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Library Police Bonds 1988
CITY OF 8ANDY ELECTRONIC DOCUMENT ARCHIVENG COVER SHEET FOLDER STRUCTURE - .(Depm anent) DOCUMENT NAME: DATE RANGE: 1995-2000 1990-1995 'V. 1985-1990 1980-1985 1975-1980 1970-1975 Before 1970 RETENTION: None 10 years 1 year . . 20 years 2 years ~_. Permanent 5 years ._ DISPOSITION OF DOCUMENT AFTER SCANNIaNG: Return to Department Store at ,TYr-,~' q ? Recycle TY OF SANDY · SANDY, OREGON 97055 REMITTANCE ADVICE NOT NEGOTIABLE DETACH BEFORE DEPOSITING 39250 Pioneer Boulelvard. Sandy, Oregon 97055 Phone: (503) 668-5533 FUND CHECK PAY ~O THE {DER OF ~T VALID AFTER 90 DAYS M~nn ~;er First Bank System INVOICE April 26, 1996 CITY OF SANDY ATTN MS JUNE PETERSON, CITY RECORDER P OBOX 1119 SANDY, OR 97055 Account Number 97-210210 Re: City o£ Sandy General Obligation Building Bonds, Series 1988 ADMINISTRATIVE FEES (SEMI-ANNUAL ENDING 3/31/96) OTHER FEES & EXPENSES (SEMI-ANNUAL ENDED 3/31/96): PAYING AGENT FEES Interest Checks Issued Bonds Matured OUT-OF-POCKET EXPENSES Telephone. Postage & Wire charges RATE QTY TOTAL (minimum (minimum $375.00 100.00 100.00 10.00 BALANCE DUE $585.00 * All balances arc duc within 3(I days to avoid a monthly finm~ce charge of I l/2% * l)irect questions/inquiries to your Adminimrative Otlicer 078-6040N8 REMIT TO: FIRST TRUST OREGON P O. BOX 4500-23 PORTLAND, OR 97208-4500 MOODY'S RATING: Baa]. (See the caption 'q?.ATING'* herein} IA th~ O~n~n.of .l~mi Counsel, under e~sting law and conditioned on the City of Sandy complying with certain covenantz de~ her~m,, lnter~t pn the Seri~ 1988 ~.Bonds ts e~laded from gro~ lacom~ for .fe.~rai income tax purposes, except for aiternai~ m~umua~ tax ~m~i ~a ~ and ~ e~mpt fr~m ~reg~n ?e~r~nai ~w~rn~ ta~ ~ ~f t~ date of the~sue. Cvde of1986 (the Cod~ '). The Ser~s1988 Bond~ are ~q~,,,!~f~t tax exempt obligations~ und~- Secti~n 265 of the Code. $300,000 TI-IR, CITY OF SANDY CLACKAMAS COUNTY, OREGON GENERAL OBLIGATION BUll,DING BONDS, SERIE, S 1988 DATE.O: October 1, 1988 DUE: October 1, as shown below The Bonds will be issued as registered bends in integral multiples of $5,000. Interest on the Bonds will be paid on April 1, 1989, and semiannually thereafter on April 1 and October 1 of each year. Interest on the Bonds shall be paid by check or draft mailed to the registered owners at the addresses appearing on the Bond Register on the fifteenth day of the month preceding each interest payment date. Principal of the Bonds shall be payable upon presentation and surrender of the Bonds by the registered owners at the principal corporate trust office of the Paying Agent, the United States Bank of Oregon, of Portland, Oregon. Due Maturity Schedule Principal Interest Yield Or Amounts Rates Price 1989 $10,000 5.60% 100 1990 15,000 5.90 100 1991 15,000 6.00 100 1992 15,000 6.10 100 1993 15,000 6.20 100 1994 15,000 6.30 100 1995 20,000 6.40 100 1996 20,000 6.50 100 Due Principal Interest Yield Or Oct. 1 Amounts Rates Price 1997 $20,000 6.60% 100 1998 20,000 6.70 100 1999 25,000 6.80 _ 100 2000 25,000 6.90 100 2001 25,000 7.00 100 2002 30,000 7.00 7.10 2003 30,000 7.00 7.10 (Plus accrued interest from October i, 1988) The Bonds will be subject to optional redemption as described herein. The Bonds constitute valid and legally binding obligations of the City. The full faith and credit of the City is pledged for the punctual payment of the principal of and interest on the Bonds. The City has pledged and is obligated by law to provide for the levy and collection annually of ad valorem taxes without limitation as to rate or amount on all taxable property in the City to pay the principal of and interest on the Bonds. The bends do not constitute a debt or indebtedness of Clackamas County, Oregon, the State of Oregon, or any political subdivision thereof other than the District. The Bonds are not private activity Bonds. The City has designated the Bonds as qualified tax- exempt obligations so that banks, thrift institutions and other financial institutions will be allowed a deduction of 100% of their interest expenses allocable to the Bonds. The approving legal opinion of Lindsay, Hart, Neil & Weigler, Portland, Oregon, and executed Bonds with the legal opinion printed on the Bonds, will be furnished at the expense of the City. A nonlitigation certificate in the usual form will be included in the closing documents. It is expected that the Bonds in definitive form will be available for delivery in Portland, Oregon on or about October 21, 1988. Dated: September 27, 1988 THE CITY OF SANDY CLACKAMAS COUNTY, OREGON Elected Official~ Dearie Wesselink, Mayor City Co.cji 2ames C. Duff Larry V. Buck Robert Griswold Dick Harrison Marge Fredrickson Mort Spence Thomas Reber June M. Peterson Appointed Offidals City Manager Finance Director Bond Counsel Lindsay Hart Nell & Weigler Portland, Oregon (~03) 226-i Finandal Advisor Seattle-Northwest Securities Corporation Portland, Oregon (303) 273-8303 No dealer, broker, salesman or other person has been authorized by the City to §ire any information or to make any representations with respect to the Bonds other than those contained in this Official Statement, and, if given or made, such information or representations must not be relied upon. This Official Statement does not constitute an offer to sell nor the solicitation of an offer to buy, nor shall there be any sale of the Bonds by any person in any ]urisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth herein has been obtained from sources which are believed to be current and reliable. Estimates and opinions included herein should not be interpreted as statements of fact. The information and expressions of opinion stated herein are sub)ect to change without notice. The delivery of this Official Statement shall not, under any circumstances, create any implication that there has been no change in the information or opinions set forth herein or in the affairs of the City since the date hereof. TABLE OF CONTENTS Notice of Bond Sale Description of the Bonds Security Authorization lot Issuance Use of Proceeds Future Financings City Indebtedness Debt Payment Record Property Tax Administration Tax Collection Record Financial Information Debt Information Bonded Debt Ratios Summary of Overlapping Debt Representative Levy Rate Tax Levies Outstanding Obligations General Obligation Debt Service Requirements City Financial Factors General Fund - Balance Sheet General Fund - Statement of Revenues, Expenses and Changes in Fund Balances General Fund - Budget of Revenues and Expenditures (Revenues) General Fund - Budget of Revenues and Expenditures (Expenditures) General and Economic Inlormation Bid of Financial Advisor Litigation Tax Exemption Legal Matters Rating Pa~e ii l 2 2 2 2 3 7 7 7 $ 10 lO t2 13 tat 15 16 19 19 20 20 vi OFFICIAL STATEMENT THE CITY OF SANDY CLACKAMAS COUNTY, OREGON $300,000 GENERAL OBLIGATION BUILDING BONDS, SERIF~ 19gg The City of Sandy, Oregon (the "City")) a municipal corporation duly organized and existing under and by virtue of the laws of the State of Oregon, furnishes this Official Statement in connection with the offering of $300,000 principal amount of General Obligation Buildin§ Bonds, Series 1988, dated October 1, 1988 (the "Bonds") to be issued in accordance with the Official Notice of Bond Sale of the City. Reference is made to the Official Notice of Bond Sale for the terms and conditions of sale and delivery of the Bonds to the original purchasers of the Bonds. This Official Statement, which includes the cover page, provides information concerning the City and the Bonds. DF--SCRIFTION OF THE BONDS Principal Amount7 Dater Interest Rates and Maturities The Bonds will be issued in the principal amount of $300,000 and will be dated and bear interest from October l, 1958. The Bonds will mature on the dates and in the principal amounts, and will bear interest (payable semiannually on April I and October 1, commencing April 1, 1989) at the respective rates as set forth on the cover of this Official Statement. Optional Redemption The Bonds maturing in years 1989 through 1998, inclusive, will not be subject to redemption prior to maturity. The Bonds maturing on or after October l, 1999 are subiect to redemption at the option of the City on and after October l, 1998, in whole or in part on any interest payment date (maturities to be selected by the Registrar and by lot within a maturity) at a price oi par plus accrued interest, ii any, to the date of redemption. Notice of redemption will be given not less than 30 nor more than 60 days prior to the redemption date by registered or certified mall, postage prepaid, to the registered owner of any Bond to be redeemed at the address appearing on the Bond Re§islet. Extraordinary Redemption The Bonds are subject to extraordinary redemption at par plus accrued interest, on October t, 1991, solely from, and to the extent of, any proceeds of the Bonds in excess of $i0,000 which remain unexpended on that date. Form and Denomination The Bonds will be issued as fully registered bonds in denominations of $5,000, or any integral multiple thereof. Payin~ A~ent Principal of and interest on the Bonds will be payable by the Paying Agent, United States National Bank of Oregon, Portland, Oregon. SECURITY The Bonds are unlimited general obligations of the City. The City, as authorized by law, ordinances and resolut3ons of its City Council duly and regularly adopted, has irrevocably pledged that it will make annual levies of taxes, without limitation as to rate or amount, upon all of the property in the City subject to taxation in amounts, together with other money available and to be used therefor, sufficient to pay principal and interest on the Bonds as the same shall become due. The Bonds do not constitute a debt or indebtedness of Clackamas County, Oregon, the State of Oregon, or any political subdivision thereof other than the City. AUTHORIZATION FOR !~-SUANCE Under, and in accordance with, the laws and provisions of the State of Oregon, this general obligation bond issue is issued pursuant to Resolution No. i0-88 of the City Council passed on September 6, 1988. USE OF PROCEEDS The proceeds from the Bonds will be used to finance the acquisition, construction, remodeling and expansion of the Stone Building for library and police purposes. Estimated $ot~ces and Uses of [:ands Sources Par Amount of Bonds Construction Underwriters' Discount and Expenses $300~000 $300,0oo $296,g59 $300~000 [:UTURE FINANCINGS The City has no authorized but unissued bonds. 2 CITY INDEBTEDNESS Debt Limitation Oregon statutes limit the amount of general obligation bonds which an Oregon city may have outstanding at any time to three percent of the true cash value of the taxable property within the city unless the city charter provides for a lower percentage. This statutory limitation does not apply to general obligation bonds issued for water) sanitary or storm sewers, sewage disposal plants, hospitals, infirmaries) gas, power) or lighting purposes, or the acquisition, establishment) or reconstruction of any off-street motor vehicle parking facility nor to bonds issued pursuant to applications to pay assessments for improvements in installments under statutory or charter authority 0'Bancroft" Bonds) which are completely self-supporting. In addition, Oregon statutes limit the Bancroft bonded debt which a city may have outstanding at any one time to three percent ol the latest true cash value of the property within the City. Enterprise debt and utility debt are not subject to the two preceding limitations. The City may issue tax anticipation notes in an amount which, in the aggregate, equal up to 80% of ad valorem taxes upon real and personal property which have been levied and are in the process of collection for the fiscal year in which the notes are issued) and 80% of other budgeted and unpledged revenues which it is estimated will be received from other sources during the tax year. The following table shows the debt capacity of the City: Debt Capacity Assessed Value (TCV) (1987-85) General Obligation Debt Capacity (396 of Assessed Value) Less: Outstanding Debt Remaining Legal Debt Capacity $112,665,900(1) 3,379,977 989~000 $ 2,390,977 (i} Source: Municipal Debt Advisory Commission, State of Oregon Treasury Depart- ment. Clackamas County Assessor. DEBT PAYMENT RECORD The City has always promptly met principal and interest payment on outstanding bonds when due. Additionally, no refunding bonds have been issued for the purpose of preventing an impending default. 3 PROPERTY TAX ADMINISTRATION The property tax is used by Oregon cities, counties, schools and other special districts to raise revenue to defray the expense of local government. The State of Oregon has not levied property taxes since 1941 and obtains its revenue principally from income taxation. Property tax administration, governed by the Oregon Constitution, the state's taxation laws and regulations of the Department of Revenue, involves the process of assessment, equalization, levy and collection of taxes. Valuation of Property: Assessment and Equalization The process of identifying and assigning a value to taxable property is termed "assessment" and the process of maintaining uniformity of values between property owners and various classes of property is termed "equalization." Assessment of property is administered by the County Assessor except for public utility property which is assessed by the state Department of Revenue. All property is reappraised in 6-year cycles and values are adjusted annually to maintain assessments within a 5% deviation of county- wide market values. Equalization of values is performed by the county Board of Equalization. Administrative and judicial remedies are available to property owners who disagree with assessments. Property subject to taxation includes all privately owned real property (land, buildings and improvements) and personal property (machinery, office furniture, equipment and livestock). There is no property tax on household furnishings (exempt in 1913), personal belongings, automobiles (exempt in 1920), crops, orchards, business inventories or intangible property such as stocks, bonds or bank accounts. Property used for religious, fraternal and governmental purposes is exempt and reductions in assessments are granted for veterans' homesteads, certain open space farm lands and historic buildings. The assessment roll, a listing of all taxable property, is prepared as of 3anuary I of each year. Prior to 1980 assessed and true cash value were identified as market value for ail classes of taxable property. From 1980 to 1983, taxable property was divided into two classes: "Homesteac~' and "All Other." The Homestead diass consisted of owner-occupied single family residences. Property was appraised at true cash value (market value) but assessed in a manner that limited the state-wide annual growth to 5% for either class. Beginning in 1984-85, the class distinction was eliminated with the state-wide growth limitation applied to all property equally. Assigned ratios of assessed to true cash value of property have been: Year 1986-87 1983-86 198#-85 1983-8# 1982-83 1981-82 1980-81 "Owner-Occupie~' "~"dl. Other' Class Class 100.0% of TCV 100.0% of TCV 96.0% of TCV 90.3% of TCV S3.8% of TCV $1.6% of TCV S~.2% of TCV 100.0% of TCV 100.0% of TCV 96.0% of TCV 90.9% of TCV 85.1% of TCV $4.4% of TCV 87.6% of TCV Tax Levies and Rates Authority to levy property taxes is vested with the governing body of each local government unit. The governing body determines the levy annually before July 15 as part of the budget process. Annual budgets for local units are based on a fiscal year which begins on guly I and ends the following ~une 30. Constitutional and statutory limitations on the amount that a governing body may levy are: Levy ~I/ithin 6% Limitation (Tax Base Levy). A tax base, approved by a majority of voters at a general election, represents permanent authority to annually levy a dollar amount which cannot exceed the highest amount levied in the three most recent years in which a levy was made, plus six percent thereof. Tax base levies may also be increased in proportionate amounts for annexed territory. A local unit is permitted to have but one tax base levy and proceeds may be used for any purpose for which the unit may lawfully expend funds. Levy Outside 6% Limitation (Special, Serial or Continuing Levy). Spedai and serial levies are temporary taxing authority permitting the levy of a specific dollar amount for one year (special) or for two or more years up to ten years (serial). Continuing levies are those approved by voters prior to 1953, are permanent in nature and are limited in amount by the product of the voted tax rate and the assessed value of the unit. Since 1978 serial levies may also be established based on a specified tax rate but the term may not exceed three years. Not more than four serial levy measures may be proposed in a given year. Special levies are limited in size by the net tax rate freeze described later in this section. Levy Not Subject to 6% Limitation (Debt Levy). Local units are required to annually levy an amount sufficient to pay principal and interest costs for a bonded debt. Bond measures to be paid from future tax levies must first be approved by a majority of those voting unless otherwise provided by law. Proceeds from a debt levy cannot be diverted to another purpose. Property Tax Collections Oregon Revised Statutes Chapter 311 requires that all tax levy revenues collected by a county for all taxing units within the county be placed in an unsegrated pool, and each taxing unit shares in the pool in the same proportion as its levy bears to the total of all taxes levied by all taxing units within the county. As a result, the tax collection record of each taxing unit is a pro rata share of the total tax collection record of all taxing units within the county combined. Other Possible Impacts on the City's Revenues Oregon has rejected tax limitation measures five times in the past ten years, most recently in November 1986. Each one, had it passed, would have reduced the composite tax rate and limited growth of assessed valuation. These could have significantly decreased the annual revenues of Oregon municipalities. 5 City of Sandy As.~es~ed Value o~ Taxable Property FY Ending 3une30 Assessed Value 1988 $112,665,900 1987 110,355,380 1986 10¢,238,970 1985 98,901,050 198¢ 9¢,050~100 (l) Prior to liscal year 1980-81 property was assessed at true cash value (TCV). For subsequent years the County Assessor applied a percentage factor to TCV to determine Assessed Valuation. The percentage applied was determined for two classes of property: "owner occupied" homestead properties and all other property. The class distinction was eliminated beginning in the 198¢-85 fiscal year~ with the statewide growth limitation applied to all property equally. The distinction between True Cash Value and Assessed Valuation was eliminated beginning in the 1985-86 fiscal year. Source: Clackamas County Assessor TAX COLLECTION RECORD Current Levy & Balance Corrections Balance Receivable D~counts and Cash Receivable Tax Year 6/30/86 AUowed A~ustments Interest CoUections 6/30/87 1986-87 $570,538 $(11,202) $ (702) $ 638 $(511,¢72) $¢7,800 1985-86 52,382 (79¢) 2,295 (26,805) 27,078 198¢-85 30,510 (230) 2,878 (15,838) 17,320 1983-8¢ 18,306 (176) ¢,¢38 (16,8¢2) 5,726 1982-83 & Prior ~923 (910) 2)276 (5:510) 779 $676)659 $([1)202) $(2)812) $12)525 $(576)¢67) $98)703 Source: City of Sandy audited financial statements THE CITY OF SANDY FINANCIAL INFORMATION (As of 3uly 31, lgg~) Assessed Valuation (1987-g$) {1) -- $112,665,900 Estimated Population -- 3,630 DEBT INFORMATION Gross Bonded Debt Net Direct Debt Estimated Overlapping Net Debt Total Net Direct and Estimated Overlapping Debt 1~259~000 989,000 1~g17~369 2~g06~369 (1) The distinction between true cash value and assessed valuation was eliminated beginning in the 1985-86 fiscal year. (2) Net debt includes all tax-supported bonds. Bancroft Act General Obligation Improvement Bonds and sell-supporting general obligation bonds are excluded. Source: Municipal Debt Advisory Commission, State of Oregon Treasury Department. BONDED DEBT RATIOS Direct Debt to Assessed Valuation Direct and Estimated Overlapping Debt to Assessed Valuation 0.88% 2.t49% Per Capita Assessed Valuation Per Capita Direct Debt Per Capita Direct and Overlapping Debt $31,037 $ 272 $ 773 7 THE CITY OF SANDY SUMMARY OF OVERLAPPING DEBT (As of 3uiy 3I, I988) OverlappinR District Clackamas County School District No. #6 Sandy RFPD Clackamas Union High School District No. 2 Mount Hood Community College Clackamas County Port of Portland I986-87 OveriappinK Assessed Gross (l) Net (2) Valuation Percent Bonded Direct (in ~000) Overlap Debt Debt $ 3tl,393,~60 36.18% $ 946,170 $ 9~6,170 316,177,110 33.63 153,223 153,225 652,172,560 17.28 153,752 153,752 5,755,527,402 1.96 167,073 167,073 $,610,g73~040 1.31 110,364 0 36,810,632,504 0.31 397t149 3977149 ~1t9277733 $1tglTT369 (1) Gross bonded debt includes all bonds backed by a general obligation pledge including Bancroft Act general obligation improvement bonds and self-supporting general obligation bonds. (2) Net direct debt includes all tax-supported bonds. Bancroft Act general obligation bonds and self-supporting bonds are excluded. Source: Municipal Debt Advisory Commission, Oregon State Treasury THE CITY OF SANDY REPRESENTATIVE LEVY RATE (Rates Per $1,000 of Assessed Value) Clackamas County $ 2.22 City al Sandy 3.22 Fire District No. 72 2.13 Clackamas Elementary ESD .69 Clackamas High ESD .36 Mount Hood Community College 1.77 Clackamas County School District No. 46 7.70 Union High School District 5.34 Vector Control District .02 Port of Portland .3g $25 Total Source: Clackamas County Assessor THE CITY OF SANDY TAX LEVIES (Dollars per $4000 of True Cash Value) Collection Year CEnded Assessed Levy Total 3une 30) VaJuation Rate Levy (1) 1988 $112 , 66.5,900 $5.22 $587 , 37t~ 1987 110,33.5,380 5.17 570 ,.537 1986 lOtt', 238,970 5.05 .568,102 1985 9S,901,050 6.19 612,198 1980 9#,050~ 100 6.00 605~683 (i) Due to rounding~ Levy Rate times Assessed Valuation does not equal Total Levy. Source: Clackamas County Assessor Co THE CITY OF SANDY OUTSTANDING OBLIGATIONS (As of 3uly 31, 1988) General OhllRation Bonds Final Date Maturity Amount Amount Issued Date Issued Outstandin~ Tax Supported Administration Facilities Water Total Net Direct Debt: 9/1/68 i/I/98 $ 151,000 $ 79,000 3/1/77 3/i/97 1,500,000 910~000 $ 989~000 Sell-Supporting Sewer 0/1/71 7/1/91 $ ¢50,000 $ 105,000 Water 10/i/75 10/1/95 155,000 90:000 Total Self-Supporting Debt: $ 195T000 General Obligation Improvement (Bancroft) Improvement 12/1/77 Total General Obligation Bonds (Gross Direct Debt): 1~1/92 $ 171,942 $ 75,000 $1~259~000 9 THE CITY OF SANDY GENERAL OBLIGATION DEBT SERVICE REC~UIREMENTS (Fiscal Year Ended 3une 30) Year 1989 1990 1991 1992 1993 199At 1995 1996 1997 1998 1999 2000 2001 2002 2003 200~ Total Outstanding General ObliRafion Bonds Principal Interest $ 86,000 $ 5~,0~3 92,000 ~9,63# 97,000 4#,827 102 000 39,693 108.000 34,10# 113,000 28,188 llg,O00 21,997 129 000 13,~2i 13~ 000 8,113 10 000 520 $9891000 $2961562 This Issue Principal Interest Total $ 0 $ 9,s73 $ 149,920 10,000 19,~70 171,124 15,000 lg,74g 175,575 15,000 17,853 17#,548 15,000 16,947 17~,031 13,000 i6,025 172,213 15,000 15,0gg 170,083 20,000 i3,973 17g,396 20,000 12,693 17~,79g 20,000 11,375 ~1,g95 20,000 10,045 30,045 23,000 8,523 33,525 23,000 6,812 31,812 25,000 5,073 30,073 30,000 3,150 33,150 30,000 1~050 31~030 5300,000 $186~700 $1,772~262 CITY FINANCIAL FACTORS Budgetary Process and Controls The City prepares an annual budget in accordance with the Oregon Local Budget Law. Chapter 29~ of the Oregon Revised Statutes establishes standard procedures for all budget functions for all Oregon local governments. Under the applicable provisions, there must be public participation in the budget process and the adopted budget must be balanced. The City Manager evaluates the budget proposals of the various departments of the District to determine the funding levels of the operating and public service programs. The budget is presented to the public through public hearings held by a budget committee consisting of City Council members and laypersons. After giving due consideration to the input received from the citizens, the City Council adopts an ordinance which adopts the budget, authorizes the levying of taxes and sets appropriations. The budget ordinance must be adopted not later than 3une 30 of each fiscal year. The budget may be amended during the applicable fiscal year through the adoption of a supplemental budget. Supplemental budgets may be adopted through the same process used for adoption of the regular budget, including the use of public hearings. 10 Financial Reporting The Annual Financial Report of the City is prepared in accordance with generally accepted accounting principles f'GAAP"). In addition to presenting the financial position, results of operations, and changes in financial position of the City's funds, the Annual Financial Report reconciles differences in reporting activities between the budgeting basis, as presented in the annual approved budget, and the basis according to GAAP as is used in the preparation of the financial report. Also produced annually is the City's annuaJ financial review which is a report to the citizens of the City finances prepared on a consolidated basis. Independent Audit Requirements Each Oregon munidpal corporation must obtain an audit and examination of its accounts and financial status at least once each year pursuant to the Ore§on Munidpal Audit Law, Oregon Revised Statutes 297.405 to 297.555. Municipalities having annual expenditures of [ess than $100,000, with the exception of counties and school districts, are exempt from this requirement. All Oregon counties and school districts, regardless of amount of annual expenditures, must obtain an audit annually. The required audit may be performed by the State Division of Audits or by public accountants certified by the State as capable of auditing municipal corporations. The City audits for the fiscal years 198t~-$5 through 1986-87 were performed by Coopers & Lybrand, CPAs, Portland, Oregon. The latest {1986-87) audit reports indicate the financial statements present the City's financial picture fairly and are in conformance with generally accepted accounting principles applied on a consistent basis. A complete audit is available upon request to the City or its financial consultant. Pension Plans The City partidpates in the State of Oregon Public Employees Retirement System (PER5). All participating employees of the City are covered by the plan after six months o£ employment. The plan is a defined benefit plan to which the City contributes both the employer's portion and the employee's contribution. The rate of employee contribution is established by law. The rate of employer contribution is set by the Public Employees Retirement Board, based upon actuarial valuations. The employer contribution rate for i986-87 was 7.#2% plus the qualified employees' contribution of 6.0 percent. The total expense for the City for the 1986-87 fiscal year was $81,350. 11 THE CITY OF SANDY GENERAL FUND BALANCE SHEET (Year'~ Ending ~me 30) ASSETS 1987 $032,563 78,$69 [3,775 0 $520,807 Cash & investments Property taxes receivable Accounts receivable Other assets Total Assets 1986 $090,733 73,909 1#,687 0 $583,329 1875 $06#,277 83,860 12,962 2,011 $563,110 LIABILITIES AND EQUITY Liabilities Accounts payable Deferred revenue Total Liabilities $ 26,610 69,971 $ 96,581 1986 $ 10,$#2 67,002 $ 77,800 $ 10,073 78,998 $ 93,071 Equity Reserved for encumbrances Unreserved; Designated for future expenditures Undesignated Total Fund Equity Total Liabilities and Fund Equity $ 0 3,000 025,226 ~28,226 $520,807 $ 0,385 3,000 098,100 505,085 $583,329 $ 37,086 3,000 029,557 070?003 $563,110 12 THE CITY OF SANDY GENERAL FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES (Years Ending 3une 30) ~evenues Taxes Franchise :lees Licenses and permits Intergovernmental revenue Charges for services Fines and forfeits Miscellaneous revenues Total revenues Expenditures General government Public safety Culture and recreation Total expenditures Excess of revenues over (under) expenditures Other financing sources (uses) Operating transfers in Operating transfers out Total other financing sources (uses) Excess of revenues and other sources over expenditures other uses Fund balance, 3uly i Fund balance, 3une 30 1987 1986 1985 $~23,706 $#64,160 $#63,062 75,734 86,647 91,591 52,268 37,773 29,612 169,597 166,888 170,~20 21,062 7,693 4,236 16,337 50,339 48,760 61~648 62)097 55)035 $820,352 $875,599 $862,736 $214,702 $303,523 $276,526 309,789 33g,619 383,705 174)921 209)331 233t482 699,412 g49,~73 893,713 120,940 26,126 (30,977) 35,500 9,316 10,588 0 0 (56)870) 35,500 9,316 (~6,282) 156,440 35,442 (77,259) 313~603 470)043 5051#95 $470~043 $505t485 $#28)226 I3 THE CITY OF SANDY GEN~ FUND BUDGET OF REVENUPS AND EXPENDITURE5 (Years Ending June 30) Beginning Ba.[ance Current year taxes Prior year taxes Franchise fees Building permits Business licenses Plumbing permits Amusement licenses Moving permits Liquor licenses State liquor tax State revenue sharing State cigarette tax State 911 State planning State library grant County library Senior citizens grant Plan check fees Planning commission Engineering fees Lien searches Police reports Court fees Library fines Interest Senior & recreation Miscellaneous Property sale revenue Transfer - Bancroft Fund Transfer - LID No. 6 Assessment Collection - LID No. 6 Assessment Collection - LID No. 7 Total revenues 1989 Budget $ 33q,600 472,600 52,400 95,000 15,000 15,000 6,000 1,200 20O 800 25,000 18,000 13,000 lO,O00 0 500 93,000 19,000 7,000 1,500 1,000 1,000 800 55,000 2,000 13,000 2#,000 5,000 500 0 0 8,200 2,500 $1,292,800 1988 Budget $ #16,500 4#5,800 40,000 93,000 15,000 15,000 6,00 1,200 200 800 25,300 19,800 13,000 10,7~0 5,350 500 89,300 20,000 6,750 1,000 2,000 1,500 1,000 55,000 1,200 10,000 26,000 %000 1,500 20,000 9,000 0 0 SI,356,~oo 14 THE CITY OF SANDY GENERAL FUND BUDGET OF REVENUES AND EXPI!NDITURES (Years Ending June 30) E xpenditures City Council Administration Legal Municipal court Finance Library Police Animal control Community center Recreation Senior citizens Parks Community development State revenue sharing Grants Non-departmental Contingency Unappropriated balance Total expenditures 1989 Budget $ 8,600 71,200 14,600 35,500 41,700 124,800 451,200 15,900 10,900 54,800 71,200 21,300 100,600 0 500 96,000 94,400 200~000 $1,413,200 1988 Budget $ 9,200 68,770 i4,300 32,620 48,290 113,030 415,020 15,080 7,650 44,§10 79,5#0 16,390 99,300 27,800 5,850 85,770 108,320 200~000 $1,391,400 15 GENERAL AND ECONOMIC INFORMATION The City of Sandy, Oregon is located in northwestern Clackamas County approximately 30 minutes driving time from downtown Portland. The City is accessible to the Portland metropolitan area via U.S. Highway 26 (the Mt. Hood Highway) and Interstate 84. Sandy's historicaJ development was heavily dependent on the wood products industry. The economic base has become more diversified in recent years and Sandy continues to benefit from the strong economic growth of metropolitan Portland and Ciackamas County. The City's population has grown more than 20% since 1980~ reflecting its desirable position as a semi-rural community with easy access to a major urban area. Sandy's growth has idso been strongly inlluenced by its proximity to the Mt. Hood area and that area's recreation attractions. Mt. Hood's ski areas and resorts lie approximately 30 miles from Sandy and users of these areas represent a significant consumer resource for the commercial and retail sectors of the business community. The City has developed two industrial parks aggregating 65 acres of land zoned for light and §eneral industrial use. Both sites are served by all necessary utilities. It is expected that the availability of these sites, coupled with easy access to Portland and a highly skilled labor force, will enable the City to attract additionaJ industry and further diversify its economic base. Poputation Year Sandy 1987 3,630 1986 3,560 1985 3,530 1984 3,500 1983 3,465 1982 3,425 1981 3,275 1980 2,960 1979 2,765 1978 2,350 Clackmm~.s County 235.100 248.200 248.200 246 300 243 600 245 100 245 100 243 000 239 800 233 100 Source: Portland State University Center for Population Research 16 Portland PMSA Employment and Labor Force Statistics May Apr'd May 19gg~' 19gg 1987 Civilian Labor Force Total Employment Unemployment Percent of Labor Force 6#9,400 652,900 631,500 617,700 621,300 599,900 31,700 31,600 31,600 4.9% 4.8% 5.0% *Preliminary Source: State of Oregon Employment Division The preliminary May, 1988 unemployment rate for the State of Oregon was 5.9%. Clackamas Cotmty Personal and Per Capita (Thousands ol DoUars) Personal Per Capita Year Income Income 1986 $3,936,400 $15,322 1985 3,702,300 1#,630 1984 3,46#,400 13,829 1983 3,1¢9,300 12,669 1982 2,976,700 11,979 1981 2,906,900 ii,722 Source: U.S. Bureau of Economic Analysis City of Sandy Building Permits Permits Issued Residential Non-Resid. 