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HomeMy WebLinkAboutOrdinance 1522ORDINANCE N0. 1522 AN ORDINANCE OF THE CITY OF CENTRAL POINT, OREGON AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION IMPROVEMENT BONDS The people of The City of Central Point, Oregon ordains as follows: Section 1. Issue. The City shall issue its General Obligation Improvement Bonds, Series 1984, in the amount of NINETY SEVEN THOUSAND ONE HUNDRED DOLLARS ($97,100) to be dated October 1, 1984, to be in denominations of Five Thousand Dollars ($5,000) or integral multiples thereof, except the first maturity, to bear interest payable on April 1 and October 1 of each year and to mature serially on the first day of October of each year as follows: Date Amount Date Amount 1986 $ 7,100 1991 $10,000 1987 10,000 1992 10,000 1988 10,000 1993 10,000 1989 10,000 1994 10,000 1990 10,000 1995 10,000 Section 2. Security. The City has assessed benefited properties for the. costs of local improvements, and has received applications to pay assessments in installments in an amount at least equal to the principal amount of the bonds. All installment assessment payments shall be placed in the Bancroft Bond Redemption Fund and applied to the payment of principal and interest on the bonds. The full faith and credit of the City are pledged to the successive owners of each of the bonds for the punctual payment of such obligations, when due,. and the City shall levy annually, as provided by 1aca, a direct ad valorem tax upon all of the taxable property within. the City in an amount sufficient, with other available funds, to pay interest on and the principal of the bonds as they become due and payable. The City covenants with the owners of its bonds to levy such a tax annually during each year that any of the bonds, or bonds issued to refund them, are outstanding. Section 3. Form of Registered Bond. The bonds shall be in substantially the following form: Page 1 - Ordinance 15~~ No. R- $ UNITED STATES OF AMERICA CITY OF CENTRAL POINT COUNTY OF JACIZSON GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 1984 DATED INTEREST % PER ANNUM MATURITY DATE CUSIP THE CITY OF CENTRAL POINT, in the County of Jackson, State of Oregon, for value received acknowledges itself indebted and hereby promises to pay to , or registered assigns, the principal sum of Dollars ($ ) on the above maturity date, together with interest thereon from the date hereof at the rate per annum indicated above. Interest is payable semiannually on the first day of April and on the first day of October in each year until maturity or prior redemption, commencing April 1, 1985. Interest upon this bond is payable through the Corporate Trust and Agencies Department of the United States National Bank of Oregon, the City of Central Point's paying agent and registrar (the °1Registrar") by___check or draft_9__checks or__drafts will be_mailed to__the name and _ ___ address of the registered o~oner as it appears on the bond register on the fifteenth day of the month prior to the date on which interest comes due. Bond principal is payable upon presentation and surrender of this bond. to the Registrar. ADDITIONAL PROVISIONS OF THIS BOND APPEAR ON THE REVERSE .SIDE; THESE PROVISIONS HAVE THE SAME EFFECT AS IF THEY WERE PRINTED HEREIN. IT IS HEREBY CERTIFIED, RECITED, AND DECLARED that all conditions, acts, and things required to exist, to happen, and to be performed precedent to and in the issuance of this bond have existed, have happened, and have been performed in due time, form, and manner as required by the Constitution and statutes of the State of Oregon and the Charter of the City of Central Point Oregon9 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 covenanted to levy annually a direct ad valorem tax upon all taxable property within the City in an amount sufficient, with other available funds, to pay the interest on and the principal of the bonds of such issue as they become due and payable, IN WITNESS WHEREOF, the City Council of the City of Central Point, Jackson County, Oregon, has caused this bond to be signed by facsimile signature of its Mayor and attested by facsimile signature of its City Administrator, and has caused its seal to be affixed hereto or printed hexeon as of this first day of October, 1984. Page 2 - Ordinance 1522 Mayor, City of Central Point, Oregon ATTEST. City Administrator, City of Central Point, Oregon THIS BOND SHALL NOT BE VALID UNLESS PROPERLY AUTHENTICATED BY THE REGISTRAR IN THE SPACE