HomeMy WebLinkAboutOrdinance 1478ORDINANCE NO. 1478
AN ORDINANCE AUTHORIZING ISSUANCE OF
GENERAL OBLIGATION IMPROVEMENT BONDS AND
DECLARING AN EMERGENCY
THE PEOPLE OF THE CITY OF CENTRAL POINT DO ORDAIN AS
FOLLOWS:
Section 1. Authorization. The City of Central Point,
Oregon, does hereby authorize the issuance anal sale of General
Obligation Improvement Bonds, Series 1982A, of the City of Central
Point, Oregon, in the Amount of One Hundred Eighty-Nine .'Thousand
Two Hundred Seventy-One Dollars ($189,271.), to be dated October
1, 1982, to be numbered consecutively from one (1) to thirty-eight
(38) inclusive, to be in denominations of Five Thousand Dollars
($5,000.) each, except bond number one in the amount of $4,2.71,
to bear interest payable semiannually on October 1 and April 1 of
each year and to mature serially in numerical order on the first
day of October in each year as follows:
DATE AMOUNT DATE AMOUNT
1984 $ 4,271.00 1989 $25,000.00
1985 5,000.00 1990 25,000.00
1986 10,000.00 1991 25,000.00
1987 15,000.00 1992 25,000.00
1988 20,000.00 1993 35,000.00
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 apper-
taining 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 benefitted 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 appertain-
ing 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 taking into consideration discounts taken and delin-
Ordinance No. 1478 - 1
quencies 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 outstanding..
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 5. Form. The bonds and the coupons attached
thereto shall be in substantially the following form, the terms
of which are hereby adopted;
UNITED ST,
STATE
COUNTY
CITY OF
GENERAL OBLIGATION
RTES OF AMERICA
OF OREGON
OF JACKSON
CENT.RAL:PDINT
IMPROVEMENT BOND, SERIES 1982A
$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 October,
19 , the sum of
FIVE THOUSAND DOLLARS
with interest thereon from the date hereof at the rate of
percent ( i) per annum, on the first day of
April and the first day of October 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, Oregon.
THIS BOND is one of a series aggregating One Hundred Eighty-
Nine Thousand Two Hundred Seventy-One Dollars ($189,271.00) par
value, issued to provide funds to construct public improvements as
authorized by Oregon Revised Statutes 223.205 to 223.295, inclusive,
commonly known as The Bancroft Bonding Act and are general obliga-
tions of the Ctya
IT IS HEREBY CERTIFIED, RECITED, AND DECLARED that all
conditions, acts, and things required to ,exist, to happen, and to
Ordinance No. 1478 _ 2
be performed precedent to and in the issuance of this bond have
existed, have happened, and have been performed in due time,
form, and manner as required by the constitution and statutes of
the State of Oregon; that the issue of which this bond is a part
and all other obligations of the City, are within every debt
limitation and other limits prescribed by such constitution and
statutes., and that the City has provided for the levying annually
of a direct ad valorem tax as required upon all the property
within the City so taxable for its purposes, in sufficient amount
to pay the interest on and the principal of the bonds of such
issue, as such obligations respectively become due and payable.
IN WITNESS WHEREOF, the City of Central Point has caused
this bond to be signed by facsimile signature of its Mayor and
attested by its Recorder, the annexed interest coupons to be
executed with the facsimile signatures of such officers, and the
seal of the City to be affixed hereto or printed hereon this
first day of October, 1982.
~~ t
Mayor, City o- Central Point
ATTESTe
City Recorder
FORM OF BOND COUPONS
NO.
On the first day of April/October, 19 o City of
Central Point, State of Oregon, upon surrender of this coupon
at the office of the City Recorder of the City of Central Point,
Oregon, will pay to bearer the sum of Dollars
($ ), in lawful money of the United States of America,
for interest then due on its General Obligation Improvement Bond,
Series 1982A, dated October 1, 1982, and bearing No.
j~~
v~ 1
Mayor 'r.