1987 11 5 1986 9 7 1985 23 5 198¢ 49 1983 Value of Bulling Residential Non-Resid. 639,19~ 348,900 507,288 5#6,933 1,895,801 1,659,270 1,086,515 2,845,628 729,215 391,690 Source: Oregon Housing Agency 17 Porttand MetropoLitan Area Nonagricultural Wa§e and Salary Employment (By Place of Work) May April May 19gg~ 19gg 1997 Total 573,100 568,500 554,100 Manufacturing 98,200 97,400 93,200 Durable Goods 70,400 69~ 700 66 ~700 Lumber & wood 7,g00 7,600 7,700 Furniture and fixtures 1,700 1,600 1,700 Stone, clay, glass & concrete 2,000 1,900 1,900 Primary metals 7,600 7,600 6,700 Fabricated metals 7,900 7,700 7,500 Machinery l0,200 10,200 10,100 Electrical equipment & sup. 9,900 9,800 8,900 Transportation equip. 9,700 9,500 8,700 Inst. & related prod. 11,300 11,500 11,500 Misc. mfg. industries 2,300 2,300 2,000 N ondurable Goods 27,800 27,700 26,500 Food & kindred products 7,900 7,900 7,800 Textile mill products l, 700 1,600 1,600 Apparel 2,200 2,200 2,000 Paper & allied products 3,900 3,900 3,800 Printing & publishing 7,600 7,600 7,100 Chemicals & allied prod. 1,300 1,300 1,300 Other nondurable goods 3,200 3,200 2,900 Nonmanufacturing 474,900 471,100 460,900 Mining & Quarryin8 400 400 500 Construction 19,900 19,500 18,700 Transportation, Communication, & Utilities 34,800 35,000 34,000 Transportation 22,500 22,600 21,900 Communication 7,300 7,400 7,100 Utilities 5,000 5,000 5,000 Trade 149,g00 148,100 143,600 Wholesale trade #6,800 46,600 44,900 Retail trade i03,000 101,500 98,700 Finance, Insurance & Real Estate 48,400 47,900 47,300 Banking & credit agn. 15,100 15,000 14,800 Other finance, insurance & real estate 33,300 32,900 32,500 Services & Miscellaneous 141,300 140,700 !.37,900 Hotel & personal serv. 11,900 12,100 12,000 Health services 39,600 39,600 38,600 Other services 89,800 89,000 87,300 Government 80,300 79,500 78,900 Federal government 14,600 14,400 14,500 State government 15,100 15,100 14,600 Local government 50,600 50,000 49,800 Labor-Management Disputes 100 100 100 Change From Apr~ May 19gg 1987 4,600 19,000 g00 5,000 700 3,700 200 100 100 0 100 100 0 900 200 400 0 100 100 1,000 200 1,000 -200 -200 0 300 100 1,300 0 i00 100 100 0 200 0 i00 0 500 0 0 0 300 3,800 14,000 0 -100 400 1,200 -200 g00 -100 600 -100 200 0 0 1,700 6,200 200 1,900 1,500 4,300 500 1,100 100 300 400 800 600 3,400 -200 -100 0 1,000 800 2,500 $00 1,#00 200 i00 0 500 600 800 0 0 ~ Preliminary Source: State of Oregon Employment division Note: The Portland Metropolitan Area includes Muitnomah, Clackamas, Washington and Yarnhill counties 18 BID OF FINANCIAL ADVISOR The City Council has authorized its financial advisor to submit a bid for the Bonds. LITIGATION There is no litigation pending questioning the validity of the Bonds nor the power and authority of the City to issue the Bonds. There is no litigation pending which would materially affect the finances of the City or affect the City's ability to meet debt service requirements on the Bonds. TAX EXEMPTION In the opinion of Bond Counsel, under existing law, in order that interest thereon be (or continue to be) excluded from gross income for federal income tax purposes, the City must comply with all requirements of the Code subsequent to the issuance of the Series 19gg Bonds. Failure to comply with such requirements could cause the interest on the Series 1938 Bonds to be included in gross income retroactively to the date of issuance of the Series 19gg Bonds. The City has convenanted to comply with such requirements. No opinion is expressed by Bond Counsel regarding other federal tax consequences arising with respect to the Series 19gg Bonds. In the opinion of Bond Counsel, under existing law, the interest on the Series 1988 Bonds is exempt from personal income taxation by the State of Oregon. Prospective purchasers of the Bonds should be aware that (i)with respect to insurance companies subject to the tax imposed by Section 831 of the Code, for taxable years beginning after December 31, 1986, Section g32(b)(5)(B)(i) reduces the deduction for loss reserves by 15 percent of the sum of certain items, including interest on the Series 1988 Bonds; (ii) for taxable years beginning after December 31, 1996 and before 2anuary 1, 1992, interest on the Series 195g Bonds earned by some corporations could be subject to the environmental tax imposed by Section 59A of the Code; (iii) for taxable years beginning after December 31, 1986, interest on the Series 1988 Bonds earned by certain foreign corporations doing business in the United States could be subject to a branch profits tax imposed by Section gSg of the Code; (iv) passive investment income including interest on the Bonds, may be subject to federal income taxation under Section 1375 of the Code for Subchapter S corporations that have Subchapter C earnings and profits at the close of the taxable year if greater than 25% of the gross receipts of such Subchapter S corporation are passive investment income; (v) Section 86 of the Code requires recipients of certain Social Security and certain Railroad Retirement benefits to take into account, in determining gross income, receipts or accruals of interest on the Bonds; and (vi) there may be additional federal tax consequences arising with respect to the Series 19gg Bonds. Bond Counsel will express no opinion regarding federal tax consequences arising with respect to the Series 1988 Bonds other than those set forth above. The accrual or receipt of interest on the Series 1988 Bonds may affect a Bondholder's federal tax liability. The nature and extent of any other federal tax consequences will depend upon the Bondholder's particular tax status or other items of income or deduction. 19 LEGAL MATTERS LegaJ matters incident to the authorization, issuance and sale by the City of the Bonds are subject to the unquaJified approving opinion of Lindsay, Hart, Nell & Weigler, Bond Counsel. A copy of the opinion of Bond Counsel will be printed on the Bonds. Bond Counsel has reviewed this document only to confirm that the portion of it describing the Bonds and matters contained in the Bond Resolution and the authority of the City to issue the Bonds are accurate and complete. RATING As noted on the cover page of this Official Statement, the City has applied for a rating for the Bonds from Moody's Investors Service. The rating reflects only the view of the rating agency and an explanation of the significance of the rating may be obtained from the rating agency. There is no assurance that the rating will be retained for any given period of time or that the rating wkii not be revised downward or withdrawn entirely by the ratinE agency if, in its judgment, circumstances so warrant. Any such downward revision or withdrawal of the rating would be likely to have an adverse effect on the market price of the Bonds. 2O HART, NEIL & WEIGLER Closing Date: October 21, 1988 $300,000 CITY OF SANDY CLACKAMAS COUNTY, OREGON GENERAL OBLIGATION BUILDING BONDS SERIES 1988 CWCcwcl31 of Sandy Council Minute,s Building Business September 6, 1988 R~soluti~n ]0-88 Authorizing the Issuanc?_ of Bound.s_ Motion Councilor Harrison moved, seconded by Councilor Duff and approved by unanimous voice vote: To adopt Resolution No. ]0-88, a resolution authorizing the issuance of bonds in an amount not to exceed $300,000 for the purpose of financing the acquisition, construction, remodeling and expansion of the Stone Building for Library and Police purposes and all related costs. Councilor Griswold advised that the Official Notice of Bond Sale needs to be amended to read Three Hundred Thousand not Three Hundred Fifty Thousand. Discussion was held on early redemption. Agreement with Gordon and Dorothy Stone Councilor Duff moved, seconded by Councilor unanimous voice vote: Griswold and approved by To enter into the sale agreement for Gordon E. Stone and Dorothy J. Stone successful sale of the bonds. the Stone Building with contingent upon the Agreement with Bruc__e A__~. Samuelson Architects Councilor Griswold moved, seconded by Councilor Duff and unanimous voice vote: approved by To enter into the agreement with Bruce A. Samuelson for architectural work contingent upon the successful sale of the bonds. Bond Rating City Manager Reber explained the City of Sandy has received a rating B AA 1 which is an excellent rating for a city the size of Sandy. of I hereby certify the above to be a true and correct copy of a page from the Council minutes dated September 6, 1988. Dated: September 14, 1988 Peterson, City Recorder City of Sandy I HEREBY CERTIFY THAT THE FOREGOING IS A COMPLETE{AND EXACT COPY OF THE ORIGINAL THEREOF. du~e M. Peterson, City Recorder RESOLUTION NO. 10-88 RESOLUTION OF THE CITY OF SANDY, CLACKAMAS COUNTY, OREGON AUTHORIZING THE ISSUANCE OF BONDS IN AN AMOUNT NOT TO EXCEED $300,000 FOR THE PURPOSE OF FINANCING THE ACQUISITION, CONSTRUCTION, REMODELING AND EXPANSION OF THE STONE BUILDING FOR LIBRARY AND POLICE PURPOSES AND ALL RELATED COSTS. WHEREAS, this Council submitted to the legal voters of the City of Sandy, County of Clackamas, State of Oregon (the "City"), the question of contracting a general obligation bonded indebtedness in the sum of $300,000 to finance the acquisition, construction, remodeling and expansion of the Stone Building for library and police purposes and all related costs; and WHEREAS, the election was duly and legally held on the 28th day of June, 1988, and this Council has canvassed the result thereof and has declared that issuance of bonds in such sum has been approved by a majority of the qualified voters of the City voting at the election, now therefore The City of Sandy, Oregon, resolves as follows: Section 1. Issue. For the above purposes, the City shall issue its General Obligation Building Bonds, Series 1988, in the amount of THREE HUNDRED THOUSAND DOLLARS ($300,000), to be dated October 1, 1988, to be in denominations of Five Thousand Dollars ($5,000) or integral multiples thereof, to bear interest payable on October 1 and April 1 of each year until maturity or prior redemption, commencing April 1, 1989, and to mature serially on October 1 of each year as follows: Date Amount Date Amount 1989 1990 1991 1992 1993 1994 1995 1996 $10,000 15 000 15 000 15 000 15 000 15 000 20 000 20 000 1997 $20,000 1998 20,000 1999 25,000 2000 25,000 2001 25,000 2002 30,000 2003 30,000 Section 2. Optional Redemption. The City reserves the right to redeem all or any portion of the Bonds maturing after October 1, 1998, in inverse order of maturity and by lot within a maturity on October 1, 1998, and on any interest payment date thereafter, at par plus accrued interest to the date fixed for redemption. Page 1 - Resolution Section 3. Extraordinary Redemption. The bonds are subject to extraordinary redemption at par plus accrued interest, on October 1, 1991, solely from, and to the extent of, any proceeds of the bonds in excess of $10,000 which remain unexpended on that date. Section 4. Notice of Redemption. Unless waived by any holder of Bonds to be redeemed, official notice of any such redemption shall be given by the City's paying agent and registrar (the "Registrar") on behalf of the City by mailing a copy of an official redemption notice by registered or certified mail at least 30 days and not more than 60 days prior to the date fixed for redemption to the registered owner of the Bond or Bonds to be redeemed at the address shown on the Bond Register or at such other address as is furnished in writing by such registered owner to the Registrar. Ail official notices of redemption shall be dated and shall state: A. the redemption date, B. the redemption price, if less than all outstanding Bonds are to be redeemed, the identification (and, in the case of partial redemption, the respective principal amounts of the Bonds to be redeemed, that on the redemption date the redemption price will become due and payable upon each such Bond or portion thereof called for redemption, and that interest thereon shall cease to accrue from and after said date, and the place where such Bonds are to be surrendered for payment of the redemption price, which place of payment shall be the principal corporate trust office of the Registrar. Prior to any redemption date, the City shall deposit with the Registrar an amount of money sufficient to pay the redemption price of all the Bonds or portions of Bonds which are to be redeemed on that date. Official notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the City shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such Bonds for redemption in accordance with said notice, such Bonds shall be paid by the Page 2 - Resolution Registrar at the redemption price. Installments of interest due on or prior to the redemption date shall be payable as herein provided for payment of interest. Upon surrender for any partial redemption of any Bond, there shall be prepared for the registered owner a new Bond or Bonds of the same maturity in the amount of the unpaid principal. All Bonds which have been redeemed shall be cancelled and destroyed by the Registrar and shall not be reissued. Section 5. Security. The full faith and credit of the City are pledged to the successive owners of each of the bonds for the punctual payment of such obligations, when due. The City shall levy annually, as provided by law, a direct ad valorem tax upon all of the taxable property within the City in sufficient amount, after taking into consideration discounts taken and delinquencies that may occur in the payment of such taxes and other monies available for the payment of debt service on the bonds, to pay the bonds promptly as they mature, and that the City covenants with the owners of its 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. Form of Registered Bonds. The City may issue the bonds as one or more typewritten, temporary bonds which shall be exchangeable for definitive bonds when definitive bonds are available. The bonds shall be in substantially the following form: No. R- $ UNITED STATES OF AMERICA STATE OF OREGON CITY OF SANDY COUNTY OF CLACKAMAS GENERAL OBLIGATION BUILDING BOND, SERIES 1988 DATED INTEREST October 1, 1988 % PER ANNUM MATURITY DATE CUSIP THE CITY OF SANDY, in the County of Clackamas, State of Oregon (the "City"), for value received, acknowledges itself indebted and hereby promises to pay to , or registered assigns, the principal amount of Dollars ($ ) on the above maturity date together with interest thereon from the date hereof at the rate per annum indicated above. Interest is payable semiannually on the first day of October and the first day of April in each year until maturity or prior redemption, commencing April 1, 1989. Interest Page 3 - Resolution upon this bond is payable through the principal corporate trust office of the City's paying agent and registrar (the "Registrar") by check or draft; checks or drafts will be mailed on the interest payment date (or the next business day if the interest payment date is not a business day) to the name and address of the registered owner as they appear on the bond register as of the fifteenth day of the month prior to the interest payment date. Bond principal is payable upon presentation and surrender of this bond to the Registrar. ADDITIONAL PROVISIONS OF THIS BOND APPEAR ON THE REVERSE SIDE; THESE PROVISIONS HAVE THE SAME EFFECT AS IF THEY WERE PRINTED HEREIN. 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 and the Charter of the City; that the issue of which this bond is a part, and all other obligations of such City, are within every debt limitation and other limit prescribed by such Constitution, Statutes and Charter; and that the City Council has provided for the levying annually of a direct ad valorem tax upon all the property within the boundaries of the City so taxable for its purposes in an amount sufficient, with other available funds, to pay the interest on and the principal of the bonds of such issue as such obligations become due and payable. IN WITNESS WHEREOF, the City Council of the City of Sandy, Clackamas County, Oregon, has caused this bond to be signed by facsimile signature of its Mayor and attested by facsimile signature of its Recorder, and has caused its seal be affixed hereto or printed hereon as of the date indicated above. to Mayor, City of Sandy, Oregon Recorder, City of Sandy, Oregon (SEAL) Page 4 - Resolution THIS BOND SHALL NOT BE VALID UNLESS PROPERLY AUTHENTICATED BY THE REGISTRAR IN TRE SPACE INDICATED BELOW. DATED: CERTIFICATE OF AUTHENTICATION This is one of the City's General Obligation Building Bonds, Series 1988, issued pursuant to the Resolution described herein. , as Registrar By Authorized Officer Note to Printer: The following language should be printed on the reverse of the bond: This bond is one of the $300,000 General Obligation Building Bonds, Series 1988 (the "bonds") of the City, and is issued by the City for the purpose of financing the acquisition, construction, remodeling and expansion of the Stone Building for library and police purposes and all related costs, in full and strict accordance and compliance with all of the provisions of the Constitution and Statutes of the State of Oregon and the Charter of the City. The City reserves the right to redeem all or any portion of the bonds maturing after October 1, 1998, in inverse order of maturity and by lot within a maturity on October 1, 1998, and on any interest payment date thereafter, at par plus accrued interest to the date fixed for redemption. Notice of any call or redemption, unless waived, shall be mailed not less than thirty days and not more than sixty days prior to such call to the registered owners of the bonds, and otherwise given as required by law and the authorizing bond resolution (the "Resolution"); however, any failure to give notice shall not invalidate the redemption of the bonds. All bonds called for redemption shall cease to bear interest from the date designated in the notice. The bonds are issuable in the form of registered bonds without coupons in the denominations of $5,000 or any integral Page 5 - Resolution multiple thereof. Bonds may be exchanged for bonds of the same aggregate principal amount, but different authorized denominations. Any transfer of this bond must be registered, as provided in the Resolution upon the bond register kept for that purpose at the office of the Registrar. The City and the Registrar may treat the person in whose name this bond is registered as its absolute owner for all purposes, as provided in the Resolution. The bondowner may exchange or transfer any bond only by surrendering it, together with a written instrument of exchange or transfer which is satisfactory to the Registrar and duly executed by the registered owner or his duly authorized attorney, at the office of the Registrar in the manner and subject to the conditions set forth in the Resolution. ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto Please insert social security or other identifying number of assignee the within bond and does hereby irrevocably constitute and appoint as attorney to transfer this bond on the books kept for registration thereof with the full power of substitution in the premises. Dated: NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within bond in every particular, without alteration or enlargement or any change whatever. Signature Guaranteed (Bank, Trust Company or Brokerage Firm) Authorized Officer Page 6 - Resolution The following abbreviations, when used in the inscrip- tion on the face of the within bond, shall be construed as though they were written out in full according to applicable laws or regulations. TEN COM -- tenants in common TEN ENT -- as tenants by the entireties JT TEN -- as joint tenants with right of survivorship and not as tenants in common OREGON CUSTODIANS use the following CUST UL OREG MIN as custodian for (name of minor) OR UNIF TRANS MIN ACT under the Oregon Uniform Transfer to Minors Act Additional abbreviations may also be used though not in the list above. Section 7. Authentication, Registration and Transfer. No bond shall be entitled to any right or benefit under this resolution (the "Resolution") unless it shall have been authenticated by an authorized officer of the City's paying agent and registrar (the "Registrar"). The Registrar shall authenticate all bonds to be delivered at closing of this bond issue, and shall additionally authenticate all bonds properly surrendered for exchange or transfer pursuant to this Resolution. Ail bonds shall be in registered form. The City shall appoint a Registrar for the bonds. A successor Registrar may be appointed for the bonds by ordinance or resolution of the City. The Registrar shall provide notice to bondowners of any change in the Registrar not later than the bond payment date following the change in Registrar. The ownership of all bonds shall be entered in the bond register maintained by the Registrar, and the City and the Registrar may treat the person listed as owner in the bond register as the owner of the bond for all purposes. De The Registrar shall mail each interest payment on the interest payment date to the name and address of the bondowner as they appear on the bond register as of the fifteenth day of the month preceding an interest payment date (the "Record Date"). If payment is so mailed, neither the City nor the Registrar shall have any further liability to any party for such payment. Page 7 - Resolution HJ Bonds may be exchanged for an equal principal amount of bonds of the same maturity which are different denominations, and bonds may be transferred to other owners if the bondowner submits the following to the Registrar: in 1. written instructions for exchange or transfer satisfactory to the Registrar, signed by the bondowner or his attorney in fact and guaranteed or witnessed in a manner satisfactory to the Registrar; and 2.. the bonds to be exchanged or transferred. The Registrar shall not be required to exchange or transfer any bonds submitted to it during any period beginning with a Record Date and ending on the next following payment date; however, such bonds shall be exchanged or transferred promptly following that payment date. The Registrar shall note the date of authentication on each bond. The date of authentication shall be the date on which the bondowner's name is listed on the bond register. For purposes of this section, bonds shall be considered submitted to the Registrar on the date the Registrar actually receives the materials described in subsection E. of this section. The City may alter these provisions regarding registration and transfer by mailing notification of the altered provisions to all bondowners. The altered provisions shall take effect on the date stated in the notice, which shall not be earlier than 45 days after notice is mailed. Section 8. Maintenance of Tax-Exempt Status. The City covenants for the benefit of the owners of the bonds to comply with all provisions of the Internal Revenue Code of 1986 (the "Code") which are required for bond interest to be exempt from federal income taxation (except for taxes on corporations), unless the City obtains an opinion of nationally recognized bond counsel that such compliance is not required in order for the interest paid on the bonds to be so exempt. The City makes the following specific covenants with respect to the Code: Page 8 Resolution The City shall not take any action or omit any action, if it would cause the bonds to become "arbitrage bonds" under Section 148 of the Code. The City shall operate the facilities financed with the bonds so that the bonds are not "private activity bonds" within the meaning of Section 141 of the Code. The covenants contained in this section and any covenants in the closing documents for the bonds shall constitute contracts with the owners of the bonds, and shall be enforceable by them. Section 9. Designation of Bonds as Qualified Tax-Exempt Obligations. The City hereby designates the bonds as "qualified tax-exempt obligations" pursuant to Section 265(b)(3) of the Code. The City covenants not to so designate tax-exempt obligations in the current calendar year in an aggregate amount of more than $10,000,000. The City does not reasonably expect to issue more than $10,000,000 of tax-exempt obligations during the current calendar year. Section 10. Sale of Bonds. The Recorder shall cause to be published in the Sandy Post, Sandy, Oregon, and in the Daily Journal of Commerce Portland Business Today, Portland, Oregon, notices of sale of the bonds in the form substantially as shown on Exhibit A attached hereto and by this reference incorporated herein, or summaries, as provided by law. The bonds shall be sold upon the terms provided in the attached Exhibit A. The bonds shall be sold on the date and at the time and place stated in Exhibit A, unless the Mayor or Recorder establishes a different date, time, or place. ADOPTED by the unanimous vote of the Council, with a quorum in attendance, this 6th day of September, 1988. APPROVED by the Mayor this 6th day Of September .1988 Mayor Executed this 6th day of September., 1988. ATTEST: ~corder Page 9 - Resolution No. RDRsam276 OFFICIAL NOTICE OF BOND SALE $300,000 CITY OF SANDY COUNTY OF CLACKAMAS STATE OF OREGON GENERAL OBLIGATION BUILDING BONDS, SERIES 1988 NOTICE IS HEREBY GIVEN that sealed bids will be received on behalf of the City of Sandy, Clackamas County, Oregon (the "City"), for its General Obligation Building Bonds, Series 1988 (the "bonds"), until 10:00 o'clock a.m. (Pacific Time) on Tuesday, September 27, 1988, at the offices of Lindsay, Hart, Neil& Weigler, Lawyers, Suite 1800, 222 S. W. Columbia Street, Portland, Oregon 97201-6618, at which time they will be publicly opened and announced. The bids shall be considered and acted upon by the City within four hours. ISSUE: The issue shall be in the aggregate principal amount of THREE HUNDRED THOUSAND DOLLARS ($300,000) consisting of registered bonds in denominations of FIVE THOUSAND DOLLARS ($5,000) or integral multiples thereof, all dated October 1, 1988. INTEREST RATE: The ma×imum true interest cost shall not exceed a net effective rate of ten percent (10%). Interest is payable semiannually on October 1 and April 1 of each year until maturity or prior redemption, commencing April 1, 1989. 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 a multiple of 1/8th or 1/20th of one percent (1%); (2) no bond shall bear more than one rate of interest; (3) each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid; (4) all bonds maturing at any one time shall bear the same rate of interest; (5) no rate of interest may exceed ten percent (10%); and (6) the interest rate for any maturity shall not be less than the interest rate for any prior maturity. MATURITIES: The bonds shall mature serially on the first day of October of each year as follows: Page t - Notice of Bond Sale Date Amount Date Amount 1989 1990 1991 1992 1993 1994 1995 1996 $10,000 15000 15000 15000 15 000 15 000 20 000 20 000 1997 $ 20,000 1998 20,000 1999 25,000 2000 25,000 2001 25,000 2002 30,000 2003 30,000 REGISTRATION: The bonds will be issued in fully registered form, and may be exchanged at the expense of issuer for similar bonds of different authorized denominations. Bonds may not be converted to bearer form. OPTIONAL REDEMPTION: The City reserves the right to redeem all or any portion of the bonds maturing after October 1, 1998, in inverse order of maturity and by lot within a maturity on October 1, 1998, and on any interest payment date thereafter, at par plus accrued interest to the date fixed for redemption. EXTRAORDINARY REDEMPTION: The bonds are subject to extraordinary redemption at par plus accured interest, on October 1, 1991, solely from, and to the extent, of any proceeds of the bonds in excess of $100,000 which remain unexpended on that date. NOTICE OF REDEMPTION: Notice of any call or redemption, unless waived, shall be mailed not less than thirty days and not more than sixty days prior to such call to the registered owners of the Bonds, and otherwise given as required by law and the authorizing bond resolution; however, any failure to give notice shall not invalidate the redemption of the bonds. All bonds called for redemption shall cease to bear interest from the date designated in the notice. PAYMENT: Principal and interest are payable, either at maturity or upon earlier redemption, by check through the principal corporate trust office of the registrar and paying agent of the City, which will be a bank doing business in Portland, Oregon. PURPOSE: The bonds are being issued to finance the acquisition, construction, remodeling and expansion of the Stone Building for library and police purposes and all related costs. The bonds were authorized at a special election held within the City on June 28, 1988. SECURITY: The bonds are general obligations of the City. The City has covenanted to levy an ad valorem tax annually Page 2 - Notice of Bond Sale which, with other available funds, will be sufficient to pay bond principal and interest as they come due. LEGAL OPINION: Neil & Weigler, Lawyers, no cost to the purchaser, expense of the City. The approving opinion of Lindsay, Hart, of Portland, Oregon, will be provided at and will be printed on the bonds at the TAX EXEMPT STATUS: In the opinion of bond counsel, assuming compliance by the City with its covenants relating to the tax-exempt status of the bonds, interest on the bonds is exempt from taxation by the United States under present federal income tax laws (except for certain taxes on corporations) and from personal income taxation by the State of Oregon under' present state law. The City has the legal authority to comply with its covenants. The Bonds are not "private activity bonds" under Section 141 of the Internal Revenue Code of 1986 (the "Code"). BANK PURCHASE: The City has designated the bonds as "qualified tax-exempt obligations" pursuant to Section 265(b)(3) of the Code. BEST BID: The bonds will be awarded to the responsible bidder whose proposal will result in the lowest true interest cost to the City. True interest cost will be determined by doubling the semiannual interest rate necessary to discount the debt service to October 1, 1988 and the price bid for the bonds. Each bidder is requested to supply the total interest cost and the true interest cost that the City will pay upon the issue if the bid is accepted. The purchaser must pay accrued interest, computed on a 360-day basis, from the date of the bon~s to the date of delivery. The cost of printing the bonds will be paid by the City. REOFFERING PRICE: The successful bidder must certify the initial reoffering price for each maturity of the bonds to bond counsel not less than three business days prior to closing. This certification shall constitute the agreement of the bidder to offer all bonds in each maturity for sale at a price no greater than the certified reoffering price until at least ten percent of the principal amount of each maturity is sold at a price less than or equal to the certified reoffering price. Failure to honor this agreement may result in cancellation of the sale and forfeiture of the bidder's good faith deposit. 