HomeMy WebLinkAboutOrdinance 1456ORDINANCE N0. 1456
AN ORDINANCE AUTHORIZING ISSUANCE OF
GENERAL OBLIGATION IMPROVEMENT BONDS AND
DECLARING AN EMERGENCY
THE PEOPLE OF THE TOWN OF CENTRAL POINT DO ORDAIN AS
FOLLOWS,
Section 1. Authorization. The City of Central Point,
Oregon, does hereby authorize the issuance and sale of General
Obligation Improvement Bonds, Series 1982, of the City of Central
Point, Oregon, in the Amount of Two Hundred Eighty-One Thousand
Three Hundred Two Dollars and Seventy-Three Cents ($281,302.73),
to be dated March 1, 1982., to be numbered consecutively from one
(1) to fifty-seven (57) inclusive, to be in denominations of Five
Thousand Dollars ($5,000) each, except bond number one in the
amount of $1,3-02.73, to bear interest payable semiannually on
September 1 and March 1 of each year and to mature serially in
numerical order on the first day of March in each year as
followsm
DATE AMOUNT DATE AMOUNT
1983 $ 6,302.73 1988 $35,000.00
1984 $10,000.00 1989 $40,000.00
1985 $15,000.00 1990 $40,000..00
1986 $20,000.00 1991 $40,000.00
1987 $25,000.00 1992 $50,000.00
Section 2. Signatures and Registration. Each of the bonds
shall be signed with the facsimile signature of the Mayor in
office on the date of execution of such bonds, each of the bonds
shall be attested by the Recorder in office on such date; the
coupons appertaining to the bonds shall be executed with the
facsimile signatures of such Mayor and Recorder; and each of the
bonds shall be registered in the Bond Register by the recording
officer of the City of Central Point, Jackson County, State of
Oregon.
Section 3. Security. The City has assessed the cost of
public improvements to benefited properties and all monies
collected therefrom 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
also pledged to the successive holders of each of the bonds and
of the interest coupons appertaining thereto, for the punctual
payment of such obligations, when due; and the city shall levy
annually, if required, a direct. ad valorem tax upon all of the
taxable property within. the City in sufficient amount, after
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taking into consideration discounts taken and delinquencies that
may occur in the payment of such taxes, to pay the bond and bond
interest obligations promptly as they respectively mature; and
the. City covenants with the holders of its bonds, to levy such a
tax annually as required. during each year that any of the bonds,
or of bonds issued to refund them, and bond interest obligations,
are outstandingm
Section 4. Maintenance of Tax-Exempt Status® The City
shall take no action nor make any use of the proceeds of the
bonds, installment payments of assessments or ad valorem tax
revenues intended to be used to pay principal and interest on the
bonds, which will cause the bonds to lose their tax-exempt status
under federal or State of Oregon income tax laws, regulations and
judicial or administrative interpretationse
Section 5e Form. The bonds and the coupons attached
thereto shall be in substantially the following form, the terms
of which are hereby adoptedm
UNITED STATES OF AMERICA
STATE OF OREGON
COUNTY OF JACKSON
CITY OF CENTRAL POINT
GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 1982
$5,000
City of Central Point, in the County of Jackson, State of
Oregon, acknowledges itself indebted and for value received
hereby promises to pay to bearer on the first day of March,
19 the sum of
FIVE THOUSAND DOLLARS
with interest thereon from the date hereof at the rate of
percent ( °s) per annum, on the first day of
September and the first. day of March in each year until maturity,
upon surrender of the annexed interest coupons as they severally
mature. The principal of and the interest upon this bond are
payable in lawful money of the United States of America, at the
office of the City Recorder in the City of Central Point, Oregonm
THIS BOND is one of a series aggregating Two Hundred Eighty-
One Thousand. Three Hundred Two Dollars and Seventy-Three Cents
($281,302m73) par value, issued to provide funds to construct
public improvements as authorized by Oregon Revised Statutes
223°205 to 223.295, inclusive, commonly known as The Bancroft
Bonding Act and are general obligations of the Citym
IT IS HEREBY CERTIFIED, RECITED, AND DECLARED that all
conditions, acts, and things required to exist, to happen, and to
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be performed precedent to and in the issuance of this bond have
existed, have happened, and have been performed in due time,
form, and manner as required by the constitution and statutes of
the State of Oregon; that the issue of which this bond is a part,
and all other obligations of the City, are within every debt
limitation and other limits prescribed by such constitution and
statutes; and that the City has provided for the levying annually
of a direct ad valorem tax as required upon all the property
within the City so taxable for its purposes, in sufficient. amount
to pay the interest on and the principal of the bonds of such
issue, as such obligations respectively become due and payable.
