29-14-Order Recorded 9/20/19781
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y$. 29 ma t
IN THE BOARD OF COUNTY COMMISSIONERS
OF THE STATE OF OREGON
FOR THE COUNTY OF DESCHUTES
In the Matter of a )
General Obligation Bond ) ORDER AWARDING THE
Sale for Deschutes County ) SALE OF BONDS
Library )
The attached bids for the $383,097.00 Deschutes County
Oregon, General Obligation Library Bonds having been received
and opened by the Board of County Commissioners at ten
o'clock, a.m., September 20; 1978, at the Deschutes County
Courthouse; and
The bid of A, a offering the
lowest net interest cost to the ounty; now therefore,
IT IS HEREBY ORDERED by the Board of County Commissioners
of Deschutes County, Oregon:
Section 1. The Sale of the County's $383,097.00 General
Obligation Library Bonds is hereby awarded to
the Bonds maturing in each year shall bear
int est at the rate specified in its bid.
Section 2. The Chairman of the Board and the County
Clerk are hereby authorized, empowered and directed to
execute for and on behalf of the County any and all neces-
1-ORDER AWARDING THE SALE OF BONDS
VoL 29 PAGE 2
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sary papers and documents for the completion of this sale
and the delivery of the Bonds to the purchaser in accordance
with its bid and in accordance with this order.
DATED this 20th day of September, 1978
DESCHUTES COUNTY BOARD OF COMMISSIONERS:
Commis
ssioner
Page 11 2-ORDER AWARDING THE SALE OF BONDS
I' j
FOSTER & MARSHALL INC
MEMBERS
INVESTMENT BANKERS AND BROKERS
NEW YORK STOCK EXCHANGE, INC.
AMERICAN STOCK EXCHANGE, INC.
THE WILLAMETTE CENTER
PACIFIC STOCK EXCHANGE, INC.
LMON ST
MIDWEST STOCK EXCHANGE, INC.
.
121 S.W. SA
CHICAGO BOARD OPTIONS EXCHANGE
SUITE 200
PORTLAND, OREGON 97204
(303) 243.6900
10/1/84
10/1/85
10/1/86
10/1/87
10/1/88
September 20,1978
Helen Rastovich
County Treasurer
Deschutes County Courthouse
Bend, Oregon 97701
RE: $383,097
Deschutes County, Oregon
G.O. Library Bonds
Gentlemen:
For the above legally issued bonds to be dated 10/1/78, and in accordance
with the terms and conditions of the Notice of Sale of said bonds, we offer
to purchase the above described bonds, maturing and bearing interest at the
rates shown below, and to pay, therefor, $ h2d-a-y for each $100.00 par
value of bonds, which is a total $ 3.,55~.3,e`-17 Of and accrued interest
to date of delivery.
BONDS MATURING
10/1/79
10/1/80
10/1/81
10/1/82
10/1/83
INTEREST RATES
ay
-A-
4
BONDS MATURING
INTEREST RATES
'
114-6, 0-e
0 01
o C)
(For Information Purposes Only)
Total Interest Cost to Maturity
LESS: Premium (If Any)
PLUS : Discount
VOL 29 ?AGE iU
OFFICES
IN T-.E PPINCIPAL CITIES OF THE
PAC"FIC. NORTHWEST AND ALASKA
Effective Interest Rate
~f
Net Interest Cost
VC1 29 PAGE 1 l
Deschutes County, Oregon
Page 2
-.his proposal, submitted in duplicate, is made subject to our being
furnished,at the expense of the County, upon delivery of the bonds,
with the unqualified approving opinion of Rankin, McMurray, Osburn,
Gallagher & VavRosky, bond counsel of Portland, Oregon. Said opinion
will be reproduced on each of said bonds, also at the expense of the
County.
