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1984-90013-Ordinance No. 84-030 Recorded 10/3/1984R REV VOL 50 �ACE890 _L �ty �L COU� BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGOr An Ordinance Authorizing the Issuance of Deschutes County General Obligation Improve- ment Bonds, Series 1984, and Declaring an Emergency. ORDINANCE NO. 84-030 THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON, ORDAINS as follows: Section 1. Issue. The County shall issue its General Obligation Improvement Bonds, Series 1984, in the amount of Five Hundred Fifty Thousand and N0/100 Dollars ($550,000.00) to be dated November 1, 1984, to be in denominations of Five Thousand Dollars ($5,000) or integral multiples thereof, 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 10/1/85 $35,000 10/1/86 40,000 10/1/87 45,000 10/1/88 45,000 10/1/89 50,000 Section 2. No Redemption. redemption prior to maturity. Date 10/1/90 10/1/91 10/1/92 10/1/93 10/1/94 Amount $55,000 60,000 65,000 75,000 80,000 The bonds are not subject to Section 3. Security. The County has assessed benefited properties for the costs of local improvements, and has received applications to pay assessments in installments in an amount at least equal to the principal amount of the bonds. All install- ment assessment payments shall be placed in the Bancroft Bond Redemption Fund and applied to the payment of principal and interest on the bonds. The full faith and credit of the County are pledged to the successive owners of each of the bonds for the punctual payment of such obligations, when due, and the County shall levy annually, as provided by law, a direct ad valorem tax upon all of the taxable property within the County in an amount sufficient, with other available funds, to pay interest on and the principal of the bonds as they become due and payable. The County covenants with the owners of its bonds to levy such a tax annually during each year that any of the bonds, or bonds issued to refund them, are outstanding. Section 4. Form of Registered Bond. The bonds shall be in substantially the fo lowing orm: 1 - ORDINANCE NO. 84-030 VOL 56 F�.q 8,91 UNITED STATES OF AMERICA STATE OF OREGON COUNTY OF DESCHUTES GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 1984 DATED INTEREST % PER ANNUM MATURITY DATE CUSIP THE COUNTY OF DESCHUTES, in the State of Oregon, for value received acknowledges itself indebted and hereby promises to pay to , or registered assigns, the principal sum of Dollars ($ ) on the above maturity date, together with inter- est thereon from the date hereof at the rate per annum indicated above. Interest is payable semiannually on the lst day of April and on the 1st day of October in each year until maturity, commencing April 1, 1985. Interest upon this bond is payable through the County's paying agent and Registrar (the "Regis- trar"), by check or draft; checks or drafts will be mailed to the name and address of the registered owner 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 condi- tions, 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; that the issue of which this bond is a part, and all other obligations of such County, are within every debt limitation and other limits prescribed by such Constitution and statutes; and that the Board of County Commissioners has coven- anted to levy annually a direct ad valorem tax upon all taxable property within the County 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 Board of County Commissioners of Deschutes County, Oregon, has caused this bond to be signed by facsimile signature of its Chairman and attested by facsimile signature of its County Clerk, and has caused its seal to be affixed hereto or printed hereon as of this day of , 1984. ALBERT A. YOUNG, Chairman Board of County Commissioners Deschutes County, Oregon 2 - ORDINANCE NO. 84-030 `Vol, 56 ATTEST: MARY SUE PENHOLLOW Deschutes County Clerk THIS BOND SHALL NOT BE VALID UNLESS PROPERLY AUTHENTICATED BY THE REGISTRAR IN THE SPACE INDICATED BELOW. CERTIFICATE OF AUTHENTICATION This is one of the County of Deschutes, Oregon's General Obligation Improvement Bonds, Series 1984, issued pursuant to the Ordinance described herein. DATED (Name of 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 County, and is issued by the County to finance local improvements pursuant to an Ordinance of the County (the "Ordinance") and Oregon Revised Statutes Sections 371.605 et seq. and 223.205 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. The bonds are issuable in the form of registered bonds with- out coupons in the denominations of $5,000 or any integral multi- ple thereof. Bonds may be exchanged for bonds of the same aggre- gate principal amount, but different authorized denominations. Any transfer of this bond must be registered, as provided in the Ordinance, upon the bond register kept for that purpose at the office of the Registrar. The County 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 Ordinance. The bondowner may exchange or tansfer 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 Ordinance. 3 - ORDINANCE NO. 84-030 vo! 56 mc, 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 regis- tration thereof with the full power of substitution in the premises. Dated: NOTICE: The signature to this assignment must correspond with the name of the registered owner 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 regu- lations. 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 OREG as custodian under the laws of Oregon for MIN Minor's Name Additional abbreviations may also be used though not in the list above. 4 - ORDINANCE NO. 84-030 el. 66 fxUL r 834 Section 5. Authentication, Registration and Transfer. (1) No bond shall be entitled to any right or benefit under this Ordinance (the "Ordinance") unless it shall have been authenticated by an authorized officer of the County's paying agent and Registrar (the "Registrar"). 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 Ordinance. (2) All bonds shall be in registered form. The County hereby appoints Oregon Bank to serve as Registrar. A successor Registrar may be appointed for the bonds by order or resolution of the County. The registrar shall provide notice to bondowners of any change in the Regis- trar 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 County 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 County 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 owners if the bondowner submits the following to the Registrar: (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 satisfactory 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 date; however, such bonds shall be exchanged or transferred promptly following that payment date. 5 - ORDINANCE NO. 84-030 VOL 56 fAcE 895 (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 County may alter those provisions regarding regis- tration 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 6. Sale of Bonds. The Deschutes County Clerk shall cause to be published in the Bulletin, Bend, Oregon, and in the Daily Journal of Commerce, Portland, Oregon, notices of sale of the bonds in the form suf5stantially as shown on Exhibit "A" attached hereto and by this reference incorporated herein, or summaries, as provided by law. 