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Ord 1497COI~NCIL FILL N0. 251 OF.DIN,~~TCE I~4. 14 9 7 AN O~DI~'AI~~CE SLATING TO ~'H~ ISSUA~~ICE AND SALH OF I~~inROVEn~ENT HCJP~DS OF TILE CITY OF WOODEi,~~~, QF.EG0~7, 1~1D DECLP,RING Aid Hr~~ERGENCY. C~~hE~AS , tre Common Council of the City of ~~oadburn has heretofore proceeded ~~ith the constructian of the follo~~ring local im-~ provements in said City 1. Stark Street Imaprovement ~. Tierra Lynn Drive Improvement 3. Progress Way & Industrial nark Improvement 4. Industrial 'ark Area Water System Construction 5. Fawley Street Se~~~er System constructian f. Hawley & ~~dilson Street Improvement and has duly assessed the costs of said improvements to the properties benefited thereby or liable therefor, according t© the provisions of the Charter and Ordinances of said City, and C^~IEF,LAS, the o~~~ners of proporty assessed for skid improve- ments in the amount of ~?5.p0 or more have heretofore filed T~rith the City R.ccorder of said City written applications to pay their assess- menu in installments, in a total amount of X292,354.13, each of V~~hich applications provided that the applicant and property o`~ner thereby t~1aived all irregularities or defects, jurisdictional or otherwise, in tine proceedings far said improvements for r~r~~ich the assessment was levied, and in t~.e apportionment of t~1e cost thereof , and ~~tIHER~I"~.5, each such application contained a provision that the applicant and property o~~ner would pay t~:e assessment in t~~enty equal semi--annual installments crith interest on the portion of t~.e assessment which has not been paid at the rate of sever per cent per annum, and Page: 1 - CO~~~ICZL DI~:~Ta I~10. 251 (~HDIN~~.ICE T~C~. 149? ~~1~~R~~s, 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 ti°~ER~~S, in no application received as aforesaid chid the amount of such assessment, plus any previous assessments for improve- merxts assessed ,against the same: pro~?erty and remaining unpaid, equal or exceed double the assessed valuation of the property as sho~vn by the last tax roll for P~arion County, Cregon, in ~ti°hich t~'ie property is situated, and ~~'~~LP,I~.~.S, the City P,ccorder of said City has kept all sucY~~ applications above described separate anr~ in convenient form for exam- ination in the manner provided ~~y la~~ and has also entered in a book r.ept for that pur~aose 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 sho~~n in the application, and °~1HE1~A.~, after the expiration of. the time for filing appli-~ cations for the payment of assPSSments for improvements, tx~e City recorder of said City has entered. in a 'cond 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 thy: assessment is made or ~s~hich hears or is cr:argeable for the cost of the improvement, ~~r it~~ the name of the applicant and property owner and the amount of the unpaid assessment, anc~ ~r~F~EF~£AS, bet~a7een the time of the execution of the various applications for bonding assessments totalling $292,35.13 and the Page 2 -~ COUNCIL DILL t~0. 251 ORDI~~t~~CE rya. 197 1st of Bece~~er, 1975, there has been paid by installments a total of $35,272.43, leaving $25?,081.76 principal of assessments remaining to be paid by installments under the terms of the various applications, and t^~HEREAS, each and every act and thing required to be done by the laws of the Mate of Oregon and by the Charter of the City of t~^Tood- burn 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 ~'~~E PE4PLE 0~ T~~~E CITE' of ~~OODBU~S~I DO O~RnAZN Section 1. day ghat the City of Woodburn issue 51 bonds in the denomination of $5,000.00 each and one band in the amount of $2,681.76, all in the name of and under the corporate seal of said City, and in all equal to the sum of ~257,031.7G, the total ar~ount re- maining to be paid, as of the 1st day of Becember, 1975, on unpaid assessments for ttie improvements hereinabove described and for which applications to pay in installments under the provisions of the law have been duly filed, as sho~A~n by Bond Lien Doc}cet of said City; that the bond in the amount of $2,681.70 be numbered "1" and that the bonds in the denomination of $5,000,00 each be numbered "2" through "52"; t~iat said bonds be executed by the Mayor, attested by the City recorder of the City of ~P~~oodburn, and authenticated by the corporate seal of the City of woodburn attached, manually or printed, thereto; and that said }:ponds be issued bearing the date of February 1, 1976, and mature serially as follows: ?age 3 - COU~~CIL BILL X70, 251 or~Ir~A.~~cB rvo. 1497 $27,081.70 on February 1, 1977 $25,000.00 on February 1, 1978 $25,000.00 on February 1, 1979 $25,000.00 on February 1, 1980 $25,000.00 on February 1, 1981 $25,000.00 on February 1, 1982 $25,000.00 on February ~., 1983 $25,000.00 on February 1, 1984 $25,000.00 on February 1, 1985 $30,000.00 on February 1, 19$6 tb) That, in respect to maturity of said bands, 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. tc) 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--annually on the 1st day of February and August of each year, and that interest coupons be attached to the bonds calling for the payment of interest on said dates, tahich coupons shall have the signature of the Mayor and the City Recorder of the City of t~'ood- 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 ~~oodburn, ~~arion County, Oregon, that said bonds shall be kno~rn as the 1976 General obli- gation 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 1976 General Obligation Improvement Bond Register. Page 4 - COUNCIL BILL N0. 