1992-41794-Resolution No. 92-092 Recorded 12/8/1992REVIEWED
92-41794
LEGAL COUNSEL
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF-DESCHUTES COURTY4—OREGM
0120�0033
A resolution accepting a bid for the purchase of
Deschutes County, Oregon General Obligation Bonds
Series 1992, and directing delivery and sale thereof.
RESOLUTION NO. 92-092
WHEREAS, on the second day of December 1992 bids were,"bP
C.0-41dered
during a regular Board of County Commissioners meeting for the,,�purchase
of $7,000,000 of Deschutes County, Oregon, General Obligation Bonds,
Series 1992 (the "Bonds"), to be dated December 1, 1992, and the Board
of County Commissioners of Deschutes County, Oregon, having met to
consider said bids; and
WHEREAS, several bids having been received and considered, copies
of each of which are attached hereto, and the Board of County
Commissioners deems it desirable that the responsible bidder offering
to purchase said Bonds at the lowest true interest cost to the County
be accepted; now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES
COUNTY, OREGON:
Section 1. The Board of County Commissioners hereby finds and
determines the bid of First Interstate Bank of Oregon, N. A. is the
best bid received for the purchase of the County's $7,000,000 General
Obligation Bonds, 1992, being the one with the lowest true interest
cost of 5.73761038% per annum. That bid is hereby accepted and the
Bonds shall be sold and delivered to the bidder above named pursuant to
the Notice of Bond Sale.
DATED this 2nd day of December, 1992.
ATTE
Recording Secretary
BOARD OF�OUNTY COMMISSIONERS
OF DESCH TES COUNTY, OREGON
THROOPI,r,,Commissigner
Y POPEVSeELANGEN. Commiss/ioner
ffK;ok '10FAtWN, _CKaiHnan
, Pr,,,,
RESOLUTION NO. 92-092 (12-2-92)
Arst 0120-0034
First Interstate Bank
In We of Oregon, N.A.
B3nk
DESCHMS COUNN, CMM
c/o Preston ThorgTimson Shidler Gates & Ellis
In accordance with your official notice of sale dated November 16, 1992 inviting bids on
$7,000,000 Deschutes County, Oregon
General Obligation Bonds, Series 1992
we will pay the par value thereof less a discount t'PIW6 a PFOMibIR Of $ yo
-4
The bonds are to bear interest as follows:
Maturity Rate Maturity Rate Maturity Rate
1994 3.4o 2003 S� :)-:S" 2012
1995 4,00 2004 S.40
1996 4, ai7- 2005 -, 5b
1997 4,so 2006 5.6o
1998 4,70 2007 5175
1999 0 -8 5-' q0
2000 5-1 0 C> �-009 Oc>
2001 5.10 2010 (1.00
2002 E. as- 2011 11 � CID
Based on the above interest rates, we have made the following estimates:
Gross amount of interest $ 0 3 44 Z' 5"0
Less pF8FRiwrA/PIus discount $ 80 1, goo
Net amount of interest $ 13 �,� 2, 5*b
Net effective rate S. 13 7 6
All of the terms of the official notice of sale are incorporated herein and made a part hereof. We enclose our Good Faith check in the
amount of $ 140, 000. 00 . In the event we are not awarded the bonds, please return the check promptly to the undersigned.
Delivery of bonds within 30 days unless mutually extended.
Respectfully submitted,
FIRST INTERSTATE BANK OF OREGON, N.A.
PORTLAND, OREGON
(503) 225-3852
B V ;4a
Mi chae 1 ,;. 4
n le
BOND -11 6-1-81 ORIGINAL COPY
OPTIONAL BED FORM
For the Purchase of 0120-0035
DESCHUTES COUNTY, OREGON
GENERAL OBLIGATION BONDS, SERIES 1992
$7,000,000
Deschutes County, Oregon
c/o Preston Thorgrimson Shidler Gates & Ellis
3200 U.S. Bancorp Tower
111 SW Fifth Avenue
Portland, OR 97204 December 2, 1992
For Seven Million Dollars ($7,000,000) par value General Obligation Bonds, Series 1992, of Deschutes County, Oregon,
dated December 1, 1992, maturing on December 1, of each of the years 1994 through 2012, in the amounts shown below,
with interest payable commencing December 1, 1993, and semiannually thereafter on the first days of June and December
of each year, we will pay the sum of $ (o 13�,3 ) /. ?, -7,!�;— , together with accrued interest from
December 1, 1992, to the date of their delivery/ Said Bonds shall bear interest at the rates set forth immediately below:
Due Principal Interest Term Due Principal Interest Term
December I Arnoun Rat Bonds December I AmoHn Rat, Bonds
1994 $195,000 3�,V I-) % 2004 $365,000 TIEmm %
1995 $215,000 �4.33 % 2005 $390,000 _5� ss- %
1996 $240,000 % 2006 $415,000 %
1997 $250,000 % 2007 $440,000 %
1998 $265,000 Y_ -10 % 2008 $470,000 %
1999 $280,000 0 �) % 2009 $500,000 1!;-. %
2000 $295,000 '1)--) % 2010 $530,000 _T_ %
2001 $310,000 /;:� % 2011 $565,000 %
2002 $325,000 5- % 2012 $605,000 %
2003 $345,000 %
This bid is submitted in accordance with and subject to all provisions contained in the official Notice of Bond Sale of those
bonds.