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 Page 3 - Notice of Bond Sale for the bonds must be made in Federal funds. bonds will be made within thirty days. Delivery of the FORM OF BID: Ail bids must be for not less than all the bonds hereby offered for sale, and for not less than ninety-eight and one-half percent (98.5%) 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 City and designated "Proposal for Bonds." BID CHECK: Ail bids must be unconditional and accompanied by a certified or cashier's check on a bank doing business in the State of Oregon for SIX THOUSAND DOLLARS ($6,000) payable to the order of the City to secure the City from any loss resulting from the failure of the bidder to comply with the terms of its bid. Checks will be forfeited to the City as liquidated damages in case the bidder to whom the bonds are awarded withdraws its bid or fails 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 liquidated damages as described above. Checks of the unsuccessful bidders will be returned by the City promptly. RIGHT OF REJECTION: The City reserves the right to reject any or all bids, and to waive any irregularities. OFFICIAL STATEMENT: The City has prepared an official statement relating to the bonds, a copy of which will be furnished upon request to its financial consultant, Seattle Northwest Securities Corporation, Portland Division, Suite 3030, 1300 S.W. Fifth Avenue, Portland, Oregon 97201; telephone (503) 275-8300; Attention: Michael A. Lewis. POTENTIAL BID: The financial consultant may submit a bid or participate in a bidding syndicate. CUSIP: CUSIP numbers will be imprinted upon all bonds of this issue at the City's expense. Failure to print, or improperly imprinted numbers will not constitute basis for the purchaser to refuse to accept delivery. NO LITIGATION: At the time of payment for the delivery of said bonds, the City will furnish the successful bidder a certificate that there is no litigation pending affecting the validity of the bonds. FURTHER INFORMATION: Additional information regarding the City and this sale may be obtained from the City's financial consultant as indicated above. June Peterson City of Sandy, Oregon Page 4 - Notice of Bond Sale (Exhibit A) RDRsam277 OFFICE OF THE STATE TREASURER ANTHONY MEEKER State Treasurer STEPHEN S. SMITH. JR. Deputy State Treasurer 159 STATE CAPITOL SALEM, OREGON 97310 (503) 378-4930 September 14, 1988 Lindsay, Hart, Nell & Weigler 222 S.W. Columbia Street Suite 1800 Portland, OR 97201 Re: Proposed Sale and Receipt of Preliminary Official Statement for the City of Sandy (Clackamas County) $300,000 General Obligation Building Bonds, Series 1988 which is scheduled to sell September 27, 1988 Dear Sirs: This is to confirm that City of Sandy (Clackamas County) has complied with the provisions of Oregon Revised Statutes 287.040 and Oregon Administrative Rule 170-61-000 in connection with the competitive offering of the bonds referenced above. The Municipal Bond Division acknowledges receipt of the preliminary official statement for the bonds referenced above. Our copy was postmarke~ September 12, 1988 and received September 13, 1988. Municipal Bond Division CRS:te Affidavit of Publication D.O vJo commerce STATE OF OREGON COUNTY OF MULTNOMAH ss CAPLAN '~e,ng frs~ duly swo~n depose and say that I am the Manager of ~he DALLY JOURNAL OF ' BOND SALE OFFICIAL NOTICE OF BOND SALE CITY OF SANDY COUNTY OF CLACKAMAS STATE OF OREGON GENERAL OBLIGATION BUILDING BONDS, SERIES 1988 Bids due 10:00 am, Sept. 27 NOTIC~ IS HEREBY GIVEN t~at I HEREBY CERTIFY THAT THE FOREGOING IS A COMPLETE AND EXACT COPY OF THE ORIGINAL THEREOF. Ju~ ~. Peterson, City Recorder Building for librory end police ~r~ 5ECURI~: The ~ ere ~eral nuolly which, with other evotleble (the price bid h~ the boe~ds. Eee. J~ bidder quested to lul~ly the total Ihtorett Qnd t~e t~e Intere~t coot that ,forfeiture of the bidder's ~ Oral~, os the successfuJ bidder shali name. Payment foe the bonds must be made in Federal funds. Delivery of the Jac~ will be r~ within thirty days. FOR~ O!: BIO: All bids must be for not lesm th~n ell the bonds hereby offered for leis. ancI for not leu than ninety-eight ond otto-hell percent (98.5%) of the par dree~eel to I~e C.!ty and de$igrmted "Pro-J po~al for Iond~. tlonal and accompanied by o certified or DOLLAI~S (~,.OOO) poyab~e to the oKler of rmuttlng h'om th4 follure of the bidde~ to vdll be fo~ei~d to the C~/os liquidated dom~ in cmo '41e biddlK to whom the foils to com~m it~ pordmse In o~or- ,sholl be allowed on ~e deposit bot tho Cl"Z*'lf~ OF' P,O. BOX 1119 SANDY, OREGON 97055 Telephone 668-5533 CITY OF SANDY PUBLIC NOTICE WHAT: Special Council Meeting WHEN: Tuesday, September 27, 1988, at 12:00 noon WHERE: Council Chambers Sandy City Hall 39250 Pioneer Blvd. Sandy, Oregon. The purpose of this meeting is to accept bids in connection with the City of Sandy General Obligation Building Bond Issue. mp 9/9/88 June Peterson City Recorder I hereby certify the above to be a true and correct copy of the Public Notice for the Special Council Meeting to be held September 27, 1988 and I further certify this notice has been posted and will be published in the Sandy Post. Dated: September 14, 1988 Peterson City Recorder City of Sandy NOTE: The City of Sandy is an equal opportunity employer and does not discriminate on the basis of race, religion, sex or handicapped status. COUNCIL MINUTES Special Meeting September 27, ]988 Mayo~ Deane Wesselink callt~d the adjourned meeting of the Sandy City Council to order at ]2:00 p.m., on September 27, ]988, in the Council Chambers at City Hall. Roll Call Mayor Wesselink - present Councilor Harrison present Councilor Frederickson present Councilor Griswold present Councik~r Councilor Councilor Duff - present Buck - excused Spence - present Also attending were, Acting City Manager, Ken Reinke, City Attorney, Jack Hammond, City Department Directors, Gordon Stone and Marleen Peacock, recording secretary. Mayor Wesselink explained the purpose bids and finalize the purchase of the Acceptance of Bids of this meeting is to Gordon Stone property. accept the Ken Reinke, Acting City Manager, explained he and June Peterson, Finance Director, attended the bid opening. He reported six bidders were present submitting bids. A phone call was received from Richard Roberts, Attorney at Law, who gave a brief overview of the bid opening. Mr. Roberts explained six bids were received: U.S. Bank 6 Clackamas County Bank 6 Oregon Bank 7 Kidder, Peabody & Co. 7 First Interstate Bank of Oregon 7 Shearson Lehman Brothers 7 9]7982% 9]9557]% 299007% ]847% (Net Interest Rate) 268]% (Net Interest Rate) ]42210% Mr. Roberts reported both his office and Seattle Northwest Securities have independently verified the accuracy of the bids and recommended the low bid of U.S. Bank be accepted. Mr. Roberts also stated, the fact that we received six bids showed very good interest in this issue and the fact that the bids were so very close certainly demonstrated that we received the best of what the current market Is providing in terms of interest rates. Cathe}ine Tamaro, Seattle Northwest Securities, reported the City did very well today on getting interests for the bond issue and the bids from U.S. Bank and Clackamas County Bank are really below what the market is today. I HEREBY CERTIFY THAT THE FOREGOING IS A COMPLETE AND EXACT COPY OF THE ORIGINAL THEREOF. Jufle M. Peterson, City Recorder C¢~un{:i]or Duff m<~ved, se(ended by Coun(~i]or Harrison and approved by unanimous roi ] ('al ] vot:e: To accept the low bid of U.S. Bank at 6.9]7982%. Councilor Duff asked Jack Hammond what the overall difference in costs would be between the U.S. Bank and Clackamas County Bank bids. City Attorney Hammond replied that the net interest cost for U.S. Bank is S]90,240.60 and the net interest cost for Clackamas County Bank is $190,092.50 so the difference is about $].50.00. Mr. Reinke explained that the Ctackamas County Bank is charging points of $3,900.00 up front while U.S. Bank is charging a discount of only $3,500.00. Motion Councilor Harrison moved, seconded by Councilor Frederickson and approved by unanimous voice vote to adjourn the meeting at ]2:].4 p.m. Deane Wesselink, Mayor ATTEST: e~erson, City Recorder September 27, 1988 City of Sandy c/o Lindsay, Hart, Nell & Weigler Suite 1800, 222 S.W. Columbia St. Portland, Oregon 97201-6618 Gentlemen: We hereby bid $ ~t/O~ Bonds, Series 1988, to the date of delivery. The bonds are due 10-01-89 after 10-01-98 are subject to redemption in before maturity The interest rates on the bonds will be as follows: per $100 face value for $. 300,000 City of Sandy G.0. Building plus accrued interest from the dated date, 10-01-88 through 10-01-03 , inclusive. All bonds/maturing inverse order on 10-01-98 lO,O00 10-01-89 15~000 lO-O1-90 15,000 lO-O1-gl 15,000 10-01-92 15,000 10-01-93 15,000 10-01-94 20,000 10-01-95 20,000 10-01-96 20,000 10-01-97 20,000 10-01-98 % $ % $ % $ % $ % $ % $ % $ % $ ~% $ % $. Amount I~turlty 25,000 10-01-99 25,000 10-01-00 25,000 lO-Ol-O1 30,000 10-01-02 30,000 10-01-03 We compute the cost to be: Gross Interest Cost Plus Discount Net Interest Cost Net Effective Rate True Interest Cost 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 Lindsa.y, Hart, Nei 1 & Weigler , Attorneys,Portland, Oregon. We enclose our cashiers check for $ 6,000.00 payable to City of Sandy Enclosure 36-7036 5~87 S u bmitt eq[ ~¢Y-'~I /p UNITED STATES N.~TIO~BANK OF OR~.~N t- Title' Carolyn Lieb~, Asst. Vice Presiden~ Municipal ~ond Uept. CLACKAMAS COUNTY BANK SANDY, OREGON September 27, 1988 City of Sandy c/o Lindsay, Hart, Neil & Weigler Attorneys-at-Law 222 S.W. Coltunbia Street, Suite 1800 Portland, OR 97201-6618 Gentlemen: For: $300,000 City of Sandy, Oregon, General Obligation, Building Bonds, Series 1988, dated 10-1-88 and to bear coupons as follows: $10,000 due 10-1-89 15,000 due 10-1-90 6.00 15,000 due 10-1-91 15,000 due 10-1-92 15,000 due 10-1-93 15,000 due 10-1-94 20,000 due 10-1-95 20,000 due 10-1-96 6.573 20,000 due 10-1-97 ~.~ 20,000 due 10-1-98 ~.~ 25,000 due 10-1-99 ~.~ 25,000 due 10-1-00 25,000 due 10-1-01 ~,~ 30,000 due 10-1-02 30,000 due 10-1-03 WE wInn date of issue to date of delivery of the bonds. for information only: Gross Interest Cost Less Premium Plus Discount Net Interest Cost Average Rate per $100.00 plus accrued interest from The following is Page 2 This bid is for prompt acceptance for delivery of the bonds on or before October 27, 1988 and is made subject to the terms and provisions of approving legal opinion of Lindsay, Hart, Neil & Weigler which we request be printed on the bonds. We also request that the CUSIP numbers be printed on the bonds. To evidence our good faith, we enclose our check for $6,000. Respectfully submitted, Clackamas County Bank Seattle-Northwest Securities David C. Mann Vice President Seattle-Northwest Securities Joint Account Member DCM/th Enclosure OREGON City of Sandy, Ore c/o Lindsay, Hart, Nell & Weigler Ste 1800 222 SW Columbia Portland, OR 97201 Gentlemen: For yourS 300,000.00 Bonds Series 1988 maturing 10-1-89 $5,000.00 upon the bonds payable at par amount of City of Sandy Clackamas Co Ore GO Bldg , dated 10-1-88 and through 10-1-03 inclusive, in denominations of , bearing interest payable semiannually, both the principal of and the interest a bank in the City of Portland, Ore We will pay par plus a premium / rate or rates: $ 10,000o00 due $ 15,000.00 due $ 15,000o00 due $ 15,000~00 due $ 15,000.00 due $ 15,000.00 due $ 20,000.00 due $ 20,000.00 due $ 20,000.00 due $ 20,000.00 due less a discount of $ ~--~C'-,C'C; forbondstobearthefollowinginterest 10-1-89 @ /U,o,~% $ 25,000.00 due 10-1-99@~,/C) % 10-1-90 @ ~.%--D% $ 25,000.00 due 10-1-00@ ~,1~ % 10-1-91 @ ~,]-g~% $ 25,000.00 due 10-1-01@ "7,2--c,- % 10-1-92 @ ~ ~% $ 30,000.00 due 10-1-02@ ~.2~-% 10-1-93 @~ .z~ % $ 30,000.00 due 10-1-03@ 10-1-94 @ ~.~,~ % $ due @ % 10-1-95 @ ~..~, % $ due @ % 10-1-96 @ ~.$o % $ due @ % 10-1-97 @ ~.~ % $ due @ % 10-1-98 @ ~ ~ % $ due @ % providing all bonds / maturing after 10-1-98 are subject to call and redemption in inverse order on 10-i-98 and on any interest payment date thereafter./ ~,3CKX}(J~iL~4~ The following is for information only: Gross Interest Cost Less Premium Plus Discount Net Interest Cost Average Rate 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, subject to our receiving prior to the delivery of the bonds, without cost to us, the unqualified legal opinion of Llndsay, Bart, Nell & WeigZer Attorneys, Portland, Oregon; said legal to be printed on the bonds. We enclose our cashiers check for $ 6,000.00 which is to be returned to us if thisbid 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 City as and f8o8r all liquidated damages. Respectfully submitted this 27 day of September , 19 Mark Stephenson, AVP Municipal Trading 'rOB 1459 (4/801 Kidder. Peabody Co. ~×CO~VOR^TED 3200 FIRST INTERSTATE TOWER 1300 $. W. FIFTH AVENUE PORTLAND, OREGON 97201 H. A. McCoy September 27, 1988 City of SanOy, Oregon General Obligation Building Bonds Lindsay, Hart, Nell & Weigler 222 Columbia Street Suite 1800 Portland, Oregon 97201-6618 Gentlemen: For all or none of the City of Sandy, Oregon General Obligation Building Bonds in the amount of Three Hundred Thousand Dollars ($300,00) par value to be dated October 1, 1988 as described in your official notice of sale, which is hereby made a part or this bid, the undersigned will pay 98.50 rot each $100 par value thereof, which is a total of $__~L~----' plUS accrued interest from the date or the bonds to the date of delivery to us for bonds maturing in your notice of sale and bearing interest as ~ollow: Principal Interest Prfncipal Interest Year Amount Rate Year Amount Rate 10/01/89 10/O1/90 10/01/91 10/01/92 10/01/93 10/01/94 10/01/95 10/01/96 S 10 000 15 000 15 000 15 O00 15 000 15 000 20 OO0 20 O00 6 O0 10/01/97 6 20 10/01/98 6 30 10/01/99 6 40 lo/ol/00 6 50 lo/o~/o~ 6 60 10/01/02 6 70 lo/oi/03 6 30 20,000 6.85 20,000 6.90 25,000 7.00 25,000 7.10 25,0o0 7.20 30,000 7.30 30,OOO 7.30 On the basis of this b~d the interest cost and efiective rate are as ~ollows: Total Interest Cost $ 193,800.00 Plus Discount $ 4~500.00 Net Interest Cost $ 198,300.00 Effective Interest Rate 7.1847 (NIC) · Kidder. Peabod5 ~3 Co. Incorporated City o~ Sandy, Oregon General Obligation Building Bonds September 27, 1988 Page Two Both principal and interest will be payable by the Paying Agent, the Bank, Portland, Oregon. It is understood and agreed that prior to our taking up and paying for these bonds, we are to be ~urnished with the unqualified legal opinion of Messrs. Lindsay, Hart, Neii & Weigler, Lawyers, of Portland, Oregon. As evidence of our good faith in making this b/d, and as required, we are attaching herewith our cashier's check in the amount of $6,000.00 to be held by you pending delivery of the bonds to us or to be returned immediately in event we are not awarOed this issue o~ bonos. Th~s bid is made for prompt acceptance and delivery on Or about October 27, 1988. Respectfully submitted, /nc . Firstlnterstate Bank of Oregon, CITY OF SANDY c/o LIndsay Hart Neit & Weigler Inaccordance withyourofficialnoticeofsaledated 9/12/88 $300,000 CITY OF SANDY CLACKAMAS COUNTY, GENERAL OBLIGATION BUILDING BONDS SERIES 1988 wewillpaytheparvaluethereoflessadiscount/l~of$ ~lq~O,~ , inviting bids on The bonds are to bear interest as foUows: Maturity 10/1 Rate MaturitYl0/1 Rate MaturitYl0/1 Rate 1989 ~. ~ 1998 1990 ~,~' 1999 1991 ~, 70 2000 1992 d,~¢~ 2001 1993 ~, ~-c 2002 1994 4, ¢c 2003 7. 1995 4, 70 1996 1997 Based on the above interest rates, we have made the following estimates: Gross amount of interest Lc:.' ~r_~!'_'m/Plus discount Net amount of interest Net effective rate All of the terms of the official notice of sale are incorporated herein and madea part hereof. We enclose our Good Faith check in the amount of $ 6~000.00 . 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 BONO ~1 6 1-el ORIGINAL COPY September 26, 1988 SHFARSON LEHMAN BROTHERS Lindsay, Hart, Neil and Weigler 222 SW Columbia Suite 1800 Portland, OR 97201 RE: $300,000 City of Sandy County of Clackamas GO Building Bonds Gentlemen: For the above legally issued bonds to be dated October 1, 1988, 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, therefore, $ i';.~' for each $100.00 par value of bonds which is a total of $..;"75'. 3' "~: and accrued interest to date of delivery. BOND MATURING October 1, 1989 October 1, 1990 October 1, 1991 October 1, 1992 October 1, 1993 October 1, 1994 October 1, 1995 INTEREST RATE (',, ,i ,; BOND MATURING October 1, 1997 October 1, 1998 October 1, 1999 October 1, 2000 October 1, 2001 October 1, 2002 October 1, 2003 INTEREST RATE Octokker\, 1, .19~96 (,.,-~0 ~ , ,~,._ ,~, '\ /(~or Informational Purposes Only) i ~''~ ;~ ~ . :,/Total Interest Cost to Maturity ~' ~ ~,` ~ ~ LESS: Premium (IF ANY) ~ts ~ ~ ~ PLUS: Discount , ~ '~ ~Net Interest Cost , '" ~ ~, True,ntetest Cost This proposal is made subject to out being [umished, at the expense o~ the City, upon delivery o[ the bonds, with the unqualified approving opinion of Lindsay, Hart, Nell, Weiglet, Bond Counsel of Portland, Oregon. Said opinion will be reproduced one each of said bonds, also at the expe~e o~ the City. '71 (j 0 '/,Do $ 222 SW Columbia Street 503 243 6923 Member of ali principal security, Sude 1500 option, and commodity exchanges. Portland, OR 97201 $300,000 City of Sandy County of Clackamas GO B¢ilding Bonds page 2 In accordance with the terms of the Notice of Sale, there is enclosed a cashier's check for $6,000.00 payable to the City of Sandy. 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 an act or omission of the City) as liquidated damages. If this proposal is not accepted, said check is to be returned to uo promptly after the award of the bonds to the successful bidder. Respectfully s ~.ubmitted, Timothy L Je/nsen Vice President Municipals Thlq bid is accepted on behalf of City of Sandy BY: SIGNATURE AND NON-LITIGATION CERTIFICATE $300,000 CITY OF SANDY CLACKAMAS COUNTY, OREGON GENERAL OBLIGATION BUILDING BONDS, SERIES 1988 We, the undersigned officers of the City of Sandy, Clackamas County, Oregon (the "City"), indicated by the official title opposite our respective signatures, do hereby certify that: 1. We have signed, by facsimile signature, Three Hundred Thousand Dollars ($300,000) General Obligation Building Bonds, Series 1988 (the "Bonds") of the City, which are dated October 1, 1988, bear interest payable October 1 and April 1 of each year until maturity or prior redemption, commencing April 1, 1989, and mature annually from October 1, 1989 to October 1, 2003, inclusive. 2.~/~ We were, at the date of signing the Bonds, 9nd are on this ~';~day of October, 1988, the date of actual delivery of the Bonds to the initial purchaser, United States National Bank of Oregon, Portland, Oregon, the duly chosen, qualified and acting officers indicated therein and authorized to execute the same. 3. No litigation of any nature is now pending or threatened restraining or enjoining the issuance and delivery of the Bonds or the collection of taxes to pay Bond interest and principal or in any manner questioning the proceedings and authority by which same is made, or affecting the validity of the Bonds thereunder, and that neither the corporate existence nor boundaries, nor the title of the present officers to their respective offices is being contested. Recorder October, 4. The facsimile signatures of the Mayor and the of the City are upon the Bonds. Done and delivered at Portland, Oregon, this ~/;~day of 1988. Signature Official Title ~.~z~ ~? ~.~.~,~ Mayor City Recorder Page 1 - Signature and Non-Litigation Certificate I HEREBY CERTIFY that I am Recording Secretary of the City, and that I am personally acquainted with the officers whose signatures appear above; also that I know they ARE NOW the duly qualified and acting officials of the City as indicated by the titles appended to said signatures, and that I hereby identify said signatures, together with those on the above described Bonds, as being in all respect true and genuine. DATED at Portland, Oregon this ~ay of October, 1988. (Title) ~e~rdin~ Secretary Page 2 Signature and Non-Litigation Certificate CWCcwc1292 TAX CERTIFICATE $300,000 CITY OF SANDY CLACKAMAS COUNTY, OREGON GENERAL OBLIGATION BUILDING BONDS, SERIES 1988 A. In General. A.1. The undersigned is an officer of the City of Sandy, Clackamas County, Oregon (the "Issuer") who is charged, with others, with responsibility for issuing and delivering the City of Sandy, Clackamas County, Oregon General Obligation Building Bonds, Series 1988 (the "Bonds"), which are dated October 1, 1988, and are in the aggregate principal amount of Three Hundred Thousand Dollars ($300,00O). A.2. This Certificate is executed for the purpose establishing the reasonable expectations of the Issuer regarding the use of the proceeds of the Bonds, and the facilities financed with those proceeds. of A.3 The Issuer has not been notified of any listing or proposed listing of the Issuer by the Internal Revenue Service as an issuer that may not certify its bonds or notes. A.4. This Certificate is made on behalf of the Issuer pursuant to Sections 1.103-13, 1.103-14, and 1.103-15 of the Income Tax Regulations (the "Regulations") of the Internal Revenue Service, and Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"); the words and phrases used herein have the same meanings as defined and used in the Regulations. A.5. This Certificate is based on facts, estimates, and circumstances in existence on the date of this Certificate, which is the date of issue of the Bonds, and to the best knowledge, information, and belief of the undersigned, the expectations set forth in this Certificate are reasonable. B. The Purpose of The Bonds. B.1. The Bonds are issued to finance the acquisition, construction, remodeling and expansion of the Stone Building for library and police purposes, and to pay all costs incidental thereto (the "Project"). Page 1 - Tax Certificate C. General Expectations. The Issuer expects: C.1. None of the proceeds of the Bonds will be used directly or indirectly (i) to make or finance loans to persons or (ii) in any trade or business carried on by any person (other than use as a member of the general public). The Project will be owned and operated by the Issuer, and no part of the Project will be leased or rented to any person. For purposes of this subsection, the term "person" does not include a government unit other than the United States or any agency or instrumentality thereof, and the term "trade or business" means any activity carried on by a person other than a natural person. Accordingly, the Bonds are not "private activity bonds" within the meaning of Section 141 of the Code. C.2. The Issuer has covenanted with the owners of the Bonds not to make any use of the proceeds of the Bonds or the facilities financed with the proceeds of the Bonds that would result in the interest on the Bonds being includable in gross income of taxpayers (other than corporations) for federal income tax purposes. C.3. Issuer has not issued, and does not expect to issue, tax-exempt obligations in calendar year 1988 in a face amount which exceeds $5,000,000. Accordingly, under Section 148(f)(4)(C) of the Code, the Issuer is not required to pay rebates to the United States under Section 148(f) of the Code. D. Temporary Period. D.1. Within six months after the date of this Certificate the Issuer will enter into contracts with third parties for acquisition or construction of the Project obligating an expenditure of at least $7,500. D.2. Acquisition and construction of the Project will commence and proceed with due diligence to completion. D.3. Ail of the Bond proceeds and earnings thereon are expected to be expended on the Project by October~_~, 1991 (three years after the date of this certificate). D.4. Accordingly, the proceeds of the Bonds and the earnings thereon qualify for investment for a temporary period which ends on October~, 1991. Page 2 - Tax Certificate E. Yield Limitation; Temporary Periods. E.1. Except as provided below in this Section E, none of the gross proceeds of the Bonds will be invested in any security, any obligation, any annuity contract or any investment-type property that has a yield that exceeds the yield on the Bonds by more than one-eighth of one percentage point. The term "yield" means that yield which when used in computing the present worth of all payments of Bond principal and interest to be paid in the obligation produces an amount equal to the initial reoffering price of the Bonds to the general public. Any underwriters discount, issuance costs or costs of carrying or repaying the Bonds shall not be taken into account in calculating Bond yield. "Gross proceeds" includes the proceeds from the sale of the Bonds, earnings thereon, and taxes levied or other money collected to pay Bond debt service. E.2. The first exception is for proceeds of the Bonds that are invested for the temporary period described in Section D.4 of this Certificate. E.3. The second exception is for proceeds of the Bonds that are deposited in a "bona fide debt service fund" described in Section F.1 of this Certificate. E.4. The third exception is for proceeds of the Bonds that are part of a "minor portion," which is equal to the lesser of 5% of the Bonds or $100,000; the minor portion for the Bonds is $15,000. F. Reserves and Sinking Funds. F.1. The Issuer has provided for the establishment of a debt service account, which will hold taxes levied to pay Bond debt service. The debt service account is intended to be used primarily to achieve a proper matching of taxes and debt service within each Bond year, and is a "bona fide debt service fund" within the meaning of Income Tax Regulation Section 1.103-13(b)(12). Any money deposited in this account will be spent within a twelve-month period beginning on the date of deposit (and any amount received from investment of money held in this account will be spent within a one-year period beginning on the date of receipt), except for a reasonable carryover amount (not to exceed the greater of one year's earnings on the debt service account or one-twelfth of annual debt service on the Bonds). The money in this account is expected to be completely depleted once each year, except for the carryover amount described above. F.2. There are no reserve funds or other funds or Page 3 - Tax Certificate accounts which the Issuer reasonably expects to be available to pay the principal of or interest on the Bonds. F.3. The Bonds are general obligations of the Issuer and are payable from taxes which may be levied without limitation as to rate or amount upon all of the taxable property within the boundaries of the Issuer. Taxes levied to pay Bond debt service will be deposited in the debt service account described in Section F.1, above. G. Bond Yield. G.i. The yield on the Bonds in accordance with Section 148(h) of the Code, calculated on the basis of the issue price, plus accrued interest as of the date of delivery of the Bonds, using semiannual compounding and a 360-day year, is ~.7~2~% per annum (the "Bond Yield"). H. Miscellaneous. H.1. The Bond proceeds and expected earnings thereon do not exceed the amount required by the Issuer to pay the estimated cost of the Project and the costs of issuing the Bonds. H.2. The Project is not expected to be sold while the Bonds are outstanding. H.3. The Bonds are not being issued to permit the Issuer to invest other funds at a materially higher yield than the Bonds. H.4. The Issuer's federal employer identification number is No. 93 ~~P DATED as of this -~J---day of October, 1988. CITY OF SANDY CLACKAMAS COUNTY, OREGON ~ut~orized Officer Page 4 - Tax Certificate CWCcwc1291 Information Return for Tax-Exempt Governmental Bond Issues · Under Section 149(e) (Use Form 8038.GC if issue price is un,~er $100,000.) Check boxif Amended Return · [] 93-6002250 P. O. Box 1119 Glg88 _ 1 Sandy, Oreqon 97055 October 21, 1988 I'd'1;gll Type of Issue (check box(es) that applies) Check box if bonds are tax or other revenue anticipation bonds · [] Check box if bonds are in the form of a lease or installment sale · [] [] Education .............................. [] ~2 [] [4 [] Health and hospital ..................... Transportation .................. Publ'c safety ................... Environment (including sewage bonds) .......... %_~-..v. ..... Housing .............................. Utilities ............................. Other. Describe (see instrucbons) 299,459.40 I:,Z~illl Description of Bonds (a) ,(b) Finalmaturity . 10/1/2003 7.00,% Entire ,ssue ~//////////~//,,~/~//~ F~'! ~/ ~ ~ 9.19 yearsI 6.7625%t6.$726% (d) (c) Stated reUernpt,on 17 29r724.30 30r000 18 299,459.40 300,000 B2'~g L'J Uses of Original Proceeds of Issue (includin~ underwriters' discount) 19 Proceeds used for accrued interest ....................... I 19 1,097.22 n ........... t 20 20 Proceeds used for bond ~ssuance costs 0ndudmg underwr ters d scou t) 21 Proceeds used for credit enhancement ...................... 21 -0- 22 Proceeds allocated to reasonably required reserve or replacement fund ........... 22 -0- 23 Proceeds used to refund prior issues ...................... 23 -0- 24 Nonrefundin~ proceeds of the issue (subtract lines 20, 21, 22, and 23 from line 18, column (c~) . . . 24 m~-'rli&,a Description of Refunded Bonds (complete this part only for refundin~ bonds) N/A 25 Enter the remaining weighted average maturity of the bonds to be refunded ......... · years 26 Enter the last date on which the refunded bonds will be called ............. · 27 Enter the date(s/the refunded bonds were issued · Miscellaneous 28 Enter the amount (if any) of the state volume cap allocated to th~s ~ssue .......... · -0- 29 Arbitrage rebate: a Check box if the small governmental unit exception to the arbitrage rebate requirement applies ............ ~ b Check box if the 6-month temporary investment exception to the arbitrage rebate requirement is expected to apply ..... [] c Check box if you expect to earn and rebate arbitrage profits to the U.S .................... [] 30 Enter the amount of the bonds designated by the issuer under section 265(bX3)(B)(ii) ..... · 300 r 000 31 Pooled financings: N/A a Check box if any of the proceeds of this issue are to be used to make loans to other governmental units · [] and enter the amount · b Checkboxifthisissueisaloanmadefromtheproceedsofanothertax-exemptissue · [] andenterthenameofthe issuer · and the date of the issue · Please Sign Here For Paperwork Reduction Act Notice, see page 1 of the Instructions. ,o~m 8038-G (12-86) Information for form 8038G Issuer: CITY OF SANDY, OREC~)N *Dated Date: *Closing Date: Discount: GENERAL OBLIGATION BUILDING BONDS, SERIES 1988 8038 Iss.Price: Ol-Oct-88 Average Life: 9.19 Yield Price: 21-0ct-88 Acc. Interest: $1,097.22 Code Yield: $0.00 Orig.lss.Disc: $540.60 8038G NIC: $3,540.60 *Bid Price: $296,459.40 Underwr. Spread $299,459.40 $300,556.62 6.76252909% 6.87255318% $3,0OO.00 Ttl Principal: Payment Dates Tr. PV: $300,000.00 Total *Principal *Rate Interest Debt Service $300,556.72 Present Value at yield *Price (%) $299,459.40 Price ($) 01-Apr-89 $9,875.00 01-0ct-89 $10,000.00 5.6000J $9,875.00 01-Apr-90 $9,595.00 01-0ct-90 $15,000.00 5.9000% $9,595.00 O1-Apr-91 $9,152.50 Ol-Oct-91 $15,000.00 6.0000% $9,152.50 01-Apr-92 $8,702.50 01-0ct-92 $15,000.00 6.1000% $8,702.50 O1-Apr-95 $8,245.00 01-0ct-93 $15,000.00 6.2000% $8,245.00 O1-Apr-94 $7,780.00 01-0ct-94 $15,000.00 6.3000% $7,780.00 01-Apr-95 $7,307.50 01-0cf-95 $20,000.00 6.4000% $7,307.50 01-Apr-96 $6,667.50 01-0ct-96 $20,000.00 6.5000% $6,667.50 O1-Apr-97 $6,017.50 Of-Oct-97 $20,000.00 6.6000% $6,017.50 O1-Apr-98 $5,357.50 01-0ct-98 $20,000.00 6.7000% $5,357.50 01-Apr-99 $4,687.50 01-0ct-99 $25,000.00 6.8000% $4,687.50 $9,875.00 $19,875.00 $9,595.00 $24 595.00 $9,152.50 $24 152.50 $8,702.50 $23 702.50 $8,245.00 $23 245.00 $7,780.00 $22 780.00 $7,307.50 $27 307.50 $6,667.50 $26 667.50 $6,017.50 $26 017.50 $5,357.50 $25,357.50 $4,687.50 $29,687.50 $9,587.38 $18,665.00 $8,716.14 $21,611.46 $7,779.20 $19,857.09 $6,920.79 $18,233.25 $6,155.06 $16,730.76 $5,416.57 $15,341.09 $4,760.25 $17,200.83 $4,063.87 $15,722.35 $3,431.70 $14,352.15 $2,858.72 $13,088.03 $2,340.28 $14,336.98 100.0000% lDO.ODD0% 100.0000% 100.0000% loo.0000% 100. OOOO% I O0.OOO0% 100.0000% 100.0000% 100, OOOO% ~O0.OOOO% $0.00 $10,0(0).D0 $0.00 $15 OOO.O0 $0.00 $15 000. OD $0.00 S15 000.00 SOoO0 $15 OOO.O0 SO.OD $15 OOO.O0 $0.00 $20 OOO.OO $0.00 $20 000.00 $0.00 $20 OOO.O0 $0.00 $20 000.00 $0. O0 $25 OOO.OO 01-Apr-2000 01-0ct-2000 O1-Apr-2001 Ot-Oct-2001 01-Apr-2002 01-0ct-2002 O1-Apr-2003 01-0ct-2003 $25,000.00 $25,000.00 $30,000.00 $30,000.00 6. 