Res 1317 - Early Redmtn 78 GO W
COUNCIL BILL NO. 1662
RESOLUTION NO. 1317
A RESOLUTION OF THE CITY OF WOODBURN, MARION COUNTY, OREGON AUTHORIZING
THE EARLY REDEMPTION OF ITS 1978 GENERAL OBLIGATION WATER WELLS BONDS.
WHEREAS, the city issued its 1978 General Obligation Water
Wells Bonds, in the amount of $375,000, on October 1, 1978 pursuant to
Ordinance No. 1639 (the "Authorizing Ordinance"); and
WHEREAS, the Authorizing Ordinance authorize the City to
redeem the Bonds prior to maturity on any interest payment date on and
after October 1, 1990; and
WHEREAS, the City has accumulated water revenues in amounts
sufficient to now call the bonds prior to maturity which will result in
interest savings to the City and eliminate the debt of the City, now,
therefore,
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. The outstanding bonds of the City issued as the
1978 General Obligation Water Wells Bonds are hereby called for
redemption on October 1, 1995.
Section 2. The City Recorder shall give notice of such
redemption in substantially the form attached hereto as Exhibit A by
publishing such notice of redemption in the Daily Journal of Commerce in
Portland, Oregon and in the Woodburn Independent and by mailing such
notice to Moody's Investor Service, Inc., and Standard & Poor's
Corporation, New York, New York not less than 30 days prior to the
redemption date and to provide such other courtesy notices as the
Recorder deems advisable.
Adopted by a vote of the City Council, with a
28th day of August, 1995. ~
Approved as to Form~~
City Attorney
quorum in attendance, this
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APPROVED:
Passed by the Council
Submitted to the Mayor
Approved by the Mayor
Filed in the Office of the Recorder
ATTEST: I']~~
Mar Tennant, Recorder
City of Woodburn, Oregon
Page 1 - COUNCIL BILL NO. 1662
RESOLUTION NO. 1317
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EXHIBIT A
NOTICE OF FULL REDEMPTION
CITY OF WOODBURN, OREGON
GENERAL OBLIGATION WATER WELLS BONDS
NOTICE IS HEREBY GIVEN that the City of Woodburn, in Marion County,
Oregon, has called for redemption on October 1, 1995, all of its then
outstanding General Obligation Water Wells Bonds dated October 1, 1978
(the "Bonds").
The Bonds will be redeemed at a price of one hundred percent (100%)
of their principal amount, plus interest accrued to October 1, 1995.
The redemption price of the Bonds is payable on presentation and
surrender of the Bonds at the office of:
City Recorder
City of Woodburn
270 Montgomery Street
Woodburn, Oregon 97071-4730
Interest on all Bonds or portions thereof which are redeemed shall
cease to accrue on October 1, 1995.
The following Bonds are being redeemed:
Bond Number
53-57
58-63
64-69
70-75
Principal Amount
$25,000
$30,000
$30,000
$30,000
Date of Maturity
October 1, 1995
October 1, 1996
October 1, 1997
October 1, 1998
CUsip NlDber
979013BW8
979013BX6
979013BY4
979013BZ1
By Order of the City of Woodburn, Oregon
City Recorder, City of Woodburn, Oregon, as Paying Agent
Dated: August 30, 1995.
Under the Interest and Dividend Tax Compliance Act of 1983, payor
may be required to withhold 31% of the redemption price from any
Bondowner who fails to provide to payor and certify under penalties of
perjury, a correct taxpayer identifying number (employer identification
number or social security number, as appropriate) or an exemption
certificate on or before the date the Bonds are presented for payment.
Bondowners who wish to avoid the application of these provisions should
submit a completed Form W-9 when presenting their Bonds.
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