In accordance with the terms of the Notice of sale, there is enclosed
a cashier's check for $7,700.00, payable to the Deschutes County Trea-
surer. The proceeds of said check are to be applied on the purchase
price of the bonds if this proposal is accepted, or if this proposal is
accepted but not performed (unless such failure of performance shall be
caused by any act or omission of the County) are to be retained by the
County as liquidated damages. If this proposal is not accepted, said
check is to be returned to us promptly after the award of the bonds to
the successful bidder.
Respectfully submitted,
FOSTER & MARSHALL,INC.
Thomas G. Tripp, Vice President
Manager
Underwriting Department
TGT :.sj h
This bid is accepted on behalf of:
DESCHUTES COUNTY, OREGON
By:
Title:
Date :
VOL 29 FACE 18
4
UNITED STATES NATIONAL BANK OF OREGON
A Subsidiary of U.S. Bancorp
HEAD OFFICE
309 S. W. SIXTH AVENUE
P.O. BOX 4412, PORTLAND, OREGON 97208
September 20, 1978
Board of County Commissioners
County Courthouse
Bend, Oregon
Gentlemen:
For $383,097.00 (Three Hundred Eighty-three Thousand, Ninety-seven and
No/100 Dollars) Deschutes County, Oregon, General Obligation Library
Bonds, to be dated October 1, 1978, to be in the denomination of $5,000
each, except Bond No. 1 in the denomination of $3,097, bearing interest
payable semiannually and to mature serially in numerical order as
follows:
$28,097 due Oct. 1, 1979 @.6.50 0% $40,000 due Oct. 1, 1984 @ 5.00 °A
30,000 due Oct. 1, 1980 @ 6.50 40,000 due Oct. 1, 1985 @ 5.00
35,000 due Oct. 1, 1981 @ 6.40 45,000 due Oct. 1, 1986 @ 5.10
35,000 due Oct. 1, 1982 @ 6.00 45,000 due Oct. 1, 1987 @ 5.10
35,000 due Oct. 1, 1983 @ 5.00 50,000 due Oct. 1, 1988 @ 5.25
both the principal of and the interest upon the bonds will be paid at
the office of the County Treasurer of Deschutes County in Bend, Oregon,
all in accordance with your published notice of sale, we will pay you
at the rate of $ for each $100 face value, together with accrued
interest to date of delivery to us in Portland, Oregon.
On the basis of the above bid, the interest cost to the County is as
follows:
Coupon Interest Cost $120.861.31
Less Premium Bid -0-
Net Interest Cost $120,861.31
Effective Interest Rate 5.27065
This bid is made for prompt acceptance only and for as prompt delivery
of the bonds as they can be conveniently prepared and executed, but
i..!\.T.D STATES NATIONAL BANK. OF OREGON
vat 29 rAcc 19
SHEET No. . 2
not later than 30 days from the date of sale, unless further extended
by mutual agreement.
This bid is also made with the understanding that prior to our taking
up and paying for the bonds, you will provide without cost to us the
opinion of Messrs. Rankin, McMurry, Osburn, Gallagher & VavRosky of
Portland, Oregon, approving the legality of said bonds and the sale
thereof, which opinion will be reproduced on each bond.
As evidence of good faith, we attach hereto our cashier's check #013389
dated September 18, 1478, for $7,700.00 in favor of the Deschutes County,
Oregon, upon the understanding that if said bonds are awarded and. de-
livered to us in accordance with this bid, said check may be applied as
part payment; otherwise, same is to be promptly returned to us.