INDICATED BELOWe CERTIFICATE OF AUTHENTICATION This is one of the Gity of Central Point, Oregon General Obligation Improvement Bonds, Series 1984, issued pursuant to the Bond Ordinance described herein, DATED UNITED STATES NATIONAL BANK OF OREGON, as Registrar by Authorized Officer Note to Printer:. The following language should be printed on the reverse of the bond: This bond is one of the General Obligation Improvement Bonds, Series 1984, of the City, and is issued by the City to finance local improvements pursuant to an ordinance of the City (the 1°Bond Ordinance's) and Oregon Revised Statutes Sections 2230205 to 223.295, in full and strict accordance and compliance with all of the provisions of the Constitution and Statutes of the State of Oregon and the Charter of the Cityo The bonds are issuable in the form of registered bonds without coupons in the denominations of $5,000 or any integral multiple thereofa Bonds may be exchanged for bonds of the same aggregate principal amount, but different authorized denominationso Any transfer of this bond must be registered, as provided in the Bond Ordinance, upon the bond register kept for that purpose at the office of the Registrars The City and the Registrar may treat the person in whose name this bond is registered as its absolute owner for all purposes, as provided in the Bond Ordinance, Page 3 Ordinance 1522 The bondowner may exchange or transfer any bond only by surrendering it, together with a written instrument of exchange or transfer which is satisfactory to the Registrar and duly executed by the registered owner or his duly authorized attorney, at the office of the Registrar in the manner and subject to the conditions set forth in the Bond Ordinance.. ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto Please insert social security or other identifying number of assignee the within Bond and does hereby irrevocably constitute and appoint as attorney to transfer this Bond on the books kept for registration thereof oath the full poeaer of substitution in the premises. Dated NOTICE: The signature to this assignment must correspond with the name of the registered o~oner as it appears upon the face of the within bond in every particular, without alteration or enlargement or any change whatever. Signature Guaranteed (Bank, Trust Company or Firm) Authorized Officer The following abbreviations, when used in the inscription on the face of the within Bond, shall be construed as though they were written out in full according to applicable laws or regulations. Page 4 - Ordinance 1522 TEN COM -- tenants in common TEN ENT -- as tenants by the entireties JT TEN -- as joint tenants with right of survivorship and not as tenants in common OREGON CUSTODIANS use the following CUST UL GREG as custodian under the laws of Oregon for MIN (Minors Name) Additional abbreviations may also be used though not in the list above. Section 4. Authentication, Registration and Transfer. (1) No bond shall be entitled to any right or benefit under this ordinance (the "Bond Ordinance11) unless it shall. have been authenticated by an authorized officer of the City°s paying agent and registrar (the t1Registrar°B). The Registrar shall authenticate all bonds to be delivered at closing of this bond issue, and shall additionally authenticate all bonds properly surrendered for exchange or transfer pursuant to this Bond Ordinance, (2} All bonds shall be in registered form. The City hereby appoints United States National Bank of Oregon to serve as Registrar. A successor Registrar may be appointed for the bonds by ordinance or resolution of the City. The Registrar shall provide notice to bondowners of any change in the. Registrar not later than the bond payment date following the change in Registrar. (3) The ownership of all bonds shall be entered in the bond register maintained by the Registrar, and the City and the Registrar may treat the person listed as owner in the bond register as the owner of the bond for all purposes. (4) The Registrar shall mail each bond payment to the name and address of the bondowner as it appears on the bond register on the fifteenth day of the month preceding a bond payment date (the "Record Date°°). If payment is so mailed, neither the City nor the Registrar shall have any further liability to any party for such payment. (5) Bonds may be exchanged for an equal principal amount of bonds of the same maturity which are in different denominations, and bonds may be transferred to other Page 5 - Ordinance .1522 