9000% 7.0000% 7. 0000% 7. 0000% $3,837.50 $3,837.50 $2,975.00 $2,975.00 $2,100.00 $2,100.00 $1,0§0.00 $~,050.00 $3,837.50 $28,837.50 $2,975.00 $27,975.00 $2,100.00 $32,100.00 $1,050.00 $31,050.00 $1,792.63 $13,030.41 $1,300.31 $11,827.34 $858.80 $12,698.08 $401,77 $11,492.41 100.0000% 100.0000% 99,1170% 99.0810% $0.00 $25,000.00 $0.00 $25,000.00 $0.00 $29,715,10 $0.00 $29,724.30 CERTIFICATE OF REOFFERING PRICE $300,000 CITY OF SANDY CLACKAMAS COUNTY, OREGON GENERAL OBLIGATION BUILDING BONDS, SERIES 1988 On behalf of UNITED STATES NATIONAL BANK OF OREGON, Portland, Oregon, the original purchaser of the City of Sandy, Clackamas County, Oregon General Obligation Building Bonds, Series of 1988 (the "Bonds") in the principal amount of $300,000 and dated October 1, 1988, I hereby certify that the original reoffering price of the Bonds is as indicated on the attached Exhibit A. The Bonds have been, or will be, reoffered and sold to the general public at a price no greater than the certified price, until at least ten percent of the principal amount of the Bonds is sold to members of the general public (excluding bond houses and brokers). DATED this 30~ day of September, 1988. UNITED STATES NATIONAL BANK OF OREGON Authorized Officer ~_ Page 1 - Certificate of Reoffering Price CWCcwc479 , ~ o~ Issue Delivery i0/~7/88 FirSt COUPOn O~lOllB~ First ~aturity Last ~aturity 10/01/03 Tatai Par $ 300,000.00 Number o~ Option Oates 1 EnterlVien Options? (Y) CITY OF SMOY G.O. BUILOING 80N05 ~ERIES 1988 Profit per $1000 10.000000 Cpn interest Oisc or (Pren) $ Net Interest Cost $ NIC Rate ~.8~277S[ TIC Rate 6.917982Y. Biddin~ Constraints: Ascendins Coupons Begin 10101189 ~aximum Coupon Spread ~inimum Bid 98.GOOOX Maximum Coupon lO.OOOO~ Coupon Multiples - 1st .1~ - 2nd .0500~ - 3rd Onttons: Oate Price 10101/~8 100.0000~ Un i ted ~aturity Par Oate Coupon Ualue M D Y (~) I 10,000.00 10101189 15,000.00 10/01t?0 5.~0~ ~ 15,000.00 10101191 ~.OOO~ ~ 15,000.00 10/01/~2 6.100~ 5 15,000.00 10/01/90 6.200Y, & 15~0~.00 10101194 6.300~ 7 2O,O00.DO ~0/01/95 8 20,000.00 I0/01/% 9 20,000.00 10101197 &.~OOK 25~000.00 10101100 25,000.00 10/0~/01 ?.000~ t5 30,000.00 10101103 7.OOD~ No Yield Price Accrued Band Total of (~) (~) Gross interest Years Interest Cpns 5.600~ IOO.O0~ lO~OOO.O0 40.44 lO,OOO. 560.00 2 $.900~ lO0.O00~ 15~OOO.O0 63.72 30,000. 1~770.00 6.0OO~ lOO.OOD~ IS,BOO.OD 65.0~ 45~000. 2~?OD.OO 6.100~ lOO.OOO~ 15~000.00 ~.08 60~000. 31660.00 ~.200~ 100.000~ 1B~OO0.O0 ~7.17 75~000. ~650.00 10 &.300% 100.000~ 15~000.00 68.25 90JO00. 5~&TO.O0 12 ~.400~ lOO.OOO~ 2D~OOD.OD 92.44 140~000. 8~%0.00 6.500S lO0.OOO~ 20~000.00 93.89 160,000. 10,400.00 16 ~.600~ lO0.OOO~ 2O~O00.DO ~5.33 18O~DOD. II~BBO.OD 18 &.700~ 100.000~ 20~000.00 96.78 2OOfO00. 13~400.00 20 ~.800~ lOO.OOO~ 25,000.00 122.78 275,000. 1B~TOO.OO 22 &.90O~ 100.000~ 25,000.00 124.58 300~000. 20~700.00 24 ?.OOO~ 100.000~ 25,000.00 126.39 325~000. 22~750.00 7.1001 ~.117~ 2%735.10 151.67 420,000. 2~,400.00 28 7.1OO~ ~9.OBl~ 2%~4.30 151.67 ~SDlOOO. 31J500.00 30 Tot 300,000.00 299,459.40 1,426.39 2760~000. 18~,?00.00 2~0 DATED October 1, 1988 REGISTERED OWNER UNITED STATES OF AMEtlICA STATE OF OREGON ': COUNTY OF CLACKAMAS CITY OF SANDY GENEI~AL OBLIGATION BUILDING BOND SERIES 1988 INTEREST % PER ANNUM MATURITY DATE SEE REVERSE FOR CERTAIN CONDITION8 CUSIP PRINCIPAL AMOUNT THE CITY OF SANDY, in the County of Clackamas, State of Oregon (the "City"), for value received, acknowledges itself indebted and hereby promises to pay to the registered owner hereof, or rag ste ed assigns the principal amount stated above on the above maturity date together with interest thereon from the date hereof at the rate per annum indicated above. interest is payable semiannually on the first day of April and the first day of October in each year until maturity or prior redemption, commencing Apri~ 1, 1989. Interest upon this bond is payable through the principal corporate trust office of the City's paying agent and registrar (the "Registrar") by check or draft; checks or drafts will be mailed on the interest payment date (or the next business day if the interest payment date is not a business day) to the names and addresses of the registered owners as they appear on the bond register as of the fifteenth day of the month prior to the interest payment date. Bond principal is payable upon presenta- tion and surrender of this bond to the Registrar. ADDITIONAL PROVISIONS OF THIS BOND APPEAR ON THE REVERSE SIDE; THESE PRO- VISIONS HAVE THE SAME EFFECT AS IF THEY WERE PRINTED HEREIN. THIS BOND SHALL NOT BE VALID UNLESS PROPERLY AUTHENTICATED BY THE REGISTRAR IN THE SPACE INDICATED BELOW. DATED: CERTIFICATE OF AUTHENTICATION This is one of the City's General Obligation Building Bonds, Seris, s: f~88,, issued pursuant to the Resorution described herein. UNITED STATES NATIONAL BANK OF OREGON, as Registrar By_ Authorized Officer 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 and the Charter of the City; that the issue of which this bond is a part, and all other obligations of such City, are within every debt ~imitation and other limit prescribed by such Constitution, Statutes and Charter; and that the City Council has provided for the levying annually of a direct ad valorem tax upon all the property within the boundaries of the City so taxable for its purposes in an amount suf- ficient, with other available funds, to pay the interest on and the principal of the bonds of such issue as such obligations become due and payable. IN WITNESS WHEREOF, the City Council of the City of Sandy, Clackamas County, Oregon, has caused this bond to be signed by facsimile signature of its Mayor and attested by facsimile signature of its Recorder, and has caused its seal to be affixed hereto or printed hereon as of the date indicated above. Mayor, City of Sandy, Oregon Recorder, City of Sandy, Oregon LEGAL OPINION ~ PETERSON, Recorder of the City of Sandy, Clackamas )regon, hereby certify that the following is a true copy of d legal opinion of Messrs. Lindsay, Hart Nail & Weigler, Portland Oregon the original of which was da[ed and ~; I)f the date of delivery of and payment roi the bonds o and was filed with the original purchaser of the bonds Recorder egon 97055 ~tes National Banh of Oregon :ifth Avenue Oregon 97204 $300,000 City of Sandy Cfackamas County Oregon General Obligation Building Bonds, Series 1988 ~ acted as bond counsel in connection with the issuance y of Sandy, Clackamas County, Oregon (the "Issuer") of ~r Obligation Building Bonds, Series 1988 (the "Bonds"), dated Octobe . 1988, and are in the aggregate principal Three Hundred Thousand DoHars ($300,000). * examined the law, a duly certified transcript of proceed- e Issuer, prepared in part by us, and other documents deem necessary to render this opinion e* relied on the certified proceedings and other certifica- Jbfic officials regarding questions of fact material to our d have not undertaken to verify the same by independent not been engaged or undertaken to review the accu acy, *ss or sufficiency of the official statement or other offer- *l relating to the Bonds, except to the extent stated in statement, and we express no opinion relating thereto, he extent stated in the official statement. q our examination, we are of the opinion, under existing ~onds have been legally authorized under and pursuant istitution and Statutes of the State of Oregon and the the Issuer. The Bonds are valid and legally binding gan- [ions of the Issuer. The Issuer has pledged its full faith :o the payment of the Bonds. The Bonds are payable from taxes which may be levied without limitation as to rate )n all taxable property within the boundaries of the Issuer, Iterest on the Bonds (a) is excluded from gross income income tax purposes and {b) is not an item of tax pref* gurposes of the federal alternative minimum tax imposed als and corporations; however, it should be noted that ,'t to corporations (as defined for federal income tax such interest is taken into account in determining ad- ~ook income (adjusted current earnings for taxable years r December 31, 1989) for the purpose of computing the ~inimum tax imposed on such corporations and for pur- 3reputing such corporations' environmentar tax gability. set forth in clause (a) above is subject to the condition Jar comply with all requ rements of the Internal Revenue 186, as amended (the "Code") that must be satisfied to the issuance of the Bonds in order that interest (or continue to be) excluded from gross income for could cause the interest On the Bonds to be so included m gross income retro actively to the date of issuance of the Bonds The Issuer has covenanted to comply C. The Bonds are 'qualified tax~exempt obligations" under Section 265(b)(3) of me Code and in the case of certain financial institutions under Section 265(b)(51 o1 ~he Code, a deduction is allowed for 80 percent of that portion of such financial institutions' interest expense allocable to interest on the Bonds. D 'We express no opinion regarding othe~ fedora! tax consequences arising with ,aspect to the Bonds E The interest On the Bonds is exempt from Oregon personal income taxation F The opinions set forth above are qua(died only to the extent that certain rights remedies and waivers contained in the Bonds and the authorizing Bond resolution may be limited or rendered ineffective by applicable bankruptcy, insolvency, reorgan- zation moratorium or Other raws or judicial decisions or principles of equity relating lo or affecting the enforcement of creditors' rights or contractual obrigations gan- ADDITIONAL PROVISIONS This bond is one of $300,000 Genera Ob ga on Bu ding Bonds Series 1988 (the bonds of the City, and is issued by he City for the purpose of financing the acquisition, construction remodeling and expansion of the Stone Building for library and police purposes and all related costs, in full and strict accordance and compli- ance with ail of the provisions of the Constitution and Statutes of the State of Oregon and the Charter of the City. The City reserves the right to redeem all or any portion of the bonds maturing after October 1, 1998, in inverse order of maturity and by lot within a maturity on October 1, 1998, and on any interest payment date thereafter, at par plus accrued interest to the date fixed for redemption The bonds are subject to extraordinary redemption at par plus accrued interest on October 1, 1991, soey rom, and to the extent of, any proceeds of the bonds in excess of Si0,000 which remain unexpended on that date. Notice of any carl for redemption, unless waived by the owners of the bonds to be redeemed, sba9 be mailed not less than thirty days and not more than sixty days prior to such call to the registered owners of the bonds, and otherwise given as required by law and the authorizing bond resolution (the "Resolution"); however, any failure to give notice shall not invalidate the redemption of the bonds, All bonds called for redemption shall cease to bear interest from the date designated in the notice. The bonds are issuable in the form of registered bonds without coupons in the denominations of $5,000 or any integral multiple thereof. Bonds may be exchanged for bonds of the same aggregate principal amount, but different authorized denomi- nations Any transfer of this P?~)d; r~u.'sl 'l~J ~'egistered as provided n he Resolution u on the bond reg~st,_~,- k~pt.for' ff~af pucl~o~.e.'a.t.'the principal corporate trust office o Pthe Registrar The Uity and the Registrar ma¥~eat the person in whose name this bend ~s registered as s absolute owne or a. p rp es as r ' in ~ ,. .o ..... · ~J .¢~s , ~ .c~.vic~ed the Resolution, [~ege~ee;ist~;~; :n~'l~u~O~ex~ra. me~,t' ~2f:e~cYCan~d J~, tra~,t~, *h ch is satisfactory 'o ¥ ecuted by the registered owner or his duly authorized attorney, at thc pr ~ci~,l cor!~e~ate~rgsf~ office of the Registrar in the manner and subiect to th. no'~d~i?.~.s.e.~ f~th:i~ ~.e.'R~. ut on. ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells. ~ssigns and transfers unto (Name and Address of Assigneef this bond and does hereby irrevocably constitute and appoint as attorney to transfer this bond on the books kept for registration thereof with the full power of substitution in the premises. Dated:_ NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of this bond ~n every particurar, without alteratior~ or en(argement or any change whatever. Signature Guaranteed (Bank, Trust Company or Brokerage Firm) (Authorized Officer) The fo[lowing abbreviations, when used in the inscription on the face of this bond, shall be construed as though they were written out in full according to applicable laws or regulations. TEN COM--tena~ts in common TEN ENT--as tenants by the entireties JT TEN--as joint tenants with right of survivorship and net as tenants in common OREGON CUSTODIANS use the following: CUST UL OREG ___MIN as custodian for (name of minor) OR UNIF TRANS MIN ACT under the Oregon Uniform Transfer to Minors Act Additional abbreviations may also be used though not In the list above. LINDSAY, HART, NElL &: WEIGLER October 21, 1988 City of Sandy P. O. Box 1119 Sandy, Oregon 97055 United States National Bank of Oregon 111 S.W. Fifth Avenue Portland, Oregon 97204 Re: $300,000 City of Sandy Clackamas County, Oregon General Obligation Building Bonds, Series 1988 We have acted as bond counsel in connection with the issuance by the City of Sandy, Clackamas County, Oregon (the "Issuer") of its General Obligation Building Bonds, Series 1988 (the "Bonds"), which are dated October 1, 1988, and are in the aggregate principal amount of Three Hundred Thousand Dollars ($300,000). We have examined the law, a duly certified transcript of proceedings of the Issuer, prepared in part by us, and other documents which we deem necessary to render this opinion. We have relied on the certified proceedings and other certifications of public officials regarding questions of fact material to our opinion and have not undertaken to verify the same by independent investigation. We have not been engaged or undertaken to review the accuracy, completeness or sufficiency of the official statement or other offering material relating to the Bonds, except to the extent stated in the official statement, and we express no opinion relating thereto, except to the extent stated in the official statement. Based on our examination, we are of the opinion, under existing law, as follows: LINDSAY, HART, ~'~EIL & WEIGLER Legal Opinion Page 2 October 21, 1988 A. The Bonds have been legally authorized under and pursuant to the Constitution and Statutes of the State of Oregon and the Charter of the Issuer. The Bonds are valid and legally binding general obligations of the Issuer. The Issuer has pledged its full faith and credit to the payment of the Bonds. The Bonds are payable from ad valorem taxes which may be levied without limitation as to rate or amount on all taxable property within the boundaries of the Issuer, to the extent necessary funds are not provided from other sources. B. The interest on the Bonds (a) is excluded from gross income for federal income tax purposes and (b) is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporaticns; however, it should be noted that with respect to corporations (as defined for federal income tax purposes), such interest is taken into account in determining adjusted net book income (adjusted current earnings for taxable years ending after December 31, 1989) for the purpose of computing the alternative minimum tax imposed on such corporations and for purposes of computing such corporations' environmental tax liability. The opinion set forth in clause (a) above is subject to the condition that the Issuer comply with all requirements of the Internal Revenue Code of 1986, as amended (the "Code") that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon be (or continue to be) excluded from gross income for federal income tax purposes. Failure to comply with certain of such requirements could cause the interest on the Bonds to be so included in gross income retroactively to the date of issuance of the Bonds. The Issuer has covenanted to comply with all such requirements. The Bonds are not "private activity bonds" under Section 141 of the Code. C. The Bonds are "qualified tax-exempt obligations" under Section 265(b)(3) of the Code, and, in the case of certain financial institutions under Section 265(b)(5) of the Code, a deduction is allowed for 80 percent of that portion of such financial institutions' interest expense allocable to interest on the Bonds. D. We express no opinion regarding other federal tax consequences arising with respect to the Bonds. E. The interest on the Bonds is exempt from Oregon personal income taxation. LINDSAY, HART, NElL ~ WEIGLER Legal Opinion Page 3 October 21, 1988 F. The opinions set forth above are qualified only to the extent that certain rights, remedies and waivers contained in the Bonds and the authorizing Bond resolution may be limited or rendered ineffective by applicable bankruptcy, insolvency, reorganization, moratorium or other laws or judicial decisions or principles of equity relating to or affecting the enforcement of creditors' rights or contractual obligations generally. Respectfully submitted, LINDSAY, HART, NEIL & WEIGLER By: Richard D. Roberts CWCcwc1274 COUNCIL MINUTES Regular Meeting May ]6, ]988 Mayor Deane Wesse]ink called the regularly scheduled meeting of the Sandy City Council to order at 7:3] p.m., on May ]6, 1988, in the Council Chambers at City Hail. Roll Call Mayor Wesselink - present Councilor Harrzson present Councilor Frederickson - present Councilor Griswold present Councilor Councilor Councilor Duff - present Buck - present Spence - present Also attending were~City Manager, Tom Reber, City Department Directors, interested citizens and Linda Knofczynski, recording secretary. Approval of Minutes The m~nutes of the May 2, ]988 meeting were approved as submitted. Approval of Accounts Payable Motion Councilor Duff moved, seconded by Councilor Frederickson and approved by unanimous voice vote: To pay the bills as submitted. Councilor Duff reported after investigating the charges from Les Schwab, it was decided to pay the bill but to look into changing our policy on having work done locally because the work could have been done for a lower amount. Reports and Comments from Mayor and City Council Councilor Spence asked for an update on weed abatement. City Manager Reber advised letters are going out today. Councilor Spence also asked if Shiprack had been contacted yet? Reber reported he will come out after the primary (election). Councilor Harrison suggested the Council should keep their eyes open for some positive actions on the weed abatement this year. I HEREBY CERTIFY THAT THE FOREGOING IS A COMPLETE AND EXACT COPY OF THE ORIGINAL THEREOF. ~%~e M. Peterson, City Recorder Public Comment Phi] Moyer, Buck Ambulance, reported C]ackamas County is seeking bids for ambulance service for all of Clackamas County that is not already serviced by fire departments' ambulances. Mr. Moyer asked the Council to submit letters of support. Discussion was held on making a change on the 45 minutes response time. Motion Councilor Harrison moved, seconded by Councilor Duff and approved by unanimous voice vote: That zn a letter to Mr. Troxel, Director of Clackamas County Public Health Division, we support Buck Ambulance for the service they have provided, that the 45 minute response time standard is too long and 'r~commend a 25 minute or less response time. Councilor Duff stated it should be noted in the letter that the City was not given an opportunity to respond to the standards previously because we were not aware of them. Manager's Report Approve Contract for 9-l-l/Dispatch Services Motion Councilor Duff moved, seconded by Councilor Harrison and approved by unanimous voice vote: To authorize the City Manager and Mayor to enter into the contract with Clackamas County for 9-1-1/Dispatch Services. Department Reports City Manager Reber reported Don Wilson, Community Development Director, Is working with a company which would create 40 jobs. Mayor Wess%link suggested we write a letter to let Randy Oliver, PGE, know he has done a good job in working with the City. PUBLIC HEARING - ]988/89 BUDGET Poll of the City Council for readiness for the public hearing. Abstentions from the City Council to hear this: None Challenges to the jurisdictLon of the City Council to hear this: None Challenges to any individual member of the Council to hear this: None Mayor Wesse]ink declared the public hearing open at 8:00 p.m. Staff Report City Manage¥ Reber outlined proposed changes that have been made to the budget . ]. Approval of $4,000.00 match to purchase a mini-van. o $26,000.00 we are not transferrin9 from Bancroft Bond Fund to the general fund. He reported the transfer will be made when the principle and interest is paid. o $]5,000.00 revenue and expenditure item for Sandy Diamond Days because the City will be acting as trustee for the committee. Mayor Wesselink called for Opponent or Proponent testimony. Mayor Wesselink closed the public hearing at 8:05 p.m. Councilor Harrison moved, seconded by Councilor Duff and approved by 5-2 majority roll call vote with Mayor Wesse]ink, Councilors Griswold, Spence, Duff and Harrison voting in favor of the motion and Councilors Frederickson and Buck voting against the motion. To accept the proposed budget. Response to Complaints against Police Department City Manager Reber presented to the Council a report based on his investigation of complaints from the Sandy Union High School officials that the police department did not to respond to 9-].-] calls. Reber outlined his findings: (]) The accusation made that the City does not respond to 9-]-1 emergency calls are false and irresponsible. (2) There is a gross difference between how the common person thinks the criminal justice system works and how it actually works. (3) The real subject of the complaint is not our response to 9-1-] emergency calls but in fact what the results are for the suspects after a 9-]-] is answered. (4) The expressed lack of po]ice support may be related to the fact that the police reserves had indicated they did not want to work security during the pending strike. (5) It is our policy to avoid high speeds chases. (6) This episode.demonstrates how easy it is to make false statements against po]ice officers. (7) Mr. Reber feels the police department has answered every call from the High School appropriately. (8) Finally, this is the first time a conflict hasn't been resolved through a phone call or a meeting. Councilor Buck stated the Sandy Union High School needs to make an apology to the Police Department. Counc]~(~r Harrison repo~ted the Supreme Court of the United States has held two different standards. One, reasonable cause for school officials and the second is probable cause for police officers. Councilor Harrison stated he disagrees with his peer group. He asked t(~ see m~lis on the agenda again because we still have a problem. Motion Councilor Harrison moved, seconded by Councilor Buck and approved by unanimous voice vote: To accept the report with the validity that was made in it. PUBLIC HEARING - PROPOSED SIGN CHANGES Poll of the City Council for readiness for the public hearing. Abstentions from the City Council to hear this: None Challenges to the jurisdiction of the City Council to hear this: Challenges to any individual member of the Council to hear this: Mayor Wesselink declared the public hearing open at 9:00 p.m. None None Staff Report Don Wilson, Community Development Director, outlined the proposed changes which includes the city staff review and approval, and increase from 50 to 75 sq.ft, for maximum sign area, reduced street frontage requirement for freestanding and ground mounted signs from 90 to 50 lineal feet, increase maximum size area for freestanding, ground mounted and projecting signs from 50 to 75 sq.ft., allows signs to extend up to 8 feet above the roof line, off site directional signs would increase in s~ze from 16 sq.ft, to 32 sq.ft., A-frame sign could be used only when the business has no other permanent sign and the removal of an abandoned sign or illegal permanent sign would be handled through the nuisance abatement process. Mayor Wesselink called for testimony. Brad Paluck, Mt. Hood Cleaners and Sandy Mini Storage, questioned why he could not put up a off-site sign for his mini storage project. He also questioned the restricted use of the A-frame signs. Councilor Duff asked if the Industrial Park could have a readerboard sign of the businesses located within the complex? Mr. Wilson advised yes, there has been one in the past. 'There now is a sign for the Industrial Park but not for the tenants. He advised there is nothing in the ordinance to prevent a readerboard listing the individual tenants. Dave Deicher, 7-Eleven Store, spoke in support of the A-frame signs. Roland Cartisser, Tri-County Electric, advised they have $3,000.00 ~nvested in their sign. However, they have a problem with the trees planted in the planter because the trees block the visibii]tiy of t~eir sign. Dzane Tz]]er, Flower Garden, protested eliminating A-frame signs. stated she gets more business from the A-frame sign than any other advertising and to do away with her A-frame sign would hurt her business. She Kjell Rode, Otto's Cross Country, agreed with Diane and reported that his A-frame sign is the best advertising tool and it would hurt the businesses in the City not to have them available to advertise specials. Joe Langel]a, Jo's Jo's Pizza, clarified that it was the Council's decision to ban A-frame signs. He thanked the Council for working on the sign ordinance and said the changes proposals are good changes. Banning A-frame signs will put some people out of business. Steve Dirks, Elusive Trout, stated we should work at it and figure out a way. Bob Kallen, DRB member, suggested the problem is helping the downtown core area to survive and do something special for the core area. He recommended keeping the clause not to exceed 60% of the building face area. Extending signs 8 feet above the roof line and increasing the maximum to 75 sq.ft, is not progress. He also recommended including the size of the off-site direction sign in the total allowable footage and not to allow blinking, flashing, strobe lights or moving signs. He sugg~ ted allowing A-frame signs in the core area but create a special sign district for the core area to design standards. Dale Nichols, 40]]5 Davis, reported 2 ]/2 million people visit the Mt. Hocd area annually and certainly ] 1/2 million go through Sandy. He said if you don't make your business exposed, nobody is going to see you. He expressed concerns about blinking and flashing signs and stated A-frames signs need some kind of regulation. E]vira Muff, ]4400 Baumback Ave., asked how can we compete with businesses outside the City limits where there are no regulations? also reported a problem with the trees blocking the station. She Wayne Harris, resident of Sandy, supported the A-frame signs but some constraints should be place on them such as upkeep and block print. He also objected to allowing signs to project 8 feet above the roof line and blinking, rotating or flashing signs. Phyllis Mizner, ERA, stated we need regulations against blocking of other signs and allowances should be made for double street visibility. Councilor Duff pointed out we talked about the business community themselves enforcing blocking signs should problems arise. Denise Redman, Mt. Video and Landmark Langella, Dennis Dries, Tom Reber and trying to help the business community. signs. Soda Fountain, thanked Joe Don Wilson for their efforts in She spoke in favor of A-frame Phyllis Rad~ , President, Chamber of Commerce, reported the Chamber Board did endorse the origznal changes in October and asked the Council to accept what the business people need within reason. Mayor Wesse]ink closed the public hearing at ]0:]8 p.m. It was the consensus of the Council to delay any action on the sign code and schedule another workshop. Adopt Resolution No. 4-88 Councilor Duff moved, seconded by Councilor Spence and approve by a 5-2 majority roll call vote with Mayor Wesselink, Councilors Griswold, Spence, Duff and Harrison voting in favor of the motion and Councilors Frederickson and Buck voting against the motion. To adopt Resolution No. 4-88, A Resolution Placing a $300,000 Bond Issue Before the Voters at the June 28th Election For The Purpose of Purchasing and Remodeling the Stone Building for Police and Library Uses. Council Members to be Victims Chief Punzel asked the Council to be involved in a training/evaluation program for the reserves on Monday, May 23th. Councilors Griswold, Spence, Buck and Harrison volunteered. Juvenile Programs City Manager Reber asked the Council to approve the expenditure of $600.00 to cover printing of stick on labels and buttons which state "Sandy Says No to Drugs, certificates to cover printing on shirts to be given to children who have pledged to say no to drugs and to cover the costs of conducting a raffle drawing for a one night and one day at Rippling River for a child and their family. Motion Councilor Duff moved, seconded by Councilor Griswold and approved by unanimous voice vote: To spend up to $600.00 on the Sandy Says No to Drug Program as presented by the City Manager. The meeting was adjourned at 10:48 p.m. .... Dean~ Wesselink, M~yor ATTEST: Ju~e M. Peterson, City Recorder RESOLUTION NO. 4-88 BE IT RESOLVED by the Common Council of the City of Sandy, Clackamas County, Oregon, that a special election is hereby called in and for the City of Sandy, Clackamas County, Oregon for the purpose of submitting to the legal voters of said City the following question: CITY OF SANDY LIBRARY AND POLICE DEPARTMENT BOND ISSUE QUESTION: Shall the City of Sandy issue general obligation bonds in an amount not to exceed $300,000? EXPLANATION: The bonds shall be payable over a period not to' exceed 20 years. The proceeds therefrom shall be used to purchase, construct, remodel and expand the Stone Building property for library and police purposes. BE 1T FURTHER RESOLVED that Tuesday, June 28, 1988, between the hours of 8:00 a.m. and 8:00 p.m. is hereby designated the date and time for holding the special election for the purpose of voting on the measure as stated in the first paragraph of this resolution. BE IT FURTHER RESOLVED that said election be conducted by the Clackamas County Election Department. BE IT FURTHER RESOLVED that the precincts for said election shall be and constitute all the territory included within the corporate limits of the City of Sandy. BE IT FURTHER RESOLVED that the ballot title to appear on the ballots shall be: CITY OF SANDY LIBRARY AND POLICE DEPARTMENT BOND ISSUE QUESTION: Shall the City of Sandy issue general obligation bonds in an amount not to exceed $300,000? EXPLANATION: The bonds shall be payable over a period not to exceed 20 years. The proceeds therefrom shall be used to purchase, construct, remodel and expand the Stone Building property for library and police purposes. BOND ( ) YES BOND ( ) NO 1 - RESOLUTION BE Iq' FURTHER RESOLVED that the City Recorder of the City of Sandy ~.s hereby ordered and directed to post notices of said election at a conspicuous place in City Hall and in two conspicuous public places