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Ord 1559COUNCIL BILL NO. 348 ORDINANCE N0. 1559 AN ORDINANCE CALLING FOR THE ISSUANCE OF AND SALE OF BONDS FOR CON- STRUCTION AND ACQUISITION OF A NEW SEWER DISPOSAL SITE, PLANT, RIGHTS- OF-~r~AY AND SYSTEM, MODIFICATION OF THE PRESENT SEWER DISPOSAL SYSTEM, AND DECLARING AN EMERGENCY. ~~1HEREAS, this Council submitted to the legal voters of the City of Woodburn, Qregon, the question of amending its Charter to authorize t~~e contracting of a general obligation bonded indebtedness in tz~e sum of not to exceed $2,000,000 for the purpose of constructing and acquiring a new sewer disposal site, plant, rights-of-way and system, modifying the present sewer disposal system, and to do all things necessary thereto; and ~'HEREAS, the election was duly and legally held on the 10th day of May, 1977, and this Council has canvassed the result thereof and has declared that the Charter of the City of Woodburn is a.menc~ed by the addition of a section to be known as Section 31 of Chapter of said Charter authorizing the issuance of bonds not exceeding $2,U00,U00, it being 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 sewer bonds in the amount of T'~10 MILLION AND NO/100 DOLLARS x$2,000,000), to be dated July 1, 1977, to ~.re numbered consecutively from one to four hundred ~1-400) inclusive, to be in denominations of FIVE THOUSAND AND ~~~~~100 DOLLARS ($5,000) each, and to mature serially in numerical ord~:r on July 1 of each year as follows: Page 1 - COUNCIL BILL N0. 348 ORDINANCE NO. 1559 DATE AMOUNT DATE AMOUNT July 1, 1978 55,000 July 1, 1988 95,000 July 1, 1979 60,000 July 1, 1989 105,000 July 1, 1980 65,000 July 1, 1990 110,000 July 1, 1981 65,000 July 1, 1991 115,000 July 1, 1982 7a,ooo July 1, 1992 120,000 July 1, 1983 75,000 July 1, 1993 130,000 July 1, 1984 80,000 July 1, 1994 135,000 July 1, 1985 85,000 July 1, 1995 140,000 July 1, 1986 90,000 July 1, 1996 150,000 July 1, 1987 95,000 July 1, 1997 160,000 with the right reserved to the City, however, at its option, to redeem in inverse numerical order on July 1, 1987, and on any interest pay- ment date thereafter, any or all of the bonds of such issue maturing after July 1, 1987, 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. 'What 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 payment of such obligations, i~hen 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 Page 2 -COUNCIL BILL N0. 348 ORDINANCE N0. 1559 service on the bonds the sewer system, to as they respectively of its bonds to levy the bonds, or bonds are outstanding. including all unobligated net revenues from pay the band and bond interest obligations promptly mature, and that the City covenants with the holders such a tax annually during each year that any of issued to refund them, and bond interest obligations, Section 4. rT'hat should state law at any time in the future permit advance refunding of bond issues, the general obligation sewer bonds of this issue shall be deemed to be within the definition of bands 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: No. ~5, o00 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 ..___._ l9 , the Sum of - - - - - - - - - - FIVE THOUSAND AND NO/100 DOLLARS - - - - - - - - - with interest thereon, from the date hereof at the rate of percent ( ~) per annum, on the first day of January and the first day of July in each year until maturity, upon surrender of the annexed interest coupons as they severally mature. The principal of and the interest upon this band are payable in lawful money of the United States UNITED STATES OF AMERICA STATE OF OREGON COUNTY OF MARION CITY OF WOODBU RN 1977 GENERAI- 0$LIGATION SEWER BOND Page 3 - COUNCIL BILL N0. 348 ORDINANCE N0. 1559 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 July 1, 1987, may be redeemed by the City, in inverse numerical order, on July 1, 1987, and on any interest payment date thereafter, at par plus accrued 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 published in the City of Portland, Oregon, and in a newspaper published and generally cir- culated in the City of Woodburn, State of Oregon. 