owners if the bondowner submits the following to the P.egistrare (a) written instructions for exchange or transfer satisfactory to the Registrar, signed by the bondowner or his attorney in fact and guaranteed or witnessed in a manner satisfacoory to the Registrar; and (b) the bonds to be exchanged or transferred,. (6) The Registrar shall not be required to exchange or transfer any bonds submitted to it during any period beginning with a Record Date and ending on the next following. payment dater however, such bonds shall be exchanged or transferred promptly following that payment date, (7) The Registrar shall note the date of authentication on each bond, The date of authentication shall be the date on which the bondowner°s name is listed on the bond register. (8) For purposes of this section, bonds shall be considered submitted to the Registrar on the date the Registrar actually receives the materials described in subsection (5) of this section, (9) The City may alter these provisions regarding registration and transfer by mailing notification of the altered provisions to all bondowners. The altered provisions shall take effect on the date stated in the notice, which shall not be earlier than 45 days after notice is mailed. Section 5. Sale of Bonds, The Gity Administrator shall cause to be published in the Mail Tribune, Medford, Oregon, and in the Daily Journal of Commerce, Portland, Oregon, notices of sale of the bonds in the form substantially as shown on Exhibit A attached hereto and by this reference incorporated herein, or summaries, as provided by lace. The bonds shall be sold upon the terms provided in the attached Exhibit A. The bonds shall be sold on the date and at the time and place stated in Exhibit A, unless the Mayor or City Administrator establishes a different date, time, or place. Page 6 - Ordinance 1522 Section 6. Emergency. This ordinance being necessary for the. immediate preservation of the public peace, health and safety of the City of Central Point, in order to obtain sufficient funds. to pay for public improvements needed to complete construction in a timely manner, and the need for payment to the City in order to finance the improve- ments, second reading. is hereby waived, an emergency is declared to exist and this ordinance shall be in full force and effect immediately upon its passage by the Council and approval by the Mayor. PASSED by the unanimous vote of the Council, with a quorum in attendance, this 16th day of August 1984. APPROVED by the Mayor this 17th day of August , 1984. V~ Mayor Executed this 17th day of August , 1984. ATTEST: y Administrator Page 7 - Ordinance 1522 EXHIBIT A OFFICIAL NOTICE OF BOND SALE $97,100 CITY OF CENTRAL POINT COUNTY OF JACKSON STATE OF OREGON GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1984 Notice is hereby given that sealed bids will be received on behalf of the City of Central Point, Jackson County, Oregon, until 1Os00 o°clock ammm (Pacific Time) on September 20, 1984, at the offices of Ragen, Roberts, 0°Scannlain, Robertson & Neill, 1600 Orbanco Building, 1001 SW Fifth Avenue, Portland, Oregon, 97204, at which time they will be publicly opened. and announcede The bids shall be considered and acted. upon by the City within four hoursm ISSUEo NINETY SEMEN THOUSAND ONE HUNDRED DOLLARS ($97,100) consisting of registered bonds in denominations of FIVE THOUSAND DOLLARS ($5,000) or integral multiples thereof, except the first maturity, all dated October 1, 1984° INTEREST RATEm Maximum not to exceed a net effective rate of fourteen percent (14~) per annum® Interest is payable semiannually on April 1 and October l of each year, commencing April 1, 1985. Bidders must specify the interest rate or rates which the bonds hereby offered for sale shall bearm The bids shall comply with the following conditionsm (1) Each interest rate specified in any bid must be a multiple of 1/8th or 1/20th of one percent (l~); (2) No bond shall bear more than one rate of interest; (3) Each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid; (4) All bonds maturing at any one time shall bear the same rate of interest; (5) The difference between the highest and lowest rates bid shall not exceed three percent (30); and (6) No rate of interest may exceed eighteen percent (18~)m MATURITIESo The bonds shall mature serially on the first day of October of each year as followsa Date. Amount Date Amount 1986 $ 7,100 1991 $10,000 1987 10,000 1992 10,000 1988 10,000 1993 10,000 1989 10,000 1994 10,000 1990 10,000 