elsewhere in the City. These notices shall be posted at least ten (10} days before the date set for the election. The City Recorder shall also give additional notice of the aforesaid City election by publication twice in the Sandy Post, being a newspaper of general circulation in the City of Sandy, Oregon, not more than thirty (30) not less than ten (10) days before the election. The nctice shall contain the ballot title under which the question will appear on the ballot and shall set forth the time and place of said election. AND BE IT FURTHER RESOLVED that the Election Department of Clackamas County is hereby instructed to prepare the ballots and other necessary paraphernalia to conduct said special election. This resolution adopted this 16th day of May, 1988. De,ne Wesselink, May6r ATTEST: son, City Recorder 2 - RESOLUTION CERTIFICATE I, JOHN KAUFFMAN, Clackamas County Elections Officer, do hereby certify that the County Elections Office received the Notice of Election for the City of Sandy $300,000 general obligation bond issue for library and police purposes on the 20th day of May , 1988. Joh]~' Kauffman Affidavit of Publication STATE OF OREGON County of Clackamas ss I, ~aro]. Schi ~ ~e~ , being f rst du y sworn, depose and say that I am the Bookkeeper of the Sandy Postr a weekly newspaper of germral circulatlon~ published at Sandy. in the aforesaid county and state, as defined in ORS Ig3 010 and 193.0~ that _Legal Notice Res~lu%ion~4-~8__ Subscribed and sworn to before me this _ 16th June 88 doy of _ 19 Public for Oregon BE IT RESOLVED by the Common Coun :il of the City of Sandy, Clockomos Coun. ~ereby cal~ed in and for the City of Son- fy, Clackamas County, Oregon for the ~urpose of submitting to the legal voters ~! said City the following question: CITY OF SANDY LIBRARY AND POLICE DEPARTMENT BOND ISSUE QUESTION: Shall the City of Sandy issue general obligation bonds in an :~mount not to exceed $300.000? EXPLANATION: The bends shall be )ayable over a period not to exceed 20 years. The proceeds therefrom shall be expand the Stone Building property for libra~, and police purposes. BE IT FURTHER RESOLVED that Tuesday, June 28, 1988, between the haut1 of 8:00 a.m. and 8:00 p.m. is hereby d~ignated the date and time for holding the special election for the purpose of voting on the measure as stated in the first paragraph of this resolution. iBE IT FURTHER RESOLVED that ~aid election be conducted by the Clackamas County Election Department. J BE IT FURTHER RESOLVED that the Iprecincts for sold election shall be and lconstitute all the territory included within the corporate limits of the City of Sandy. BE IT FURTHER RESOLVED that the ballot title to appear on the ballots Ihail CITY OF SANDY LIBRARY t AND POLICE DEPARTMENT BOND ISSUE QUESTION: Shall the City of Sandy ~issue general obligation bonds in an amount not to exceed EXPLANATION: The bonds shaft be payable over o period not to exceed 20 years. The proceeds therefrom shall be expand the Stone Building property for library and police purposes. BOND ( ) YES BOND ( ) NO BE iT FURTHER RESOLVED that the City iRecorder of the City of Sandy is hereby ordered and directed to past r~otices of said election at o conspicuous place in Ci- ty Hall and in two conspicuous public places elsewhere in the City. These notices shall beposted at least ten (10) days before the date set for the election. The City Recorder shall also give addi- tional notice of the aforesaid City elec- tion by publication twice in the Sandy Post, being a newspaper of~enerol cir- culation in the City of Sandy, Oregon, not more than thirty (30) not less than ten (10) days before the election. The notice shall contain the ballot title under which the question will apppear on the ballot and shall set forth the time and place of said election. AND BE IT EURTHER RESOLVED that the Election Department of Clackarn~s Coun- ty is hereby Instructed t~ prepare the ballots and other necetlary parapher- nalia to conduct said sl~clal election. / This resolution adopted this 16th day al May 1988. Deans Wesselink AFFIDAVIT OF POSTING I, June Peterson, City Recorder for the City of Sandy, Oregon, do hereby certify that on the 13th of June, 1988, I posted copies of a Notice of Special Election for the City of-Sandy general obligation bond issue. The request regarding the measure is being submitted to the voters of the City of Sandy on Tuesday, June 28, 1988. I further certify that the notice I posted is the notice attached hereto as Exhibit "A" and incorporated herein by reference. I further certify that I posted on the aforesaid date copies of the Notice of Special Election at City Hall and in two public places within the City. I further certify that notices were published twice in the Sandy Post. Where Posted: City Hall Post Office Fire Department J'un~e Peterson, City Recorder City of Sandy L~F1DAVIT OF POSTING QCLACKAMAS COUNTY Office of the County Clerk Eleclion~ Dt~i~lon AFFIDAVIT OF HAILING I, Floyd Thomas, do hereby certify that the ballots for the June 28, 1988 special district election were delivered to the Portland Post Office on Friday, June 10. This affidavit is prepared in compliance with the Administrative Rule of the Secretary of State to satisfy the requirements of ORS 255.215. JOHN F. KAUFFMAN COUNTY CLERK By: DEPUTY 825 Porttand Ave. ,* Gladstone, OR 97027-2195 · 655-8510 OATHS OF OFFICE FOR MEMBERS OF ELECTION BOARDS We, the undersigned, being first sworn, severally say upon oath: I will perform the duties of Election Board member, according to law, and I will diligently endeavor to prevent the violation of any provision of law in conducting the election. SIGNATURE PARTY Subscribed and sworn to before me this day Date Signature of witness to oath Title c,C?'~ ~',~ BALLOT OFFICIAL 6ALLOT, SPECIAL ELEC~I COUNTY OF CLACKAMA& CARD STATE OF OREGON, JUNE 2& IDOl COOl NUMBER CITY OF SANDY MEASURE 3-2 Submitted to the legal voters of said City. CiTY OF SANDY LIBRARY AND POLICE DEPARTMENT BOND ISSUE QUESTION: Shall the City of Sandy issue general obligation YES bonds in an amount not to exceed $300,000? NO EXPLANATION: The bonds shall be payable over a period not to exceed 20 years. The proceeds therefrom shall be used to purchase, construct, remodel and expand the Stone Building property for library and police purposes. YOUR VOTED BALLOT MUST BE IN THE ELECTIONS OFFICE NO LATER THAN 8:00 P.M. ON JUNE 28, 1988 TO BE COUNTED. WARNING Any person who, by use of force or other means, unduly influences an elector to vote in any particular manner or to refrain from voting is subject, upon conviction, to imprisonment or t(~ a fine, or both, END OF BALLOT CAND-9~ ~ dNDE~gOTE~ 101 I IIEREBY CERTZFY TIIAT THE I,'OREGOING IS A COMPLETF, AND KXACT* COPY TItE (~RIGTNAI THEREOF. ~tlx:/e M. Peterson, City Recorder CERTIFICATE REGARDING REGULAR MEETING DATE OF THE SANDY CITY COUNCIL AND POLICY REGARDING COMPLIANCE WITH THE OPEN MEETINGS LAW I, June Peterson, City Recorder of the City of Sandy do hereby certify that the regular meeting date of the Sandy City Council is the first and third Monday of each month. I further certify that the following is the policy and practice adopted by the City of Sandy to comply with the requirements of ORS ]92.640: Copies of Council agendas are distributed to the Sandy Post and the Oregonian prior to each meeting. All special meetings of the Sandy City Council are proceeded by at least 24 hours notice. Notice of all such special meetings are posted in three public places within the City. In addition, the Oregonian and Sandy Post are telephonically notifed 24 hours before the special meeting. ~'~une M. Peterson, City Recorder : COUNT Assessor And Tax Collector RECEIVED TIlE CiTY OF SA;laY ASSESSOR'S CERTIFICATE AS TO THE 1987-88 TOTAL TRUE CASH VALUE WITHIN THE CITY OF SANDY #6 CLACKAMAS COUNTY, OREGON STATE OF OREGO~ County of Clackamas SS. I, the undersigned, George E. Malin, duly elected and qualified acting Assessor of Clackamas County, Oregon, do hereby certify that, according to the assessment records of said County in my care and custody, the total true cash valuation of all the taxable property within: CITY OF SANDY #6 Clackamas County, Oregon for 1987-88, the latest year for which said valuation has been determined is $112,665,900. IN WITNESS WHEREOF, I have hereunto set my hand this 8th day of July, 1958. GEM:RLL/jrs By: ASSESSOR CLACKAMAS COUNTY, Ch±ey Of fice Deputy, OREGON Roy L. Long 168 Warner Mi!ne Road ,, Oregon City, OR 97045 · (503) 655-8671 CERTIFICATE OF OUTSTANDING INDEBTEDNESS OF THE CITY OF SANDY I, Thomas Reber, City Manager of the City of Sandy, hereby certify that the outstanding bonded indebtedness of the City of Sandy as of the 30th day of June, 1988, is reflected accurately on Exhibit "A" attached hereto and incorporated herein by reference. Thon~as-Reber,- City Manager City of Sandy Fi seal Year Total CITY OF SANDY Statement of Bonded Debt Requirements Water and Sewer Bonds June 30~ 1988 Principal Interest Sewer Bond Principal 11-1-71 Interest 1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 Total 182,457.50 185 987.50 183 961.91 181. 605.66 144 725.00 143 500.00 146 805.00 149 527.50 132 125.00 120,000.00 62,457.50 30,000.00 130,000.00 55,987.50 35,000.00 135,000.00 48,961 · 91 35,000.00 140,000.00 41,605.66 35,000.00 110,000.00 34,725.00 115,000.00 28,500.00 125,000.00 21,805.00 135,000.00 14,527.50 125~000.00 7, 125.00 $1 ~ 450,695.07 $1, 135,000.00 Water Reservoir Bond 10-1-75 Principal Interest 397.50 690.00 821.91 940.66 $315,695.07 $135,000.00 $14,850.07 Alder Creek Water Bond 3-1-77 Interest Principal t~88-89 ~89-90 1990-91 19~1-92 1992-93 1993-94 19~4-95 1995-96 1996-97 Total 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 15,000.00 15,000.00 $90,000.00 6, 122.50 5,440.00 4,745.00 4,040.00 3,325.00 2,600.00 1 , 680.00 562.50 $28,515.00 8¢1,000.00 49,937.50 85,000.00 45,857.50 9¢), 000.00 41,395.00 95,000.00 36,625.00 100,000.00 31,400.00 105,000.00 25,900.00 110,000.00 20, 125.00 120,000. 00 13,965.00 125,000.00 7, 125.00 $910, 000. 00 $272. 330.00 CITY OF SANDY Statement of Bonded Debt Requirements General Obligation Bonds June 50, 1988 Fiscal Year 1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 1997-98 Total Year 1988-89 1989-90 1990-91 1991-92 1992-95 City Hall & Library 10-1-68 Total Principal 10,108.00 10,796.00 10,432.00 10,068.00 10,704.00 10,288.00 9,872.00 10,456.00 9,988.00 10,520.00 6,000.00 7,000.00 7,000.00 7,000.00 8,000.00 8,000.00 8,000.00 9,000.00 9,000.00 10,000.00 $103,232.00 $79,000.00 Local improvement Bonds Intereet 4,108.00 5,796.00 3,452.00 3,068.00 2,704.00 2,288.00 1,872.00 1,456.00 988.00 520.00 $24,232.00 L.I.D- 2 Total 18~495.00 17,737.50 16,965.00 16,181.25 15,393.75 84,772.50 Principal 15,000.00 15,000.00 15,000.00 15,000.00 15,000 · 00 75,000.00 Interest 3,495.00 2,737.50 1,965.00 1,181.25 593.75 9,772.50 LINDSA'Y, HART, NEIL /~ WEIGLER December 1, 1988 CERTIFIED MAIL RETURN RECEIPT REQUESTED Internal Revenue Service Internal Revenue Service Center Philadelphia, Pennsylvania 19255 Re: $300,000 City of Sandy Clackamas County, Oregon General Obligation Building Bonds, Series 1988 Gentlemen: Enclosed is the IRS Form 8038-G for filing in connection with the above-referenced financing. Please acknowledge receipt of this document on the enclosed copy of this letter by placing your date and filing stamp on same and returning it to us in the envelope provided. Thank you for your consideration. Yours truly, LINDSAY, HART, NEIL & WEIGLER Richard D. Roberts ~/cc: Ms. June M. Peterson, Finance Director Enclosure(s) CWCcwc469 8038-G (December ~.986) Information Return for Tax-Exempt Governmental Bond Issues · Under Section (Use Form 8038-GC If issue price Is under $100.000.) OMBNo 1545-{)720 £xp~res :2-31-89 I L,~T', i I Reporting Authority Issuer S nlme CITY OF SANDY P. O. Box 1119 Sandy, Oreqon 97055 a;~-,iII Type of Issue (check box(es) that applies) Check box if Amended Return · [] 93-6002250 01988 _ 1 October 21, 1988 Check box if bonds are tax or other revenue anticipation bonds · [] 7 Check box if bonds are in the form of a lease or installment sale I, F-] (C~ 98 [] Education ..................... ~, ~ . ].0 [] Healthand hospital .................... 3.1 [] Transportation ..................... ].2 [] Public safety .......................... 3.3 [] Environment (includingsewage bonds) ................ ~/.. ].4 [] Housing .............................. 15 [] Utirities .............................. 16 [] Other. Describe (see instructions) · 299,459.40 m~mmm Description of Bonds (a) (a) I (bi (c) Stated redemption Matur,ty date L Interest ,ale [ Issue pr,ce p,,ce at matur,t¥ 3.7 Finalmaturity . 10/1/2003//7'00% 29,724.30 30r000 38 Entire issue . ~/////~~;~/~ 299,459.40 300,000 larl~lL,~ Uses of Original Proceeds of Issue (including underwriters' discount) 19 Proceeds used foraccrued interest ....................... 39 Proceeds used for bond issuance costs (including underwriters' discount) ........... 2024 Proceeds used for credit enhancement ...................... 21 Proceeds allocated to reasonably required reserve or replacement fund ........... :~2 Proceeds used to refund prior issues ...................... 23 Nonrefundin~ proceeds of the issue (subtract lines 20, 21, 22, and 23 from line 18, column (cl) . . . 20 21 19.19 years I 6.7625%16.8726% 1,097.22 16,921.02 22 -0- 23 -0- 24 282,538.3~ larr'.l,J Description of Refunded Bonds (complete this part only for refunding bonds) N/A 25 Enter the remaining weighted average maturity of the bonds to be refunded ......... · years 26 Enter the last date on which the refunded bonds will be called ............. · 27 Enter thedate(s) the refunded bonds were issued · Earr', ~U ! Miscellaneous 28 Enter the amount (if any) of the state volume cap allocated to This issue .......... · -0- 29 Arbitrage rebate: a Check box if the small governmental unit exception to the arbitrage rebate requirement applies ............ ~ b Check box if the 6-month temporary investment exception to the arbitrage rebate requirement is expected to apply ..... [] c Check box if you expect to earn and rebate arbitrage profits to the US .................... [] 30 Enter the amount of the bonds designated by the issuer under section 265(b)(3)(B)(ii) ..... · 300 r 000 31 Pooled financings: N/A &Check box if any of the proceeds of th~s issue are to be used to make loans to other governmental units · [] and enter the amount · b Check box if this issue is a loan made from the proceeds of another tax-exempt issue · [] and enter the name of the issuer I~ and the date of the issue · Please Sign Here ~-glg~tufe of Off,cer Date · Title For Paperwork Reduction Act Notice, see page 1 of the Instructions. Fo~m 8038-G (~2-86) Fo, 8038-G (December 1986) I ~'~ II Reporting Authority CITY OF SANDY Information Return for Tax-Exempt Governmental Bond Issues OMa · Under Section 149{e) £xp,,es ]2-3i-89 (Use Form 8038-GC if issue price iS under $100,000.) Check box if Amended Return S Number sncistreet P. O. Box 1119 a City or town, state, and ZiP code Sandy, Oregon 97055 I~'~Gill Type of Issue (check box(es) 93-6002250 G1988 1 October 21, 1988 7 Check box if bonds are tax or other rave 8 Check box if bonds are in the form of a I 9 [] Education ........ 10 [] Health and hospital [] Transportation ...... 3.2 [] Public safety ....... } !, I 0 i] · 13 [] Environment (inctudingsewage bm 14 [] Housing ........ 15 [] Utilities ........ 16 [] Other. Describe(see instructions) l i~-'r~illl Description of Bonds Matur,ty date ~lr 17 Final maturity 10/1/2003 "g I~r;a[,a Uses of Original Proceeds 299,459.40 J (e) J ,f, [ Weighted · ~ Net interest Od 00 19.19 yearsI 6.7625% 16.8726% ,unt) 19 Proceeds used foraccruedinterest . J (r~ 20 Proceeds used for bond issuance cost: ' "' ') uTC~j' 0 ~ ........ ........ 21 Proceeds used for credit enhancemen ........ 22 Proceeds allocated to reasonably required reserve or replaceh~e,,, ,,.,,,. ........ 23 Proceeds used to refund prior issues ...................... 24 Nonrefundin~: proceeds of the issue (subtract lines 20, 21, 22, and 23 from line 18, column ii t, 097 · 22 20 i6,921.02. 21 -0- 22 -0- 23 -0- 282,538,38 years I ;,~'lli'l Description of Refunded Bonds (complete this part only for refunding bonds) N/A 25 Enter the remaining weighted average maturity of the bonds to be refunded ......... · 26 Enter the last date on which the refunded bonds will be called ............. · 27 Enter the date(s) the refunded bonds were issued ~ J~JU! Miscellaneous 28 Enter the amount (if any) of the state volume cap allocated to this issue .......... · -0- 29 Arbitrage rebate: a Check box if the smalt governmental unit exception to the arbitrage rebate requirement applies ............ ~] b Check box if the 6-month temporary investment exception to the arbitrage rebate requirement is expected to apply ..... [] c Check box if you expect to earn and rebate arbitrage profits to the U.S .................... [] 30 Enter the amount of the bonds designated by the issuer under section 265(b)(3)(B)(ii) ..... · 300 ¢ 000 31 Pooled financings: N/A a Check box if any of the proceeds of this issue are to be used to make loans to other governmental units · [] and enter the amount · b Checkboxifthisissueisaloanmadefromtheproceedsofanothertax.exemptissue · [] andenterthenameofthe issuer · and the date of the issue · Please Sign Here For Paperwork Reduction Act Notice, see page I of the Instructions. Form 8038-G (]2-86) October 21, ]988 Freda S. Ackerman Executive Vice President Moody's Investment Service 99 Church Street New York, NY ].0007 RE: City of Sandy General Obligation Bond Dear Ms. Ackerman: Enclosed you will find a copy of the Official Statement in the above entitled matter. Should you require anything further~ please advise. Sincerely, C~ O~ P.O. BOX 1139 SANDY, OREGON 97055 Tetephone 668-5533 regard to June M. Peterson, Finance Director gMP:mp Eno. NOTE: The City of Sandy is an equal opportunity employer and does not discriminate on the basis of race, religion, sex or handicapped status. Moody Investors Serv,ce 99 Church Street, New York, N.Y. 10007 September 23, 1988 MS. June M. Peterson Finance Director City of Sandy P.O. Box 116 Sandy, Oregon 97055 Dear Ms. Peterson: We wish to inform you that our Rating Committee has assigned the rating of Baa 1 to the $300,000 Sandy, Oregon General Obligation Bonds to be sold September 27, 1988. In order that we may maintain the currency of this rating over the period of the loan, we will require current financial and other updating information. We will appreciate your continued cooperation in the future. We will appreciate receiving a copy of the Official Statement when available. Should you have any questions regarding the above, please do not hesitate to contact Diane Schenkman at (212) 553-0300. Sincerely yours, Freda S. Ackerman Executive Vice President FSA:vlw N~w ISSUE MOODY'S RATING: Baal (See the caption '~I/ATING" herein) In the opinion of Bond Coun~l, under existing law and conditioned on the City of Sandy complying with certain covenants descril~d herein, interast on the Series 1988 Bond~ is excluded from gross income for federal income tax purposes, .e~ce!?t for alts~ minimum tax impo~d on corporat~s, and is exempt from Oregon ~.rsonal in~ome tax az of the date of the ~asue. Bond C~um~l ~ no opinion rega~ng other federai,ta~, con~quenczs ar~s'~, with respect to the Series 19B8 Bonds. See "Tax F~empt~o~ hereto. ~ Sffies 198~ Bond~ are not ~rioats activity bond~ under Sectio~ 141 of the Intsrn~ Revenue Cede of 19~6 (the *Cod~"). T~e Series 19~ Bond~ are "qualLfi~ tax e~empt ol~igattonz" under S~tton 265 of the $300,000 CITY OF SANDY CLACKAMAS COUNTY, OREGON GENERAL OBLIGATION BUILDING BONDS, SERI S 1988 DATED: October 1, 1988 DUE: October 1, as shown below The Bonds will be issued as registered bonds in integral multiples of $5,000. Interest on the Bonds will be paid on April 1, 1989, and semiannually thereafter on April 1 and October 1 of each year. Interest on the Bonds shall bo paid by check or drai~ mailed to the registered owners at the addresses appearing on the Bond Register on the fii~enth day of the month preceding each interest payment date. Principal of the Bonds shall be payable upon presentation and surrender of the Bonds by the registered owners at the principal corporate trust office of the Paying Agent, the United States Bank of Oregon, of Portland, Oregon. Maturity Schedule Due Principal Interest Yield Or Oct. 1 Amounts Rates Price 1989 $10,000 5.60% 100 1990 15,000 5.90 100 1991 15,000 6.00 100 1992 15,000 6.10 100 1993 15,000 6.20 100 1994 15,000 6.30 100 1995 20,000 6.40 100 1996 20,000 6.50 100 Due Principal Interest Yield Or Oct. 1 Amount~ Rates Price 1997 $20,000 6.60% 100 1998 20,000 6.70 100 1999 25,000 6.80 100 2000 25,000 6.90 100 2001 25,000 7.00 100 2002 30,000 7.00 7.10 2003 30,000 7.00 7.10 (Plus accrued interest from October 1, 1988) The Bonds will be subject to optional redemption as described herein. The Bonds constitute valid and legally binding obligations of the City. The full faith and credit of the City ispledged for the punctual payment of the principal of and interest on the Bonds. The City has pledged and is obligated by law to provide for the levy and collection annually of ad valorem taxes without limitation as to rate or amount on all taxable property in the City to pay the principal of and interest on the Bonds. The bends do not constitute a debt or indebtedness of Clackamas County, Oregon, the State of Oregon, or any political subdivision thereof other than the District. The Bonds are not private activity Bonds. The City has designated the Bonds as qualified t~x- exempt obligations so that banks, thrift institutions and other financial institutions will be allowed a deduction of 100% of their interest expenses allocable to the Bonds. The approving legal opinion of Lindsay, Hart, Neff & Weigler, Portland, Oregon, and executed Bonds with the legal opinion printed on the Bonds, will be furnished at the expense of the City. A nonlitigation certificate in the usual form will be included in the closing documents. It is expected that the Bonds in definitive form will be available for delivery in Portland, Oregon on or about October 21, 1988. Dated: September 27, 1988 THE CITY OF SANDY CLACKAMAS COUNTY, OREGON Flected Officials Dearie Wesselink~ Mayor City Council 3ames C. Duff Larry V. Buck Robert Griswold Dick Harrison Marge Fredrickson Mort Spence Thomas Reber ~Iune M. Peterson A ppo'mted Officials City Manager Finance Director Bond Counsel Lindsay Hart Nell & Weigler Portland, Oregon (503) 226-1191 Fina~dal Advisor Seattle-Northwest Securities Corporation Portland, Oregon (503) 275-8303 'qo dealer, broker, salesman or other person has been authorized by the City to give any information or to make any representations with respect to the Bonds other than those contained in this Offidial Statement, and, if given or made, such information or representations must not be relied upon. This Official Statement does not constitute an offer to sell nor the solicitation of an offer to buy, nor shall there be any sale of the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth herein has been obtained from sources which are believed to be current and reliable. Estimates and opinions included herein should not be interpreted as statements of fact. The information and expressions of opinion stated herein are subject to change without notice. The delivery of this Official Statement shall not, under any circumstances, create any implication that there has been no change in the information or opinions set forth herein or in the affairs of the City since the date hereof. TABLE OF CONTENTS Notice of Bond Sale Description of the Bonds Security Authorization for Issuance Use of Proceeds Future Financings City Indebtedness Debt Payment Record Property Tax Administration Tax Collection Record Financial Information Debt Information Bonded Debt Ratios Summary of Overlapping Debt Representative Levy Rate Tax Levies Outstanding Obligations General Obligation Debt Service Requirements City Financial Factors General Fund - Balance Sheet General Fund - Statement of Revenues, Expenses and Changes in Fund Balances General Fund - Budget of Revenues and Expenditures (Revenues) General Fund - Budget of Revenues and Expenditures (Expenditures) General and Economic Information Bid of Financial Advisor Litigation Tax Exemption Legal Matters Rating Pal[e ii 2 2 2 3 3 7 7 lO 12 [3 13 16 19 19 i9 20 20 vi OFFICIAL STATEMENT THE CITY OF SANDY CLACKAMAS COUNTY, OREGON $300,000 GENERAL OBLIGATION BUILDING BONDS, SERIES The City of Sandy, Oregon (the "City"), a municipal corporation duly organized and existing under and by virtue of the laws of the State of Oregon, furnishes this Official Statement in connection with the offering of $300,000 prindpai amount of General Obligation Building Bonds, Series 1988, dated October 1, 1988 (the "Bonds") to be issued in accordance with the Official Notice of Bond Sale of the City. Reference is made to the Official Notice of Bond Sale for the terms and conditions of sale and delivery of the Bonds to the original purchasers of the Bonds. This Official Statement, which includes the cover page, provides information concerning the City and the Bonds. DESCRIPTION OF THE BONDS Principal Amount~ Dater Interest Rates and Maturities The Bonds will be issued in the principal amount of $300,000 and will be dated and bear interest from October 1, 1988. The Bonds will mature on the dates and in the principal amounts, and will bear interest (payable semiannually on April ! and October 1, commencing April 1, 1989) at the respective rates as set forth on the cover of this Official Statement. Optional Redemption The Bonds maturing in years 1989 through 1998, inclusive, will not be subject to redemption prior to maturity. The Bonds maturing on or after October 1, 1999 are subject to redemption at the option of the City on and after October 1, 1998, in whole or in part on any interest payment date (maturities to be selected by the Registrar and by lot within a maturity) at a price of par plus accrued interest, if any, to the date of redemption. Notice of redemption will be given not less than 30 nor more than 60 days prior to the redemption date by registered or certified mail, postage prepaid, to the registered owner of any Bond to be redeemed at the address appearing on the Bond Register. Extraordinary Redemption The Bonds are subiect to extraordinary redemption at par plus accrued interest, on October l, 1991, solely from, and to the extent of, any proceeds of the Bonds in excess of $10,000 which remain unexpended on that date. Form and Denomination The Bonds will be issued as fully registered bonds in denominations of $5,000, or any integral multiple thereof. Pa)qng Agent Principal of and interest on the Bonds will be payable by the Paying Agent, United States National Bank oi Oregon, Portland, Oregon. SECURITY The Bonds are unlimited general obligations of the City. The City, as authorized by law, ordinances and resolutions of its City Council duly and regularly adopted, has irrevocably pledged that it will make annual levies of taxes, without limitation as to rate or amount, upon all oi the property in the City subject to taxation in amounts, together with other money available and to be used therefor, sufficient to pay principal and interest on the Bonds as the same shall become due, The Bonds do not constitute a debt or indebtedness of Clackamas County, Oregon, the State of Oregon, or any political subdivision thereol other than the City, AUTHORIZATION FOR ISSUANCE Under, and in accordance with, the laws and provisions of the State of Oregon, this general obligation bond issue is issued pursuant to Resolution No. 10-88 of the City Council passed on September 6, 1988. USE OF PROCEEDS The proceeds from the Bonds will be used to finance the acquisition, construction, remodeling and expansion of the Stone Building for library and police purposes. Estimated Sources and Uses o! Funds Sources Par Amount of Bonds ~300,000 $300~000 Uses Construction $296,459 Underwriters' Discount and Expenses 3~3ql $300,000 FUTURE FINANCINGS The City has no authorized but unissued bonds. CITY INDEBTEDNESS Debt Limitation Oregon statutes limit the amount of general obligation bonds which an Oregon dty may have outstanding at any time to three percent of the true cash value of the taxable property within the city unless the city charter provides for a lower percentage. This statutory limitation does not apply to general obligation bonds issued for water, sanitary or storm sewers, sewage disposal plants, hospitals, infirmaries, gas, power, or lighting purposes, or the acquisition, establishment, or reconstruction of any off-street motor vehicle parking facility nor to bonds issued pursuant to applications to pay assessments for improvements in installments under statutory or charter authority ("Bancroft" Bonds) which are completely self-supporting. In addition, Oregon statutes limit the Bancroit bonded debt which a city may have outstanding at any one time to three percent of the latest true cash value of the property within the City. Enterprise debt and utility debt are not subject to the two preceding limitations. The City may issue tax anticipation notes in an amount which, in the aggregate, equal up to 80% of ad valorem taxes upon real and personal property which have been levied and are in the process of collection for the fiscal year in which the notes are issued, and 8096 of other budgeted and unpledged revenues which it is estimated will be received from other sources during the tax year. The following table shows the debt capacity of the City: Debt Capacity Assessed Value (TCV) (1987-88) General Obli§ation Debt Capacity (396 of Assessed Value) Less: Outstanding Debt Remaining Legal Debt Capacity $112,665,900(1) 3,379,977 989,000 $ 2,390,977 (1) Source: Municipal Debt Advisory Commission, State of Oregon Treasury Depart- ment. Clackamas County Assessor. DEBT PAYMENT RECORD The City has always promptly met principal and interest payment on outstanding bonds when due. Additionally, no refunding bonds have been issued for the purpose of preventing an impending default. PROPERTY TAX ADMINISTRATION The property tax is used by Oregon cities) counties, schools and other special districts to raise revenue to defray the expense of local government. The State of Oregon has not levied property taxes since 19ql and obtains its revenue principally from income taxation. Property tax administration, governed by the Oregon Constitution, the state's taxation laws and regulations of the Department of Revenue, involves the process of assessment, equalization, levy and collection of taxes. Valuation of Property: Assessment and Equalization The process of identifying and assigning a value to taxable property is termed "assessment" and the process of maintaining uniformity of values between property owners and various classes of property is termed "equalization." Assessment of property is administered by the County Assessor except for public utility property which is assessed by the state Department of Revenue. All property is reappraised in 6-year cycles and ~alues are adjusted annually to maintain assessments within a 596 deviation of county- wide market values. Equalization of values is performed by the county Board of Equalization. Administrative and judicial remedies are available to property owners who disagree with assessments. Property subject to taxation includes all privately owned real property (land, buildings and improvements) and personal property (machinery, oflice furniture, equipment and livestock). There is no property tax on household furnishings (exempt in 1913), personal belongings, automobiles (exempt in 1920), crops, orchards, business inventories or intangible property such as stocks, bonds or bank accounts. Property used for religious, [raternal and governmental purposes is exempt and reductions in assessments are granted £or veterans' homesteads, certain open space farm lands and historic buildings. The assessment roll, a listing of all taxable property, is