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Ord 1640COUNCIL BILL NO. 475 ORDINANCE N0. 1640 AN ORDINANCE RELATING TO THE ISSUANCE AND SALE OF 1978 BANCROFT IMPROVEMENT BONDS OF THE CITY OF WOODBURN, OREGON; AND DECLARING AN EMERGENCY. WHEREAS, the Common Council of the City of Woodburn 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 A1n _ Description 1419 Stark Street Improvement. 1455 Wilson and Hawley Street Improvement. 1506 Lincoln Street Improvement. 1508 Lincoln Street Water System Improvement. 1537 West Lincoln Street Sewer Improvement. 1539 Highway 214 and Astor Way Water System Improvement. 1570 Mt. Hood Avenue Water Line Improvement. 1571' Mt. Hood Avenue Sewer System Improve- ment. 1572 Pacific Highway 99E Water Line Improve- ment. and has duly assessed the costs of said improvements to 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 or more have heretofore filed with the City Recorder of said City written applications to pay their assessments in installments, in a total amount of $304,461.81 each of which application provides that the applicant and property owner waived all irregularities or defects, jurisdictional or otherwise, in the proceedings for the improvement for which the Page 1 - COUNCIL BILL NO. 475 ORDINANCE N0. 1640 assessment was levied, and in the apportionment of the cost thereof; and WHEREAS, each such application contained a provision that the applicant and property owner would pay the assessment in 20 equal semi-annual installments with interest at seven percent (70} per annum on the portion of the assessment ~ahich 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 improvement; and WHEREAS, in no application received as aforesaid did the amount of such assessment, plus any previous assessment for improve- ments 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 Marion County, Oregon, in which the property is situated; and WHEREAS, the City Recorder of said City has kept all such applications above described separate and in convenient form for examination in the manner 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 WHEREAS, 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, Page 2 - COUNCIL BILL N0. 4.75 ORDINANCE N0. 160 by name or number, a description of each lot ox 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 assess- ment; and WHEREAS, between the time of the execution of the various applications for bonding assessments totaling $304,461.81 and the 4th day of August, 1978, there has been paid by installments the total of $20,766.81 leaving $283,695.00 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 herein- after mentioned has been regularly done and performed in the manner and at the time required by law; now therefore, THE PEOPLE OF THE CITY OF WOODBURN DO ORDAIN: Section 1. (a) That the City of Woodburn issue 56 bonds in the denomination of $5,000 each and one bond in the amount of $3,695.00, all in the name of and under the corporate seal of said City, and in all equal to the sum of $283,695.00, the total amount remaining to be paid, as of the 4th day of August, 1978, on unpaid assessments for the improvements hereinabove described and for which applications to pay in installments under the provisions of the law have been duly filed, as shown by the bond lien docket of said City; that the bond in the amount of $3,695.00 be numbered "1" and that the bonds in the denomination of $5,000 each be Page 3 - COUNCIL BILL N0. 475 ORDINANCE N0. 1640 i numbered "2" through "57"; that said bonds be executed by the Mayor, attested by the City Recorder of the City of Woodburn, and authenticated by the corporate seal of the City of Woodburn attached, manually or printed, thereto; and that said bonds be issued bearing the date of October 1, 1978, and mature serially as follows: $23,695.00 on October 1, 1979 $25,000.00 on October 1, 1980 $25,000.00 on October 1, 1981 $25,000.00 on October 1, 1982 $25,000.00 on October 1, 1983 $30,000.00 on October 1, 1984 $30,000.00 on October 1, 1985 $30,000.00 on October 1, 1986 $35,000.00 on October 1, 1987 $35,000.00 on October 1, 1988 (b) That, in respect to maturity of said bonds, it is provided that the City of Woodburn may, on or after five years from the issue date of the bonds, or any interest paying date thereafter, redeem any or all of the then outstanding bonds, in inverse numerical order, upon notice and other proceedings as provided by ORS 223.240 and ORS 223.250, that the City will redeem and pay said bond or bonds, stating the number of the bond or bonds that it will redeem and the interest paying date at which such redemption and payment will be made. (c) That said bonds be payable in legal tender of the United States of America and bear interest at the rate designated in the bid accepted but not to exceed a net effective rate of ten (10) percent per annum, payable semi-annually on the first day of April and October of each year, and that interest coupons be attached to the bonds calling for the payment of interest on said dates, which coupons shall have the signature of the Mayor and the City Recorder of the City of Woodburn lithographed or printed thereon. Page 4 - COUNCIL BILL N0. 