Ord 1639COUNCIL BILL N0. X68
ORDINANCE N0. 1639
AN ORDINANCE CALLING FOR THE ISSUANCE OF AND SALE OF BONDS FOR
CONSTRUCTION OF TWO NEW WATER WELLS, ACQUISITION OF SITES AND
RIGHTS-OF-WAY, EQUIPMENT TO EQUIP SAID WELLS AND WATER SYSTEM,
ENGINEERING, ADMINISTRATIVE AND LEGAL COSTS; AND DECLARING AN
EMERGENCY.
WHEREAS, this Council submitted to the legal voters of
the City of Woodburn the question of contracting a general obligation
bonded indebtedness in the sum of not to exceed $375,000.00 for
the purpose of constructing two new water wells, acquisition of
sites and rights-of-way, equipment to equip said wells and water
system, engineering, administrative and legal costs, and to do all
things necessary thereto; and
WHEREAS, the election was duly and legally held on the
27th day of June, 1978, and this Council has canvassed the result
thereof and has declared that issuance of bonds in such sum has
been approved by a majority of the qualified voters of the City
voting at the election; now therefore,
THE PEOPLE OF THE CITY OF WOODBURN DO ORDAIN:
Section 1. That for the above purposes the City shall
issue general obligation water well bonds in the amount of THREE
HUNDRED SEVENTY-FIVE THOUSAND AND N0~100 DOLLARS ($375,000.00),
to be dated October 1, 1978, to be numbered consecutively from one
to 75 (1-75) inclusive, to be in denominations of FIVE THOUSAND
DOLLARS ($5,000.00) each, and to mature serially in numerical
order on October 1 of each year as follows:
Page 1 - COUNCIL BILL N0. 468
ORDINANCE NO. 1639
AMOUNT DATE AMQUNT DATE
$10,000.00 October 1, 1979 $20,000.00 October 1, 1989
$10,000.00 October 1, 1980 $20,000.00 October 1, 1990
$10,000.00 October 1, 1981 $20,000.00 October 1, 1991
$10,000.00 October 1, 1982 $20,000.00 October 1, 1992
$15,000.00 October 1, 1983 $25,000.00 October 1, 1993
$15,000.00 October 1, 1984 $25,000.00 October 1, 1994
$15,000.00 October 1, 1985 $25,000.00 October 1, 1995
$15,000,00 October 1, 1986 $30,000.00 October 1, 1996
$15,000.00 October 1, 1987 $30,000.00 October 1, 1997
$15,000.00 October 1, 1988 $30,000.00 October 1, 1998
with the right reserved to the City, however, at its option, to
redeem in inverse numerical order on October 1, 1990, and on any
interest payment date thereafter, any or all of the bonds of such
issue maturing after October 1, 1990, at par plus accrued interest
to the redemption date.
Section 2. That each of the bonds be personally signed
with the manual signature of the Mayor of the City in office on
the date of execution of such bonds; that each of the bonds be
attested in like manner by the Recorder of the City in office on
such date; and that the coupons appertaining to the bonds be
executed with the facsimile signatures of such Mayor and Recorder.
Section 3. That the full faith and credit of the City
are pledged to the successive holders of each of the bonds and of
the interest coupons appertaining thereto, for the punctual pay-
ment of such obligations, when due, and that the City shall levy
annually, as provided by law, a direct ad valorem tax upon all of
the taxable property within the City in sufficient amount, after
taking into consideration discounts taken and delinquencies that
may occur in the payment of such taxes and all other monies reasonably
available for the payment of debt service on the bonds, to pay the
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ORDINANCE N0. 1639
bond and bond interest obligations promptly as they respectfully
mature, and that the City covenants with the holders of its bonds
to levy such a tax annually during each year that any of the
bonds, or bonds issued to refund them, and bond interest obligations,
are outstanding.
Section 4. That should state law at any time in the
future permit advance refunding of bond issues, the general ob-
ligation water wells bonds of this issue shall be deemed to be
within the definition of bonds available for advance refunding and
shall be. subject to being advance refunded at the option of the
City.
Section 5. That such bonds and the coupons attached
thereto be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF OREGON
COUNTY OF MARION
CITY OF WOODBURN
GENERAL OBLIGATION WATER WELLS BOND
No.
