Ord 1562COUNCIL BILL NO. 351
ORDINANCE N0. 1562
~aN OP~U~:~'~A~'~CE APw2ENDING THE SALE DATE 4F THE 1977 GENERAL OBLIGATION
SEWEk ~30~~DS, AMENDING SECTION 6 OF ORDINANCE N0. 1559, ~~..ND DECLARING
WtIEREAS, because of illness of a member of the staff of
~~ar~~~~~all and Meyer, it is necessary to delay such sale of 1977 Woodburn
Gen~:ral Obligation Sewer Bonds from Tuesday,Tune 28, 1977, to Thursday,
~~~1y 7, 1977; now therefore
THE PEOPLE OF THE CITY OF WOODBURN DO ORDAIN;
Section 1, That the sale date of the 1977 General Obligation
Sewer Bonds be changed from Tuesday, ~'une 28, 1977, to Thursday, duly 7,
x,977.
Section 2. That Section 6 of Ordinance No. 1559 of the City
of Woodburn be, and the same is hereby amended to read as follows;
"Section ~. 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,
~:ounty flf Marion, State of 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 ref~~renee
incorporated herein, specifying that sealed bids will be
received by the Recorder at the offices of Ragen & Roberts,
Bond Counsel, 3317 First National Bank Tower, Portland, Oregon
97201, up to and including the hour of 10 o'clock a.m. on
the 7th day of duly, l9 77, ~,nd that immediately thereafter
bids received will be ~~ublicly opened by the City Recorder
and evaluated and referred to the Common Council for the
Page 1 - COUNCIL BILL NO. 351
ORDINANCE NO. 1562
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 eight
percent per annum, payable semi-annually on January 1 and
July 1; t~iat 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, ~.n the sum of $40, u00 (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 of approval of
validity of the bond issue by bond attorneys; that bids
must show the total cost of the band issue to the City, in-
cluding interest, less premium offered, a.f any, ~~rovided the
bid be accepted and no callable bonds of the issue are re-
deemed 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 3. 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.
. ~~.:
APP~ovE~. -°
~. ~
STANLEY C. L S, Mayor
t
Fage 2 - COUNCIL BILL N0. 351
ORDIi~tANCE N0. 1562
Passed by the Council
Submitted to the ~~ayor
Approved by the Mayor
:Filed in the Office of the Recorder
Mr.
~.TTEST:
BA RY 0 IS, Reco er
City of V~oodburn, Oregon
June 13, 1977
June 13, 1977
June 13, 1977
June 13, 1977
page 3 - COUNCIL BILL ~To, 351
ORDINANCE NO, 1562
OFFICIAL NOTICE OF BOND SALE
$2,000,000
CITY OF WOODBURN
COUNTY OF MARION
STATE OF OREGOt1
197? GENERAL OBLIGATION SEWER 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 July 7,
1977, at the offices of Ragen & Roberts, Bond Counsel, 3317 First
National Hank Tower, Portland, Oregon 9720, 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
July 7, 1977, commencing at 12 o'clock noon Pacific Daylight Time.
ISSUE: TWO MILLION AND NO/100 DOLLARS ~$2,000,000~ con-
sisti:~g o~ X00 coupon bonds in denominations of FI~~°E T~iOUSAND AND
PJO/100 DOLLARS ($x,000) , all dated July 1, 19 71,
INTEREST RATE: Maximum not to exceed a net effective rate
of eight percent (8~) per annum, the first interest payment due on
January 1, 1978, and semi-annually thereafter on January 1 and July 1
of each year. Bidders must specify the interest rate or rates which
the bonds hereby offe~°ed for sale shall bear. The bids shall comply
with tae following conditions: (1} Each interest rate specified
in any bid must be in multiples of 1/8th or 1/10th of one percent (1~),
not exceeding a net effective rate of eight percent (8$) per annum;
(2} No bond shall hear mare than one rate of interest, na interest
payment shall be evidenced by more than one coupons and supplemental
Page 1 - OFFICIAL rJ4TICE OF BOND SALE.
~o-
~~ .~
coupons will not be permitted; (3~ Each bond shall bear interest from
its date to its stated maturity date .at the interest rate specified in
the bids; (4) All bonds maturing at any one time shall bear the same
rate of interest; and (5 ~ The difference betc~reen the highest and
lowest rates bid shall not exceed two percent (2$).