Jointly submitted,
ep
Enclosure
UNITED STATES NATIONAL BARK OF OREGON
ATKINSON & COMPANY
B
Alan L. Hollowell
Vice President & Manager
Bend Branch
United States National Bank of Oregon
e
VOL 29 PAGE 20
Bankof the Cascades
September 20, 1978
Chairman of the Board
Board of County Commissioners
County Courthouse
Bend, Oregon 97701
Gentlemen:
For all or none of the Deschutes County, Oregon, General
Obligation Library Bonds, in the amount of Three Hundred
Eighty Three Thousand Ninty Seven Dollars, ($383,097) par
value, to be dated October 1, 1978, as described in your
official notice of sale which is hereby made a part of this
bid, the undersigned will pay $100 for each $100 par value
thereof, plus accrued interest from the date of bonds to
date of delivery to us for bonds maturing in your notice of
sale and bearing interest as follows:
$28,097 due 10/1/79 @ 6.5076
30,000 due 10/1/80 @ 6.50%
35,000 due 10/1/81 @ 6.50%
35,000 due 10/1/82 @ 5.257o
35,000 due 10/1/83 @ 5.0%
$40,000 due 10/1/84 @ 5.OT
40,000 due 10/1/85 @ 5.100
45,000 due 10/1/86 @ 5.100
45,000 due 10/1/87 @ 5.10?
50,000 due 10/1/88 @ 5.20`,'v
On the basis of this bid, the interest cost and effective
rate are as follows:
Total Interest Cost $ 119,946.30
Less Premium $ None
Net Interest Cost $ 119,946.30
Effective Interest Rate 5.2307 p
Both principal and interest will be payable at the office of
the Deschutes County Treasurer, Bend, Oregon.
Central Oregon's Home-Owned Balnk • 1700 N.E. 3rd Street, EO. Box 707, Bend, Oregon 97701 • Phone (503) 3_S9-7701
va 29 PACE 21
Chairman of the Board
Board of Commissioners
Deschutes County, Oregon
Page Two
It is understood and agreed that prior to our taking up and
paying for these bonds, we are to be furnished with the
unqualified legal opinion of Messrs. Rankin, McMurry, Osburn,
Gallagher and VavRosky, Attorneys at Law, Portland, Oregon.
As evidence of our good faith in making this bid, and as
required, we are attaching herewith our cashier's check in
the amount of $7,700.00, to be held by you pending delivery
of the bonds to us or to be returned immediately in the event
we are not awarded this issue of bonds.
This bid is made for prompt acceptance and delivery on or prior
to October 20, 1978.
Respectfully submitted,
BANK OF THE CASCADES
.
By:
Pr ' dent
a
Bank of the Cascades
1700 N.E. Third Street
Bend, Oregon 97701
Gentlemen:
We hereby accept the above bid this day of September 1978.
Attest: Approved:
Treasurer Chairman
VOL . 29 ?AGE 22
"Our 74th Year"
September 20, 1978
DESCHUTES COUNTY, OREGON
GE^TERAL OBLIGATION
LIBRARY BONDS
NAMSTERN
NK of .
Gentlemen:
E„*R -~j _
_
for all or none of the Deschu _
es County, Oregon Gen-
eral Obligation Library Bends-s
`he amount of Three
97420
Hundred Eighty Three Thousand,
Ninety Seven Dollars
-ice-.rcrrt 2~-31Ti
($383,097.00), par value, to b
e dated October 1, 1978,
as described in your official
notice of sale which.is
hereby made a part of this bis
. he undersigned will
day $$100.00 for each $1.00.00 p
ar value.thereof, plus
accrued interest from the date
of bonds to date of
delivery to us for bonds maturing in your notice of
sale and bearing interest as
olTows•
$28,097.00 Due 10-01-79
L3 6.75%
30,000.00 Due 10-01-80
6.50/
35,000.00 Due 10-01-81
6.251
35,000.`00 Due 10-01-82
I~P 6.00/
35,000.00 Due 10-01-83
6.00/
40.000.00 Due 10-01-84
9 5.50%
40,000.00 Due 10-01-85
5.25%
45,000.00 Due 10-01-86
5.30%
45,000.00 Due 10-01-87
5.40%
50,000.00 Due•10-01-88
L 5.40%
n the basis of this bid, ;he
interest cost and ef-
fective rate are as follows:
Total Interest Cost
$127,109.05
Effective Interest Rate
5.5431
i _ a 29 PAGE 23
DESCHUTES COUNTY, OREGON
GE?1FRAL OBLIGATION
LIBRARY BONDS
Page Tiro
It is understood and agreed 11hat prior to our taking
up and paying for these bonds, we are to be furnished
with the unqualified legal opinion of Messrs. Rankin,
Mcbiarry, Osburn, Gallaghe^ and VavRosky Attorneys at
Law, of Portland, Oregon.
