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40-360-Ordinance No. 81-035 Recorded 9/16/1981The County all of the bonds of October 1, 1987, and inverse numerical or centages of the prin redemption date: IF REDEEMED ON retains the right to call and redeem any or this issue maturing after October 1, 1987, on on any interest payment date thereafter, in der at the following prices expressed as per- cipal amount, plus accrued interest to the REDEMPTION PRICE October 1, 1987 and April 1, 1988 102% October 1, 1988 and April 1, 1989 101% October 1, 1989, and thereafter 100%. ORDINANCE NO. 81-035, PAGE 1 BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON An Ordinance Authorizing the Issuance of General Obligation ) E Bancroft Improvement Bonds, Series 1981; and Declaring ) an Emergency. 1981 ROSEMARY ORDINANCE NO. 81-035 DESCHUjES PNTERSON CO ERAS THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON, ORDAINS as follows: Section 1. Authorization. This Board of County Commissioners a opted Orders No-.---8T-298 through 81-303 and Order No. 81-305, assessing property for improvements to be constructed abutting said properties on the 29th day of July, 1981. In con- sideration of said liens being placed on property, applications to finance improvements were submitted by property owners in the amount of ONE MILLION SIX HUNDRED'THIRTY-SEVEN THOUSAND EIGHT HUNDRED EIGHTY- EIGHT AND 68/100 DOLLARS ($1,637,888.68) for the purpose of paying for said improvements. That for the above purposes, the County shall issue General Obligation Bancroft Improvement Bonds in the amount of ONE MILLION SIX HUNDRED THIRTY-FIVE THOUSAND AND N01100 DOLLARS ($1,635,000.00) to be dated October 1, 1981, to be numbered consecutively from one to three hundred twenty-seven (1 to 327), inclusive, to be in denominations of FIVE THOUSAND AND N01100 DOLLARS ($5,000.00) each, and to mature serially in numerical order on October 1 of each year, as follows: AMOUNT DATE AMOUNT DATE 95;000 October 1, 1982 165,000 October 1, 1987 105,000 October 1, 1983 185,000 October 1, 1988 115,000 October 1, 1984 205,000 October 1, 1989 130,000 October 1, 1985 230,000 October 1, 1990 145,000 October 1, 1986 260,000 October 1, 1991 VOL 0 FAGS 361 Section 2. Si natures and Registration. That each of the bonds be signee with t h- facsimile signature o the Chairman of the Board of County Commissioners in office on the date of execution of such bonds; that each of the bonds be attested personally with manual signature by the Deschutes County Clerk in office on such date; and that the coupons appertaining to the bonds be executed with the facsimile signatures of such Chairman and Clerk. Section 3. Security. The County has assessed the cost of public improvements to eb nefitted 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 these bonds. The full faith and credit of the County are also pledged to the successive holders of each of the bonds and of the interest coupons appertaining thereto, for the punctual payment of such obliga- tions when due; and the County shall levy annually as required a direct ad valorem tax upon all of the taxable property within the County in sufficient amount, after taking into consideration discounts taken and delinquencies that may occur in the payment of such taxes, to pay the bond and bond interest obligations promptly as they respectively mature; and the County covenants with the holders of its bonds to levy such a tax annually as required during each year when any of the bonds, or of bonds issued to refund them, and bond interest obligations are outstanding. Section 4. Advance Refunding. The General Obligation Bonds of this issue shall be deemed to be within the definition of bonds available for advance refunding, and shall be subject to being advance refunded at the option of the County. Section 5. Form. That such bonds and the coupons attached thereto be in su stand-My the following form: "UNITED STATES OF AMERICA STATE OF OREGON DESCHUTES COUNTY, OREGON GENERAL OBLIGATION BANCROFT IMPROVEMENT BOND SERIES 1981 $5,000.00 $5,000.00 Deschutes County, State of Oregon, acknowledges itself indebted and for value received, hereby promises to pay bearer on the 1st day of October, 19 , the sum of FIVE THOUSAND AND N01100 DOLLARS with