HomeMy WebLinkAbout1989-06 Issuance/Sale of G.O. Bonds
RESOLUTION NO. [( Y--c1(,
A RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF GENERAL OBLIGATION
IMPROVEMENT BONDS TO FINANCE CERTAIN
PUBLIC IMPROVEMENTS IN THE DOWNTOWN AREA
OF THE CITY OF ASHLAND, OREGON.
WHEREAS, the City of Ashland, Oregon (the "City") has
caused certain improvements in the downtown area of the City to
be constructed pursuant to Resolution No. 88-49 passed on
November 1, 1988, each at the expense of the abutting property
owners, and has duly assessed the costs of such improvements
upon the lots, blocks and parts thereof, and parcels of real
property being directly benefited by these local improvements,
and imposed systems development charges against certain
property, in accordance with the provisions of law~ and
WHEREAS, applications to pay the assessments and systems
development charges in installments, as provided by Oregon
Revised Statutes 223.205 to 223.295, have been duly filed by the
owners of the benefited properties~ and
WHEREAS, each of the applications so filed have been for
improvements in the sum of $25.00 or more, and the amoun"t
remaining unpaid upon each assessment for which applications
have been filed, together with the unpaid balance of any
previous assessments for improvements against the same property,
does not exceed twice the assessed value of the benefited real
property as shown by the last county tax roll~ and
WHEREAS, each application provides that the property owner
agrees to pay the assessment in equal semi-annual installments
over a term of ten years, together with interest at the rate
prescribed by law and each application has stated that tbe
applicant and property owner does waive all irregularities or
defects, jurisdictional or otherwise, in the proceedings to
cause the improvements to be constructed for which the a.ssess-
ment is levied and in apportionment of the cost thereof; and
WHEREAS, such applications have been filed in the principal
sum of $812,441.59, of which $812,441.59 remains unpaid on
assessments for which applications have been filed~ and
WHEREAS, for the purpose of convenience and marketability,
the City Council of the City has found and determined that bonds
need not be issued for the sum of the unpaid assessments of
$2,441.59.
RESOLUTION - Page 1.
NOW, THEREFORE, BE IT RESOLVED:
Section 1. Authorization of Issuance. The City of
Ashland, Oregon, a municipal corporation of the State of Oregon,
does hereby authorize the issuance and sale of its negotia.ble
general obligation improvement bonds in the principal sum of
Eight Hundred Ten Thousand Dollars ($810,000) par value, for the
purpose of funding obligations in amounts incurred by the City
in the making of local improvements in the downtown area of the
City which consist of the design, construction, repair and
replacement of sidewalks~ design and construction of public
restrooms~ design and construction of public areas with street
furniture, landscaping and other decorations~ design and
construction of municipal parking lots~ design and construction
of pedestrian amenities~ purposes related to the foregoing~ and
construction of facilities described in ORS 223.208(1)(a).
Assessments against the benefited properties for the cost.s of
the local improvements have been duly levied upon the rea,l
property directly benefited thereby and such assessments and
charges have been duly docketed in the lien docket of the City,
and are liens against the several pieces of benefited property
and the owners of the several parcels of benefited property
affected by such assessments and charges have heretofore filed
in writing their application to pay assessments in installments
as provided by law, all as more fully set forth in Section 2 of
this Resolution.
Section 2. Projects Being Financed. That the particular
improvements to which the applications apply and the amounts
remaining unpaid on the aggregate of the applications and the
dates of ordinances assessing the same are as follows, to wit:
PROJECT NAME ORDINANCE DATE
BALANCE
Improvement of City of 12/6/88
Ashland by municipal
parking lots, pedestrian
amenities and purposes
related thereto.
$812,441.59
Section 3. Maximum Interest Rate. The Bonds shall be
serial negotiable general obligation improvement bonds of the
City and shall bear a maximum true effective rate of int:erest of
not to exceed nine percent (9%) per annum, payable semi-
annually. The Bonds shall be payable in any coin or currency
which at the time of payment is legal tender for the payment of
public and private debts within the United States of America.
Section 4. Terms of Bonds. The Bonds shall be entitled
"City of Ashland, Oregon General Obligation Improvement Bonds,
Series 1989" (the "Bonds") and shall bear the manual or
RESOLUTION - Page 2.
facsimile signature of the Mayor of the City and the manual or
facsimile signature of the City Recorder of the City. In
addition, the City does hereby request and authorize the Bond
Registrar to execute the Certificate of Authentication as of the
date of delivery of the Bonds.