As evidence of our good faith
as required, we are attaching
check in the amount of $7,700
pending delivery of the bonds
to be returned immediately in
awarded this issue of bonds.
in ;raking this bid and
herewith our cashier's
.00, to be held by you
to us or our agent or
the event we are not
he bid is made for prompt acceptance and delivery to
_s or our agent within thirty days of date of issue.
Respectfully submitted,
rFS ERN BANK
INVESTMENT DEPARTMENT
By:
Fred M. Gagnon
Sr. Vice President
DRS: ,jag
Gentlemen:
We hereby accept the above bid this day of
e-=ber, 1978.
Attest: Approved:
vac 29 racE 24
sT. O=PAL ;'.+=~i- 319 S.':J. Washington Street • P.O. Box 27' 5 No and, Oregon 97208 222-7610
iitie(xeawo
bank
September 20, 1978
Deschutes County, Oregon
County Courthouse
Bend, Oregon
Gentlemen:
For your $383,097 par amount of Deschutes County, Oregon General
Obligation Library Bonds, dated 10-1-78 and maturing 10-1-79 through
10-1-88 inclusive, in denominations of 01 83,097, then $5,000
each, bearing interest payable semiannually, both the principal of
and the interest upon the bonds payable at the office of the Deschutes
County Treasurer, Bend, Oregon. We will pay par plus a premium of
$ none for bonds to bear the following interest rate or rates:
$28,097 due 10-1-79 @ 7,00% $40,000 due 10-1-84 @ 5.00%
30,000
due 10-1-80
@ 7.00%
40,000 due
10-1-85
@
5.00%
35,000
due 10-1-81
@ 5.50%
45,000 due
10-1-86
@
5.00%
35,000
due 10-1-82
@ 4.90%
45,000 due
10-1-87
@
5.10%
35,000
due 10-1-83
@ 4.90%
50,000 due
10-1-88
@
5.207.
providing all bonds are non optional before maturity.
The following is for information only:
Gross Interest Cost $118,031.7'
Less Premium None
Net Interest Cost $118,031.79
Average Rate 5.14726,
This bid is made for prompt acceptance only and for delivery and payment
for not later than 30 days from date of sale unless further extended with
our approval.
an Orbancoc:.--rar.
-2- ` OL 29 PAGE 25
the(Xe8o bank
This bid is made subject to our receiving prior to the delivery of the
bonds, without cost to us, the unqualified legal opinion of Rankin,
McMurry, Osburn, Gallagher & VavRosky, Attorneys, Portland, Oregon;
said legal to be printed on the bonds.
Enclosed is our cashiers check in the amount of $7,700.00 which is to be
returned to us if this bid is not accepted; otherwise it shall be held
as advanced part payment; or, if we fail to pick up and pay for the bonds
under the terms of this bid, it shall be forfeited to the County as and
far all liquidated damages.
Respectfully submitted this 20th day of September, 1978.