$5, ooo. oa
City of Woodburn, in the County of Marion, State of
Oregon, acknowledges itself indebted and for value received hereby
promises to pay to bearer on the day of
19 the sum of
FIVE THOUSAND DOLLARS
with interest thereon, from the date hereof at the rate of
percent ( o~ per annum, on the first day of April and the
first day of October in each year until maturity, upon surrender
of the annexed interest coupons as they severally mature. The
principal of and the interest upon this bond are payable in lawful
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ORDINANCE N0. 1639
money of the United States of America, at the office of the
City Treasurer, Woodburn, Oregon.
THE BONDS of the issue of which this bond forms a part,
maturing after October 1, 1990, may be redeemed by the City, in
inverse numberical order, on October 1, 1990, and on any interest
payment date thereafter, at par plus accured interest to the
redemption date upon notice given at least thirty (30) days prior
to the redemption date specified therein, by publication thereof
in one issue of a newspaper specializing in financial matters
publishedin the City of Portland, Oregon, and a newspaper published
and generally circulated in the City of Woodburn, State of Oregon,
and by mailing a notice thereof to P~Ioody's Investors Service,
Inc., and Standard & Poor's Corporation, New York, T3ew York. From
the date of redemption designated in any such notices, interest on
the bonds so called for payment shall cease.
THIS BOND is one of a series aggregating THREE HUNDRED
SEVENTY-FIVE THQUSAND AND NO/100 DOLLARS ($375,000.00) par value,
issued to provide funds to construct two new water wells, acquire
sites and rights-of-way, equipment to equip said wells and water
system, engineering, administrative and legal costs, and to do all
things necessary thereto, pursuant to the constitution and laws of
the State of Oregon, and the City Charter of the City of Woodburn,
Oregon, and pursuant to an approving vote of a majority of the
qualified voters of such City voting at a special election duly
called and legally held therein on the 27th day of June, 1978.
IT I5 HEREBY CERTIFIED, RECITED, AND DECLARED that all
conditions, acts, and things required to exist, to happen, and to
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ORDINANCE N0. 1639
be performed precedent to and in the issuance of this bond 'nave
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; 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 approved for the levying annually of a direct
ad valorem tax upon all the property within the City so taxable
for its purposes, in sufficient amount to pay the interest on and
the principal of the bonds of such issue as such obligations
respectively become due and payable.
IN WITNESS WHEREOF, the City Council of the City of
Woodburn, Marion County, Oregon, has caused this bond to be signed
by its Mayor and attested by its Recorder, and has caused its seal
to be affixed hereto, and has caused the annexed interest coupons
to be executed with the facsimile signatures of such officers this
1st day of October, 1978.
Mayor, City of Woodburn, Oregon
ATTEST;
Recorder
Page 5 - COUNCIL BILL I~tO. 4 ~ 8
ORDINANCE NO. 1639
FORM OF BOND COUPON
No.
On the first day of 19 , City
of Woodburn, County of Marion, Oregon, upon surrender of this
coupon at the office of the City Treasurer, in the City of
Woodburn, Marion County, Oregon, will pay to bearer the sum
of
DOLLARS ( $ ) ,
in lawful money of the United States of America, for interest
when due on its General Obligation Water Wells Bond, dated
October 1, 1978, and bearing No. .
Mayor, City of Woodburn, Oregon
ATTEST:
Recorder
For coupons maturing after October 1, 1990, ADD:
"unless the bond hereinafter designated shall previously have
been called for payment and due provision made for the pay-
ment thereof".
Section 6. That the Recorder shall cause to be published
in the Woodburn Independent, a newspaper of general circulation
printed and published in the City of Woodburn, County of Marion,
State of Oregon, and in the Daily Journal of Commerce, Portland,
Oregon, notices of proposed sale of the bonds, as provided by law,
in the form substantially as shown on Exhibit A attached hereto
and by this reference incorporated herein, specifying that sealed
Page 6 - COUNCIL BILL N0. 468
ORDINANCE N0. 1639
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 am. 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 $7,500.00 (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 7. This ordinance being necessary for the im-
mediate preservation of the public peace, health and safety, an
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ORDINANCE N0. 1639
emergency is declared to exist and this ordinance shall take
effect immediately upon passage by the Council and approval by the
Mayor.