475 ORDINANCE N0. 1640 (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 1978 Bancroft Improvement Bonds, and that prior to delivery said bonds shall be countersigned by the City Treasurer and registered con- secutively by number and denomination in the book to be kept by the City Treasurer to be known and designated as the 1978 Bancroft Improvement Bond Register. Section 2. That the bonds hereby authorized and the coupons attached thereto shall be in substantially the following form, except that the bond numbered one (1) shall be in the principal sum of $3,695.00, and that the interest coupons annexed thereto shall be in the proportionate amounts: No . 2 UNITED STATES OF AMERICA STATE OF OREGON, COUNTY OF MARION 1978 BANCROFT IMPROVEMENT BONDS CITY OF WOODBURN, OREGON $5,000.00 KNOW ALL MEN BY THESE PRESENTS that the City of Woodburn, a municipal corporation, in the County of Marion, State of Oregon, for value received, hereby agrees and promises to pay to the bearer the sum of - - - - - - FIVE THOUSAND DOLLARS - - - - - - in lawful money of the United States of America on the presentation and surrender of this obligation on the lst day of October, 19 with interest thereon at the rate of percent per annum, payable semi-annually in like lawful money on the first day of April and October of each year upon presentation and Page 5 - COUNCIL BILL N0. 475 ORDINANCE 1x10. 1640 surrender of the proper coupons hezeunto annexed; both principal and interest payable at the office of the City Treasurer of the City of Woodburn, Oregon. Any or all bonds of the issue of which this is a part maturing after October 1, 1983, are subject to call and redemption in inverse numerical order at par value and accrued interest on October 1, 1883, or on any interest paying date thereafter upon notice giuen at least thirty days prior to the redemption date therein specified by publication of such notice in one issue of a newspaper published and generally circulated within the boundaries of the City of Woodburn, Oregon, or if there is no such newspaper, then in a newspaper having a general circulation in the said City. This bond, one of a series of bonds in the total sum of TWO HUNDRED EIGHTY-THREE THOUSAND, SIB HUNDRED NINETY-FIVE AND NO/100--------------DOLLARS ($283,695.00), 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, pro- viding for the issuance of bonds for local improvements, is .issued for the payment of the cost of such local improvements and is a general obligation of the City of Woodburn for which assessments will be levied upon properties specifically benefited to offset the costs and pay for said bonds. That in addition thereto, due provisions have been made for the levying, assessment and collection of a direct annual ad Page 6 - COUNCIL BILL N0. 475 ORDINANCE N0. 1640 valorem tax on 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 the 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 Oregon. It is further certified, recited and warranted that all things, 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 the same the valid and binding obligation of said City have been done and performed in regular and due form and time; that the total indebtedness of said City, including this bond, does not exceed any constitutional, statutory or charter limitation. For 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 Page ? - COUNCIL BILL N0. 475 ORDINANCE N0. 1640 ATTEST: City Recorder That the interest coupons to be annexed to said bonds shall be substantially in the following form, to-wit: C O U P O N No. CITY OF WOODBURN, STATE OF OREGON will pay to the bearer on the ______ day of , 19 in legal tender of the United States of America at the office of the City Treasurer of the City of Woodburn, Oregon, DOLLARS being six months' interest on 1978 Bancroft Improvement Bond No. being dated l9 • Mayor ATTEST: City Recorder and all coupons maturing after October 1, 1983, shall bear also the following phrase, "unless sooner redeemed as therein provided." Section 3. (a) That the full faith and credit of the City of Woodburn 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, Marion County, Oregon, hereby covenants and Page 8 - COUNCIL BILL N0. 