The Bonds shall be issued in fully registered form, shall
be in denominations of Five Thousand Dollars ($5,000) eac"h, or
integral multiples thereof, shall be dated Hay 1, 1989, shall be
numbered sequentially beginning with R-l, and shall mature
serially in annual installments on the 1st day of May, as
follows:
YEAR AMOUNT
1990 $ 55,000
1991 60,000
1992 65,000
1993 70,000
1994 75,000
1995 85,000
1996 90,000
1997 95,000
1998 105,000
1999 110,000
Section 5. Payment of Bonds. The principal of the Bonds
shall be payable upon delivery of the Bonds at maturity at the
principal corporate trust office of the Paying Agent in Portland,
Oregon. Payment of each installment of interest due on May 1 and
November 1 of each year shall be made by check or draft of the
Paying Agent mailed to the registered owner thereof whose name
and address appears on the registration books of the City
maintained by the Paying Agent as of the close of business on the
15th day of the month next preceding the interest payment date.
Section 6. Optional Redemption. The Bonds of this issue
maturing after May 1, 1995 are redeemable at the option of the
City on May 1, 1995 and on any interest payment date thereafter
at par together with accrued interest to the date fixed for
redemption. The Bonds are redeemable, in whole or in part, in
integral multiples of $5,000 in inverse order of maturii:y and by
lot within a maturity. Notice of redemption shall be published
as provided by law and shall be given by registered or certified
mail not less than thirty (30) days prior to the date fixed for
redemption to the registered owners of each Bond to be :redeemed
at the address shown on the registration books of the City. In
addition, notice of redemption shall be mailed to Standard &
Poor's Corporation and Moody's Investors Service, Inc., New York
City, New York. Bonds are redeemable at the office of the
Paying Agent.
RESOLUTION - Page 3.
Section 7. Form of Bonds. The Bonds shall be issued
substantially in the form set forth in Exhibit "A II attachE~d
hereto and incorporated herein by this reference.
Section 8. Appointment of Paying Agent and Registrar. The
City does appoint and designate United States National Bank of
Oregon of Portland, Oregon, as the Paying Agent and Regis"trar of
the Bonds. The Finance Director is authorized to negotiate and
execute on behalf of the City a Paying Agent and Registrar
Agreement, as approved as to form by the city attorney. The
Agreement shall provide for compliance with Oregon
Administrative Rule 170-61-010.
Section 9. Transfer of Bonds. The Bonds are transferable,
or subject to exchange, for fully registered Bonds in the
denomination of $5,000, or integral multiples thereof, by the
registered owner thereof in person, or by the owner I s att.orney,
duly authorized in writing, at the office of the Bond Re9istrar.
The Paying Agent shall maintain a record of the names and
addresses of the registered owners of the Bonds. The records of
registered bond ownership are not public records within t~e
meaning of Oregon Revised Statutes 192.410(4).
All bonds issued upon transfer, or in exchange, for Bonds
shall be valid general obligations of the City evidencinq the
same debt and entitled to the same benefits as the Bonds
surrendered for such exchange or transfer. All fees, expenses
and charges of the Paying Agent and Registrar shall be payable
by the City. The Registrar shall not be required to transfer or
exchange any Bond after the close of business on the l5~1 day of
the month next preceding any interest payment date.
Section 10. Printing of Bonds. The Finance Director is
authorized to contract for the printing of the Bonds. The
Finance Director may provide for the printing of, in addition to
the original issue of Bonds, additional bonds to be printed in
blank form as to registration and to be designated by appropriate
number for the Registrar for delivery to the registered owner
upon transfer or exchange of Bonds. The additional bonds shall
be dated as of May 1, 1989, shall be signed by the facsimile
signature of the present Mayor of the City and the present City
Recorder of the City and the Registrar shall manually sign the
Certificate of Authentication as of the date of the transfer of
the Bonds.
Section 11. Security for Bonds. The Bonds are secured in
part by the payments received by the City from the owners of the
benefited property who have filed applications to pay the amount
of the assessments in installments, by the lien of the assessment
upon the real property directly benefited as docketed in the
records of the City and the Bonds are payable from unlimited
RESOLUTION - Page 4.
ad valorem taxes levied upon all taxable property within t~e
City. The City Council each year shall levy a direct property
tax in such amount as will be sufficient to pay in full tile
principal of and the interest upon the Bonds at the respective
due dates thereof after first taking into consideration o1:her
sources and revenues available for the payment thereof.
Section 12. Designation as Qualified Tax-Exempt Obligation.
The City hereby designates the Bonds for purposes of paral::lTaph
(3) of Section 265(b) of the Internal Revenue Code of 1986, as
amended, (the "Code") as "quali fied tax-exempt obligations" and
covenants that the Bonds do not constitute private activity bonds
as defined in Section 141 of the Code, and that not more than
$10,000,000 aggregate principal amount of obligations, the
interest on which is excludable under Section 103(a) of the Code
from gross income for federal income tax purposes (excluding,
however, private activity bonds other than qualified 501(c)(3)
bonds) including the Bonds, have been or shall be issued by the
City, including all subordinate entities of the City, if any,
during the calendar year 1989.