ATTEST:
City Recorder
Ordinance No. 1478 - 3
Section 6. Sale. The Recorder shall cause to be published
in the Medford Mail Tribune, 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,
in the form substantially as shown on Exhibit A attached hereto
and by this reference incorporated herein, specifying that sealed
bids will be received on behalf of the City at the offices of
Ragen, Roberts, O'Scannlain, Robertson & Neill, Portland, Oregon,
up to and including the hour of 10;00 o`clock a.m. on the bth day
of October, 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 inter-
est rate or rates in multiples of one-eighth of one percent or one-
twentieth of one percent, not exceeding a net effective rate of
fourteen percent (14i) per annum, payable semiannually on April 1
and October 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 $3,788 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 bond 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 needed to complete construction
during the construction season and to eliminate a health hazard due
to failing septic tanks, second reading is hereby waived and pur-
suant to Municipal Code Section 2.04.020, 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 9th day of September 1982.
Approved by the Mayor this day of _,
1982.
ATTEST: APPROVED:
City core
:r
~-
Mayor /
Ordinance No m l 478 _ 4
OFFICIAL NOTICE OF BOND SALE
$.189,271°00
CITY OF CENTRAL POINT
COUNTY OF JACKSON
STATE OF OREGON
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1982A
Notice is hereby given that sealed bids will be received
on behalf of the City of Central Point, Jackson County, Oregon,
until 10:00 a.m. (Pacific Daylight Time) on October 6, 1982, at
the offices of Ragen, Roberts, O'Scannlain, Robertson and 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 October 6, 1982, commencing at 11:00 o'clock a.m. (Pacific
Daylight Time).
ISSUE: ONE HUNDRED EIGHT-NINE THOUSAND TWO HUNDRED AND
SEVENTY-ONE DOLLARS ($189,271) consisting of 38 coupon bonds in
denominations of FIVE THOUSAND DOLLARS ($5,000), except Bond
No, One in the amount of $4,2.71, all .dated October 1, 1982.
INTEREST RATE: Maximum not to exceed a net effective rate
of fourteen percent (14i} per annum, the first interest payment
due on April 1, 1983 and semiannually thereafter on October 1,
and April 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 (li); (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 per-
mitted; (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 three percent (3i); (6) No ra.upan
rate bid shall exceed a rate of eighteen percent-(1.8%) per
a~nuin.
MATURITIES: The bonds shall mature serially in numerical
order on the first day of October of each year as follows:
Page 1 - Notice of Bond Sale
DATE AMOUNT DATE AMOUNT
1984 $ 4,271.00 1989 $25,000.00
1985 5,000.00 1990 25,000.00
1986 10,000.00 1991 25,000.00
1987 15,000.00 1992 25,000.00
1988 20,000..00 1993 35,000.00
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.
PURPOSE: The bonds are issued to provide funds for sewer
and water improvements.
SECURITY: 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 respect-
ively come due.
LEGAL OPINION:. The approving opinion of Ragen, Roberts,
O'Scannlain, Robertson & Neill, Attorneys at Law, of Portland,
Oregon, will be provided at no cost to the purchaser.
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 .J at~s, and .from personal income
taxation by the State of Oregon under present state law.
BEST BID: 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 of-
fered, if any. Bidders are requested to supply the total interest
costs and net effecitve 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.
DELIVERY: Delivery of the bonds will be made without costs
to the successful bidder at such bank in the City of Portland,
Page 2 - Notice of Bond Sale
Oregon, as the successful bidder shall name.. Payment for the
bonds must be made in Federal funds. Delivery will be made
within thirty (30) 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 (100%) 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 Three Thousand Seven Hundred Eighty-Eight Dol-
lars ($3,788) 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 bids 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 Gity 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 Administrator, P. O. Box 3576, Central
Point, Oregon 97502, telephone 503/664-3321.
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 certif-
icate that there is no litigation pending affecting the validity
of the bonds.
Be ty ders, Recorder
City of Central ,Point, Oregon
Page 3 - Notice of Bond Sale