475 ORDINANCE NO. 1640 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 on said bonds as the same becomes due and that the Cor~lmon Council shall levy, in addition to the tax required to pay for such interest, an amount 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 the City of Woodburn pursuant to such assessments, during the year for which the levy is made, in the manner provided by law. fib) That the Treasurer of the City of Woodburn 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 hereby created and to be known and designated as the 1978 Bancroft Improvement Bond Redemption Fund, all payments of assessment installments hereunder, and all payments of interest on the unpaid balances of such assess- ments. Section 4. That the Recorder shall cause to be published in the Woodburn Independent, a newspaper of general circulation, printed and published in Woodburn, Oregon, on August 16, 1978, and on August 23, 1978, and published in the Daily Journal of Commerce, a business and financial newspaper published in Portland, Oregon, on August 16, 1978, notices of proposed sale of the bonds, as provided by law, in the form substantially as shown on Exhibit A, Page 9 - COUNCIL BILL N0. 475 ORDINANCE N0. 1640 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, Bond Counsel, 3317 First National Bank Tower, Portland, Oregon 97201, up to and including the hour of 10:00 o'clock a.m, on the 5th day of September, 1978, 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 net effective rate of ten 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, of or upon a bank doing business in the State of Oregon, in the sum of $5,673.90 (not less than 20 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 of approval of validity of the bond issue by bond attorneys; that bids must show the total 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 thereof; that the bonds will be sold to the bidder whose bid will result in the lowest net interest cost to the City; and that the City Council reserves the right to reject any or all bids. Section 5. This ordinance being necessary for the im- mediate preservation of the public peace, health and safety, an Page 10 - COUNCIL BILL N0. 475 ORDINANCE N0. 1640 emergency is declared to exist and this ordinance shall take effect immediately upon passage by the Council and approval by the Mayor. Passed by the Council Submitted to the Mayor .~~ APPROVED : ~,„,.~ ~'' ~ ,C.,r,~-z. Stanley C. iss, ayor August 1978 Approved by the Mayor Filed in the Office of the Recorder A ATTEST: arney ris, Recorder City of Woodburn, Oregon August 16, 1978 August 16, 1918 August 16, 1978 I~' Page 11 - COUNCIL BILL NO. 47~ ORDINANCE NO . 1 G40 E X H I B I T A OFFICIAL NOTICE OF BOND SALE $283,695.00 CITY OF WOODBURN COUNTY OF MARION STATE OF JR.EGON 1978 BANCROFT IMPROVEMENT BONDS Notice is hereby given that sealed bids will be received by the Recorder on behalf of the City of Woodburn, Marion County, Oregon, until 10 o'clock a.m. Pacific Daylight Time, on September 5, 1978, at the offices of Ragen, Roberts & O'Scannlain, Bond Counsel, 3317 First National Bank Tower, Portland, Oregon 97201, at which time they will be publicly opened and announced. The bids shall be considered and acted upon by the City Council of the City of Woodburn at a special meeting to be held on September 5, 1978, commencing at 12 o'clock noon Pacific Daylight Tlme~ ISSUE: TWO HUNDRED EIGHTY-THREE THOUSAND, SIX HUNDRED NINETY-FIVE AND NO/100 DOLLARS ($283,695.00) consisting of 56 coupon bands in denominations of FIVE THOUSAND AND NO/100 DOLLARS ($5,000.00) and one coupon bond in the denomination of THREE THOUSAND, SIX HUNDRED NINETY-FIVE AND NO/100 DOLLARS ($3,695.00), all dated October 1, 1978. INTEREST RATE: Maximum not to exceed a net effective rate of ten percent (100) per annum, the first interest payment due on October 1, 1979, and semi-annually thereafter on April 1 and October 1 of each year. 