Section 13. Covenant as to Arbitrage. The proceeds: of the
Bonds shall be used and invested in such manner that the Bonds
shall not become "arbitrage bonds" within the meaning of Section
148 of the Code and the regulations issued thereunder. ,]~he City
covenants that, within its lawful powers, it will not do, and
will refrain from doing, anything in the issuance of the Bonds
and in the investment and expenditure of the proceeds thereof
which would result in the interest on the Bonds becoming taxable
for federal income tax purposes.
Section 14. Exception for Small Governmental Units. The
City Council finds and determines that the Bonds of the City
comply with the statutory requirements of Section 148(f)(4)(C) of
the Code in that the City is a governmental unit having general
taxing powers, the Bonds are not being issued for a private
activity purpose, more than 95% of the net proceeds of the Bonds
will be used for local governmental activities of the City, and
the aggregate face amount of all tax-exempt obligations which
will be issued by the City during the calendar year 1989 is not
reasonably expected to exceed $5,000,000.
Section 15. Sale of Bonds. The Finance Director is
authorized to establish a date of sale and to advertise the
Bonds for public sale at a price not less than 100% of par value
thereof and accrued interest to date of delivery. The Notice of
Sale shall be published as provided by law. The Notice of Sale
shall specify that the City reserves the right to reject~ any and
all bids, and in other respects the Notice shall comply with the
provisions of Chapter 287 of Oregon Revised Statutes, as
amended. All rates bid must be in integral multiples of one-
RESOLUTION - Page 5.
eighth or one-twentieth of one percent. All Bonds of the same
maturity must bear a single rate from the date of issue to
maturity.
Section 16. Appointment of Bond Counsel. Messrs. Rankin
VavRosky Doherty MacColl & Mersereau of Portland, Oregon are
hereby appointed Bond Counsel for the issuance of the Bonds.
Section 17. Preliminary and Final Official Statement. The
City shall prepare a preliminary official statement for ~~e
Bonds, which shall be available for distribution to prospective
bidders not later than the date on which the notice of bond sale
is first published. When advised by staff that the final
official statement does not contain any untrue statement of a
material fact or omit to state any material fact necessary to
make the statements contained in the official statement not
misleading in the light of the circumstances under which they
are made, the Finance Director is authorized to certify the
accuracy of the official statement on behalf of the City.
Section 18. Execution of Documents. The Finance Director
is authorized to execute the Certificate as to Arbitrage and any
and all additional documents which may be reasonably required to
issue, sell and deliver the Bonds.
PASSED by the City Council in open session this ~A day
of Apri 1, 1989.
--//;;.
/___ .~__._~. ,J" ,;' . ;/ /,/'
/" '"/ L" _, ;L"'( '" C
Catherine Golden, Mayor
ATTEST:
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----, 1/
----,/-7d>.:<:/' -i:;?d -x--A&~~~
Nan Franklin, City Recorder
RESOLUTION - Page 6.
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EXHIBIT A
ADDITIONAL PROVISIONS
This Bond is one of an authorized series of General
Obligation Improvement Bonds, Series 1989, aggregating $810,000
in principal amount and is authorized by the laws of the State
of Oregon, particularly by Oregon Revised Statutes Section
223.205 to 223.295, inclusive, the Charter of the City and
Resolution No. <;J9-()6 (the "Resolution") adopted by the Ci-ty
Council of the City on April L/, 1989.
The Bonds of this issue maturing on and after May 1, 1995
are redeemable at the option of the City on May 1, 1995 and on
any interest payment date thereafter at par value together with
accrued interest to the date fixed for redemption. The Bonds
are redeemable, in whole or in part, in integral multiples of
$5,000 in inverse order of maturity and by lot within a
maturity. Notice of redemption shall be published as provided
by law and shall be given by registered or certified mail not
less than thirty (30) days nor more than sixty (60) days prior
to the date fixed for redemption to the registered owners of
each Bond to be redeemed at the address shown on the registra-
tion books of the City. In addition, notice of redemption shall
be mailed to Standard & Poor's Corporation and Moody's Investors
Service, Inc., New York City, New York. Bonds are redeemable at
the office of the Paying Agent.
This Bond is transferable by the registered owner hereof in
person or by the owner's attorney duly authorized in wri t.ing at
the principal corporate trust office of the Bond Registrar in
Portland, Oregon, but only in the manner and subject to -the
limitations provided in the authorizing Resolution, and upon
surrender and cancellation of this Bond. Upon such transfer, a
new Bond or Bonds of authorized denominations of the same
maturity and for the same aggregate principal amount will be
issued to the transferee.
The Bonds are issued in fully registered form and in the
denomination of $5,000 each or any integral multiple thereof.
This Bond may be exchanged at the principal corporate trust
office of the Registrar for a like aggregate principal amount of
Bonds of the same maturity of other authorized denominations,
upon the terms set forth in the Resolution.
The City and the Registrar may deem and treat the
registered owner hereof as the absolute owner hereof for the
purpose of receiving payment of the principal hereof and
interest due hereon and for all other purposes and neither the
ci ty nor the Registrar shall be affected by any notice "1:0 the
contrary.