interest thereon from the date hereof, at the rate of percent ( per annum, on the First day of April and t Fe 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 Deschutes County Treasurer, Bend, Oregon. ORDINANCE NO. 81-035, PAGE 2 va 40 rAUE " "Any or all of the bonds of the issue of which this Bond forms a part, maturing after October 1, 1987, may be redeemed by the County, in inverse numerical order on October 1, 1987, and on any interest payment date thereafter, at the following prices expressed as percentages of the principal amount, plus accrued interest to the redemption date, as follows: IF REDEEMED ON October 1, 1987 and April 1, 1988 October 1, 1988 and April 1, 1989 October 1, 1989 and thereafter REDEMPTION DATE 102% 101% 100% upon notice given at least thirty (30) days prior to the redemption date specified therein, by publication thereof in one issue of a newspaper specializing in financial matters published in the City of Portland, Oregon, and in a newspaper published and generally circulated in the City of Bend, State of Oregon. From the date of redemption designated in such notices, interest on the bonds so called for payment shall cease. THIS BOND is one of a series aggregating ONE MILLION SIX HUNDRED THIRTY-FIVE THOUSAND AND N01100 DOLLARS ($1,635,000.00) par value, issued to provide funds for the construction of improvements to dedicated public rights of way in Deschutes County, Oregon, pursuant to the Constitution and Laws of the State of Oregon, and pursuant to orders of the Board of County Commissioners No. 81-298 through 81-303, and Order No. 81-305, assessing affected property for the improvements to be constructed. That the amount of bonds is further secured by applications to make the payment in installments by the affected property owners. IT IS HEREBY CERTIFIED, RECITED AND DECLARED, that all conditions, 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 obliga- tions of such County, are within every debt limitation and other limits prescribed by such Constitution and Statutes; and that the County has provided for the levying annually of a direct ad valorem tax upon all property within the County so taxable for its purpose, 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 Board of County Commissioners of Deschutes County, Oregon, has caused this Bond to be signed with facsimile signature by its Chairman, and attested personally with manual signature by its County Clerk, and has caused its seal to be affixed hereto, and has caused its seal to be executed with the facsimile signatures of such officers, this day of , 1981. ORDINANCE NO. 81-035, PAGE 3 VOL 4 PAGE G3 CHAIRMAN, Board o County Commissioners ATTEST: DESCHUTES COUNTY CLERK FORM OF BOND COUPON No. On the First day of , 19 , Deschutes County, Oregon, upon surrender o this Coupon at tFe office of the County Treasurer, in the City of Bend, Oregon, will pay the bearer the sum of DOLLARS in lawful money of the United States of America, for interest then due on its General Obligation Bancroft Improvement Bond,,Series 1981, dated October 1, 1981, and bearing number ATTEST: DESCHUTES COUNTY CLERK CHAIRMAN, Board o County Commissioners For coupons maturing after October 1, 1987, ADD: 'Unless the Bond hereinafter designated shall previously have been called for payment, and due provision made for the payment thereof,"' Section 6. Sale. That the Deschutes County Clerk shall cause to be pu ished in The Bend Bulletin, a newspaper of general circulation printed and published in the City of Bend, County of Deschutes, State of Oregon, notices of proposed sale of bonds, as provided by law, in the form substantially shown on Exhibit "A," attached hereto and by this reference incorporated herein, specify- ing that sealed bids will be received by Deschutes County at the offices of RAGEN, ROBERTS, O'SCANNLAIN, ROBERTSON & NEILL, Bond Counsel, 1600 Orbanco Building, 1001 S. W. Fifth Avenue, Portland, Oregon 97204, up to and including the hour of ten o'clock a.m. (10:00 a.m.), Pacific Daylight Time, on the 7th day of October, 1981, at which time they will be publicly opened and announced, and thereafter the bids shall be considered and acted upon by the Board of County Commissioners at its regular meeting commencing at ten o'clock