1995 10,000 Page 1 - Notice of Bond Sale Ord. 1522 REGISTRATIONe The bonds will be issued in fully registered form, and may be exchanged at the expense of issuer for similar bonds of different authorized denominationsm Bonds may not be converted to bearer forme PAYMENTS Principal and interest are payable, either at maturity or upon earlier redemption, by check through the office of the registrar and paying agent of the City, which is currently the Corporate Trust and Agencies Department of United States National Bank. of Oregon in Portland, Oregon. PURPOSEo The bonds are being issued to finance local improvementsm SECURITYe The City has assessed benefited properties for the costs of local improvements and has received applications to pay assessments in installmentso All assessment installments will be placed in the Bancroft Bond Redemption Fund and applied to the payment of principal and interest. on the bonds. The bonds are also general obligations of the Citya The City has covenanted to levy an ad valorem tax annually which, with other available funds, will be sufficient to pay bond principal and interest as they come duem LEGAL OPINIONe The approving opinion of Ragen, Roberts, OeScannlain, Robertson & Neill, Lawyers, of Portland, Oregon, will be provided at no cost to the purchaser, and will be printed on the bonds at the expense of the Citym TAX EXEMPT STATUS: Interest on the bonds, in the opinion of bond counsel, is 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 BIDo The. bonds will be awarded to the responsible bidder whose proposal will result in the lowest net cost to the Citya T'he successful bid will be determined by computing the total amount of interest which the City would be required to pay from the date of each bond to its respective maturity date at the. rate or rates specified in the bid assuming no bonds are called prior to maturity, less premium offered, if any, Each bidder is requested to supply the total interest cost and net effective interest rate that the City will pay upon the issue if the bid is accepted. The purchaser must pay accrued interest, computed on a 360-day basis, from the date of the bonds to the date of delivery, The cost of printing the bonds will be borne by the Citye DELIiIERYs Delivery of the to the successful bidder at such Oregon, as the successful bidder bonds will be made without cost bank in the City of Portland, shall names Payment for the Page 2 - Notice of Bond Sale Ord. 1522 bonds must be made in Federal fundsm Delivery will be made within thirty daysm 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 thereof and accrued interest to the date of delverym Each bid together with bidder°s check as herein specified must be enclosed in a sealed envelope addressed to the City and designated °°Proposal for Bonds°°e BID CHECKo All bids must be unconditional and accompanied by a certified or cashier°s check on a bank doing business in the State of Oregon for One Thousand Nine Hundred Forty Two Dollars ($1®942m00) payable to the order of the City to secure the City from any loss resulting from the failure of the bidder to comply with the terms of its bidet Checks will be forfeited to the City as liquidated damages in case the bidder to whom the bonds are awarded withdraws its bid or fails to complete its purchase in accordance with the terms thereofm No interest shall be allowed on the deposit but the 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 promptlym RIGIHT OF REJECTIONo The City reserves the right to reject any or all bids® and to waive any irregularitiesa OFFICIAL STATEMENTa The City has prepared an official statement relating to the bonds® a copy of which will be furnished upon request to the City Administrator® P® O. Box 3576, Central Pointe Oregon 97502, telephone 503/664-3321® CUSIPt CUSIP numbers will be imprinted upon all bonds of this issue at the purchaser°s request and expensem Failure to print, or improperly imprinted numbers will not constitute basis for the purchaser to refuse to accept deliverym NO LITIGATTONt At the time of payment for the delivery of said bonds® the City will furnish the successful bidder a certificate that there is no litigation pending affecting the validity of the bondsm FURTFIER INFORMATIONo Additional information regarding the City and this sale may be obtained from the City Administrator® Pa O® Box 3576, Central Pointo Oregon 97502® telephone 503/664- 3321a Representative City of Central Pointy Oregon Page 3 - Notice of Bond Sale ~~ta.~ X522