A certified or cashier's check in the sum of $140,000.00 payable unconditionally to the order of Deschutes County,
Oregon, is hereto attached, which check is to be returned to us if this bid is not accepted. If this bid is accepted, said
check shall be retained and applied in accordance with the official Notice of Bond Sale.
Information oWv;
Total Interest Cost $ —5-0 oq.�, Re Ily submitted,
Plus: Discount, if any $
Less: Premium, if any $ /1�111thorized Signature)
Net Interest Cost $ �5_
I SALES MANAGER
True Interest Cost (TIC) % (Title)
Good faith check returned and
receipt thereof acknowledged.
(Signed) -1/r, A -A -For: PAINEWEBBER INC
7z'�
(Account Manager)
U.S. BANK
0120-0036
December 2, 1992
Deschutes County, Oregon
c/o Preston Thorgrimson Shidler Gates & Ellis
3200 U. S. Bancorp Tower
Portland, Oregon 97204
Gentlemen:
We hereby bid $ --5 per $100 face value for $ 7,000,000 Deschutes County, Oregon
General Obligation Bonds Series 1992
plus accrued interest from the dated date, 12-01-92
to the date of delivery. The bonds are due 12-01-94
through 12-01-12 1 inclusive. All bonds/ maturing
after 12-01-02 are subject to redemption in
12-0 1 -Ur
order on 12-01-02 @ 101.00 aMXXXV'Vk=k
IZ-U]-Uj �d 'IUU
The interest rates on the bonds will be as follows:
Amount Maturity Rate
Amount Maturity Rate
$ 195,000 12-01-94 �o
$ 365,000 — 12-01-04 6-Z) - %
$ 215,000 12-01-95 A 0 %
$ 390,000 12-01-05 6 o %
$ 240,000 12-01-96 %
$ 41b,OOU 12-01-06 2-'r %
$ 250,000 12-01-97 %
$ 440,UUT— 12-01-07 ee .%
$ 265,000 12-01-98 %
$ 470,000 12-01-08 C"20 %
$ 280,000 12-01-99
$ bou'000 12-01-09 q 0 %
$ 295,000 12-01-00 A
$ 530,000 12-01-10 Li 6 %
$ 310,000 12-01-01
565,000 12-01-11 04
$ 325,000 12-01-02 %
$ 605,OOF— 12-01-12 tbi
$ 345,000 12-01-03
%
We compute the cost to be:
7 0,-Od
Gross Interest Cost $
-710-� 60
1-85&-1124941iu� $
Plus Discount
Net Interest Cost $
Net Effective Rate %
True Interest Cost
6:, -7 2 Z %
This bid is made pursuant to the terms and provisions of your official notice of bond sale and for delivery within thirty days
from the date of sale, unless extended by mutual agreement.
The bid is subject to our receiving prior to the delivery of the
bonds, without cost to us, the unqualified legal opinion of
Pres ton Th orgr i mson S h i d 1 er Gates & E 11 i s
, Attorneys, Portland, Oregon.
We enclose our cashiers check for $ 140,000.00
payable to Deschutes County, Oregon
Submitted By
4N17D STATES NATIONJL BANK OF OREGON
z SS OCIE
Enclosu�r
By
Mark Stephenson,iAssistant Vice Pres.
36-7036 51
Title:
Municipal Bond Department
OPTIONAL BED FORM
For the Purchase of
DEscHUTES COUNTY, OREGON
GENERAL OBLIGATION BONDS, SERIES 1992
$7,000,000
Deschutes County, Oregon
c/o Preston Thorgrimson Shidler Gates & Ellis
3200 U.S. Bancorp Tower
I I I SW Fifth Avenue
Portland, OR 97204
0120-0037
December 2,1992
For Seven NEllion Dollars ($7,000,000) par value General Obligation Bonds, Series 1992, of Deschutes County, Oregon,
dated December 1, 1992, maturing on December 1, of each of the years 1994 through 2012, in the amounts shown below,
with interest payable commencing December 1 1993, and semiannually thereafter on the fimt (h,4ys of hme and December
of each year, we will pay the sum of $ ?01 li� 351. 45 , together with accrued interest from
December 1, 1992, to the date of their delivery. Said Bonds shall bear interest at the rates set forth immediately below:
Due
Principal
Interest Term
December I
Amount
H=
1994
$415,000
3,50 %
1995
$215,000
q.06 %
1996
$240,000
q.2-5 %
1997
$250,000
.50 %
1998
$265,000
.7 0 %
1999
$280,000
%
2000
$295,000
%
2001
$310,000
0 %
2002
$325,000
530 %
2003
$345,000
5.qo %
Due Principal Interest
Decemher I Amoun RaLt
2004
$365,000
5,50 %
2005
$390,000
510 %
2006
$415,000
5.10 %
2007
$440,000
15-100 %
2008
$470,000
5.90 %
2009
$500,000
(0.00 %
2010
$530,000
6,00 %
2011
$565,000
6,00 %
2012
$605,000
6.00 %
Term
Bonds
TERM 130?JJO
This bid is submitted in accordance with and subject to all provisions contained in the official Notice of Bond Sale of those
bonds.