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 Chairman or Clerk establishes a different date, time, or place. Section 7. Emergency. This Ordinance being necessary for the immediate preservation of public peace, health and safety, an emergency is declared to exist, and this Ordinance takes effect on its passage. PASSED by the unanimous vote of the Board of County Commis- sioners of Deschutes County Oregon, with a quorum in attendance, this 1 day of _�, , 1984. BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON ALBERT7A . ATTEST: L --LX BRI9nW PRAN E, Commissioner &4Lt-6c /�' &�_Xjtx Recording Secretary LAURENCE A. UTTLE,..Commissioner 6 - ORDINANCE NO. 84-030 EXHIBIT "A" ' VOL 56 FACE 8,96 OFFICIAL NOTICE OF BOND SALE DESCHUTES COUNTY, OREGON STATE OF OREGON $550,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1984 Notice is hereby given that sealed bids will be received on behalf of Deschutes County, Oregon until 10:00 o'clock a.m. (Prevailing Pacific Time) on October 24, 1984 at the offices of Ragen, Roberts, O'Scannlain, Robertson & Neill, 1600 Orbanco Building, 1001 S.W. 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 Deschutes County Board of Commissioners within four hours. ISSUE: FIVE HUNDRED FIFTY THOUSAND DOLLARS ($550,000) consisting of registered bonds in denominationp of FIVE THOUSAND DOLLARS ($5,000) or integral multiples thereof, all dated November 1, 1984. INTEREST RATE: Maximum not to exceed a net effective rate of fourteen percent (14%) per annum. Interest is payable semiannually on April 1 and October 1 of each year commencing April 1, 1985. 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 a multiple of 1/8th or 1/20th of one percent (1%); (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) Each maturity rate of interest specified for a particular maturity of bonds shall not be less than the maturity rate of interest specified for any earlier bond maturities. MATURITIES: The bonds shall mature serially on the first day of October of each year as follows: DATE AMOUNT DATE AMOUNT 1985 $35,000 1990 $55,000 1986 40,000 1991 60,000 1987 45,000 1992 65,000 1988 45,000 1993 75,000 1989 50,000 1994 80,000 i VOL 56 PACE 897 REGISTRATION: The bonds will be issued in fully registered form, and may be exchanged at the expense of issuer for similar bonds of different authorized denominations. Bonds may not be converted to bearer form. REDEMPTION: The bonds are not subject to redemption prior to maturity. PAYMENT: Principal and interest are payable, either at maturity or upon earlier redemption, by check or draft through the office of the registrar and paying agent of the County, which is currently the Oregon Bank, in Portland, Oregon. PURPOSE: The bonds are being issued to finance various projects within local improvement districts. SECURITY: These bonds are general obligations of the County. The County has the power and is obligated to cause ad valorem taxes, without limitation as to rate or amount, to be ievied annually upon all taxable property within the boundaries of the County in an amount sufficient to pay the principal of and interest upon the bonds. LEGAL OPINION: The approving opinion of Ragen, Roberts, O'Scannlain, Robertson & Neill, Attorneys, of Portland, Oregon, will be provided at no cost to the purchaser, and will be printed on the bonds at the expense of the County. TAR 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 BID: The bonds will be awarded to the responsible bidder whose proposal will result in the lowest net cost to the County. The successful bid will be determined by computing the total amount of interest which the County 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, less premium offered, (and plus discount), if any. Each bidder is requested to supply the total interest cost and net effective interest rate that the County 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 County. DELIVERY: Delivery of the bonds will be made without cost to the successful bidder at such bank in the City of Portland, Oregon, as the successful bidder shall name. Payment for the bonds must be made in Federal funds. The County may deliver a temporary bond, which may be a single registered, typewritten bond, on or before November 6, 1984. The temporary bond shall be exchangeable for definitive registered bonds not later than November 21, 1984. ' VOL 56 PAGE 898 FORM OF BID: All bids must be for not less than all the bonds hereby offered for sale, and for not less than ninety-eight percent (98X) 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 County 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 Eleven Thousand Dollars ($11,000) payable to the order of the County to secure the - County from any loss resulting from the failure of the bidder to comply with the terms of its bid. Checks will be forfeited to the County 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 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 County promptly. RIGHTS OF REJECTION: The County reserves the right to reject any or all bids, and to waive any irregularities. OFFICIAL STATEMENT: The County has prepared an Official Statement relating to the bonds, a copy of which will be furnished upon request to its Financial Advisor, A. G. Edwards & Sons, Inc., 0119 S.W. Bancroft Street, Portland, Oregon, 97201, telephone 503-248-9544, or to the undersigned. POTENTIAL BID: The Financial Advisor may submit a bid or participate in a bidding syndicate. CUSIP: CUSIP numbers will not be imprinted upon the bonds of this issue. NO LITIGATION: At the time of payment for the delivery of said bonds, the County will furnish the successful bidder a certificate that there is no litigation pending affecting the validity of the bonds. FURTHER INFORMATION: Additional information regarding the County and this sale may be obtained from James C. Joseph, Public Finance Associate, A. G. Edwards & Sons, Inc., 0119 S.W. Bancroft Street, Portland, Oregon, 97201, telephone 503-248-9544. Helen Rastovich County Treasurer Deschutes County, Oregon