IN WETNESS WHEREOF, the City of Central Point has caused
this bond to be signed by facsimile signature of its Mayor and
attested by its Recorder, the annexed interest coupons to be
executed with the facsimile signatures of such officers, and the
seal of the City to be affixed. hereto or printed hereon this
first day of March, 1982.
!'~`~
ATTESTa
Recorder
No.
Mayor, ~'ity of Central Point
FORM OF BOND COUPONS
On the first day of March/September, 19 , City of
Central Point, State of Oregon, upon surrender of this coupon at
the office of the City Recorder of the City of Central Point,
Oregon, will pay to bearer the sum of Dollars
($ ), in lawful money of the United States of America,
for interest then due on its General Obligation Improvement Bond,
Series 1982, dated March 1, 1982, and bearing No.
,~ r _ ~ ~~
Mayor
ATTEST:
Recorder
Page 3 - Ordinance
Section 6. Sale.. The Recorder shall cause to be published
in the Medford Mail Tribunes a newspaper of general circulation
printed and published in the City of Medford, County of Jackson,
State of Oregon, and in The Daily Journal of Commerce® Portland,
Oregon® notices of proposed sale of the bonds, as provided by
law® in the form substantially as shown on Exhibit A attached
hereto and by this reference incorporated hereinp specifying that
sealed bids will be received on behalf of the City at the offices
of Ragen® Roberts, 0°Scannlain® Robertson & Nell® Portland®
Oregon® up to and including the hour of 1Oc00 o°clock a.m. on the
9th day of March 1982, and that immediately thereafter bids
received will be publicly opened for the sale of the bonds® at
not less than the par value thereof and the accrued interest
thereof® at an interest rate or rates in multiples of one-eighth
of one percent or one-twentieth of one percento not exceeding a
net effective rate of fourteen percent per annum® payable
semiannually on March 1 and September l; that the bids shall be
accompanied by a cashier°s check or certified check, of or upon a
bank doing business in the State of Oregon® in the sum of $5,630
to be forfeited to the City in case the bidder fails to complete.
his purchase in accordance with the terms of his bid; that bids
must be unconditional except as to qualification of approval of
validity of the bond issue by bond attorneys; that bids must show
the total cost of the bond issue. to the City® including interest,
less premium offered, if any, provided the bid be accepted® that
the bonds will be sold to the bidder whose bid will result in the
lowest net interest cost to the City; and that the board reserves
the right to reject any or all bids.
Section 7. 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® an emergency is hereby 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 11th day of February® 1982.
Approved by the M yor this 11th day of February® 1982.
ATTESTa
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~' ' ~ Recorder
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APPROVEDm
~~.nt,
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Mayor
Page 4 - Ordinance
OFFICIAL NOTICE OF BOND SALE
$281.,302.73
CLTY OF CENTRAL POINT
COUNTY OF JACKSON
STATE OF OREGON
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1982
Notice is hereby given that sealed bids will be received on
behalf of the City of Central Point, Jackson County, Oregon,
until 10:00 o°clock a.m. (Pacific Standard Time) on March 9,
1982, 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
announced.
The bids shall be considered and acted upon by the City
Council of the City of Central Point at its meeting to be held on
March 9, 1982, commencing at 10:30 o°clock a.m. (Pacific
Standard Time).
