28-97-Order Recorded 8/16/19781
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VOL
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 FOR THE ISSUANCE
Sale for Deschutes County ) AND SALE OF BONDS
Library )
2J FACE
A special election having been duly held in Deschutes
County, Oregon, on the 14th day of March, 1978; and,
The legal voters of the County at that election having
authorized the County to incur a general obligation bonded
indebtedness in the amount of $383,097 to remodel, expand
and improve the Deschutes County Library; now therefore,
IT IS HEREBY ORDERED by the Board of County Commissioners
of Deschutes County, Oregon:
Section 1. For the aforesaid purposes, the County
shall issue Three Hundred Eighty-Three Thousand Ninety-Seven
Dollars ($383,097.00) of general obligation bonds. The
Bonds will be dated October 1, 1978, will be numbered con-
secutively from l to 77,, will be in denominations of $5,000
each except Bond No. 1 in the denomination of $3,097, will
bear interest payable semiannually on April 1 and October 1
commencing April 1, 1979, and will mature serially in numerical
order on the 1st day of October as follows:
Maturity Date Amount
1979 $28,097
1980 30,000
1981 35,000
Page 111-ORDER FOR THE ISSUANCE AND SALE OF BONDS
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VOL
1982
35,000
1983
35,000
1984
40,000
1985
40,000
1986
45,000
1987
45,000
1888
50,000
20 FACE ~C
Section 2. Each Bond shall be executed with the manual
signature of the Chairman of the Board of County Commissioners,
shall be attested by the manual signature of the Deschutes
County Clerk, and shall bear the county seal. The coupons
shall bear the facsimile signatures of the Chairman and
County Clerk.
Section 3. The County of Deschutes, State of Oregon,
shall levy annually, as provided by law, a direct ad valorem
tax upon all of the taxable property within the County in
sufficient amount, without limitation, after taking into
consideration discounts and delinquencies in the payment of
taxes, to pay the maturing principal of and interest on the
Bonds. The County hereby covenants with the holders of the
Bonds to levy such a tax annually during each year that any
of the Bonds, or Bonds issued to refund them, are outstanding.
Section 6. The proceeds of the Bonds shall be used and
invested in such fashion that the Bonds shall not become
"arbitrage bonds" within the meaning of Section 103(c) of
the Internal Revenue Code of 1954, as amended, and the
regulations issued thereunder.
Section 7. The Bonds and interest coupons shall be in
substantially the following form:
Page 11 2-ORDER FOR THE ISSUANCE AND SALE OF BONDS
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Vol. 28 PAGE 91(
UNITED STATES OF AMERICA
STATE OF OREGON
COUNTY OF DESCHUTES
GENERAL OBLIGATION LIBRARY BOND
The County of Deschutes, State of Oregon, acknowledges
itself indebted and for value received hereby promises to
pay to bearer on the 1st day of October, 19 , the sum of
FIVE THOUSAND DOLLARS with interest thereon from the date
hereof at the rate of percent ( per annum,
on the 1st days of April and October in each year until
maturity, upon surrender of the annexed interest coupons as
they severally mature. Both the principal of and the interest
on this Bond are payable in lawful money of the United
States of America at the office of the County Treasurer of
Deschutes County in the City of Bend, Oregon.
THIS BOND is one of a series of general obligation
bonds aggregating Three Hundred Eighty-Three Thousand Ninety-
Seven Dollars ($383,097.00) par value, issued to provide
funds to remodel, expand and improve the Deschutes County
Library, pursuant to the Constitution and laws of the State
lof Oregon, and particularly Chapter 287, Oregon Revised
Statutes, and pursuant to an approving vote of a majority of
the qualified voters of the County voting at a special
election duly called and held therein on the 14th day of
March, 1978.
Page 113-ORDER FOR THE ISSUANCE AND SALE OF BONDS
VOL 8 PAGE 1
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Page
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 obligations of the
County, are within every debt limitation and other limit
prescribed by the Constitution and the statutes; and that
the Board of County Commissioners, by resolution duly adopted,
has covenanted to levy annually a direct ad valorem tax upon
all the taxable property within the County, in sufficient
amount to pay the principal of and interest on the Bonds, as
they respectively become due and payable.
IN WITNESS WHEREOF, the Board of County Commissioners
of Deschutes County, Oregon, has caused this Bond to be
executed by its Chairman and attested by the County Clerk of
.Deschutes County, has caused this Bond to be sealed with the
corporate seal of Deschutes County, and has caused the
annexed interest coupons to be executed with the facsimile
signatures of the Chairman and Clerk as of this 1st day of
jOctober, 1978.
Chairman, Boa of Cou
Commissioners (,,6f Desc tes
County, Oregon
4-ORDER FOR THE ISSUANCE AND SALE OF BONDS
VOL 28 FACE 101
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ATTEST:
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Deschutes County Clerk
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(SEAL)
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FORM OF BOND COUPON
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No. $
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On the lst day of , 19 the County of
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Deschutes, State of Oregon, upon surrender of this coupon at
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the office of the County Treasurer of Deschutes County in
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the city of Bend, Oregon, will pay to the bearer the amount
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shown hereon in lawful money of the United States of America,
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for interest then due on its General Obligation Library
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Bond, dated October 1, 1978, and bearing number
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Chairman, BoarSr
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DescltoYes
Commissioners
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County, Oregon
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Deschutes County Clerk
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Section 8. The Bonds shall be offered for sale on or
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about September 20, 1978, at a price of not less than par
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plus accrued interest, and at a maximum rate of interest of
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seven percent.(?%) per annum. The Bonds shall be sold in
Page
5-ORDER FOR THE ISSUANCE AND SALE OF BONDS
'
VOL 28 FACE
02
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accordance with ORS 287.014 to 287.026. The notice of bond
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sale shall be published in at least two (2) issues of the
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Bend Bulletin. The first publication shall be not more than
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25 calendar days nor less than 15 calendar days preceding
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the date of the bond sale, and the last publication shall be
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not more than 14 calendar days nor less than 8 calendar days
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preceding the date of the bond sale. In addition, the
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notice of bond sale shall be published in the Daily Journal
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of Commerce not more than 25 calendar days nor less than 15
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calendar days preceding the date of the bond sale.
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Section 9. Bids will be received at the offices of
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Board of County Commissioners, County Courthouse, Bend,
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Oregon until 10:00 a.m. on September 20, 1978. The Board
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will meet at 10:30 a.m. on September 20, 1978 to act upon
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the bids.
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DATED this ~6!L~ day of August, 1978.
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DESCHUTES COUNTY BOARD OF
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COMMISSIONERS:
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Chairman
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Commissioner
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Commissioner
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Page
6-ORDER FOR THE ISSUANCE AND SALE OF BONDS