The 0rgon Bank
Bend Branch,. The Oregon Bank
va 29 FACE 26
O THE BANK OF CALIFORNIA
Portland Office: 4o7 S. W. Broadway • Portland, Oregon - Mailing Address: P.O. Box 3121, 972o8 ° (503) 22S.3636
September 20, 1978
Board of County Commissioners
County Courthouse
Bend, Oregon
Gentlemen:
For legally issued bonds of DESCSUTES COUNTY, OREGON, GENERAL OBLIGATION
LIBRARY BONDS, in the principal amount of $383,097.00, as described in your
Notice of Sale for such bonds, we bid you Par Value, thereof, plus a premium
of $___2 thereon, plus accrued interest to date of delivery:
$28,097.00 due
October
1,
1979 to
30,000.00
October
1,
1980
35,000.00
October
1,
1981
35,000.00
October
1,
1982
35,000.00
October
1,
3,983
40,000.00
October
1,
1984
40,000.00
October
1,
1985
45,000.00
October
1,
1986
45,000.00
October
1,
1987
50,000.00
October
1,
1988
bear interest at 6.25 per annum
6.25
6.25
4.80
4.80
4.90
4.90
4.90
5.00
5.00
This bid is made in compliance with the terms of your Notice of Sale, all of
the terms of which are incorporated herein and made part hereof. We hereby
enclose our Cashier's Check in the amount of $7,700.00, payable to the order
of DESCEUTES COUNTY, OREGON, the required good faith deposit.
CALIFORNIA • OREGON' - WASHINGTON
VOL 29 PACE 27
THE BANK OF CALIFORNIA
Board of County Commissioners
Bend, Oregon
September 20, 1978
Page Two
If we are the winning bidder, we reserve the right to reject t he entire issue
if the award of the bid is not officially granted within a 24 hour time period
from the time of the bid opening.
Respectfully submitted,
R. M. Campbell,
Vice President
Gross Amount of Interest $ 115,558.56
Less Premium -0-
Net Interest Cost 115,558.56
Net Effective Rate 5.03941 %
CALIFORNIA • OREGON • WASHINGTON
Ellis&Carl
Incorporated
Suite 1022
520 S.W.Yamhill
Portland, Oregon 97204
(503) 223-5788
PROPOSAL FOR PURCHASE OF BONDS
* The Official Notice of Sale
for the bond issue described below
is attached and made a part of the proposal..
VOL
64/17.1,
29 FACE 28
Date.: September 20, 1978
Proposal for all but no part of $383,097.00 Bonds Dated. 10-1-78 Dencm=at ay p
Deschutes County, Oregon General Obligation Interest Payable: except 1 $ 5099080
Library Bonds em annua y on April 1 and October,.l
First interest payment April 1, 1979
In accordance with the terms of the Official Notice inviting Bids, we bid as follows:
Par Value
Interest Rate
Maturing from
to. including:
$28,097
6.50
10-1-79
30,000
6.50
10-1-80
35,000
6.50
/
10-1-81
35,000
5.25
10-1-82
35,000
5.25
10-1-83
40,000
5.05
10-1-84
40,000
5.10
10-1-85
45,000
5.15
10-1-86
45,000
5.20
10-1-87
50,000
5.20
10-1-88
We will pay par and accrued interest to
date of delivery
less a discount of $ NONE
Estimated
088.81
;'280579
P1
plus a premium of
(
,
Net interest Cost
Enclosed is our Good Faith Check 1n the amount oL $7,700
Delivery of Bonds:
First National Bank of Oregon
6th & Morrison Branch
Attn: Broker Dept.
635 S.W. 6th Ave
Portland, Oregon 97204
Respectively submitted,
ELLIS & CARL, INCORPORATED
BY r
TIM F. LIS
PRESIDENT
Ellis Carl
Incorporated
Suite 1022
520 S.W.Yamhill
Portland, Oregon 97204
(503) 223-5788
PROPOSAL FOR PURCHASE OF BONDS
* The Official Notice of Sale
for the bond issue described below
is attached and made a part of the proposal.