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 TWO MILLION AND NO/100 DOLLARS ($2,000,000) par value, issued to provide funds to construct and acquire anew sewer disposal site, plant, rights-of- way and system, modify the present sewer disposal system, 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 10th day of May, 1977. IT I5 HEREBY CERTIFIED, RECITED, .I~ND DECLARED that all con- ditions, acts, and things required to exist, to happen, and to be performed precedent to and in the issuance of this bond have existed, nave happened, and have been performed in due time, form, and manner as required by the constitution and statutes of the State of Oregon Page 4 - COUNCIL BILL NO. 348 ORDINANCE N0. 1559 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 provided 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 gayable. I14 WITNESS WHEREOF, the Common 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 July, ].977. ATTEST: ayor City of Woodburn, Oregon Recor er FORM OF BOND COUPON No. 0n the first day of 19~, City of Woodburn, ~~iarion County, Oregon, upon surrender of this coupon at the office of the City Treasurer, in the City of Woodburn, Oregon, will pay to bearer the sum of DOLLARS ~$ ), in lawful money of the United States of America, for Page 5 -COUNCIL BILL N0. 34$ ORDINANCE N0. 1559 interest then due on its 1977 General Obligation Sewer Bond, dated July 1, 1977, and bearing No. mayor, City o Woo urn ATTEST: -~ecor er For coupons maturing after July 1, 1987, add; "unless the bond hereinafter designated shall previously have been called for payment and due provision made for the payment 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 Oregan, 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 bids will be received by the Recorder at the offices of Ragen & Roberts, Bond Counsel, 3317 First National Bank Tower, Portland, Oregon 9?241, up to and including the hour of 10 o'clock a.m. on the 28th day of June, 1977, 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 eight percent per annum., payable semi-annually on January 1 and July 1; that the bids shall be accompanied by a Page G - COUNCIL BILL N0. 348 ORDINANCE N0. 1559 cashier's check or certified check, of ar upon a bank doing business in the State of Oregon, in the sum of $44,044 (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 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 ardinance being necessary for the immediate preservation of the public peace, ~~ealth 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. Passed by the Council Submitted to the Mayor Approved by the Mayor ailed in the Office of the Recorder 3 ATTEST :~, ~';_. -~`~ ~ ~ ~' ~~ ~ ,,'~, f ~~/,;~` >, ~ , t ~. DARNEY 0. ~~ U S, Recorder City of Woodburn, Oregon AP P ROVE L~: ~ ~ r~ ° ~-.~ ..... .~~ ~ ~` ~~~ ~..~.... STANLEY C. LI , ~~~ayor '~, ~.~ w, ,- ~ ,.. May 2 °;3:977 May 23, 1977 May 24, 1977 May 24, 1977 Page 7 -COUNCIL BILL N0. 3~8 ORDINANCE N0. 1559 EXHIBIT A OFFICIAL NOTICE OF BOND SALE $2,0oo,ooa CITY OF W40DBURN COUNTY OF MARION STATE OF OREGON 1977 GENERAL OBLIGATION SEWER BONDS Notice is hereby given that sealed bids will be received by the Recorder on behalf of the City of Woodburn, ~~arion County, Oregon, until 10 o'clock a.m. Pacific Daylight Time, on June ~8, 1977, at the offices of Ragen & Roberts, 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 J line 2 8 ~ 19 7 7 , co~~ encing at 12 o"c lack noon Pacific Daylight Time . ISSUT: TWO ~~~ILLIC~i~~ A~~D NO;~1Q0 DGLLARS ( $2, 000, 000 } con- :;~st.ng of COQ coupon bonds in denominations of FIVE T~iOUSAND AND 1Y/' r,;°,,~1QQ ~:z~~%Lx~RS ( X5,000 } , all dated July 1, 1977, I`tTE~,EST RATE: ~laxir~um nat to exceed ~~. net effecti~re rate of eight percent (8 4) per annum, t'rle first interest payment due an J,~s~yuary 1, 1°78, and jemi-a.nnual.ly thereafter on January 1 and July 1 ~~f each year. Bidders must sY~ecif~r thy; interest rate or rates which the bonds hereby offered for sale shall bear. The bids shall comply ~~it~~ the following conditions: (1~ Each interest rate specified in any bid must be in multiples of l~`$th or 1/10th of one percent (1~}, not excee~;in J! a net effective rate of eight ~Ercent {g o} per annum; {~} No bond shall bear more thc$n one rate of interestP no interFSt payment shall be e~idAnced by mare than cne coupon, and supplemental Page 1 - OFFICIALa NOTICE OF B0:` D SALE . 