1985-10879-Order No. 85-072 Recorded 5/23/1985�y
VOL 64 FACE 308 REVI ED
L��-108`79
LE eoUNSEL
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
P` 'i y 23 Nil 2 a
An Order Authorizing the Sale
of Deschutes County Limited CLE 1'i
Tax General Obligation
Improvement Warrants, Series
1985.
ORDER NO. 85-072
WHEREAS, by Resolution No. 85-015, dated May 1, 1985, the
Board of County Commissioners of Deschutes County, Oregon,
authorized the issuance of $1,500,000 in Limited Tax General
Obligation Improvement Warrants, Series 1985, (the "Warrants")
pursuant to ORS 287.502, as amended, to fund the interim con-
struction of County improvements W-96, 16th Street L.I.D.; W-18,
Special Road District No. 4 L.I.D.; and W-85, Special Road
District No. 1 L.I.D.; and
WHEREAS, pursuant to Resolution 85-015, the County Treasurer
negotiated with the Oregon Bank, United States National Bank of
Oregon, and First Interstate Bank of Oregon, N.A., ("First
Interstate") for the purpose of entering into a purchase contract
for the sale of the Warrants; and
WHEREAS, the County Treasurer recommended to the Board of
County Commissioners that the proposal of First Interstate be
accepted as the lowest and best proposal for the purchase of the
Warrants; and
WHEREAS, on May 15, 1985, the Board of County Commissioners
considered the proposal and recommendations of the County
Treasurer and accepted the proposal of First Interstate; now,
therefore,
THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY,
OREGON, ORDERS as follows:
Section 1. Issue. The County shall issue its Limited Tax
General Obligation Improvement Warrants, Series 1985, in the
amount of One Million Five Hundred Thousand and No/100 Dollars
($1,500,000) to be dated May 29, 1985, to be in denominations of
Five Thousand Dollars ($5,000.00) or integral multiples thereof,
to bear interest payable on and mature on December 31, 1985.
Section 2. Redemption. The bonds are subject to redemption
prior to maturity on the 60th day following the closing date of
the sale of improvement bonds for the public improvements if such
60th day precedes the maturity date of the Warrants. The
Warrants are not otherwise subject to redemption prior to
maturity
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1
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Section 3. Form of Warrant. The Warrants shall be in
substantially the following form:
No.
COUNTY OF DESCHUTES
STATE OF OREGON
LIMITED TAX GENERAL OBLIGATION IMPROVEMENT WARRANT
SERIES 1985
For value received, the County of Deschutes, State of
Oregon, acknowledges itself indebted and hereby promises to pay
to bearer the principal sum of
TWENTY-FIVE THOUSAND DOLLARS ($25,000)
on the 31st day of December, 1985, and to pay interest thereon
from the date hereof to maturity or prior redemption at the rate
of
FIVE AND ONE-HALF PERCENT (5.50) PER ANNUM
computed on a 30 -day month, 360 -day year basis. Principal and
interest are payable in lawful money of the United States of
America at the office of the Deschutes County Treasurer, Bend,
Oregon.
The County shall, however, redeem all warrants on the
60th day following the closing date of the sale of improvement
bonds for the public improvements if such 60th day precedes the
maturity date of this warrant. The warrants are not otherwise
subject to redemption prior to maturity.
This note is one of a series of like tenor and effect
issued in an aggregate principal amount of One Million Five
Hundred Thousand Dollars ($1,500,000) pursuant to ORS 287.502 et
seq. and a Resolution and Order of the County (the "Resolution"),
which authorize the County to borrow funds to pay the costs of
construction of certain public improvements. The Resolution
requires a deposit of all monies received by the County from its
collection of unbonded assessments, the sale of improvement
bonds, and the foreclosure of improvement liens for unbonded
assessments, all as realized from the assessments levied for
improvements with respect to which such Limited Tax General
Obligation Improvement Warrants, Series 1985 are issued to its
Local Improvement District Fund. The Resolution states that
monies in the fund shall be used solely for the payment of the
warrants of this series.
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It is certified that all acts, conditions and things
required to be done precedent to and in the issuance of this
warrant have been properly done and that this warrant is a
legally binding limited tax general obligation of the County of
Deschutes, Oregon.
IN WITNESS WHEREOF, THE BOARD OF COUNTY COMMISSIONERS
OF DESCHUTES COUNTY, OREGON has caused this warrant to be exe-
cuted with the facsimile signature of its Chairman and counter-
signed by the County Treasurer and sealed with the County seal
printed hereon or affixed hereto, as of this 29th day of May,
1985.
DESCHUTES COUNTY, OREGON
By
Chairman, Board of County
Commissioners
By
County Treasurer
Section 4. Signature. The Warrants herein authorized for
sale may be in typewritten form and shall be executed on behalf
of the County with the facsimile signature of the Chairman of the
Board of County Commissioners of Deschutes County, Oregon and
countersigned by the manual signature of the Deschutes County
Treasurer.
PASSED by the unanimous vote of the Board of County Commis-
sioners of Deschutes County, Oregon, with a quoruum in attend-
ance, this 12-91d day of _ , 1985.
BOARCOUNTY COMMISSIONERS
OF D HUTES CO"NTY, OREGON
ATTEST: ,
RLecqXx;F1ng Secretary
3 - ORDER NO. 85-072
LAUR E A. TUTTLE` airman
LdfS-ffE ISTANTE, Commissioner
)_ 1%/i
DICK-MAUDLIN,'Commissioner