251 aRDINA~cE r~o. 1497 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 tl) shall be in the principal sum of $2,081.70 and that the interest coupons annexed thereto shall be in the proportionate amounts: No. 2 $5,000.00 UNITED STATES OF AMERICA STATE OF OREGON, COUNTY OF M~.R.IOI~7 1974 IMPROVE~~ENT BOND, CITY OF ~~1O0DBtJRN, OREGON KNO~r~ 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 1st day of February , 19 with interest thereon at the rate of per cent per annum, payable semi--annually in like lawful money on the first day of Fe ry ~ and August of each year upon presentation and sur- render 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 February 1 , 1981, are subject to call and redemption in inverse numerical order at par value and accrued interest an Fe~~ry 1, 1981, or on anv interest paying date thereafter upon Page 5 - COUNCIL BILL NO. 2~l ORDINANCE N0. 1497 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. This bond, one of a series of bonds in the total sum of TWO HUNDRED NINETY-TWO THOUSAND, THREE HUNDRED FIFTY-FOUR AND 13/100 DOLLARS ($292,354.13j, 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, provid- ing for the issuance of bonds for street, sewer, water and other local improvements, is issued for the payment of the cost of construction of such street, sewer, water and other local improvements and is a general obligation of the City of Woodburn for which assessments will be levied upon properties specifically benefitted 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, 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 operating as a city under and by virtue of the laws of the State of Page 6 - COUNCIL BILL NO. 251 ORDINANCE NO. 1497 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 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 City, including this bond, does not exceed any constitutional, statutory or charter limiation. Far 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 ~~iayor and attested by the Recorder of the City of Woodburn and the corporate seal of said City hereto affixed this day of ..~___.. 19 76 , Mayor ATTEST ; City Recorder That the interest coupons to be annexed to said bonds shall be substantially in the following form, to-wit: COUPON _____.~ No. CITY OF WOODBURN, STATE OF OREGON S will pay to the bearer on the day of , 19 in Page ? - ca~NCIL BILL No. 251 ORDINANCE N0. 149? legal fender 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`6 Improvement Bond No. being dated Februar~l , 19?~, .r...r.ri..+~ir~~. .. r^ r+. r ayor ATTEST: City Recorder and all coupons maturing after February 1 , 1981, shall bear also the following phrase, "'unless sooner redeemed as therein pro- r vided" . Section 3, ~1~ That the full faith and credit of the City of ~'oodburn is hereby pledged to each successive holder of each of said bands for the punctual payment of the principal and interest thereof when and as the same shall become due, and the City of Woodburn, ,~arion County, Oregon, hereby covenants and 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 bands 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- ments of principal and interest on installments of assessments involved herein, and from receipts from sales and rentals from property acquired Page $ -- COUCIL BILL N0. 251 ORDINANCE r~o. 1497 by the City of Woodburn pursuant to such assessments, during the year for which the levy is made, in the manner provided by law. (2y 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 t© place to the credit of a fund hereby created and to be known and designated as the 1976 Woodburn Bancroft Bond Redemption Fund, all pay- ments 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 of said City to be held on January 13, 1976, by publishing notice of said sale in the Woodburn Independent, a newspaper published and circulated within the boundaries of the City of Woodburn, Oregon, on December 24, 1975, and: on December 3-l, 19'75,and published in the wily Journal of Commerce, a business andfinancial newspaper published in Portland, Oregon, on December 26, 1975. Section 5. This ~~~ 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 r~ayor. ,.. -~ ~ a E. Pickering; ayor Page 9 - COUNCIL BILL NO. 25i ORDINANCE NO. 197 Passed by the Council Submitted to the Mayor Approved by the Mayor Filed in the Office of the Recorder ~~ .-, ~ ~~ ATTEST . ., ..~. ~ ~~~.~ , Barney O. urris; Recorder City of Woodburn, Oregon December 22, 1975 rrr~N December 22, 1975 December 22, 1975 December 22, 1975 Page 10 -- COUNCIL BILL N0. X51 ORDINANCE N0. 1497 I, BARNEY 0. BURRIS, Recorder of the City of Woodburn, do hereby certify that I caused to be posted three copies of Ordinance ~zo. 1497, 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 Sony building at 182 Young Sheet, 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 theday of ~'( ~~?~ 1975. ~, ,~ ,, BARNEY 0. BURRIS, RECORDER City of Woodburn, Oregon