A certified or cashier's check in the sum of $140,000.00 payable unconditionally to the order of Deschutes County,
Oregon, is hereto attached, which check is to be returned to us if this bid is not accepted. If this bid is accepted, said
check shall be retained and applied in accordance with the official Notice of Bond Sale.
infDrination. g—nly.
Total Interest Cost
Plus: Discount, if any
$ 5 1 0 9 :)1500100
$ 91 /
i , q
Less: Premium, if any $ n
Net Interest Cost $ &q,l q?,35
True Inte-rest Cost (TIQ 5,7 7qog I %
Good faith check returned and
receipt thereof knowl dged:
(Signed) I
Re ctfPuy s bin . tted
rized Signature)
Vice President
(Title)
For:
Kemper Securities, Inc.
(Account Manager)
OPTIONAL BID FORM
For the Purchase of
DESCHUTES COUNTY, OREGON 0120-0038
GENERAL OBLIGATION BONDS, SERIES 1992
$7,000,000
Deschutes County, Oregon
c/o Preston Thorgrimson Shidler Gates & Ellis
3200 U.S. Bancorp Tower
111 SW Fifth Avenue
Portland, OR 97204 December 2, 1992
For Seven Nfillion Dollars ($7,000,000) par value General Obligation Bonds, Series 1992, of Deschutes County, Oregon,
dated December 1, 1992, maturing on December 1, of each of the years 1994 through 2012, in the amounts shown below,
with interest payable commencing December 1, 1993, and semiannually thereafter on the first days of June and December
of each year, we will pay the sum of $ (- 0 q 30 3 6.2. q S- , together with accrued interest from
December 1, 1992, to the date of their delivery. Said Boiids shall bear interest at the rates set forth immediately below:
Due Principal Interest Term Due Principal Interest Term
Decemher I Amount Bonds December I Amoun LUC Bonds
1994 $195,000 % 2004 $365,000 5--5-0 %
1995 $215,000 4 � 00 % 2005 $390,000 5-- 6 0 %
1996 $240,000 4,9-5- % 2006 $415,000 -7 0 %
1997 $250,000 41.50 % 2007 $440,000 go %
1998 $265,000 Q--70 % 2008 $470,000 (0 Do %
1999 $280,000 q, 1c, % 2009 $500,000 6� 00 %
2000 $295,000 Ic> % 2010 $530,000 6.00 %
2001 $310,000 2-,5, % 2011 $565,000 6. i 0 %
2002 $325,000 % 2012 $605,000 6 to %
2003 $345,000 %
This bid is submitted in accordance with and subjed to all provisions contained in the official Notice of Bond Sale of those
bonds.
A certified or cashier's check in the sum of $140,000.00 payable unconditionally to the order of Deschutes County,
Oregon, is hereto attached, which check is to be returned to us if this bid is not accepted. If this bid is accepted, said
check shall be retained and applied in accordance with the official Notice of Bond Sale.
Rifoi—niation Qaily—,
Total Interest Cost $ Re in d,
Plus: Discount, if any $ 4q, (-3-7. 5!S� 16
-J 37FF7Fr-7 OR c E
Less: Premium, if any $ 0 (Authorized Signature)
q 62 � 5, --
Net Interest Cost $ 5, 1 07� Vice President & Regional Manager
True Interest Cost (TIC) I % (Title)
Good faith check returned and
receipt th$peoT-,�knowledgef jq
(Signed)��� For: MERRILL LYNCH & CO.
(Account Manager)
BondNumber
PrincipaUmo
YieldToMatu
MaturityYear
CUSIUPNumbe DollarAmoun
unt
rity
r lt
1
150,000
3.60
1994
179095-AW4 One Hundred
Fifty
Thousand
2
130,000
4.10
1995
179095-AX2 One Hundred
Thirty
Thousand
3
135,000
4.35
1996
179095-AYO One Hundred
Thirty -Five
Thousand
4
145,000
4.60
1997
179095-AZ7 One Hundred
Forty -Five
Thousand
5
150,000
4.85
1998
179095-BAI One Hundred
Fifty
Thousand
6
160,000
5.00
1999
179095-BB9 One Hundred
sixty
Thousand
7
165,000
5.20
2000
179095-BC7 One Hundred
Sixty -Five
Thousand