MATURITIES: ~i'he bonds shall mature serially in numerical
order as follows:
AP~IOUNT DATE AI~iOUNT DATE
$55,000 July 1, 1978 $ 95,000 July 1, 1988
60,000 July 1, 1979 105,000 July 1, 1989
65,000 July 1, 1980 110,000 July 1, 1990
65,000 July 1, 1981 115,000 July 1,, 1991
70,000 July 1, 1982 120,000 July 1, 1992
75,000 July 1, 1983 1130,000 July 1, 1993
80,~0~0 July 1, 1984 ~ 135,000 July 1, 1994
85,000 July 1, 1985 140,000 July 1, 1995
- 90,000 July 1, 1986 150,000 July 1, 1996
95,000 July 1, 1987 16o,o0a July 1, 1997
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 an and after July 1, 1987, at par plus accrued
interest to the date of redemption. Notice of any such intended
redemption shall be given by mailing a notice thereof to Moody's
Investors Service, Inc., and Standard & Paor's Corporation, New York,
flew York, riot less than thirty ( 30 ) days prior to the redemption date,
and by publication of such notice at least once, not 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 generall~~ circulated in the City of ~Ioodburn,
Oregon. Interest on any bond or bonds so called far redemption shall
Page 2 - OFFICIAL NOTICE OF BOND SAr.E,
~,
cease on suc~l 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 were authorized at a special election
held within tie City on May 10, 1977, to authorize bonds for the
construction and acquisition of a new sewer disposal site, plant,
rights-of-way and system, modification of the present sewer disposal
system, and to do all things necessary thereto,
SECURITY: The bonds of this issue are general obligation
bonds of the City. The City has covenanted to levy an ad valorem
tax a~lnually to 'pay bond principal and interest as they respectively
come due.
LEGAL OPINIOPI: The approving opinion of Ragen & Robertsr
Lawyers, of Portland, Oregon, will be provided at no cost to the pur-
chaser, 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 law,
BEST F~ID: 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 band to its respective maturity date at the coupon rate
or rates specified in the bid assuming no bonds are called prior to
Page 3 - OFFICIAL NOTICE OF BOND SALE,
~~ .
.~,
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 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 within thirty 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 (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 b~e enclosed in a sealed envelope addressed to the City
and designated "Proposal for Bonds", Bids must be received by 10 o'clock
a.m. Pacific Daylight Time, Thursday, ~Tuly 7, 197?.
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 FORTY TIiOUSAND AND NO/100 DOLLARS ( $40, 000 ) 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
cast, if its bid be accepted, that the City will pay upon the issue
if~the bid is accepted. Such information shall be considered as in-
formative only. Checks will he forfeited to the City as liquidated
damages in case the bidder to whom t~~e.bonds are awarded shall with-
Yd,~nw its bid or fail to complete its purchase in accordance with the
terms thereof, tdo interest shall be allowed on the deposit but the
,~~~
?,
~,_..,
Page 9 - QFFICIAI. NOTICE GF flOt~1D SAIL. /
chec}~ 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 state-
,
n~ent relating to the bands, a copy of which will be furnished upon
request to its financial consultant, t,iarshall & Meyer, Inc., 1705
Norton Building, Seattle, Washington 9104, telephone (20b}622-2405,
or to the undersigned.
CUS.IP: CUSIP numbers will be imprinted upon all bonds of
this issue at the purchaser's request and expense, An improperly
imprinted Homer will not constitute basis for the purchaser to refuse
to accept delivery,
NO LITIGATION: At the time of payment for the delivery of
said aonds, the City will furnish the successful bidder a certificate
that there is no litigation pending affecting the validity of the bonds,
BARNEY 0. BURRIS, Recorder
City of Woodburn, Oregon
Page 5 - OFFICIAL NaTiCE Or BOPdD SALE.
I, BARNEY 0. BURRIS, Recorder of the City of Woodburn, do
hereby certify that I caused to be posted three copies of
Ordinance No. 1562, one of which said copies posted in the
City Hall on the bulletin board next 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 Paul Sowa and Sons build~.ng at 182 Young Street, in
full view of the traveling public; that all of said places
are public places within the corporate limits of the City
of Woodburn and that all of said copies were posted on the
14th day of June 1977.
+ Barney,'°`0. Burris, Recorder
City of Woodburn, Oregon