a.m. (10:00 a.m.), Pacific Daylight Time, for the sale of the bonds, at not less than the par value thereof and the ORDINANCE NO. 81-035, PAGE 4 VOL 0 ,,E364 accrued interest thereon, at an interest rate or rates in multiples of one-eighth of one percent or one-twentieth of one percent, not exceeding a net effective rate of twelve percent (12%) per annum payable semi-annually on April 1 and October 1; 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 THIRTY-TWO THOUSANDSEVEN HUNDRED AND N01100 DOLLARS ($32,700.00), to be forfeited to the County in case the bidder fails to complete his purchase in accordance with the terms of his bids; 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 County, including interest, less premium offered, if any, provided the bid be accepted and no callable bonds of this issue are redeemed prior to the maturity dates thereof; that the bonds will be sold to the bidder whose bid will result in the lowest net cost to the County; and that the Board of County Commissioners' reserves the right to reject any and all bids. Section 7. Emergency Clause. This Ordinance being necessary or the immediate preservation of public peace, health and safety of Deschutes County, Oregon, in order to obtain sufficient funds to pay for public improvements an emergency is hereby declared to exist, and this Ordinance shall be in full force and effect immediately upon its passage by the Board of County Commissioners. PASSED by unanimous vote of the Board of C~unty T7-_V-' ioners with a quorum in attendance this day of b e r- 1981. ATTEST: SUSAN STONEMAN Recording Secretary ORDINANCE NO. 81-035, PAGE 5 BOARD OF COUNTY COMMISSIONERS EXHIBIT "A" j. 4 FAcF 365 OFFICIAL NOTICE OF BOND SALE DESCHUTES COUNTY STATE OF OREGON GENERAL OBLIGATION BANCROFT IMPROVEMENT BONDS SERIES 1981 Notice is hereby given that sealed bids will be received by Deschutes County, Oregon, until ten o'clock a.m. (10:00 a.m.), Pacific Daylight Time, on October 7, 1981, at the offices of RAGEN, ROBERTS, O'SCANNLAIN, ROBERTSON and NEILL, Bond Counsel, 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 Board of County Commissioners of Deschutes County, Oregon, at its regular meeting to be held on Wednesday, October 7, 1981, commencing at ten o'clock a.m. (10:00 a.m.), Pacific Daylight Time. ISSUE: ONE MILLION SIX HUNDRED THIRTY-FIVE THOUSAND AND N01100 DOLLARS ($1,635,000.00) consisting of General Obligation Bancroft Improvement Bonds in denominations of FIVE THOUSAND AND NO/100 DOLLARS ($5,000.00), all dated October 1, 1981. INTEREST RATE: Maximum not to exceed a net effective rate of twelve percent (12%) per annum, the first interest payment due on April 1, 1982, and semi-annually thereafter on April 1 and October 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 (1%), not exceeding a net effective rate of twelve percent (12%) per annum; (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 permitted; (3) Each bond shall bear interest from its date to its dated 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; and (5) The difference between the highest and lowest rates bid shall not exceed two percent (2%). MATURITIES: The bonds shall mature serially in numerical order as follows: AMOUNT DATE AMOUNT DATE 95,000 October 1, 1982 165,000 October 1, 1987 105,000 October 1, 1983 185,000 October 1, 1988 115,000 October 1, 1984 205,000 October 1, 1989 130,000 October 1, 1985 230,000 October 1, 1990 145,000 October 1, 1986 260,000 October 1, 1991 OFFICIAL NOTICE OF BOND SALE, PAGE 1 VOL 413 FAGS 366 REGISTRATION: The bonds will be issued in bearer form with no option for registration. REDEMPTION: The County retains the right to call and redeem any or all of the bonds then outstanding in inverse numerical order on the following interest payment dates and at the following prices expressed as a percentage of the principal amount, plus accrued interest to the date of redemption: IF REDEEMED ON REDEMPTION PRICE October 1, 1987 and April 1, 1988 102% October 1, 1988 and April 1, 1989 101% October 1, 1989 and thereafter 100% Notice of any such redemption shall be given by mailing a notice thereof to Moody's Investors Service, Inc., and Standard and Poor's Corporation, New York, New York, not less than thirty (30) days prior to the redemption date, and by publication of such notice at least once, not less than thirty (30) days prior to the said redemption date, in a newspaper specializing in financial matters published in the City of Portland, Oregon, and in a newspaper published and generally circulated in the City of Bend, Oregon. Interest on any bond or bonds so called for redemption shall cease on such redemption date, unless the same are not redeemed upon presentation made pursuant to such call. 