prepared as of 3anuary I of each year. Prior to 1980 assessed and true cash value were identified as market value for all classes of taxable property. From 1980 to 1983, taxable property was divided into two classes: "Homestead" and "All Other." The Homestead class consisted of owner-occupied single family residences. Property was appraised at true cash value (market value) but assessed in a manner that limited the state-wide annual growth to 5% for either class. Beginning m 198q-85, the class distinction was eliminated with the state-wide growth limitation applied to all property equally. Assigned ratios of assessed to true cash value of property have been: Year 1986-87 1985-86 i98q-85 1983-8q i982-83 i981-82 i980-81 "Owner-OccupiecP "AU Othera Class Class 100.0% of TCV i00.0% of TCV 96.0% of TCV 90.3% of TCV 33.8% of TCV 31.6% of TCV 3q.2% of TCV 100.0% of TCV 100.0% of TCV 96.0% of TCV 90.9% of TCV 85.1% of TCV gq.q% of TCV 87.6% of TCV Tax Levies and Rates Authority to levy property taxes is vested with the governing body of each local government unit. The governing body determines the levy annually before July 15 as part of the budget process. Annual budgets for local units are based on a fiscal year which begins on July I and ends the following June 30. Constitutional and statutory limitations on the amount that a governing body may levy are: Levy Within 6% Limitation (Tax Base Levy). A tax base, approved by a majority of voters at a general election, represents permanent authority to annually levy a dollar amount which cannot exceed the highest amount levied in the three most recent years in which a levy was made, plus six percent thereof. Tax base levies may also be increased in proportionate amounts for annexed territory. A local unit is permitted to have but one tax base levy and proceeds may be used for any purpose for which the unit may lawfully expend lunds. Levy Outside 6% Limitation (Special~ Serial or Continuing Levy). Special and serial levies are temporary taxing authority permitting the levy of a specific dollar amount for one year (special) or for two or more years up to ten years (serial). Continuing levies are those approved by voters prior to 1953, are permanent in nature and are limited in amount by the product of the voted tax rate and the assessed value of the unit. Since 1978 serial levies may also be established based on a specified tax rate but the term may not exceed three years. Not more than four serial levy measures may be proposed in a given year. Special levies are limited in size by the net tax rate freeze described later in this section. Levy Not Subject to 6% Limitation (Debt Levy}. Local units are required to annually levy an amount sufficient to pay principal and interest costs for a bonded debt. Bond measures to be paid from future tax levies must first be approved by a majority of those voting unless otherwise provided by law. Proceeds from a debt levy cannot be diverted to another purpose. Property Tax Collections Oregon Revised Statutes Chapter 311 requires that all tax levy revenues collected by a county for all taxing units within the county be placed in an unsegrated pool, and each taxing unit shares in the pool in the same proportion as its levy bears to the total of all taxes levied by all taxing units within the county. As a result~ the tax collection record of each taxing unit is a pro rata share of the total tax collection record of all taxing units within the county combined. Other Possible Impacts on the City's Revenues Oregon has rejected tax limitation measures five times in the past ten years~ most recently in November 1986. Each one, had it passed, would have reduced the composite tax rate and limited growth of assessed valuation. These could have significantly decreased the annual revenues of Oregon municipalities. City o! Sandy Assessed Value of Taxable Property (1) FY Ending 3une~O Aaaeaaed Value 1988 $112,665,900 1987 1i0,355,380 1986 100,238,970 1985 98,901,050 1980 90,050,100 (i) Prior to fiscal year 1980-81 property was assessed at true cash value (TCV). For subsequent years the County Assessor applied a percentage factor to TCV to determine Assessed Valuation. The percentage applied was determined for two classes of property: "owner occupied*' homestead properties and all other property. The class distinction was eliminated beginning in the 1980-85 fiscal year, with the statewide growth limitation applied to all property equally. The distinction between True Cash Value and Assessed Valuation was eliminated beginning in the 1985-86 fiscal year. Source: Clackamas County Assessor TAX COLLECTION RECORD Current Levy & Balance Corrections Balance Receivable Discounts and Cash Receivable Tax Year 6/30/86 AUowed Adjustments Interest CoUection~ 6/30/87 1986-87 $570,538 $(ii,202) $ (702) $ 638 $(511,072) $07,800 1985-86 52,382 (790) 2,295 (26,805) 27,078 1984-85 30,510 (230) 2,878 (15,838) 17,320 1983-8# 18,306 (176) 0,038 (16,802) 5,726 1952-83 & Prior 0~923 (910) 2,276 (5~510) 779 ~676,659 $(ll,202) $(2,812) $12,525 $(576,067) $98,703 Source: City of Sandy audited financial statements THE CITY OF SANDY FINANCIAL INFORMATION (As of :luly 31~ 198g) Assessed Valuation (19g7-gg) (l) -- $112,665,900 Estimated Population -- 3,630 DEBT INFORMATION Gross Bonded Debt Net Direct Debt (2) Estimated Overlapping Net Debt Total Net Direct and Estimated Overlapping Debt 1~259~000 989,000 1~g17)369 2~g06~369 (1) The distinction between true cash value and assessed valuation was eliminated beginning in the 1995-g6 fiscal year. (2) Net debt includes all tax-supported bonds. Bancroft Act General Obligation Improvement Bonds and self-supporting general obligation bonds are excluded. Source: Municipal Debt Advisory Commission, State of Oregon Treasury Department. BONDED DEBT RATIOS Direct Debt to Assessed Valuation Direct and Estimated Overlapping Debt to Assessed Valuation 0.88% 2.~9% Per Capita Assessed Valuation Per Capita Direct Debt Per Capita B'trect and Overkapping Debt $31,037 $ 272 THE CITY OF SANDY SUMMARY OF OVERLAPPING DEBT (As o! July 31, 1988) Overlapping District Clackamas County School District No. 46 Sandy RFPD Clackamas Union High School District No. 2 Mount Hood Community College Clackamas County Port of Portland 1986-87 Overlapping Asse~ed Gross (1) Net (2) Valuation Percent Bonded Direct (in ~000) Overlap Debt Debt 311,393,460 36.18% $ 9#6,170 $ 946,170 316,177,110 35.63 153,225 153,225 652,172,560 17.28 153,752 153,752 5,755,527,402 1.96 167,073 167,073 8,610,873,040 1.31 110,364 0 36,810,632,504 0.31 397~149 397~149 }1~927~733 $1~817~369 (I) Gross bonded debt includes all bonds backed by a general obligation pledge including Bancroft Act general obligation improvement bonds and self-supporting general obligation bonds. (2) Net direct debt includes all tax-supported bonds. Bancroft Act general obligation bonds and self-supporting bonds are excluded. Source: Municipal Debt Advisory Commission, Oregon State Treasury THE CITY OF SANDY REPRESENTATIVE LEVY RATE (Rates Per $1,000 ol A~essed Value) ClackamasCounty $ 2.22 City of Sandy 5.22 Fire District No. 72 2.15 Clackamas Elementary ESD .69 Clackamas High ESD · 36 Mount Hood Community College l .77 Clackamas County School District No. 46 7.70 Union High School District 5.34 Vector Control District .02 Port of Portland .38 $25.85 Total 5ource: Clackamas County Assessor THE CITY OF SANDY TAX LEVIES (DoUars per SI,000 of True Cash Value) CoUection Year (F. nded Assessed Levy Total June 30) Valuation Rate Levy (1) i 988 $ 112 , 665,900 $5.22 $587,371~ 1987 it0,355,380 5.17 570,537 1986 I01;,238,970 5.g5 568,102 1985 95,901,050 6.19 612,198 198q 91~,050,100 6.## 605,683 (1) Due to rounding, Levy Rate times Assessed Valuation does not equal Total Levy. Source: Clackamas County Assessor Ao THE CITY OF SANDY OUTSTANDING OBLIGATIONS (As of 3uiy 31, 1988) General Obligation Bonds Tax Supported Administration Facilities Water Total Net Direct Debt: Final Date Maturity Amount Amount Issued Date Issued Outstanding 9/1/68 1/1198 $ 151,000 311177 311197 1,500,000 Self-Supporting Sewer Water Total Self-Supporting Debt: ~/1171 711191 $ ¢50,000 10/1/75 10/1/95 155,000 General ObliRation Improvement (Bancroft) Improvement i2/1/77 12/1/92 $ 171,9#2 Total General Obligation Bonds (Gross Direct Debt): 79,000 910:000 989~000 105,000 90~000 195,000 75,000 $17259~000 THE CITY OF SANDY GENERAL OBLIGATION DEBT SERVICE REQUIREMENTS (Fiscal Year Ended 3une 30) Year 1989 1990 1991 1992 1993 1990 1995 1996 i997 i998 1999 2000 2001 2002 2003 2004 Total Outstanding General Obligation Bonds Principal Interest 86,000 $ 5~,045 92,000 49,65# 97,000 4#,827 102 000 39,693 10g 000 3#,10# 113 000 28,188 118 000 21,997 129 000 15,421 134 000 8,113 10 000 520 ~9891000 ~296~562 This Issue Principal Interest $ 0 $ 9,875 10,000 19,470 15,000 18,748 15,000 17,855 15,000 16,9#7 15,000 16,025 15,000 15,088 20,000 13,975 20,000 12,685 20,000 11,375 20,000 10,0#5 25,000 8,525 25,000 6,812 25,000 5,075 30,000 3,150 30,000 It050 ~300~000 ~186~700 Total $ 1#9 920 171 124 175 575 17# 5#8 174 051 172 213 170085 178 396 174 798 41895 30.045 33,525 31,812 30,075 33,150 31~050 ~1~772~262 CITY FINANCIAL FACTORS Budgetary Process and ControLs The City prepares an annual budget in accordance with the Oregon Local Budget Law. Chapter 29# of the Oregon Revised Statutes establishes standard procedures for all budget functions for all Oregon local governments. Under the applicable provisions, there must be public participation in the budget process and the adopted budget must be balanced. The City Manager evaluates the budget proposals of the various departments of the District to determine the funding levels of the operating and public service programs. The budget is presented to the public through public hearings held by a budget committee consisting of City Council members and laypersons. After giving due consideration to the input received from the citizens, the City Council adopts an ordinance which adopts the budget, authorizes the levying of taxes and sets appropriations. The budget ordinance must be adopted not later than June 30 of each fiscal year. The budget may be amended during the applicable fiscal year through the adoption of a supplemental budget. Supplemental budgets may be adopted through the same process used for adoption of the regular budget, including the use of public hearings. 10 Financial Reporting The Annual Financial Report of the City is prepared in accordance with generally accepted accounting principles C'GAAP"). In addition to presenting the financial position, results of operations, and changes in financial position of the City's funds, the Annual Financial Report reconciles differences in reporting activities between the budgeting basis, as presented in the annual approved budget, and the basis according to GAAP as is used in the preparation of the financial report. Also produced annually is the City's annual financial review which is a report to the citizens of the City finances prepared on a consolidated basis. Independent Audit Requirements Each Oregon municipal corporation must obtain an audit and examination of its accounts and financial status at least once each year pursuant to the Oregon Municipal Audit Law, Oregon Revised Statutes 297.~05 to 297.55~. Municipalities having annual expenditures of less than $100,000, with the exception of counties and school districts, are exempt from this requirement. All Ore§on counties and school districts, regardless of amount of annual expenditures, must obtain an audit annually. The required audit may be performed by the State Division of Audits or by public accountants certified by the State as capable of auditing municipal corporations. The City audits for the fiscal years 198~-85 through 1986-87 were performed by Coopers & Lybrand, CPAs, Portland, Oregon. The latest (1986-87) audit reports indicate the financial statements present the City's financial picture fairly and are in conformance with generally accepted accounting principles applied on a consistent basis. A complete audit is available upon request to the City or its financial consultant. Pension Plans The City participates in the State of Oregon Public Employees Retirement System (PERS). All participating employees of the City are covered by the plan alter six months of employment. The plan is a defined benefit plan to which the City contributes both the employer's portion and the employee's contribution. The rate of employee contribution is established by law. The rate of employer contribution is set by the Public Employees Retirement Board, based upon actuarial valuations. The employer contribution rate for 1986-87 was 7.42% plus the qualified employees' contribution of 6.0 percent. The total expense for the City for the 1986-87 fiscal year was $81,350. Il THE CITY OF SANDY GENERAL FUND BALANCE SHEET (Years Ending 3une 30) ASSETS 1987 5#32,363 78,#69 13,775 0 $52q,807 Assets Cash & investments Property taxes receivable Accounts receivable Other assets Total Assets 1986 $~9%733 73,909 1¢,687 0 5583,329 1875 $¢6%277 83,86¢ 12,962 2)Oil $563,114 LIABILITIES AND EQUITY Liabilities Accounts payable Deferred revenue Total Liabilities 26,610 69)971 96,581 1986 $ 10,8¢2 67)002 $ 77,8¢¢ 1875 $ 1¢,073 78)998 $ 93,071 Equity Reserved for encumbrances Unreserved: Designated for future expenditures Undesignated Total Fund Equity Total Liabilities and Fund Equity $ 0 3,000 ¢25)226 428)226 $524)807 $ ¢,385 3,000 ¢98:100 505)¢85 $583~329 $ 37,486 3,000 4291557 ¢70)043 $563)114 12 THE CITY OF SANDY GENERAL FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES (Years Ending 3une 30) Revenues Taxes Franchise fees Licenses and permits Inter§overnmental revenue Charges for services Fines and forfeits Miscellaneous revenues Expenditures General government Public safety Culture and recreation Total expenditures Excess of revenues over (under) expenditures Other financing sources (uses) Operating transfers in Operating transfers out Total other financing sources (uses) Excess of revenues and other sources over expenditures other uses Fund balance, 3uly I Fund balance, 3une 30 1997 1986 1985 $423,706 $464,160 $463,062 75,734 86,647 91,591 52,268 37,773 29,612 169,597 166,888 170,420 21,062 7,695 #,256 16,337 50,339 ¢8,760 61~648 62~097 55~035 $820,352 $875,599 $862,736 $21#,702 $305,523 $276,526 309,789 334,619 383,705 174~921 209~331 233~#82 699,412 849,473 893,713 120,940 26,126 (30,977) 35,300 9,316 10,588 0 0 (56,870) 35,500 9,316 (46,282) [36,¢40 35,442 (77,259) 313,603 470,0q3 505,#95 $470)043 $505~485 $#25~226 13 THE CITY OF SANDY GENERAL FUND BUDGET OF REVENUES AND EXPENDITURES (Years Ending ~une 30) Revenues Beginning Balance Current year taxes Prior year taxes Franchise fees Building permits Business licenses Plumbing permits Amusement licenses Moving permits Liquor licenses State liquor tax State revenue sharing State cigarette tax State 91 i State planning State library grant County library Senior citizens grant Plan check fees Planning commission Engineering fees Lien searches Police reports Court fees Library fines Interest Senior & recreation Miscellaneous Property sale revenue Transfer - Bancroft Fund Transfer - LID No. 6 Assessment Collection - LID No. 6 Assessment Collection - LID No. 7 Total revenues 1999 Budget $ 33#,600 472,600 52,400 95,000 15,000 15,000 6,000 1,200 2OO 8O0 25,000 18,000 13,000 lO,O00 0 5O0 93,000 19,000 7,000 1,500 1,000 t,000 800 55,000 2,000 13,000 24,000 5,000 5OO 0 0 8,200 2~500 $1,292,800 19gg Budget $ 416,500 445,800 40,000 93,000 15,000 15,000 6,00 1,200 2OO 800 25,300 19,800 13,000 10,740 5,350 500 89,300 20,000 6,750 1,000 2,000 1,500 1,000 55,000 1,200 10,000 26,000 4,000 1,500 20,000 9,000 0 0 $1,356,400 14 THE CITY OF SANDY GENERAL FUND BUDGET OF REVENUES AND EXPENDITURES (Years Ending June 30) Expenditures City Council Administration Legal Municipal court Finance Library Police Animal control Community center Recreation Senior citizens Parks Community development State revenue sharing Grants Non-departmental Contingency Unappropriated balance Total expenditures 1989 Budget $ 8,600 Yl,200 i~,600 35,500 ~1,700 12#,800 451,200 15,900 10,900 54,800 71,200 21,300 100,600 0 500 96,000 94,400 200~000 $1,$13,200 1988 Budget $ 9,200 68,770 14,300 32,620 48,290 113,030 #15,020 15,080 7,650 44,510 79,540 16,390 99,300 27,800 5,850 85,770 108,320 200~000 $1,391,400 15 GENERAL AND ECONOMIC INFORMATION The City of Sandy, Oregon is located in northwestern Clackamas County approximately 30 minutes driving time £rom downtown Portland. The City is accessible to the Portland metropolitan area via U.S. Highway 26 (the Mt. Hood Highway) and Interstate $4. Sandy's historical development was heavily dependent on the wood products industry. The economic base has become more diversified in recent years and Sandy continues to benefit from the strong economic growth of metropolitan Portland and Clackamas County. The City's population has grown more than 2096 since 1980, reflecting its desirable position as a semi-rural community with easy access to a major urban area. Sandy's growth has also been strongly influenced by its proximity to the Mt. Hood area and that area's recreation attractions. Mt. Hood's ski areas and resorts lie approximately 30 miles from Sandy and users of these areas represent a significant consumer resource for the commercial and retail sectors of the business community. The City has developed two industrial parks aggregating 65 acres of land zoned for light and general industrial use. Both sites are served by all necessary utilities. It is expected that the availability of these sites, coupled with easy access to Portland and a highly skilled labor force, will enable the City to attract additional industry and further diversify [ts economic base. Population Year Sandy 1987 3,630 1986 3,560 1985 3,530 1984 3,500 1983 3,465 1982 3,~25 19gI 3,273 1980 2,960 1979 2,765 1978 2,550 Clackamas Co~ty 255 100 248 200 248 200 2~6 300 243 600 2~5 100 245,100 243 000 239 gO0 233 100 Source: Portland State University Center for Population Research 16 Portland PMSA Employment and Labor Force Statistics May April May 1988' 1988 1987 Civilian Labor Force Total Employment Unemployment Percent of Labor Force 649,~00 652,900 631,500 617,700 621,300 599,900 31,700 31~600 31,600 4.9% #.8% 5.0% * Preliminary Source: State of Oregon Employment Division The preliminary May, 19gg unemployment rate for the State of Oregon was 5.9%. Source: Clackamaa Co~ty Personal and Per Capita (Thouaanda o! Dollars) Personal Per Capita Year Income Income 1956 $3,936,400 $15,322 1985 3,702,300 14,630 1954 3,#6~,q00 13,829 1983 3,149,300 12,669 1982 2,976,700 11,979 1981 2,906,900 11,722 U.S. Bureau of Economic Analysis Year City of Sandy Building Permits Permits Issued Residential Non-Resid. 1987 Il 5 1986 9 7 1985 23 5 1984 ¢9 10 Value of BuildinR Residential Nore-Resid. 639,194 348,900 507,288 546,933 L,495,801 1,659,270 [,086,515 2,845,628 729,2~5 391,690 Source: Oregon Housing Agency 17 Portland Metropolitan Area Nonagricultural ~/a§e and Salary Employment (13y Place of ~tork) May April May 1988' 1985 1987 Total 573,100 568,500 534,100 Manuiacturing 98,200 97,400 93,200 Durable Goods 70,400 69,700 66,700 Lumber & wood 7,800 7,600 7,700 Furniture and fixtures 1,700 1,600 l ,700 Stone, clay, glass & concrete 2,000 l ,900 l ,900 Primary metals 7,600 7,600 6,700 F abricated metals 7,900 7,700 7,500 Machinery 10,200 10,200 10,100 Electrical equipment & sup. 9,900 9,800 8,900 Transportation equip. 9,700 9,500 8,700 Inst. & related prod. 11,300 11,300 11,500 Misc. mfg. industries 2,300 2,300 2,000 Nondurable Goods 27,800 27,700 26,500 Food & kindred products 7,900 7,900 7,800 Textile mill products l, 700 1,600 1,600 Apparel 2,200 2,200 2,000 Paper & allied products 3,900 3,900 3,800 Printing & publishing 7,600 7,600 7,100 Chemicals & allied prod. 1,300 1,300 1,300 Other nondurable goods 3,200 3,200 2,900 Nonmanulacturing 474,900 471,100 460,900 Mining & Quarrying 400 400 500 Construction 19,900 t9,500 18,700 Transportation, Communication, & Utilities 34,800 35,000 34,000 Transportation 22,500 22,600 21,900 Communication 7,300 7,400 7,100 Utilities 5,000 5,000 5,000 Trade 149,800 148,100 143,600 Wholesale trade 46,800 46,600 44,900 Retail trade 103,000 I01,300 98,700 Finance, Insurance & Real Estate ~8,400 47,900 47,300 Banking & credit agn. 15,100 15,000 14,800 Other finance, insurance & real estate 33,300 32,900 32,500 Services & Miscellaneous 14l ,300 140,700 137,900 Hotel & personal serv. 11,900 12,100 12,000 Health services 39,600 39,600 38,600 Other services 89,800 89,000 87,300 Government 80,300 79,500 78,900 Federal government 14,600 14,400 14,500 State government 15,100 15,100 14,600 Local government 50,600 50,000 #9,800 Labor-Management Disputes i00 100 100 Change From April May 1988 1987 4,600 19,000 800 5,000 700 3,700 200 lO0 100 0 100 100 0 900 200 400 0 100 100 1,000 200 l,O00 -200 -200 0 300 100 1,300 0 100 100 100 0 200 0 100 0 500 0 0 0 300 3,800 14,000 0 -100 400 1,200 =200 800 =100 600 -lO0 200 0 0 1,700 6,200 200 1,900 1,500 4,300 500 i,lO0 100 300 400 800 600 3,400 -200 -100 0 1,000 800 2,500 800 1,400 200 i00 0 500 600 800 0 0 * Preliminary Source: State of Oregon Employment division Note: The Portland Metropolitan Area includes Multnomah, Clackamas, 'f am hill counties Washington and 18 BID OF FINANCIAl. ADVISOR The City Council has authorized its financial advisor to submit a bid for the Bonds. LITIGATION There is no litigation pending questioning the validity of the Bonds nor the power and authority of the City to issue the Bonds. There is no litigation pending which would materially affect the finances of the City or affect the City's ability to meet debt service requirements on the Bonds. TAX EXEMPTION In the opinion of Bond Counsel, under existing law, in order that interest thereon be (or continue to be) excluded from gross income for federal income tax purposes, the City must comply with all requirements of the Code subsequent to the issuance of the Series 1958 Bonds. Failure to comply with such requirements could cause the interest on the Series 1958 Bonds to be included in gross income retroactively to the date of issuance of the Series 1988 Bonds. The City has convenanted to co~nply with such requirements. No opinion is expressed by Bond Counsel regarding other federal tax consequences arising with respect to the Series 1988 Bonds. In the opinion of Bond Counsel, under existing law, the interest on the Series 1988 Bonds is exempt from personal income taxation by the State of Oregon. Prospective purchasers of the Bonds should be aware that (i)with respect to insurance companies subject to the tax imposed by Section 831 of the Code, for taxable years beginning after December 31, 1986, Section 832{b)(5)(B)(i) reduces the deduction for loss reserves by 15 percent of the sum of certain items, including interest on the Series 1988 Bonds; (ii) for taxable years beginning after December 31, 1986 and before 3anuary 1, 1992, interest on the Series 1988 Bonds earned by some corporations could be subject to the environmental tax imposed by Section 59A of the Code; (iii)for taxable years beginning after December 31, 1986, interest on the Series 1988 Bonds earned by certain foreign corporations doing business in the United States could be subject to a branch profits tax imposed by Section 884 of the Code; (iv) passive investment income including interest on the Bonds, may be subject to federal income taxation under Section 1375 of the Code for Subchapter S corporations that have Subchapter C earnings and profits at the close of the taxable year if greater than 25% of the gross receipts of such Subchapter S corporation are passive investment income; (v) Section 86 of the Code requires recipients ol certain Social Security and certain Railroad Retirement benefits to take into account, in determining gross income, receipts or accruals of interest on the Bonds; and (vi) there may be additional federal tax consequences arising with respect to the Series 1988 Bonds. Bond Counsel will express no opinion regarding federal tax consequences arising with respect to the Series 1988 Bonds other than those set forth above. The accrual or receipt of interest on the Series i988 Bonds may affect a Bondholder's federal tax liability. The nature and extent of any other federal tax consequences will depend upon the Bondholder's particular tax status or other items of income or deduction. 19 LEGAL MATTERS Legal matters incident to the authorization, issuance and sale by the City of the Bonds are subject to the unqualified approving opinion of Lindsay, Hart, Nell & Wei§ler, Bond Counsel. A copy of the opinion of Bond Counsel will be printed on the Bonds. Bond Counsel has reviewed this document only to confirm that the portion of it describing the )~onds and matters contained in the Bond Resolution and the authority of the City to issue the Bonds are accurate and complete. RATING As noted on the cover page of this Official Statement, the City has applied for a rating for the Bonds from Moody's Investors Service. The rating reflects only the view of the rating agency and an explanation of the significance of the rating may be obtained from the rating agency. There is no assurance that the rating will be retained for any given period of time or that the rating wiJl not be revised downward or withdrawn entirely by the rating agency if, in its judgment, circumstances so warrant. Any such downward revision or withdrawal of the rating would be likely to have an adverse effect on the market price of the Bonds. First Trust Oregon 1000 S~V. Broadway Suite 1750 Portland, OR 97205 March 16, 1995 City of Sandy Ms. June Peterson City Recorder Sandy, OR 97055 Re: New Account Administrator Dear Ms. Peterson: I am glad that I had the opportunity to introduce myself to you today. As background, I have been with First Trust Oregon for two years as an assistant to the account officers working on trustee, paying agent, and specialized escrow accounts. I have enclosed my business card for your future reference. Please feel free to contact me if you have any questions regarding your bond issues. I look forward to working with you. Sincerely, Paul D. Walker Associate Administrator (503) 220-0011 enclosure Paul D. Walker First Trust lOOO sw Broadway OI~I~OR Suite 1750 Portlar~l, OR 97205 503 220-0011 Fax 503 220-0012 Membe~ First Bank System LiNI)SAY, HART, NEIL ~: WEIC. LER October 21, 1988 City of Sandy P. O. Box 1119 Sandy, Oregon 97055 United States National Bank of Oregon 111 S.W. Fifth Avenue Portland, Oregon 97204 Re: $300,000 City of Sandy Clackamas County, Oregon General Obligation Building Bonds, Series 1988 We have acted as bond counsel in connection with the issuance by the City of Sandy, Clackamas County, Oregon (the "Issuer") of its General Obligation Building Bonds, Series 1988 (the "Bonds"), which are dated October 1, 1988, and are in the aggregate principal amount of Three Hundred Thousand Dollars ($300,000). We have examined the law, a duly certified transcript of proceedings of the Issuer, prepared in part by us, and other documents which we deem necessary to render this opinion. We have relied on the certified proceedings and other certifications of public officials regarding questions of fact material to our opinion and have not undertaken to verify the same by independent investigation. We have not been engaged or undertaken to review the accuracy, completeness or sufficiency of the official statement or other offering material relating to the Bonds, except to the extent stated in the official statement, and we express no opinion relating thereto, except to the extent stated in the official statement. Based on our examination, we are of the opinion, under existing law, as follows: LINDS.~Y, HA[~T, NEIL ~ WEIGLER Legal Opinion Page 2 October 21, 1988 A. The Bonds have been legally authorized under and pursuant to the Constitution and Statutes of the State of Oregon and the Charter of the Issuer. The Bonds are valid and legally binding general obligations of the Issuer. The Issuer has pledged its full faith and credit to the payment of the Bonds. The Bonds are payable from ad valorem taxes which may be levied without limitation as to rate or amount on all taxable property within the boundaries of the Issuer, to the extent necessary funds are not provided from other sources. B. The interest on the Bonds (a) is excluded from gross income for federal income tax purposes and (b) is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations; however, it should be noted that with respect to corporations (as defined for federaI income tax purposes), such interest is taken into account in determining adjusted net book income (adjusted current earnings for taxable years ending after December 31, 1989) for the purpose of computing the alternative minimum tax imposed on such corporations and for purposes of computing such corporations' environmental tax liability. The opinion set forth in clause (a) above is subject to the condition that the Issuer comply with all requirements of the Internal Revenue Code of 1986, as amended (the "Code") that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon be (or continue to be) excluded from gross income for federal income tax purposes. Failure to comply with certain of such requirements could cause the interest on the Bonds to be so included in gross income retroactively to the date of issuance of the Bonds. The Issuer has covenanted to comply with all such requirements. The Bonds are not "private activity bonds" under Section 141 of the Code. C. The Bonds are "qualified tax-exempt obligations" under Section 265(b)(3) of the Code, and, in the case of certain financial institutions under Section 265(b)(5) of the Code, a deduction is allowed for 80 percent of that portion of such financial institutions' interest expense allocable to interest on the Bonds. D. We express no opinion regarding other federal tax consequences arising with respect to the Bonds. E. The interest on the Bonds is exempt from Oregon personal income taxation. Order Bo~ 475611 A portion Of ~lock S in the duly recorded plat of 'SAHDY', end a portion of the Northeast One Quarter of the Southwest One Quarter of Section 13, Township 2 South, Range 4 East of the Willamette Meridian in the City of Sandy, County of Clackamas and St&ts Of Oregon, more particularly described es follows: Begtnnin9 et e point in the north line of said Block 8 bears South 88015'00' East, a distance of 176.00 feet from the northwest corner thereof; thence South 01°36'00' West, · distance of 170.40 feet to i point; thence South 88°24°05" East, a distance of 109.11 feet to the west line of that certain tract of land conveyed to Warren K. Decker et ur, recorded August 6, 1976, Film No. 76-27123, Deed Records, said County; thence North 02°40' 10' Bast along said west line a distance of 20.60 feet to the northwest corner of the said Decker tract; thence South 86~08'30' East, along the north line thereof, end parallel with the north line of Pioneer Blvd. in the City of Sandy, Oregon, e distance of 50.00 feet to the northeast corner Of said Decker tract; thence North 02e40' 10" East, along the west line of Shelley Avenue, s distance of 151.37 feet to s point of intersection with the north lne of said Block 8; thence North 88° 15'~0' West, along said north line a distance of 162.28 feet to the TRUE POINT OF BEGINNING. Excepting therefrom that portion described in deed to the City of Sandy, recorded December 16, 1976, as Recorder's Fee No. 76 45014, described as follows: A part of a tract of land in the City of Sandy, conveyed to Gordon and Dorothy Stone, in the Northeast One Quarter of the Southwest One Quarter of Section 13, Township 2 South, Range 4 East of the #illamette Meridian, in the County of Clackemss and State of Oregon, as described in Fee No. 74.8701, Cleckemas County, Oregon Record of Deeds, more particularly described es follows: Beginning at m point in the Northeast corner of amid tract! thence Southerly 150 feet, more or less, contiguous to end parallel with the west line of Shelley Avenue, to a point in the southeast corner of laid tract; thence Westerly 15 feet, more or less, along the south line of the said Stone tr&ct to the point of intersection with the Salt building line of an existing concrete building located on said tract, emtended; thence Northerly 150 feet more or less, along the east building line of said concrete building to m point in the south line of Proctor Avenue (Mt. Hood Highway 26 ) ~ thence Baster ly 19 feet, more or less, contiguoue to a parallel with the south lane of Proctor Avenue (Mt. Hood Highway 26) to the northeast corner of said tract, th~POIHT__ .