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Ord 1516cbUNCIL BILL NO. 284 ORDINANCE Nb. 1516 AN O~tDINANCE RELATING TO THE ISSUANCE AND SALE OF OFF-STREET PARKING FACILITIES IMPROVEMENT BONDS OF THE CITY OF WOODBURN, OREGON, AN D DECLARING AN EMERGENCY . WHEREAS, the Common Council of the City of Woodburn has hereto- fire proceeded with the construction of the following local improve- meats in said City: Acquiring and developing of two off-street motor vehicle parking facilities in downtown Woodburn. 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 C'~.. ~~~~, and ~r'HEREAS, the owners of pr~~aer~:y assessed for said improve- meats in the amount of X25.00 or more have heretofore filed with the City Recorder of said City written applications to pay their assess- ments in installments, in a total amount of $103,94.55, each of which applications provided that the applicant and property owner thereby waived all irregularities or defects, jurisdictional or otherwise, in the proceedings for said improvements for which the 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 forty equal semi -annual installments with interest on th~~ portion of the assessment which has not been paid at the rate of seven per cent per annum, and WHEREAS, each application so filed contained a statement by lots or blocks or other convenient aescription of the property ref t~~~~ ~'s.g~e ~. - C{~UNCIL BILL Nb. 2$4 ORDINANCE NO. 1516 applicant assessed for said improvement, and WHEREAS, in no application received as aforesaid did the amount of such assessment, plus any previous assessments far improve- ments assessed 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, a 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 appli~- cations for the payment of assessments for improvements, the Gity Recorder of said City has entered in a 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 the 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 totalling ~1(J3,94~.55 and the 14th of dune, 176, there has been paid by installments a total of $-0-, leaving X103,944.55 principal of assessments remaining to be paid by installments under the terms of the various applications, and Page 2 - COUNCIL BILL N~05.~ 6284 ORDI~AN'CE N0. WHEREAS, each and every act and thing required to be done by the laws of the State of Dragon and by 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 THE PEOPLE OF THE CITY OF WooDBURI~ Do oP~DAIN Section 1. (a} That the City of Woodburn issue 103 bonds~n the denomination of $1,000.00 each and one bond in the amount of $944.55, all in the name of and under the corporate seal of said City, and in all equal to the sum of $103,944.55, the total amount remaining to be paid, as of the 14th day of June, 1976, an 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 Bond Lien Docket of said City; that the bond in the amount of $944.55 be numbered "1" and that the bonds in the denomination of $1,000.00 each be numbered "2" through "104"; 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 August 1, 1976, and mature serially as follows: $2944.55 $3000.00 $3000.00 $3000.00 $3000.00 $4000,00 $4000.00 $4400.00 $4000.00 $3000,00 on on on on on on on on on on August Augus t August Augus t August August August August August August 1, 1977 1, 1978 1, 1979 1, 1980 1, 1981 1, 1982 1, 1983 1, 1984 1, 1985 1, 1986 $5000.00 $5000,00 $6000.00 $5040,00 $7000 , 00 $7000.00 $7pp000,00 $Qooaro0 $8aoo.o0 $9000.00 on on on on on on on on on on August August August August August August August August August August 1, 1987 1, 1988 1, 1989 1, 1990 1, 1991 1, 1992 1, 1993 1, 1994 1, 1995 1, 1996 Page 3 - C©UN'CIL BILL No. 2$4 oRDI~A~cE ~o . 1516 (b} That, in respect to maturity of said bonds, it is pro- vided that the City of Woodburn may, on or after ten years from the issue date of the bonds, or any interest paying date thereafter, redeem any or a~,l of the then outstanding bonds, in inverse numerical order, upon notice and other proceedings as provided by ORS 223.240 and ORS X23.250, 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} per cent per annum, payable semi--annua~.ly on the 1st day of August and February 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 Wood- burn 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 19?6 General Obligation Off-Street Parking Improvement Bonds, and that prior to delivery said bonds shall be countersigned by the City Treasurer and registered consecutively by number and denomination in the book to be kept by the City Treasurer to be known and designated as the 19?6 General Obligation Off-Street Parking 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 Page 4 - COUNCIL BILL NO. 284 ORDINANCE N0. 