ISSUE: TWO HUNDRED EIGHTY-ONE THOUSAND THREE HUNDRED TWO
DOLLARS AND SEVENTY-THREE CENTS ($281,302.73) consisting of 57
coupon bonds in denominations of FLVE THOUSAND DOLLARS ($5,000),
except Bond No. One in the. amount of $1,302..73, all dated March
1, 1982..
INTEREST RATEe Maximum not to exceed a net effective rate
of fourteen percent (14~) per annum, the first interest payment
due on September 1, 1982 and semiannually thereafter on March 1,
and September 1 of each year. Bidders must specify the interest.
rate or rates which the bonds hereby offered for sale shall bear.
The bids shall comply with the following conditions (1) Each
interest rate specified in any bid must be in multiples of 1/8th
or 1/20th of one percent (l~); (2) No bond shall bear more than
one rate of interest, no interest payment shall be evidenced by
more than one coupon, and supplemental coupons will not be
permitted; (3) Each bond shall bear interest from its date to
its stated maturity date at the interest rate specified in the
bids; (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 two percent (2~).
MATURITIESr The bonds shall. mature serially in numerical
order on the first day of March of each year as followsm
Page 1 - Notice of Bond Sale
DATE AMOUNT DATE AMOUNT
1983 $ 6,302.73 1988 $35,000.00
1984 $10,000.00 1989 $40,000.00
1985 $15,000.00 1990 $40,000.00
1986 $20,000.00 1991 $40,000.00
1987 $25,000.00 1992 $50,000.00
REGISTRATION: The bonds will be issued in bearer form with
no option for registration.
PAYMENT: Principal and. interest are payable, either at
maturity or upon earlier redemption, in lawful money of the
United States at the office of the City Recorder, City of Central
Point, Jackson County, Oregon.
PURPOSEo The bonds are issued to provide funds for street,
sewer and water improvements.
SECURITYa The bonds of this issue are general obligation
bonds of the City. The City has covenanted to levy an ad valorem
tax annually to pay bond principal and interest as they
respectively come due..
LEGAL OPINION: The approving opinion of Ragen, Roberts,
0°Scannlain, Robertson & Neill, Attorneys at Law, of Portland,
Oregon, will be provided at no cost to the purchaser.
TAX EXEMPT STATUSm 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 BIDm The bonds will be awarded to the responsible
bidder whose proposal will result in the. lowest net cost to the
City. The 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
coupon rate or rates specified in the bid, less premium offered,
if any. Bidders are requested to supply the total interest costs
and net effective interest rate, based upon the aggregate
interest cost that the City will pay upon the issue if the bid is
accepted. Such information shall be considered as informative
only. 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
City.
DELIVERYs Delivery of the bonds will be made without. costs
to the successful bidder at such bank. in the City of Portland,
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Oregon, as the successful bidder shall name. Payment for the
bonds must be made in Federal funds. Delivery will be made
within thirty days.
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 (1001) of the par value thereof and accrued interest to
the date of delivery. 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".
BID CHECK: 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 Five Thousand Six Hundred Thirty Dollars
($5,630) 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 bid. Checks will be forfeited to the City as
liquidated damages in case the bidder to whom the bonds are
awarded shall withdraw its bid or fail to complete its purchase
in accordance with the terms thereof. 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 promptly after award of bid.
RIGHT OF REJECTION: The City reserves the right to reject
any or all bids.
OFFICIAL STATEMENT: The City has prepared an official
statement relating to the bonds, a copy of which will be
furnished upon request to the City Manager, P. O. Box 3576,.
Central Point, Oregon, t.el.ep~hone 50.3/664-3321.
CUSIP: CUSIP numbers will be imprinted upon all bonds of
this issue at the purchaser's request and expense. An improperly
imprinted number will not constitute basis for the purchaser to
refuse to accept delivery.
NO LITIGATION: 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 bonds.
Betty nders, Recorder
City of Central Point, Oregon
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