-. , ~F BBGIHHIHG... ~ Psge 2 Order No. 475611 EXH~B~ '&~ continued ?ogether witl~sn easement for ingress and egress purposes being 20.00 feet in width, the centerline of which is more particularly described as follows: Beginning at s point in the east line of Strauss Avenue in the Caty of Sandy, Oregon that bears South 01'41'45" West, 150 feet from the northwest corner of said Block S; thence South 88'20'55" East, & distance of 176.25 feet to the POIN? OF TERMINUS. CREDIT GENERAL LEDGER OUTGO]~LG WIRE~_!N 'r~SlT I_NV'F~T~V~I!ON '~ October 7, 1988 Ms. June Peterson, Recorder City of Sandy P.O. Box 1119 Sandy, OR 97055 RECEIVED ].HE CITY OF SANDY 869-21021 City of Sandy, Oregon General Obligation Building Bonds, Series 1988 Dear Ms. Peterson: Thank you for appointing U.S. Bank as the Paying Agent and Registrar for the City of Sandy, Oregon General Obligation Building Bonds, Series 1988. We appreciate the opportunity to provide our services to the City and its bondholders. Enclosed are two original Paying Agent and Registrar Agreements for your signature. If you find the form of Agreement acceptable? please return onq signed agreement to our office prior to the closing so that bond counsel may include the Agreement in the transcripts. You may retain the other original Agreement for your records. I have also enclosed, as Exhibit A, a description of our services as Paying Agent and Registrar. In addition, this Exhibit contains brief biographical sketches of the personnel who will be responsible for administering the City's bond issue. Exhibit B contains a statement of fees and charges that will apply to the issue. The rates of the fees and charges set forth in this exhibit will be guaranteed for a period of two years. If you have any questions or would like additional information, please let me know. Very truly yours, Elizabeth B. Horrigan Assistant Vice President & Manager Bond & Debt Services (503) 275-6470 EBH/ma United States National Bsnk of Oeegon MEMBER FE~IC A U.S. E)ancoep (~ompany PAYING Af~F~T A5~) REGISTRAR A~ THIS PAYING ~"ENT AND RMSISTRAR AG~RM~NT, DAT~u as of the 20th day of October 1988, between the CITY OF SANDY, OREGC~ (the "Issuer") and UNI'r~o STATES NATIC~NAL BANK OF (IR~C42~, ("U.S. 5~nk"). WITNESSETH The Issuer intends to issue its Securities described as follows: %7~me of Issue: Date of Issue: $ Total of Issue: Interest Payment Dates: City of Sandy, Oregon General Obligation Building Bonds, Series 1988 October 1, 1988 $300,000 April 1 and October 1 The Issuer desires to appoint U.S. Bank as paying agent, transfer aqent, aut~henticating agent and registrar for the purposes of performing services for the payment of principal and interest on the Securities issued or to be issued by the Issuer and for U.S. Bank to act as registrar of the ?~ities and to transfer and exchmngethe Securities, and U.S. Bar0~ desires to render the services in its capacity as paying agent and reqist~r. NOW, _~%~REFOP~, the Issuer and U.S. Bank agree as follows: 1. The Issuer agrees to remit, or cause to be remitted, to U.S. Bank, in immediately available and collected funds, the full ~nount necessary to pay the interest on the Securities on the respective interest pa!wa~ent dates, and the full amount necessary to pay the principal of the Securities at maturity or u~on earlier redemption. U.S. Bank is authorized to pay frc~ monies so .~posited with it the principal of and interest on the Securities to the ~c~.istered~ owner of the Securities whose na~ and address appears on the reg. j_stration books of the Issuer maintained by U.S. Bank. Interest shall be ~avable by check mailed to the registered owner of the Securities at the ad~ress a. ~DpearLng on the registration books maintained by U.S. Bank as of the fifteenth day of the montJ~ precedLng the Payment Date. The principal of the ?~c~ufities shall ~ payable to the registered owner upon presentation of the Se~rities to U.S. Ban~ for payment. The duty of U.S. Bank for the payment of the principal of and~ interest, on the Securities shall be to receive funds for r~as~nent therefor, and to pay frc~ funds so deposited with it the interest when c/ue mn¢~ ~rincipal of the Securities vfnen due and presented for payment. Under no cir~astaDces shall U.S. Bank be obligated to make principal and/or interest ~ayments next due unless and until the Issuer has caused to be ~lelivered to U.S. Bank, in immediately available funds, the full amount of principal and/or interest next due. In the event a Payment Date is not a business day, U.S. Bank shall make the ~rincipal and/or interest payment on the following business day. 2. Monies deposited with U.S. Bank prior to the payment date for payment of principal of and interest on the Securities shall be held by U.S. Bank in a U.S. Bank interest bearing account for the benefit of the Issuer or in other investments purchased or acquired by U.S. Bank at the specific written direction of the Issuer. If any of the Securities are not presented for payment %~en due, and funds sufficient to pay such security shall have been paid to U.S. Ba~k, U.S. Bank shall hold such funds for the benefit of the rc~_istered owner of the Securities, without liability for interest thereon. Any ~onies held by U.S. Bap}~ for such payment after one year frc~ the due date thereof shall be paid by U.S. Bank to the Issuer and the registered owner of ~Cae Securities shall thereafter seek paymant only frc~ the Issuer. 3. A]I matl~ed and. fully paid Se~rities shall be canceled by U.S. n~k and~ ~ualess othe~ise ~irected in writing by the Issuer, destroyed. A certificate of ~est~ctioD evidencing the destruction of the Securities shall b~ furbished to the Issuer. 4. The Issuer shall furnish to U.S. Bank a sufficient supply of blank certificates for the Securities in appropriate form acceptable to U.S. Bank, ~d~ fr~m time_ to time~ will renew such supply upon the request of U.S. Bank. Such blank,, cert~ ficates shall be signed m~ually or by facsimile by the officials of the Issuer dul~ authorized to sign certificates for the Issuer. 5. ~_3pon ~3propriate instructions received by U.S. Bank frc~ the under~.~_iter~ or the Securities purchaser or the Issuer, and the receipt of a sufficient s ~upply of the original s _upply of blank certificates for the F~curities, U.S. Bank shall c~%~lete the certificates as to registered owner, d~c~ination~ ~d in such other manner as so directed. U.S. Bank shall a~]tbenticate the certificates of the Securities upon request by the Issuer and shsll deliver tke certificates in accordance with the instructions of the 6. U.S. Bank shall maintain for the Issuer appropriate registration ~ks for the _~gistration of the Securities and the registration of transfer ~d exchange of the Securities. Transfer of the Securities shall be registered and n~ certificates issued upon surrender of the outstanding certificates if (i) the Sec~zrities ~re duly endorsed by, or acc~anied by a ~itten instrument or inst~.m~_nts of transfer in a form satisfactory to the Issuer and U.S. Bank, and ~]~ly executed by the appropriate person or persons in orooer form; (~) reasona5le assurance is given U.S. Bank that the endorser~ts are genuine and effective; (iii) the signatures of the endorsers ~re ~uarantee~ by a guarantor believed by U.S. Bank to be responsible, ?rovid. ed U.S. Bank has no c%~ty to inquire into adverse claims; and (iv) ~vidence of c~oliance with all applicable state laws has been furnished. 7. U.S. Bank shall ccmply with the terms and conditions of Oregon Administratf~ve Rule 170-61-010 issued by t~he Municipal Debt Advisory -2- Cu~,,~ssion as attached to this Paying Agent and Registrar Agl~=ement as Exhibit "A" and by this reference incorporated herein. 8. In registering transfers, U.S. Bank may rely upon the documents of the Issuer authorizing the Securities and upon the Uniform C~%~_rcial Code of the State of Oregon or any other statutes which, in the opinion of counsel for U.S. Bar~% protect U.S. Bank and the Issuer in not requiring c~plete doctm~entation, or in registering transfers without inquiry into adverse claims, or in the transfer or registration of Securities standing in the name of the decedent in s~all estates where no actministration is contemplated and documentation furnished conforms with the laws of the decedent's dc~ticile, or in refusinc, registration where, in t_he judgment of U.S. Bank, an adverse claim r~_~uires such refusal. U.S. Ba~k reserves the right to refuse to transfer ~%urities until it ~ s satisfied that the requested transfer is legally ,~ut~hcrized; ~nd shall iDcur no liability for a good faith refusal to make a transfer, which it,~ in its sole judq~nent de,ms improper or unauthorized. U.S. ~a~{ shall not be obligated to register ~ny transfer after the record date ~xed for an~z red~3~ption.. 9. ~en mail is used for the delivery of payment of interest due on ~he Securities or for deliver/ of the Securities, U.S. Bank shall forward the check or Sect~ity by first class n~nil or otherwise as instructed by the Issuer and to v~qich U.S. Bank agrees. All principal payments shall be sent by first class m~i] or by certified mail, indicating receipt of delivery, or as othe~gise instructed, by the Issuer and to ~ich U.S. Bank agrees. All mail deliveries by U.S. Bank for the Issuer shall be covered, while in transit to the addressee, by insurance arranged for by U.S. Bank. 10. ~'~en notified of a red~nption date by the Issuer, U.S. Bank shall send notice of redemption by first class, certified or registered mail to the registered ~ner of any Se~arities to be called or redeemad prior to its ~aturity date not less than thirty (30) days prior to the intended redemption date or as otherwise required by law. Wherever possible U.S. Bank will cu~31y w~th tha rainJ3nt~ standards endorsed by the Securities and Exchange C~,~tission for seeurities redemption notices, incluc~ing notice to all registered securities depositories snd to national information services t_hat diss~tinate redemption notices. 11. U.S. Bar~{ may issue new certificates in substitution for certificates for any Securities represented to have been lost, destroyed or stolem, or in e~change for ~ny certificate represented to have been mutilated, upon receiving indemnity satisfactory to the Issuer and U.S. Bank. All e~oenses associated with procuring such indamnity and with the preparation, au~thentication ~nd delive~ of a n~¢ certificate shall be borne by the re~istered ~ner of the lost, destroyed, stolen or mutilated Securities. In t~he event fiaat a lost, dest~-oyed, stolen or mutilated certificate shall have ~atured or been c~l!ed for redemption, such Securities shall be paid, and no ne~ Se~trities shall be issued in lieu thereof or in exchange therefor. 12. Securities bearing the manual or facsimile signatures of individuals x~.~.o ~,~re, at any time, authorized to execute such Securities shall the Issuer. U.S. Pank may issue and register such Securities as the ?~curities of the Issuer, nothwithstanding that such individuals have ceased -3- to hold office with the Issuer prior to the authentication and delivery of such Securities or did not hold such office at the date of transfer of such ~urities. 13. At any time, U.S. Bank may apply to an official of the Issuer for instructions, and may consult counsel for the Issuer or bond counsel in respect to any matter arising in connection with any agency hereunder, and shall not be liable for any action taken or c~itted to be taken by it in good ~aith in accordance with such instructions or with the advise or opin/on of such colmsel. U.S. Bank. shall be protected in recognizing certificates for ?~ecur_ities that it reasonab!!~ believes to bear the proper manual or facsimile signatures of %he officials of the Issuer. U.S. Bank shall not be ~esponsib]e, for ~any reason~ for any action taken or c~litted to be taken by it i~ qood faith or for anything whatever in connection with this Agre~nent or -~nv of the Sec~_~ities except for its own negligence, willful misconduct or bad fa~t~ in the performance of an}' duty to be performed by U.S. Bank hereun~=r. U.S. Bap3~ and its employees are acting solely as agents of the Issuer and de not assume, any obligation or relationship of agency or trust, for or with any of the registered owners or holders of the Securities, except that all funds held b? U.S. B~m~k shall be held in trust subject to the provisions hereof. 14. The Issuer agrees to pay U.S. Bank its reasonable c~_~nsation ~or services remdered by U.S. Bank hereunder in accordance with its schedule of fees and exT~nses in effect ~Vnen the services are performed. The Issuer a?rees to re:mmburse U.S. Bank upon its re.quest for all reasonable expenses, d~sbursements and advances incurred, or made. by U.S. Bank in accordance with a~y provision hereof, including the reasonable conlDensation, expenses and <]isburse~me. mts of its ~ployees and counsel, except any such expenses, ~sb~se~ents or advances as ~may ~ attributable to U.S. Bank's own peqligemce~ ~il!ful misconoA~ct or bad faith. The Issuer and U.S. Bank s~cifically agree~ that the fees of U.S. Bank paid hereunder have been necotiated, with U.S. B~nk and have taken into account the provisions of OAR 730-6]-050. The obligations of the Issuer under this paragraph shall survive _~,?3fment of tine Securities and the resignation or re~Dval of U.S. Bank. U.S. B~m_k shall invoice the Issuer for its services, expenses, advances and ~isburse3nents on ~ri! and October of each year during the tel~n of this %crec~nent. 15. U.S. Bank shall provide to the Issuer on reasonable dates specified by the Issuer, semiannual reports detailing the status of the fends held by U.S. Ba~k, ~Jne number and amounts of Securities and interest payments, fees Daid and other pertinent information. U.S. Bank will report interest and ~rincipal paid on the Securities to the Security holders and to the Internal Revenue Service in accordance with applicable regulations. 16. The Issuer agrees to indemnify and U.S. Bank shall be protected, in the ebsence of ne~ligemce, willful misconduct or bad faith, in acting upon or relying on any paper or ~t reasonably believed by it to be genuine and to have be~ si?fned, by the proper person or persons. U.S. Bank shall also be pro~cted in acting upon or recognizing Securities which it reasonably ~]ieves to bear the manual or facsimile signature of authorized representati~s of the Issuer and the genuine counter-signature of the 9egistrar or ~;f Cxm-Registrar. The Issuer assun~s full responsibility and ~hall ind~amnifv U.S. B~nk and save it harmless frc~n and against any and all -4- actions and suits, whether groundless or otherwise and fr~m and against any and all losses, damages, charges, costs, counsel fees, payments, expenses and liabilities arising directly or indirectly out of its agency relationship to the Issuer, so long as it acted without negligence, willful misconduct or bad faith. U.S. Ba~k shall not be obligated to prosecute or defend any action or suit in respect of such agency relationship unless the Issuer shall furnish it with satisfacto~7 indemnity against such expense or liability. 17. U.S. B~ shall take all reasonable precautions to safeguard all ~teria_]s in its Dossession~ including Securities being held by it. 18. U.S. Bank ma!; resign as paying agent and registrar or may be removed, bi; t~e Issuer, such resignation or re~noval to be effective sixty (60) davs after written notice to the ot]~er party. The Issuer, prior to the effective date of such resignation or removal, shall appoint a successor agent and, upon such appointment, U.S. Bank shall deliver to the successor agent all its fun~s, doc~z~ents, files and records relating to the Securities. The ~uccessor aqent shall Dotify fJ~e registered owner of the Securities of any change in agents as soon as the successor agent is appointed. 19. The files and mat~_rials kept by U.S. Bank pursuant to this A~reem~nt, including the registration books and the records of registered ~curities ownership~ ~mre not public records within the meaning of Oregon p~vised Statutas 192.410(4) and U.S. Bank shall not release to or disclose to other ~nersons the registered ov~nership of the Securities of the Issuer. Any Files, record~s or materials in the possession of U.S. Bank pursuant to this A~reement shall be used only for performance of this Agreement. 20. ~y duties required of U.S. Bank pursuant to the terms of this Aqre~ment, including pal~_nt of interest and/or principal, shall be performed an the d~te specified, or, if said date is not a business day, the following business 21. The Issuer has the authority to make this appointment and it is not in contravention of any other documents which the Issuer has signed in connection with the issuance of the Securities. 22. This Paying Agent and Registrar Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Oregon. CITY OF SANDY~ OREG(~ ( Issuer ~lizabeth B. Horr~gan Title: Assistant Vice President & Manager -5- EXHIBIT A CORPORATE TRUST & B~NCIES DEPARIM~ B(~qD & DEBT ~x~-fCES P.O. BOX 3850 PORTLAND, OREG(~ 97208 (503) 275-6470 INTR(DUC~ICN Public and Corporate finance is a highly specialized and cc~plex field. The selection of a financial institution to service ~mht securities is extremely iaportant because such services require a high degree of technical skill, experience and stability. We believe our cs~abilities are unmatched, and our service to you and your bondholders among the best and most responsive available. The Corporate Trust Depa~'~nt has an experienced, well-trained staff, su~rted by a sophisticated data processing systeml. At U.S. B~(, Bond and Debt F~_~rvices are a first line service, with the financial support and stability required to maintain quality service now and in the future. U.S. Bank has responsibility for over $1 billion in various corporate and nn~nicipal debt issues. PERSCNNEL Each account is ac%ninistered by a te~a of experienced officers and staff assigned to accounts on a permanent basis. Your account administrator will be thoroughly familiar with the special needs of your issues. We stress the availability and responsiveness of our staff. Our administrators are cc~pl~ted regularly on their product kn~71edge and accessibility. The ]~eople in key department positions are listed below: John A. Charno, Vice President and Depa~.~nnt Manager - John has been with U.S. Bank eight years, cc~ming to Portland frc~ a leading CaliforDia bank. He has over seventeen years experience in Trust, Data Processing Administration and Operations. He is responsible for all the services provided by the Department. Elizabeth B. L~orrigan, Assistant Vice President & Manager - Elizabeth is an attorney with five years experience in private practice .~cializing iD corporate finance and securities law. She is re ~s~onsib!e for development, review, acceptance and closing of finencJmqs and for continuous cu~liance review of debt security Barbara J. Schocko, Operations Officer - Barbara has over eighteen years experience in C~rporate Trust and Bank Operations. She is responsible for ,all aspects of the Depa~hL~nt's Operational and Data Processing support. Janet M. Taylor, Corporate Trust Officer - Janet is a graduate of Willamette University College of Law. She has over five years of extensive accoupt administration and custcmer support experience in Corporate Trust A¢~f~nistration at U.S. Bank. She is responsible for ~?ecial projects, new product develolxaent and administration of complex accounts. Linda A. Mercer, Corporate Trust Officer - Linda is a graduate of University of Oregon. she has seven years experience in Bank Operations and Corporate _Trust Administration. she is responsible for the daJ ly administration of debt security accounts. Shawn M. Trsut~an, Corporate Trust Officer - shawn is a graduate of Colgate University. she has more than four years experience in the Department, and is responsible for the daily administration of debt sec~_r ity accounts. ~arqaret E. Arno~ Administrative Assistant - Margaret is a graduate of Seattle Pacific University and has six years experience in the Department. She is responsible for providing support in the ad- ministration of the debt security accounts. ~qITI3IL ~P~rIEW AND ACCOUNT SET-UP U.S. Bank reviews all doctm~ts to ensure that the Trustee's duties are clearly defined and understood by all parties, and can be cost-effectively admgnistered to achieve the objectives of the issue. With our in-house empertise, we do not usually find it necessary to refer the documents to outside counsel for additional review. We register the debt securities pursuant to instructions frc~ the Underwriter by establishing bondholder accounts on our data processing system. We prepare the securities for delivery and attend closing. We also establish acco~mts to be funded at closing with bond proceeds and adad_nister these ~cco~.ts in accordance -~th the provisions of the documents governing the issue. INVESTM~ SFRVICES Our account administrators are responsible for coordinating all investment activities among the Issuer, appointed investment advisors, if applicable, and U.S. Bank, as Trustee. Many of our Issuers have found it advantageous to work with the Investment DeparhLe~nt at U.S. Bank for assistance in planning and directing an investment strategy. Our account administrators ensure that cash flow and investment maturities meet the needs of the Issuer or Obligor Cc~pany, and review investments to ensure that they ~re cualif]ed under the governing documents and applicable statutes. We provide a detailed cash and asset stat~aent for each fund on a monthly, quarterly, semi-annual or annual basis at the option of the Issuer or Obligor Cc~pany. These reports contain a chronological list of all receipts and disbursemeDts to the accounts, securities purchased and redeemed, incc~ earnings, and records of interest and principal payments made to the bondholders. They also contain a current list of investments at both book and current market values. ACCOUNT ADMINL~fRAT ION As Trustee, U.S. Bank performs many specialized functions in the day to ~qay administration of your account. The main responsibilities performed by the Trustee are as follows: Administration of all Funds As Trustee, U.S. Bank will establish and administer all accounts created pursuant to the financing documents. Our goal is to assist the Issuer or Obligor Ccn~. any in achieving their investment goals while cc~plying with any investment or yield restrictions. We are experienced in the adad_nistration of various specialized accounts, such as the Construction Fund, Rebate Fund and Sir~ing Funds and with various forms of funding ~=ht service accounts includ~nq dr~.~ ~on a df~rect-pay Letter of Credit. Rede~0tion and Call Services U.S. Bank routinely handles redemptions and calls for various bond issues and we are able to perform a redemption or call on an issue efficiently. 5~nitor Insurance Coverage If the governing documents provide for the Trustee to monitor insurance coverage, U.S. Bank has the expertise to efficiently handle this duty. We constantly review all accounts to determine that insurance coverage is adequate to conform to the standards re~]ired in the documents and act ~cfaickly to cure any deficiencies. Monitor Security for Bondholders As T~stee, U.S. Bank ass%m~s an active role in reviewing the security pledged for the issue. We file continuation UCC Financing statements as required to maintain our security interest and monitor all other documents necessary, to maintain perfection of the security for the bondholders. Purchase Upon Tender Transactions (PUT) U.S. Bank has becc~e adept in the processing of Purchase Upon Tender Transactions for variable rate issues. We ~re able to coordinate the various steps involved in a "PUT" so the transaction is accu~lished quickly end efficiently. Res.?ond to Requests for Information frc~ Issuer and Auditors As Trustee, we receive nua~rous requests for information frc~ the Issuer or Obligor C~t~any and frcm auditors. We provide accurate responses to these requests for information in a timely manner and are available to answer additional questions. Performance of All Other Duties We are always willing to assist with any other services required as specified in the financing documents to achieve the goals of the bond issue, and meet the needs of the parties to the transaction. Our adalinistrators are trained to be responsive and flexible in meeting the needs of the parties as they arise during the course of administration of the Indenture. Default U.S. Bank has experience working with issues which are in default. work closely with all parties to effect a successful resolution to the default according to the terms of the financing doc~nents. e ISSUE AND TRkNSk'~ OF BOND CERTIFICATES U.S. Bank's Colqporate Trust Depaz'h~ant has been providing transfer services for over 40 years. We currently transfer over 38,000 it~ns annually with an estimated value in excess of $100,000,000. We are a Registered Transfer Agent under the New York Stock Exchange Rule 496. We therefore have the necessary staff and autcraated syst~ns to c~lete routine transfers within 72 hours as required by regulation and within 48 hours for c~L~anies ]isted on the New York Stock Exchange. ~ .31so have extensive experience in the transfer of "non-routine" irons which are irons that recnJire legal documentation or additional information before the transfer can be processed. We maintain stop transfer codes on our files to prevent unauthorized transfers of lost items. U.S. Bank also maintains an insurance policy providing coverage for mailing bond certificates to bondholders. Should a bond certificate be lost in the mail, we ~.~1]. replace the lost item at no cost to the bondholder. U.S. Bank also provides transfer journals at the Issuer's request detailing all transfer activity for the account. We are able to provide lists to t~he Issuer upon request of all bondholder accounts for each issue. We ~re also w~lling to ~ssist in the design of bond certificates and app. reciate the opportunity to review the certificates prior to printing to ensure conformity with our data processing system requir~aents. All ope~rational support for the transfer function is provided at the head office cc~I31ex in Portland, Oregon. PAY~M~r OF INTEREST A~D PRINCIPAL U.S. Bank processes over 350,000 dividend and interest payments annually with an estimated value of $230~000,000. We are able to efficiently process this large vo!~e due to our sophisticated data processing system. This syst~ is able to maintain record date positions for the payment of interest even though transfers are cc~pleted between record date and payment date. ~%ll our files are balanced after the record date information is extracted prior to payments being ~/sbursed. We maintain payraent information on our syst~m~ to assist in handling inquiries concerning payments, and to gemerate the appropriate IRS ~orms 1099 at year end. We also actively solicit and retain IRS Form W-9 from bondholders to prevent backup withholding of 20~ of the payment. ~%~NDI~G PAYM~IMT ACCOUNTS U.S. Bank provides the Obligor, prior to any interest or principal payment, a schedule of the interest and principal payable on each issue. We follow the New York Stock Exchange guidelines for interest/dividend payments. Therefore, interest/dividend checks are mailed two to three days prior to payment date to c~tloly with the guidelines t_hat bonc~olders will receive payment on palm~nt date. This means U.S. Bank, as your Paying Agent, requ~ ires assurance that the funds required for each payment period are available as checks are mailed. You can deliver funds to U.S. Bank as Paying Agent. The Paying Agent can ~/aen invest the funds, at your direction, to payment date. Inccr~e earned on such investments will be paid di rectly to you or your order. * You can deliver securities of sufficient value that mature on payment date to U.S. Bank. * If you deal with a branch of U.S. Bank, arrangements my be made which will satisfy funding requirements. The alternatives available to assure the Paying Agent that funds are available prior to mailing interest checks are n~m~_rous. U.S. Bank will be pleased to explore alternatives that allow you to avoid having your funds sit idle and at the same time assure U.S. Bank, as your Agent, that funcls are available prior to mailing interest checks. Funding requirements for payment of principal for matured or called bond~ are determined by the financing documents that establish ~Jne bend issue. Again, the goal is to avoid idle funds and at the s~e time. assure the Pa~ving Agent that funds are available prior to the time checks are mailed. Obligors have the choice of opening their own interest payment accounts and providing checks for us to make the interest payments. However, most of our accounts choose to use our depaz~t~nt checks thus svoiding the cost of maintaining a separate interest disbursement acco~mt at a branch location. RESPONSE TO B(~DHOLDER REQUESTS U.S. Bank has a cu~t~unications staff as part of the Corporate Trust Department which is dedicated entirely to responding to requests from bond and stock holders. This staff is specifically trained to handle custcm~r inquiries by telephone and through written cc~munications. This staff routinely and ccm~petently handles such requests as assistance in placing steps on our syste~ for lost interest checks or bond certificates, in replacing the lost checks and bonds, in reconst/nlcting account history for bondholders, changing addresses on our records, locating lost bondholders when payments are returned to o~ office, and in answering any other questions frc~ bondholders concerning their accounts. Our c~,0nications staff is courteous, knowledgeable and professional in responding to these requests in a timely and efficient manner. DESTRUCPION OF BONDS The Issuer has the option of having the cancelled bonds returned after a retention period at U.S. Bank, or of having the cancelled bonds destroyed and a certificate of destruction furnished for its records. ADDITIC~AL I/TFC~MATICN CCN '~ING OUR SERVICES CONFIDENTIALITY OF INFORMATION The Corporate Trust DepazhL~_nt, as a separate department within a ~ust division of a national bank, is continuously examined by both internal auditors reporting directly to the Chief Executive Officer of the corporation and by the National Bank Examiners. These exanlinations assure effective policies of internal control and the safeguarding of custc~rs ' securities. The files and materials kept by U.S. Bank, including registration books and the records of registered securities ownership, are not public records within the meaning of Oregon Revised Statues 192.410(4). Therefore, we will not release to or disclose to other persons the registered ownership of the securities of any Issuer. B/LLINGS It is our procedure to bill our accounts on a s~-annual basis. The billings are generated inm~diately prior to each interest payment date for the preceding six. month period. We would be happy to discuss alternative billing cycles to meet the needs of the Issuer or Obligor Cc~pany. CITY OF SANDY, ORfF-~iN G~NERAL OBLIGATION BUnchING BONDS, SERIES 1985 EXHIBIT B U.S. BANK STA~RD F~ SCHEDULE PAYING AGf~T AND REGISTRAR SERVICES I. INITIAL ACCEPTANCE This fee will cover the examination of all appointing and supple~_ntary documents, and the establishment of deb~holder information on our data processing system. This feewill not include preparation and issuance of bond certificates. II. ANNUAL ADMINISTRATION The Annual Administration Fee is intended to cover routine debtholder account main- tenance. This routine account maintenance includes: -Address Change -Stop Transfers ~Check Stop Payments -Replac~nent of Lost Checks -Annual Audit Confirmation -Production of Transfer Journals -Routine Debtholder Correspondence -Safekeeping of Unissued Certificates III. ACTMTY ~'li~kg Certificate Issuance Original Issue 0 - 100 101 - Over Annual 0 - 100 101 - Over per year Legal Transfers Rec~;iring Written C~,,unications $750.00 $750.00 $1.35 per Certificate $1.35 l~--rCertificate $8.50 per Item -1- Processing and Replacing Lost Bond Items Interest Payments $100.00 Minimum per Semiannual Disbursement - $ 5.00 per Certificate $0.25 per Check Principal Payment Upon Maturity Or Redemption $~00.00 Minimum Debtholder List/Labels $75.00 Minimum. per Request Additional copies $10.00 each $3.00 per Check $0.05 per Holder IV. TAX ]/%rFORMATICN REPORTING Form 1099INT and 1099B - $10.00 Minimum Solicitation of Form W-9 V. OUT-OF-POCKET EXP~I~SES Our fees do not include out-of-pocket expenses whichwill be billedto you in addition to our stated charges. Typical out-of-pocket e~penses include, but are not limited to: -Wire Charges -Postage -Telephone Charges -Express and Cartage -Stationery -Insurance -Overtime necessitated byrush orders -Special handling for rush orders $0.35 perForm $0.75 perform -2- VI. NEW YORK CLOSING Should the purchaser request a New York or Depository Trust OaL~any closing, any additional charges for safekeeping of securities in New York are billed to you as an out-of-pocket expense. When w~ have delivered securities to DTC prior to closing, as req~lired for DTC-eligible issues, no charge frc~. DTC has been assessed. Securities conditionally delivered to DTC for review are then released for settls~ent at closing. vii. '~'k~cM/lgATION ~'~.'