation made pursuant to such call.
PAY~~~IENT: Principal and interest are payable, either at maturity or
upon earlier redemption, in lawful money of the United States at the
office of the City Treasurer, City of Woodburn, 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 bands are issued for
the payment of the casts of such local improvements.
LEGAL OPINION: The apprOVing opinion of Ragen, Roberts, O'Scannlain,
Robertson, & f~eill, 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 coupon rate ar rates specified in the bid assuming
no bonds are called prior to maturity, less premium offered, if any.
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
bands will be borne by the City.
DELIVEP,Y: 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 ramp. Payment far the bonds must be made in
federal funds. Delivery will be made within thirty (30) days.
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 X100%) of the
par value thereof and accrued interest to the date of delivery. Each
bid, together with ~aidder's check as herein specified, must be enclosed
in a sealed envelope addresse:l 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 THREE
THOUSAND, FIVE HUNDRED AND PJO/100 DOLLARS ($3,500.00) 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 terns of its bid. In addition, bidders
are requested to supply the total interest costs and net effective interest
C'l'~~CIL BILL NO. 589
~'~'DINANCE ~~0. 1791
rate, based upon the aggregate interest costs, if its bid be accepted,
that the City would pay upon the issue if the bid is accepted. Such
information shall be considered as information only. Checks will be
forfeited to the City as liquidated damages in case the bidder to whom
the bonds are awarded shall withdraw its bid or fail 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 Grill be
retained as part payment of the bonds or for liquidated damages as
described above. Chec!<s of the unsuccessful bidders will be returned
by the City pror~ptly after award of bid.
RIGHT OF REJECTION: The City, by its Council, reserves the right to
reject any or all bids.
OFFICIAL STATEMENT: The City has prepared an official statement relating
to the bonds, a copy of which will be furnished upon request to the under-
signed at Woodburn City Hall, 270 Montgomery Street, ~~oodburn, Oregon,
97071, telephone (503} 981-7111.
CUSIP; CUSIP numbers will be imprinted upon all bonds of this issue
at the purchaser's request and expense. An improperly imprinted number
will not constitute basis for the purchaser to refuse to accept delivery.
!VO 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 bands.
-~
B RI~EY 0 BURR S, Recorde r
City of Woodburn, Oregon
,rr~; U,'!' I R A ~~~ ~~~
~~~'~:,,~~. SILL ~v0•
~;?'~I~~~,f~i;E ,u0. 1791
I, BARNBY 0. BURRIS, Recorder of the City of V~~oodburn,
Oregon, do hereby certify that I caused to be posted
three copies of Ordinance No. 1791, one of which said
copies posted in City Nall on the bulletin board adjacent
to the entrance to the Recorder's Office, in full view
of the traveling public, a second one of said copies
posted on the ~~oodburn Public Library bulletin board
at 28G Garfield Street, in full view of the traveling
public; a third one of said copies posted on the Woodburn
Community Center bulletin board at 491 ~~. Third Street,
in full view of the traveling public; that all of
said places are public places within the corporate
limits of the City of '~~oodburn anc all of said copies
were posted on the 16th day of September 1982.
;% ~_..
c > .-~ -~C.-~
Barney ur is, Recorder
City of U~oodburn, Oregon