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1985-27422-Ordinance No. 85-036 Recorded 11/27/198585-2'7g22 BEFORE THE BOARD OF COUNTY COMMISSIONERS OF RED LP COUNSEL DESCHUTES COUNTY, OREGON 1:1',' NOV27 Xt 3„ 5S w An Ordinance Authorizing the * ,tile 3, i i,' L i ,, r Issuance of Deschutes County nU_,, I ,, tri General Obligation Improve- ment Bonds, Series 1985, and Declaring An Emergency * VICL 69 ORDINANCE NO. 85-036 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 1985, in the amount of Nine Hundred Forty Thousand and N0/100 Dollars ($940,000.00) to be dated December 1, 1985, to be in denominations of Five Thousand Dollars ($5,000) or integral multiples thereof, to be in full registered form, to bear interest payable on June 1 and December 1 of each year until maturity commencing June 1, 1986, and to mature serially on the first day of December of each year as follows: Date Amount Date Amount 12/1/86 $60,000 12/1/91 $95,000 12/1/87 65,000 12/1/92 105,000 12/1/88 75,000 12/1/93 115,000 12/1/89 80,000 12/1/94 125,000 12/1/90 85,000 12/1/95 135,000 Section 2. Redemption. The bonds are not subject to redemption prior to maturity. Section 3. Security. The County has assessed benefited properties for the costs of local improvements, and has received applications to pay assessments in installments in an amount at least equal to the principal amount of the bonds. All install- ment assessment payments shall be placed in the Bancroft Bond Redemption Fund and applied to the payment of principal and interest on the bonds. The full faith and credit of the County are pledged to the successive owners of each of the bonds for the punctual payment of such obligations, when due, and the County shall levy annually, as provided by law, a direct ad valorem tax upon all of the taxable property within the County in an amount sufficient, with other available funds, to pay interest on and the principal of the bonds as they become due and payable. The County covenants with the owners of its bonds to levy such a tax annually during each year that any of the bonds, or bonds issued to refund them, are outstanding. 1 - ORDINANCE NO. 85-036 ` voL 69 FAeF 822 Section 4. Form of Registered Bond. The bonds shall be in substantially the following form: M UNITED STATES OF AMERICA COUNTY OF DESCHUTES STATE OF OREGON GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 1985 DATED INTEREST % PER ANNUM MATURITY DATE CUSIP THE COUNTY OF "DESCHUTES", State of Oregon, for value received acknowledges itself indebted and hereby promises to pay to , or registered assigns, the principal sum of Dollars ($ ) 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 1st day of June and on the 1st day of December in each year until maturity, commencing June 1, 1986. Interest upon this bond is payable through the County of Deschutes' paying agent and registrar (the "Registrar") by check or draft; checks or drafts will be mailed to the name and address of the registered owner as they appear on the bond register on the fifteenth day of the month prior to the date on which interest comes due. Bond prinicpal 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 con- ditions, 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 Ordinances of the County of Des- chutes, 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 precribed by such Constitution, Statutes and Ordinances; and that the Board of County Commis- sioners has covenanted to levy annually a direct ad valorem tax upon all taxable property within the County in an amount suf- ficient, with other available funds, to pay the interest on 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 2 - ORDINANCE NO. 85-036 823 signature of its County Clerk and has caused its seal to be affixed hereto or printed hereon as of the date indicated above. Chairman, Board of Commissioners Deschutes County, Oregon ATTEST: County Clerk Deschutes County, Oregon THIS BOND SHALL NOT BE VALID UNLESS PROPERLY AUTHENTICATED BY THE REGISTRAR IN THE SPACE INDICATED BELOW. DATED CERTIFICATE OF AUTHENTICATION This is one of the County of Deschutes, Oregon General Obligation Improvement Bonds, Series 1985, issued pursuant to the Bond Ordinance described herein. By (Name of Registrar) 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 1985, of the County, and is issued by the County to finance local improvements pursuant to an Ordinance of the County (the "Bond Ordinance") and Oregon Revised Statutes Sections 371.605 to 371.660 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 and the Ordinances of the County. The bonds are not subject to redemption prior to maturity. The bonds are issuable in the form of registered bonds with- out coupons in the denominations of $5,000 or any integral mul- tiple thereof. Bonds may be exchanged for bonds of the same aggregate principal amount, but different authorized denomi- nations. 