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 Deschutes County Treasurer, Deschutes County Courthouse, Bend, Oregon. PURPOSE: The bonds are to provide funds for the construction of improvements to dedicated public rights of way in Deschutes County, Oregon. The bonds are being sold in consideration of applications to finance improvements in installments by property owners of property subject to liens for the improvments. SECURITY: The bonds of this issue are Bancroft Improvement Bonds, which are General Obligation Bonds of the County. The County has placed liens on property, and has covenanted to levy an ad valorem tax annually to pay bond principal and interest as they respectively come due. LEGAL OPINION: The approving opinion of RAGEN, ROBERTS, O'SCANNLAIN, ROBERTSON and NEILL, Lawyers, 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. 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 Laws, and from personal income taxation by the State of Oregon under present State Laws. OFFICIAL NOTICE OF BOND SALE, PAGE 2 •i VOL 4 PAGE BEST BID: The bonds will be awarded to the responsible bidder whose proposal will result in the lowest net cost to the County. 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 coupon rate or ratesspecified, assuming no bonds are called prior to maturity, less premium offered, if any. 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. Delivery will be made within thirty (30) days. FORM OF BID: All bids must be for not less than all of the bonds hereby offered for sale, 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 County and designated, "PROPOSAL FOR BONDS." Bids must be received by ten o'clock a.m. (10:00 a.m.), Pacific Daylight Time. BID CHECK: All bids must be unconditional and accompanied by a certified or cashier's check for THIRTY-TWO THOUSAND SEVEN HUNDRED AND N01100 DOLLARS ($32,700.00), payable to the order of Deschutes County, to secure the County from any loss resulting from the failure of the bidder to comply with the terms of its bid. In addition, bidders are requested to supply the total interest costs and net effective interest rate, based upon the aggregate interest cost, if its bid be accepted, that the County will pay upon the issue if the bid is accepted. Such information shall be considered as informative only. Checks will be forfeited to the County as liquidated damages in case the bidder to whom the bonds are awarded shall withdraw its bid 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 liquidating damages as described above. Checks of the unsuccessful bidders will be returned by the County promptly after award of bid. RIGHT OF REJECTION: The County, by its Board of County Commissioners, reserves the right to reject any and all bids. The County has prepared an official statement relating to the bonds, a copy of which will be furnished upon request. 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 a basis for the purchaser to refuse to accept delivery. 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 that affects the validity of the bonds. OFFICIAL NOTICE OF BOND SALE, PAGE 3 • V VOL 0 FM E 368 FINANCIAL CONSULTANT: Deschutes County has employed, as financial consultant for the preparation of the official statement, the services of FOSTER AND MARSHALL, INC., 205 Columbia Street, Seattle, Washington 98104, (206) 344-3500. The financial consultant may submit a bid or participate in a bidding syndicate for the purchase of these bonds. FURTHER INFORMATION: The official statement and additional informa- tion regarding the County and this sale may be obtained from Richard L. Isham, Deschutes County Legal Counsel, Deschutes County Courthouse Annex, Bend, Oregon 97701; (503) 388-6623. ROSEMARY PATTERSON Deschutes County Clerk OFFICIAL NOTICE OF BOND SALE, PAGE 4