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 Page 1 - OFFICIAL NOTICE OF BOND SALE. interest rate specified in any bid must be in multiples of 1/8th or 1/10th of one percent (l~), not exceeding a net effective rate of ten percent (l00) per annum; (2) No 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 shall bear the same rate of interest; and (5) The difference between the highest and lowest rates bid shall not exceed two percent (20). MATURITIES: The bonds shall mature serially in numerical order as follows: AMOUNT $23,695.00 $25,000.00 $25,000.00 $25,000.00 $25,000.00 DATE October 1, 1979 October 1, 1980 October 1, 1981 October 1, 1982 October 1, 1983 AMOUNT DATE $30,000.00 October 1, 1984 $30,000.00 October 1, 1985 $30,000.00 October 1, 1986 $35,000.00 October 1, 1987 $35,000.00 October 1, 1988 REGISTRATION: The bonds will be issued in bearer form with no option for registration. REDEMPTION: The City reserves the right to redeem any or all of the bonds then outstanding in inverse numerical order on any interest payment date on and after October 1, 1983, at par plus accured interest to the date of redemption. Notice of any such in- tended redemption shall be given by mailing a notice thereof to t~~ioody's Investors Services, Inc., and Standard & Poor's Corporat?on, New Yor1:, New York, not less than thirty (30) days prior to the redemption date, and by publication of such notice at least once, not Page 2 - OFFICIAL "NOTICE OF BOND SALE. less than thirty {3d) days prior to said redemption date, in a newspaper specializing in financial matters published in the City of Portland, Oregon, and in a newspaper published and generally circulated in the City of Woodburn, Oregon. Interest on any bond or bonds so called for redemption shall cease on such redemption date unless the same are not redeemed upon presentation made pursuant to such call. PAYMENT: 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.~Q5 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. LEGPaL OPINIO~T: The approving opinion of Ragen, Roberts & O'Scannlain, Band 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 band counsel, is exempt from taxation by the United States under Page 3 - OFFICIAL NOTICE OF BOND SALE. present federal income tax laws and from personal income taxation by the State of Oregon under present state laws. BEST BID: The bonds will b_~ 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 or 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 bonds will be borne by the City. DELIVERY: Delivery of the bonds will be made wit~~-out cost to the ~t~CCeSSful 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. Deliv~~ry will be made within thirty (30) days. FORP2 OF BID: Ali bids must be for not less than all the bonds hereby offered for sale, and for not less than one hundred percent (1000) 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". Bids must be received by 10 o'clock ~.m. Pacific Daylight Time, Tuesday, 1978. BID CHECK: All bids must be unconditional and accom-panied by a certified or cashie.r's check on a bank doing business in the Page 4 - OFFICIAL NOTICE OF BOND SALE. State of Oregon for FIVE THOUSAND, SIB HUNDRED SEVENTY-T~-IREE AND 90/100 DOLLARS ($5,673.90) 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. In addition, bidders are requested to supply the total interest costs and net effective interest rate, based upon the aggregate interest cost, 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 accorvance with the terms thereof. No interest shall be allowed on the deposit but. the check of trl,~ successful bidder will be retained of the bonds or for liquidated damages as ~.escribed of the unsuccessful bidders will be returned by the after award of bid. RIGHT OF REJECTION: The City, by its Cou right to reject any or all bids. as part payment above. Checks City promptly ncil, reserves the 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 ~floodburn City Hall, 270 Montgomery St., Woodburn, 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. Page 5 - OFFICIAL NOVICE OF BOND SALE. 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 litig~~tion pending affecting the validity of the bonds. ARNEY 0. B IS, Recorder City of Woodburn, Oregon Page 6 - OFFICIAL NOTICE OF BOND SALE. Y, BARfdEY 0. BURRIS, Recorder of the City of Woodburn, da hereby certify that I caused to be posted three copies of Ordinance 2640 ,one of which said copies posted in the Gity Hall 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~Woodburn Public Library bulletin board at 280 Garfield Street, in full view of the traveling public; a third one of said copies posted on the Community Center bulletin board at 491 N. Third St., in full view of the traveling public; that all of said places are public places within the corporate 1 i mi is of the City of ~kJoodburn and al 1 of sal d copies were posted on the /7..z~C, day of ~.~ 1978. a rn e O . "~`~'`~ y urns, Recorder City of b~Joodburn, Oregon