~'~ ~ ~ ~ 4
APPROVED : ` ~ ~ ~ ,,,,~-t---°
~ ~
Stanle C. iss, Mayor
Passed by the Council q
Submitted to the Mayor
Approved by the Mayor
Filed in the Office of the Recorder
ATTEST:~ " ~ ~ .~,,~,~,~,,~,,,
arney 0. Burr s, Recorder
City of Vdoodburn, Oregon
Angus ~ 16, 1978
Au, usq t 16, 1978
m~
Page 8 - COUNCIL BILL NO. 468
ORDINANCE NO. 1639
E X H I B I T A
OFFICIAL NOTICE OF BOND SALE
$375,000.00
CITY OF WOODBURN
COUNTY OF MARION
STATE OF OREGON
GENERAL OBLIGATION WATER WELLS BOND
Notice is hereby given that sealed bids will be received
by the Recorder on behalf of the Ci:y 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
Time.
ISSUE: THREE HUrdDRED SEVENTY-FIVE THOUSAND AND NO/100
DOLLARS ($375,000.00) consisting of 75 coupon bonds in denominations
of FIVE THOUSAND AND NO/100 DOLLARS ($5,000.00), 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
interest rate specified in any bid must be in multiples of 1/8th
or 1/10th of one percent (lo}, not exceeding a net effective rate
Page 1 - OFFICIAL NOTICE OF BOND SALE.
of ten percent (100) 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 DATE AMOUPJT DATE
$10,000.00 October 1, 1979 $20,000.00 October 1, 1989
$10,000.00 October 1, 1980 $20,000.00 October 1, 1990
$10,000.00 October 1, 1981 $20,000.00 October 1, 191
$10,000.00 October 1, 1982 $20,000.00 October 1, 1992
$15,000.00 October 1, 1983 $25,000.00 October l; 1993
$15,000.00 October 1, 1984 $25,000.00 October 1, 1994
$15,000,00 October 1, 1985 $25,000.00 October 1, 1995
$15,000.00 October 1, 1986 $30,000.00 Octok~er 1, 1996
$15,000.00 October 1, 1987 $30,000.00 October 1, 1997
$15,000.00 October 1, 1988 $30,000.00 October 1, 1998
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, 1986, 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
Moody's Investors Services, Inc., and Standard & Poor's Corporation,
New York, 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 (30} 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 cir-
culated 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 pro-
visions of the Bancroft Bonding Act, Oregon Revised Statutes,
Sections 223.205 to 223.295, and acts amendatory thereof and supple-
mentary thereto, providing for the issuan~,:4,~ of bonds for local
improvements and the bonds are issued for the payment of the costs
of such local improvements.
SECURITY: The bonds of this issue are general obligation
bonds of the City. The City has covenanted to levy an ad
valorem tax annually to pay bond principal and interest as they
respectively come due.
LEGAL OPINION: The approving opinion of Ragen, Roberts &
O'Scannlain, 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
Page 3 -OFFICIAL NOTICE Or 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 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
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 without cC~t
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 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 (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 am. Pacific Daylight Time, Tuesday,
September 5, 1978.
BID CHECK: All bids must be unconditional and accompanied
by a certified or cashier's check on a bank doing business in the
Page 4 -OFFICIAL NOTICE OF BOND SALE.
State of Oregon for SEVEN THOUSAND, FIVE HUNDRED AND NO/100 DOLLARS
($7,500.00) 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 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 accordance with the terms there-
of. No interest shall be allowed on the deposit but the check of
the 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 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 undersigned at Woodburn City Hall, 270 Montgomery
St., Woodburn, Oregon 97071, telephone (503) 9817111.
CUSIP: CUSIP numbers will be imprinted upon all bonds
of this issue at the purchaser's request and expense. An im-
properly imprinted number will not constitute basis for the pur-
chaser to refuse to accept delivery.
Page 5 OFFICIAL NOTICE 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 litigation pending affecting the
validity of the bonds.
~" ~ ,~ ~ ~ _ ~t~
BARNEY BU IS, Recorder
City of Woodburn, Oregon
Page 6 _ OFFICIAL NOTICE OF BOND SALE.
I, BARNEY 0. BURRIS, Recorder of the City of Woodburn, da
hereby certify that I caused to be posted three copies of
Ordinance 1639 , one of which said copies pasted in the
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~Woodburn
Public Library bulletin board at 280 Garfield Street, in
full view of the traveling public; a third ane 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 ~~loodburn and all of sai d
copies were posted on the ,!~~ day of .~ 1.978.
~.
~,, ; ~,.
'' arney 0 Qurris, Recorder
City of l+Joodburn, Oregon