3 - ORDINANCE NO. 85-036 VOL 69 FAcF 824 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 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 Bond Ordi- nance. 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 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 en- largement 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. 4 - ORDINANCE NO. 85-036 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. Section 5. Authentication, Registration and Transfer. (1) No bond shall be entitled to any right or benefit under this Ordinance (the "Bond 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 de- livered at closing of this bond issue, and shall addi- tionally authenticate all bonds properly surrendered for exchange or transfer pursuant to this Bond 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 interest payment to the name and address of the bondowner as they appear 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 Regis- trar 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 de- nominations, and bonds may be transferred to other owners if the bondowner submits the following to the Registrar: 5 - ORDINANCE NO. 85-036 Vni„nr • i 61 (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 pay- ment 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 received the materials described in subsection (5) of this section. (9) The County may alter these 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 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 substantially 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 County 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. 6 - ORDINANCE NO. 85-036 ' VOL 69 PACE 827 PASSED by the unanimous vote of the Board, with a quorum in attendance, this 27th day of November, 1985. BO R OF COUNTY COMMISSIONERS O ESCHUTES COUNTY, OREGON LAU NC TU TLE, airman ATTEST: LOIS ISTD PRANTE, Commissioner Re'coraing Secretary DF K MAUDLIN, Commissioner 7 - ORDINANCE NO. 85-036 VOL 69 FACE 828 EXHIBIT "A" OFFICIAL NOTICE OF BOND SALE DESCHUTES COUNTY, OREGON STATE OF OREGON $940,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1985 NOTICE IS HEREBY GIVEN that sealed bids will be recieved on behalf of Deschutes County, Oregon, until 10 o'clock a.m. (Pacific Time) on December 18, 1985, at the offices of Ragen, Roberts, Tremain, Krieger, Schmeer, O'Scannlain & Neill, Lawyers, 1300 S.W. Fifth Avenue, Suite 2300, Portland, Oregon 97201, at which time they will be publicly opened and announced. The bids shall be considered and acted upon by the County within four hours. ISSUE: NINE HUNDRED FORTY THOUSAND and No/100 DOLLARS ($940,000.00) consisting of registered bonds in denominations of FIVE THOUSAND DOLLARS ($5,000) or integral multiples thereof, all dated December 1, 1985. INTEREST RATE: Maximum not to exceed a net effective rate of ten percent (10%) per annum. Interest is payable semi- annually on June 1 and December 1 of each year until maturity, commencing June 1, 1986. Bidders must specify the interst 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) No rate of interest may exceed fourteen percent (14%). MATURITIES: The bonds shall mature serially on the first day of December of each year as follows: Date Amount Date Amount 12/1/86 $60,000 12/1/91 $95,000 12/1/87 $65,000 12/1/92 $105,000 12/1/88 $75,000 12/1/93 $115,000 12/1/89 $80,000 12/1/94 $125,000 12/1/90 $85,000 12/1/95 $135,000 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. 1 - EXHIBIT "A" va 69 FACE 830 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 EIGHTEEN THOUSAND EIGHT HUNDRED and No/100 DOLLARS ($18,800.00) payable to the order of the County to secure the County from any loss resulting from the failure of the bidder to comply with 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 damges as described above. Checks of the unsuccessful bidders will be returned by the County promptly. RIGHT OF REJECTION: The County reserved 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 fur- nished upon request to its financial consultant, Rebecca Marshall, Government Finance Associates, Inc., 1211 S.W. Fifth Avenue, Suite 1200, Portland, Oregon 97204. POTENTIAL BID: The financial consultant may submit a bid or participate in a bidding syndicate. CUSIP: CUSIP numbers will be imprinted upon all bonds of this issue at the County's expense. Failure to print, or improperly imprinted numbers will not constitute basis for the purchaser to refuse to accept delivery. TEMPORARY BOND: The Bonds herein authorized may be issued as one or more temporary Bonds, which may be typewritten and exchanged for definitive Bonds when available. 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 Rebecca Marshall, Government Finance Associates, Inc., 1211 S.W. Fifth Avenue, Suite 1200, Portland, Oregon 97204, telephone (503) 222-1405. BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON LAURENCE A. TUTTLE, Chairman 3 - EXHIBIT "A"