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 (2~}. MATURITIES: The bands shall mature serially in numerical order as follows: AMOUNT DATE AMOUNT DATE _____. $55,000 July 1, 1978 $ 95,000 July 1, 1988 X0,000 July 1, 1979 105,000 July 1, 1989 65,000 July 1, 1980 110,000 July 1, 1990 65,040 July 1, 1981 115,000 ,7uly 1, 1991 70,000 July 1, 1982 120,000 July 1, 1992 75,000 July 1, 1983 130,000 July 1, 1993 80, 000 July 1, 1984 135,000 July 1, 1994 85,400 July 1, 1985 140,000 July 1, 1995 90,u00 July 1, 1986 154,040 July 1, 1996 95,000 July 1, 1987 164,0+00 July 1, 1997 ~GISTRATIOiv : The bonds will be issued in bearer form with no opt~.on for registration, ~LDEP~TION: The City reserves tj~ze rig:~t to redeem any or all of thc: bonds then outstanding in i~averse numerical order on any interest ;~ay;~cnt date on and after Jul~* 1, 1987, at par plus accrued interest to the date of redemption. ~~~otice of_ any such intended redemption shah. be given by mailinC~ a notice thereof tb Moody `s investors Service, Inc., and Standard & Poor's CE~rporation, ~~ew York, :'e~~~~ York, riot less than thirty (3fl } da~~s prior to the redemption date, ~~nd b~~ publication of such nc~t~.ce at least once, not 3,~ess than thirty (30) days prior to s~~.~. reder~,~~tion date, in a ne~~spaper spQcializing zn financial matters publishEU in the City' of Partl~~n~, ~r°gon, and in a ne~ti~spa~~~:r pu!~lished ancz yen~r ~lll~ cl.rcu~at~:d y:: the City of ~loodburn, Oregon. Tntc.rast ors any bond ar bands sa called for r~:demption shall Page 2 - ~JFFICIAL NOTICE OF FOI~1D SALE. cease on such redemption date unless the same are not redeemed upon presentation made pursuant to such call. ~'AYI~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 bands were authorized at a special election held within the Gity on Aiay 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 annually to pay bond principal and interest as they respectively came due . LEGAL OPINIO11: she approving opinion of Ragen & Roberts,. Lawyers, of Portland, Oregon, will be pravided at no cost to the pur- char°r, and will be printed on the bonds at the expense of the City. TA~~ EXEMPT STATUS: Interest on the bonds in the opinion of bond counsel, i.s 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 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 bc: 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 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 cast 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 t~lereof and accrued interest to the date of delivery. Each bid together with bidder's check as herein specified moat be enclosed in u sealed envelope addressed to the City and designated "Proposal for Bonds", yids must be received by 10 o'clock a,m, Pacific Daylight Time, Tuesday, June 28, 1971. IlID CHECK: ?~11 bids must be unconditional and accompanied by a certified or carrier's check on a bark doing business in t~ze State of Oregon for FORTY T~~OUSAND ~~;D ~~~0~100 DOLLARS ~ $40, G00 } payable to the order of the Cite to secure the City from any lass resulting from the failure of the bidder to comply with the terms of its bid, In addition, L~idders 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 will pay upon the issue if the bid is accepted. Such information shall be considered as in- formative only. Checks will be forfeited to the City as liquidated damages in case the bidder to whom the bonds are awardad shall with- draw its bid or fail to complete its purchase in accordance with the terms thereof. 1~a interest shall be allowed on the deposit but the Page 4 - OFFICIAL NOTICE OF BOND SALE. 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 REJECTIOiJ: The City, by its Council, reserves the right to reject any or all bids. t~FFICIAL STATEMENT: the City has prepared an official state- ment relating to the bonds, a copy of which will be furnished upon request to its financial consultant, 'Marshall & Meyer, Inc., 1?05 Norton Building, Seattle, Washington 98104, telephone ~206~622-2405, or to the undersigned. CUSIP: CUSIP numbers will be imprinted upon all bonds of this issue at the purchaser's request and expensE. P~ improperly imprint°d numer will not constitute basis for the purchaser to refuse to acc :pt delivery. ~~0 LIfiIGATION : At the time of payment for the delivery of ss.id bonds, the City ~~rill furnish the successful bidder a certificate that there is no litigation pending affecting the validity of the bonds. BARr~EI' C~. BURRIS, U.ecor er City of wo©db~arn, Oregon Page 5 - OFFICIAL NOTICE OF BOIF~D 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. 1559, 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 PaulSowa and Sons building 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 25th dayof May 1977. / '~ f ~ Barney O.~`Burris, Recorder City of Woodburn, Oregon