Res 1303 - Early Red 77 GO Swr
COUNCIL BILL NO. 1638
RESOLUTION NO. 1303
A RESOLUTION OF THE CITY OF WOODBURN, MARION COUNTY, OREGON
AUTHORIZING THE EARLY REDEMPTION OF ITS 1977 GENERAL OBLIGATION
SEWER BONDS.
WHEREAS, the City issued its 1977 General Obligation Sewer Bonds, in the
amount of $2,000,000, on July 1, 1977 pursuant to Ordinance No. 1559 and
Ordinance No. 1562 (the" Authorizing Ordinances"); and
WHEREAS, the Authorizing Ordinances authorize the City to redeem the Bonds
prior to maturity on any interest payment date on and after July 1, 1987; and
WHEREAS, the City has accumulated sewer 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 1977 General
Obligation Sewer Bonds are hereby called for redemption on July 1, 1995.
Section 2. The City Recorder shall give notice of such redemption in
substantially the form attached hereto as Exhibit II 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 Investors 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
determines advisable.
Adopted by a vote of the City Council, with a quorum in attendance this
of May, 1995. L) /l ~ /\/1 ~
Approved as to form: Y /,~(~
City Attorney Da
APPROVED: D. ~~, '- /
~ Nancy A. KI , Mayar
May 22, 1995
May 23, 1995
May 23, 1995
Passed by the Council
Submitted to the Mayor (Council Presi dent)
Approved by the Mayor (Council President)
Filed in the Office of the Recorder
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May 23, 1995
ATTEST:
Mar Tennant, City Recorder
City of Woodburn, Oregon
Page 1 -
COUNCIL BILL NO. 1638
RESOLUTION NO. 1303
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EXHIBIT A
NOTICE OF FULL REDEMPTION
52,000,000
City of Woodburn, Oregon
1977 General Obligation Sewer Bonds
NOTICE IS HEREBY GIVEN that the City of Woodburn, in Marion County, Oregon,
has called for redemption on July 1, 1995, aU of its then outstanding 1977 General Obligation Sewer
Bonds (the "Bonds").
The Bonds will be redeemed at a price of one hundred percent (100%) of their principal
amount, plus interest accrued to July 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 Wood bum
270 Montgomery Street
Woodburn, Oregon 97071-4730
Interest on all Bonds or portions thereof which are redeemed shall cease to accrue on
July 1,1995.
The following Bonds are being redeemed:
Bond Number Principal Amount Date of Maturity
311-338 $140,000 July 1, 1995
339-368 $150,000 July 1, 1996
369-400 $160,000 July 1, 1997
Cusip Number
979013BB4
9790 13BC2
9790 13BDO
By Order of City of Woodburn, Oregon
City Recorder, City of Woodburn, Oregon, as Paying Agent
Dated: May 31, 1995.
Under the Interest and Dividend Tax Compliance Act of 1983, payor may be required to
withhold 3 1 % 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.
J:\RDR.\WOODBUR.N\ItEs.DOC
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