1516 ~944.55,and that the interest coupons annexed thereto shall be in the proportionate amounts: No. 2 ~1,ooo.oa UNITED STATES OF AMERICA STATE OF OREGON, COUNTY OF MARION 1976 OFF-STREET PARKING IMPROVEMENT BONDS CITY OF WOODBUF~N, OREGON KNOW ALL MEN BY T~iESE 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 - - - - - ONE THOUSAND DOLLARS - .. .» .. - in lawful money of the United States of America on the presentation and surrender of this obligation on the 1st day of August, 19~, with interest thereon at the rate of per cent per annum, pay- able semi--annually in like lawful money on the first day of August and February 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 Woodburn, Oregon. Any or all bonds of the issue of which this is a part maturing after August 1, 1g8~, are subject to call and redemption in inverse numerical order at par value and accrued interest on August 1, 1986, or on any interest paying date thereafter upon notice given 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 news- paper having a general circulation in the said City. Wage 5 ~- COUNCIL BILL NO. ~8~ ORDINANCE N0. 1516 This bond, one of a series of bonds in the total sum of ONE HUNDRED THREE THOUS~N'D NINE HUNDRED FORTY-ROUR and 55/100 DOLLARS ($103,944.55) , 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, Section 223.205 to 223.295, and acts amendatory thereof and supplementary thereto, providing for the issuance of bonds for acquiring and developing off-street parking facilities and other local improvements, is issued for the payment of the cost of acquiring and developing such off-street parking facilities and other local improvements and is a general obligation of the City of Woodburn for which assessments will be levied upon properties specifically b e n efited 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 valorem tax on all of the taxable property of said City in addition to all other taxes, suf- ficient to cre ate a fund to pay the interest accruing to this band 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 operating 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 ~~oodburn pre- cedent 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 Page 6 - COUNCIL BILL NO. 284 ORDINANCE NO. 1516 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 ir- revocably pledged. IN WITLESS WHEREOF this band 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?6. Mayor ATTEST: City Recorder That the interest coupons to be annexed to said bonds shall be substantially in the following form, t©-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 197 Off-Street Parking Improvement Bond No. being dated August 1, 197. ATTEST: Mayor i y ecor e Page 7 - COUNCIL BILL N0. 284 ORDINANCE NO. 1516 and all coupons maturing after August 1, 1956, shall bear also the following phrase, "unless sooner redeemed as therein provided". Section 3. ~1) 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, N~arion County, Oregon, hereby covenants and agrees with each successive holder of each of said bands 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 Common Council shall levy, in addition to the tax required to pay for such interest, an amount sufficient to pay the annual installments of princi- pal on such bonds, all less the amount estimated to be received in pay- menu 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. ~2) That the Treasurer of the City of Woodburn is hereby directed to keep such funds, received from the collection of assess- ment 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 1976 Woodburn Off-Street Parking Bancroft Bond Redemption Fund, all payments of assessment installments hereunder, and all payments of interest on the unpaid balances of such assessments. Section 4. That the City Recorder of the City of Woodburn is hereby authorized and directed to advertise the aforesaid issue of bonds for sale at the adjourned regular meeting of the Common Council Page 8 - COU~~CIL BILL NO. 284 ORDINANCE NO. 1516 of said City tv be held in the City Hall of said City on July 13, 1976, at 12:00 Noon, Pacific Daylight Time, by publishing notice of said sale in the Woodburn Independent, a newspaper published and cir- culated within the boundaries of the City of Woodburn, Oregon, on June 23, 1976, and on June 30, 1976, and published in the Daily Journal of Commerce, a business and financial newspaper published in Portland, Oregon, on June 23, 1976. 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. h ~ti APPROVED ~. ,c..~'- ~-~~.~-. RAL H E . PIC~iERIN , Mayor Passed by the Council Submitted to the Mayor Approved by the Mayor Filed in the Office of the Recorder June 14, 1976 June 14, 1976 June 16, 1976 June 16, 1976 l ATTEST : ~ --' ~ ~.,~~, EY 0.. U , Recvr er City of Woodburn, Oregon Page 9 ~ COUNCIL BILL NO. 284 ORDINANCE NO. 1516 I, BARNEY 0. BURRIS, Recorder of the City of Woodburn, do hereby certify that I posted three copies of Ordinance No. 1516, one of which said copies posted in the City Hall on the bulletin board opposite 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 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 ,~~~ da of June , 1976. Y ,~` ~ /r'" Barney Qf: Burris, Recorder City of Woodburn, Oregon