V^L 29 FACE 29
Date: September 20, 1978
Proposal for all but no part of $383,097.00 Bonds Dated. 10-1-78 Denom ogg'g p
except 1 t $35099080
Deschutes County, Oregon General Obligation ptprest Payable:
Library Bonds emi-annua y on April 1 and October..l
First interest payment April 1, 1979
In accordance with the terms of the Official Notice inviting Bids, we bid as follows:
Par Value:
Interest Rate
Maturing from
to & including
$28,097
6.50
10-1-79
30,000
6.50
10-1-80
35,000
6.50
10-1-81
35,000
2l
10-1-82
35,000
5.25
10-1-83
40,000
5.05
10-1-84
40,000
5.10
10-1-85
45,000
5.15
10-1-86
45,000
5.20
10-1-87
50,000
5.20
10-1-88
We will pay par and accrued interest. to
date of delivery
less a discount of NONE
$
Estimated P1,088.81 5~ 28057
f X
plus a premium of
Net interest Cost o
Enclosed is our Good Faith Check in the amount oL $7,700
Delivery of Bonds:
First National Bank of Oregon
6th & Morrison Branch
Attn: Broker Dept.
635 S.W. 6th Ave
Portland, Oregon 97204
Respectively submitted,.
ELLIS & CARL, INCORPORATED
BY
TIM F. E S
PRESIDENT
vas 29 ?AGE 30
FIRST NATIONAL BAND OF OREGON
September 20, 1978
Members of the Board of County Commissioners
County Courthouse
Bend, Oregon
In accordance with your official notice of sale dated August 31. 1978 , inviting bids on
$383,097.00 DESCHUTES COUNTY, OREGON GENERAL OBLIGATION LIBRARY
BONDS Dated: October 1, 1978
we will pay the par value thereof less a discount/plus a premium of $ -0-
The bonds are to bear interest as follows:
Maturity 10/1 Rate Maturity 10/1 Rate Maturity 10/1 Rate
1979 6.50 1983 5.10 1986 5.10
1980 6.50 1984 5.10 1987 5.10
1981 6.50 1995 5.10 1988. 5-91n .
1982 5.10
Based on the above interest rates, we have made the following estimates:
Gross amount of interest $ 120,151.31
Less premium/Plus discount $ '0_
Net amount of interest $ 120,151.31
Net effective rate 5.2396
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 S $7,700-00 In the event we are not awarded the bonds, please return the check promptly to the undersigned_
Respectfully submitted,
FIRST NATIONAL BANK OF OREGON
AND ASSOCIATES
MUNICIPAL BOND DEPARTMENT
PORTLAND, OREGON
(503) 225-3852
BY:°u
BOND-11 2-78 1
Original Copy
veE 29 %E 3
,
BLYTH EASTMAN DILLON & CO.
INCORPORATED
MEMBERS ALL PRINCIPAL 5TOCK EXCHANGES
2525 FIRST NATIONAL BANx TowER
PQRTLAND, OREGON 97201
503-221-5800
Date: 9-20-78
PROPOSAL, FOR THE PURCHASE OF:
$383,097. Deschutes County, Unlimited Tax, General Obligation,
Library Bonds dated 10-1-78.
Unit Cost: $100.00
COUPON INTEREST RATE :
6 1/2% Bonds Maturing 10-1-1979 thru 1981
6 % Bonds Maturing 10-1-1982
5% Bonds Maturing 10-1-1983 thru 1985
5.10% Bonds Maturing 10-1-1986 thru 1988
Coupon Interest Cost: $120,216.30 Effective Interest Rate:
Premium/Discount: None 5.2425 7
Net/Gross Interest Cost: $120,216.30
Good Faith Check: $ 7,700.00
This bid is made in accordance with the terms and conditions of the final
Official Notice of Sale. If this bid is accepted, the proceeds of this
check are to be credited against the purchase price of the bonds. If this
bid is not accepted, please return the check L-mediately to us upon award
of the bonds to the successful bidder. This bid is made for prompt
acceptance only and for delivery within thirty days from date of sale
unless mutually extended.
Respectfully submitted,
BLYTH. EAS1, LAN DILI,ON F, CO.
Incorporated
"`Q Jor~fson
lice president