~'. On termination, there will be a charge of 15% of the total fees charged for the full year preceding the effective date of termination. VIII. EXTRAORDINARY SERVICES For services not contemplated as routine un~=r the Escrow Agreement, or services not specifically included in this schedule, Trustee will bill a reasonable charge based upon the character of the service, amount of work involved, and responsibility ass~ed. -3- RESOLUTION NO. 10-88 RESOLUTION OF THE CITY OF SANDY, CLACKAMAS COUNTY, OREGON AUTHORIZING THE ISSUANCE OF BONDS IN AN AMOUNT NOT TO EXCEED $300,000 FOR THE PURPOSE OF FINANCING THE ACQUISITION, CONSTRUCTION, REMODELING AND EXPANSION OF THE STONE BUILDING FOR LIBRARY AND POLICE PURPOSES AND ALL RELATED COSTS. WHEREAS, this Council submitted to the legal voters of the City of Sandy, County of Clackamas, State of Oregon (the "City"), the question of contracting a general obligation bonded indebtedness in the sum of $300,000 to finance the acquisition, construction, remodeling and expansion of the Stone Building for library and police purposes and all related costs; and WHEREAS, the election was duly and legally held on the 28th day of June, 1988, and this Council has canvassed the result thereof and has declared that issuance of bonds in such sum has been approved by a majority of the qualified voters of the City voting at the election, now therefore The City of Sandy, Oregon, resolves as follows: Section 1. Issue° For the above purposes, the City shall issue its General Obligation Building Bonds, Series 1988, in the amount of THREE HUNDRED THOUSAND DOLLARS ($300,000), to be dated October 1, 1988, to be in denominations of Five Thousand Dollars ($5~000) or integral multiples thereof, to bear interest payable on October 1 and April 1 of each year until maturity or prior redemption, commencing April 1, 1989, and to mature serially on October 1 of each year as follows: Date Amount Date Amount 1989 $10,000 1997 1990 15,000 1998 1991 15,000 1999 1992 15,000 2000 1993 15,000 2001 1994 15,000 2002 1995 20,000 2003 1996 20,000 $20000 20000 25000 25000 25000 30000 30000 Section 2. Optional Redemption. The City reserves the right to redeem all or any portion of the Bonds maturing after October 1, 1998, in inverse order of maturity and by lot within a maturity on October 1, 1998, and on any interest payment date thereafter, at par plus accrued interest to the date fixed for redemption. Page 1 - Resolution Section 3. Extraordinary Redemption. The bonds are subject to extraordinary redemption at par plus accrued interest, on October 1, 1991, solely from, and to the extent of, any proceeds of the bonds in excess of $10,000 which remain unexpended on that date. Section 4. Notice of Redemption. Unless waived by any holder of Bonds to be redeemed, official notice of any such redemption shall be given by the City's paying agent and registrar (the "Registrar") on behalf of the City by mailing a copy of an official redemption notice by registered or certified mail at least 30 days and not more than 60 days prior to the date fixed for redemption to the registered owner of the Bond or Bonds to be redeemed at the address shown on the Bond Register or at such other address as is furnished in writing by such registered owner to the Registrar. Ail official notices of redemption shall be dated and shall state: A. the redemption date, B. the redemption price, if less than all outstanding Bonds are to be redeemed, the identification (and, in the case of partial redemption, the respective principal amounts) of the Bonds to be redeemed, that on the redemption date the redemption price will become due and payable upon each such Bond or portion thereof called for redemption, and that interest thereon shall cease to accrue from and after said date, and Ee the place where such Bonds are to be surrendered for payment of the redemption price, which place of payment shall be the principal corporate trust office of the Registrar. Prior to any redemption date, the City shall deposit with the Registrar an amount of money sufficient to pay the redemption price of all the Bonds or portions of Bonds which are to be redeemed on that date. Official notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the City shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such Bonds for redemption in accordance with said notice, such Bonds shall be paid by the Page 2 - Resolution Registrar at the redemption price. Installments of interest due on or prior to the redemption date shall be payable as herein provided for payment of interest. Upon surrender for any partial redemption of any Bond, there shall be prepared for the registered owner a new Bond or Bonds of the same maturity in the amount of the unpaid principal. All Bonds which have been redeemed shall be cancelled and destroyed by the Registrar and shall not be reissued. Section 5. Security. The full faith and credit of the City are pledged to the successive owners of each of the bonds for the punctual payment of such obligations, when due. The City shall levy annually~ as provided by law, a direct ad valorem tax upon all of the taxable property within the City in sufficient amount, after taking into consideration discounts taken and delinquencies that may occur in the payment of such taxes and other monies available for the payment of debt service on the bonds, to pay the bonds promptly as they mature, and that the City covenants with the owners of its 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. Form of Registered Bonds. The City may issue the bonds as one or more typewritten, temporary bonds which shall be exchangeable for definitive bonds when definitive bonds are available. The bonds shall be in substantially the following form: No. R- UNITED STATES OF AMERICA STATE OF OREGON CITY OF SANDY COUNTY OF CLACKAMAS GENERAL OBLIGATION BUILDING BOND, SERIES 1988 DATED INTEREST October 1, 1988 % PER ANNUM MATURITY DATE CUSIP THE CITY OF SANDY, in the County of Clackamas, State of Oregon (the "City"), for value received, acknowledges itself indebted and hereby promises to pay to , or registered assigns, the principal amount of Dollars ($ ) on the above maturity date together with interest thereon from the date hereof at the rate per annum indicated above. Interest is payable semiannually on the first day of October and the first day of April in each year until maturity or prior redemption, commencing April 1, 1989. Interest Page 3 - Resolution upon this bond is payable through the principal corporate trust office of the City's paying agent and registrar (the "Registrar") by check or draft; checks or drafts will be mailed on the interest payment date (or the next business day if the interest payment date is not a business day) to the name and address of the registered owner as they appear on the bond register as of the fifteenth day of the month prior to the interest payment date. Bond principal is payable upon presentation and surrender of this bond to the Registrar. ADDITIONAL PROVISIONS OF THIS BOND APPEAR ON THE REVERSE SIDE; THESE PROVISIONS HAVE THE SAME EFFECT AS IF THEY WERE PRINTED HEREIN. 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 and the Charter of the City; that the issue of which this bond is a part, and all other obligations of such City, are within every debt limitation and other limit prescribed by such Constitution, Statutes and Charter; and that the City Council has provided for the levying annually of a direct ad valorem tax upon all the property within the boundaries of the City so taxable for its purposes in an amount sufficient, with other available funds, to pay the interest on and the principal of the bonds of such issue as such obligations become due and payable. IN WITNESS WHEREOF, the City Council of the City of Sandy, Clackamas County, Oregon, has caused this bond to be signed by facsimile signature of its Mayor and attested by facsimile signature of its Recorder, and has caused its seal to be affixed hereto or printed hereon as of the date indicated above° Mayor, City of Sandy, Oregon Recorder, City of Sandy, Oregon (SEAL) Page 4 - Resolution THIS BOND SHALL NOT BE VALID UNLESS PROPERLY AUTHENTICATED BY THE REGISTRAR IN THE SPACE INDICATED BELOW. DATED: CERTIFICATE OF AUTHENTICATION This is one of the City's General Obligation Building Bonds, Series 1988, issued pursuant to the Resolution described herein. , as Registrar By Authorized Officer Note to Printer: The following language should be printed on the reverse of the bond: This bond is one of the $300,000 General Obligation Building Bonds, Series 1988 (the "bonds") of the City, and is issued by the City for the purpose of financing the acquisition, construction, remodeling and expansion of the Stone Building for library and police purposes and all related costs, in full and strict accordance and compliance with all of the provisions of the Constitution and Statutes of the State of Oregon and the Charter of the City. The City reserves the right to redeem all or any portion of the bonds maturing after October 1, 1998, in inverse order of maturity and by lot within a maturity on October 1, 1998, and on any interest payment date thereafter, at par plus accrued interest to the date fixed for redemption. Notice of any call or redemption, unless waived, shall be mailed not less than thirty days and not more than sixty days prior to such call to the registered owners of the bonds, and otherwise given as required by law and the authorizing bond resolution (the "Resolution"); however, any failure to give notice shall not invalidate the redemption of the bonds. All bonds called for redemption shall cease to bear interest from the date designated in the notice. The bonds are issuable in the form of registered bonds without coupons in the denominations of $5,000 or any integral Page 5 - Resolution multiple thereof. Bonds may be exchanged for bonds of aggregate principal amount, but different authorized denominations. the same Any transfer of this bond must be registered, as provided in the Resolution upon the bond register kept for that purpose at the office of the Registrar. The City and the Registrar may treat the person in whose name this bond is registered as its absolute owner for all purposes, as provided in the Resolution. The bondowner may exchange or transfer any bond only by surrendering it, together with a written instrument of exchange or transfer which is satisfactory to the Registrar and duly executed by the registered owner or his duly authorized attorney, at the office of the Registrar in the manner and subject to the conditions set forth in the Resolution. ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto Please insert social security or other identifying number of assignee the within bond and does hereby irrevocably constitute and appoint as attorney to transfer this bond on the books kept for registration thereof with the full power of substitution in the premises. Dated: NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within bond in every particular, without alteration or enlargement or any change whatever. Signature Guaranteed (Bank, Trust Company or Brokerage Firm) Authorized Officer Page 6 - Resolution The following abbreviations, when used in the inscrip- tion on the face of the within bond, shall be construed as though they were written out in full according to applicable laws or regulations. TEN COM -- tenants in common TEN ENT -- as tenants by the entireties JT TEN -- as joint tenants with right of survivorship and not as tenants in common OREGON CUSTODIANS use the following CUST UL OREG MIN as custodian for (name of minor) OR UNIF TRANS MIN ACT under the Oregon Uniform Transfer to Minors Act Additional abbreviations may also be used though not in the list above. Section 7. Authentication, Registration and Transfer. No bond shall be entitled to any right or benefit under this resolution (the "Resolution") unless it shall have been authenticated by an authorized officer of the City's paying agent and registrar (the "Registrar"). The Registrar shall authenticate all bonds to be delivered at closing of this bond issue, and shall additionally authenticate all bonds properly surrendered for exchange or transfer pursuant to this Resolution. Ail bonds shall be in registered form. The City shall appoint a Registrar for the bonds. A successor Registrar may be appointed for the bonds by ordinance or resolution of the City. The Registrar shall provide notice to bondowners of any change in the Registrar not later than the bond payment date following the change in Registrar. The ownership of all bonds shall be entered in the bond register maintained by the Registrar, and the City and the Registrar may treat the person listed as owner in the bond register as the owner of the bond for all purposes. The Registrar shall mail each interest payment on the interest payment date to the name and address of the bondowner as they appear on the bond register as of the fifteenth day of the month preceding an interest payment date (the "Record Date"). If payment is so mailed, neither the City nor the Registrar shall have any further liability to any party for such payment. Page 7 - Resolution Bonds may be exchanged for an equal principal amount of bonds of the same maturity which are in different denominations, and bonds may be transferred to other owners if the bondowner submits the following to the Registrar: 1. written instructions for exchange or transfer satisfactory to the Registrar, signed by the bondowner or his attorney in fact and guaranteed or witnessed in a manner satisfactory to the Registrar; and 2. the bonds to be exchanged or transferred. The Registrar shall not be required to exchange or transfer any bonds submitted to it during any period beginning with a Record Date and ending on the next following payment date; however, such bonds shall be exchanged or transferred promptly following that payment date. The Registrar shall note the date of authentication on each bond. The date of authentication shall be the date on which the bondowner's name is listed on the bond register. For purposes of this section, bonds shall be considered submitted to the Registrar on the date the Registrar actually receives the materials described in subsection E. of this section. The City may alter these provisions regarding registration and transfer by mailing notification of the altered provisions to all bondowners. The altered provisions shall take effect on the date stated in the notice, which shall not be earlier than 45 days after notice is mailed. Section 8. Maintenance of Tax-Exempt Status. The City covenants for the benefit of the owners of the bonds to comply with all provisions of the Internal Revenue Code of 1986 (the "Code") which are required for bond interest to be exempt from federal income taxation (except for taxes on corporations), unless the City obtains an opinion of nationally recognized bond counsel that such compliance is not required in order for the interest paid on the bonds to be so exempt. The City makes the following specific covenants with respect to the Code: Page 8 Resolution The City shall not take any action or omit any action, if it would cause the bonds to become "arbitrage bonds" under Section 148 of the Code. The City shall operate the facilities financed with the bonds so that the bonds are not "private activity bonds" within the meaning of Section 141 of the Code. The covenants contained in this section and any covenants in the closing documents for the bonds shall constitute contracts with the owners of the bonds, and shall be enforceable by them. Section 9. Designation of Bonds as Qualified Tax-Exempt Obligations. The City hereby designates the bonds as "qualified tax-exempt obligations" pursuant to Section 265(b)(3) of the Code. The City covenants not to so designate tax-exempt obligations in the current calendar year in an aggregate amount of more than $10,000,000. The City does not reasonably expect to issue more than $10,000,000 of tax-exempt obligations during the current calendar year. Section 10. Sale of Bonds. The Recorder shall cause to be published in the Sandy Post, Sandy, Oregon, and in the Daily Journal of Commerce Portland Business Today, Portland, Oregon, notices of sale of the bonds in the form substantially as shown on Exhibit A attached hereto and by this reference incorporated herein, or summaries, as provided by law. The bonds shall be sold upon the terms provided in the attached Exhibit A. The bonds shall be sold on the date and at the time and place stated in Exhibit A, unless the Mayor or Recorder establishes a different date, time, or place. ADOPTED by the unanimous vote of the Council, with a quorum in attendance, this 6th day of September, 1988. APPROVED by the Mayor this 6th day ofseptember .1988 Mayor Executed this 6th day of September., 1988. ATTEST ~r d e'~Z~r Page 9 - Resolution No. RDRsam276 OFFICIAL NOTICE OF BOND SAnE $300,000 CITY OF SANDY COUNTY OF CLACKAMAS STATE OF OREGON GENERAL OBLIGATION BUILDING BONDS, SERIES 1988 NOTICE IS HEREBY GIVEN that sealed bids will be received on behalf of the City of Sandy, Clackamas County, Oregon (the "City"), for its General Obligation Building Bonds, Series 1988 (the "bonds"), until 10:00 o'clock a.m. (Pacific Time) on Tuesday, September 27, 1988, at the offices of Lindsay, Hart, Neil & Weigler, Lawyers, Suite 1800, 222 S. W. Columbia Street, Portland, Oregon 97201-6618, at which time they will be publicly opened and announced. The bids shall be considered and acted upon by the City within four hours. ISSUE: The issue shall be in the aggregate principal amount of THREE HUNDRED THOUSAND DOLLARS ($300,000) consisting of registered bonds in denominations of FIVE THOUSAND DOLLARS ($5,000) or integral multiples thereof, all dated October 1, 1988. INTEREST RATE: The maximum true interest cost shall not exceed a net effective rate of ten percent (10%). Interest is payable semiannually on October 1 and April 1 of each year until maturity or prior redemption, commencing April 1, 1989. 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 a multiple of 1/Sth or 1/20th of one percent (1%); (2) no bond shall bear more than one rate of interest; (3) each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid; (4) all bonds maturing at any one time shall bear the same rate of interest; (5) no rate of interest may exceed ten percent (10%); and (6) the interest rate for any maturity shall not be less than the interest rate for any prior maturity. MATURITIES: The bonds shall mature serially on the first day of October of each year as follows: Page 1 Notice of Bond Sale Date Amount Date Amount 1989 $10,000 1997 $ 20,000 1990 15,000 1998 20,000 1991 15,000 1999 25,000 1992 15,000 2000 25,000 1993 15,000 2001 25,000 1994 15,000 2002 30,000 1995 20,000 2003 30,000 1996 20,000 REGISTRATION: The bonds will be issued in fully registered form, and may be exchanged at the expense of issuer for similar bonds of different authorized denominations. Bonds may not be converted to bearer form. OPTIONAL REDEMPTION: The City reserves the right to redeem all or any portion of the bonds maturing after October 1, 1998, in inverse order of maturity and by lot within a maturity on October 1, 1998, and on any interest payment date thereafter, at par plus accrued interest to the date fixed for redemption. EXTRAORDINARY REDEMPTION: The bonds are subject to extraordinary redemption at par plus accured interest, on October 1, 1991, solely from, and to the extent, of any proceeds of the bonds in excess of $100,000 which remain unexpended on that date. NOTICE OF REDEMPTION: Notice of any call or redemption, unless waived, shall be mailed not less than thirty days and not more than sixty days prior to such call to the registered owners of the Bonds, and otherwise given as required by law and the authorizing bond resolution; however, any failure to give notice shall not invalidate the redemption of the bonds. All bonds called for redemption shall cease to bear interest from the date designated in the notice. PAYMENT: Principal and interest are payable, either at maturity or upon earlier redemption, by check through the principal corporate trust office of the registrar and paying agent of the City, which will be a bank doing business in Portland, Oregon. PURPOSE: The bonds are being issued to finance the acquisition, construction, remodeling and expansion of the Stone Building for library and police purposes and all related costs. The bonds were authorized at a special election held within the City on June 28, 1988. SECURITY: The bonds are general obligations of the City. The City has covenanted to levy an ad valorem tax annually Page 2 - Notice of Bond Sale which, with other available funds, will be sufficient to pay bond principal and interest as they come due. LEGAL OPINION: The approving opinion of Lindsay, Hart, Neil & Weigler, 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 City. TAX EXEMPT STATUS: In the opinion of bond counsel, assuming compliance by the City with its covenants relating to the tax-exempt status of the bonds, interest on the bonds is exempt from taxation by the United States under present federal income tax laws (except for certain taxes on corporations) and from personal income taxation by the State of Oregon under present state law. The City has the legal authority to comply with its covenants. The Bonds are not "private activity bonds" under Section 141 of the Internal Revenue Code of 1986 (the "Code"). BANK PURCHASE: The City has designated the bonds as "qualified tax-exempt obligations" pursuant to Section 265(b)(3) of the Code. BEST BID: The bonds will be awarded to the responsible bidder whose proposal will result in the lowest true interest cost to the City. True interest cost will be determined by doubling the semiannual interest rate necessary to discount the debt service to October 1, 1988 and the price bid for the bonds. Each bidder is requested to supply the total interest cost and the true interest cost that the City will pay upon the issue if the bid is accepted. 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 paid by the City. REOFFERING PRICE: The successful bidder must certify the initial reoffering price for each maturity of the bonds to bond counsel not less than three business days prior to closing. This certification shall constitute the agreement of the bidder to offer all bonds in each maturity for sale at a price no greater than the certified reoffering price until at least ten percent of the principal amount of each maturity is sold at a price less than or equal to the certified reoffering price. Failure to honor this agreement may result in cancellation of the sale and forfeiture of the bidder's good faith deposit. 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 Page 3 - Notice of Bond Sale for the bonds must be made in Federal funds. Delivery of the bonds will be made within thirty days. FORM OF BID: Ail bids must be for not less than all the bonds hereby offered for sale, and for not less than ninety-eight and one-half percent (98.5%) 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 City and designated "Proposal for Bonds." BID CHECK: Ail bids must be unconditional and accompanied by a certified or cashier's check on a bank doing business in the State of Oregon for SIX THOUSAND DOLLARS ($6,000) payable to the order of the City to secure the City from any loss resulting from the failure of the bidder to comply with the terms of its bid. Checks will be forfeited to the City as liquidated damages in case the bidder to whom the bonds are awarded withdraws its bid or fails 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 liquidated damages as described above. Checks of the unsuccessful bidders will be returned by the City promptly. RIGHT OF REJECTION: The City reserves the right to reject any or all bids, and to waive any irregularities. OFFICIAL STATEMENT: The City has prepared an official statement relating to the bonds, a copy of which will be furnished upon request to its financial consultant, Seattle Northwest Securities Corporation, Portland Division, Suite 3030, 1300 S.W. Fifth Avenue, Portland, Oregon 97201; telephone (503) 275-8300; Attention: Michael A. Lewis. POTENTIAL BID: The financial consultant may submit a bid or participate in a bidding syndicate. CUSIP: CUSIP numbers will be imprinted upon all bonds of this issue at the City's expense. Failure to print, or improperly imprinted numbers will not constitute basis for the purchaser to refuse to accept delivery. NO LITIGATION: At the time of payment for the delivery of said bonds, the City will furnish the successful bidder a certificate that there is no litigation pending affecting the validity of the bonds. FURTHER INFORMATION: Additional information regarding the City and this sale may be obtained from the City's financial consultant as indicated above. June Peterson City of Sandy, Oregon Page 4 - Notice of Bond Sale (Exhibit A) RDRsam277 LINDSAY, HART, NEIL c°~ WEIG-LER September 28, 1988 Mr. John H. Hammond, Jr., Attorney at Law 21790 Willamette Drive P. O. Box 648 West Linn, OR 97068 Esq. Re: $300,000 City of Sandy General Obligation Building Bonds, Series 1988 Dear Jack: As you are aware, the City had a successful bid opening on September 27, 1988. We have requested that the bonds be printed and, as noted in the letter to the printer, we will need the specime~_$~ii~_ktr.~..D~ha~M4%~.olk.~11111~tke~ord~r and a ~o~_. the Ci~.~afia3. for printing on the bonds· We also need certified copies of the to complete the transcript: 1. Minutes of the meeting held May following documents 16, 1988; Abstract of election results prepared by the Clackamas County elections officer; 3. Resolution 10-88; Affidavit of publication of notice of sale of the Sandy Post; A certificate of the Recorder stating the special meeting held September 27, 1988 was duly called, that a quorum was present, and that a motion was made to accept the bid of the United States National Bank of Oregon. Also enclosed is a form of Tax Certificate and Signature and Non-Litigation Certificate which should be signed, but not dated, and returned with the above-mentioned documents. [,INDSA¥, HART, NEIL ~c WEIGLER Mr. John H. Hammond, September 28, 1988 Page 2 Jr., Esq. As I discussed with Ken, the City also needs to determine the Paying Agent and Registrar for the City for this issue. We assume that Catherine will be coordinating final closing arrangements for this issue. Please call if you have any questions or comments. Very truly yours, LINDSAY, HART, NEIL & WEIGLER Richar~rts RDRsam309 enclosure(s) cc: Ms. Catherine Tamaro Septembe'~- 29, ]988 Richard Roberts Athorney at Law Sdite ] 800 222 SW Columbia Portland, OR 97201-6618 P.O. BOX 1119 SANDY, OREGON 97055 Telephone 668-5533 RE: C[ty of Sandy General Obligation Bond Issue Dear Mr. Roberts: Enclosed as requested you will find the following: ]. Specimen signatures of the Mayor and Recorder. 2. Copy of the City seal. Certified copies of minutes of the meeting held May ]6, 1988 and the special meeting held September 27, 1988 verifying acceptance of the bid of U.S. Bank. 4. Certified copy of the Abstract of election results. %. Ce}rifled copy of Resolution 10-88. 6. Certified copy of the publication of notice of sale of tl~ Sandy Post. C,~rtified copy of the public notice of the Special Council Hooting on September 27, ]988 8. Executed copy of the Tax Certificate and Signature and O._rtlf~ca~. Non-Litigation '~ ' ' ~ ~ If you should require anything further, please advise. Sincere 1 y ,. It Ken Reinke, Interim City Manager <'()UNC~L MINUTP, S ~'~ gu]ar: Mee~ May 16, 1988 Mayor D~:ane Wess{ Ii. ak called the regularly scheduled meeting of the Sandy {].ty Council to order at 7:3] p.m., on May ]6, ]988, in the (oun<:~ i Chambers at City Hall. Rol 1 Ca l l Mayor Wesselink - present Councilor harrison - present Councilor Frederickson - present Councilor Griswold - present Councilor Councilor Councilor Duff - present Buck - present Spence - present Also ahtending were~City Manager, Tom Reber, City Department Directors, }nLerested citizens and Linda Knofczynski, recording secretary. Appr{val of Minutes The minutes of the May 2, ]988 meeting were approved as submitted. Approval of Accounts Payabl£ Mo t ion Councilor Duff moved, seconded by Councilor Frederickson and approved by mnanimous voice vote: To pay the bills as submitted. Councilor Duff reported after investigating the charges from Les Schwab, ~t was decided to pay the bi. il but te look into changing our policy on having work done locally because the work could have been done for a lower amount. R_epo](!~s and Comments from Mayor and City Council "~,, ,~r("i]r~-_ Spence asked for an update on weed abatement. City Manager Reber advised letters are going out today. Councilor Spence also asked if Shiprack had been contacted yet? Reber reported he will come out after th:e primary (election). Coun<:iler Narrison suggested the Council should keep their eyes open fnr 5om~- p~,.,~.~.v._ ac~l.ons (u the weed abatement this year. I HEREBY CERTIFY THAT THE FOREGOING IS A COMPLETE AND EXACT COPY OF THE ORIGINAL THEREOF. '-[[Iufle M. Peterson, City Recorder lhJ ] Moy~ r, Buck Ambulance, :eported Clackamas County is seeking bids ie~ ambulance service fo~ ~l [ of C]ackamas County that is not already R ~viced by fire department s' ambulances. Mr. Moyer asked the Councq t© submit l~tters of support. Discussion was held on making a change i:he 45 minutes response time. MotJ Counct!or Harrison moved, seconded by Councilor Duff and approved by unanimous voice vote: That in a letter to Mr. Troxel, Director of Clackamas County Public Health Division, we support Buck Ambulance for the service they have provided, that the 45 minute response time standard is too long and ~r~commend a 25 minute or less response time. Counc}_]or Duff stated it should be noted in the letter that the City was not given an opportunity to respond to the standards previously because we were not aware of them. Manager's Report Approve Contract for 9-1-1/Dispatch Services Motion Councilor Duff moved, seconded by Councilor Harrison and approved by unanimous voice vote: To authorize the City Manager and Mayor to enter into the contract with Clackamas County for 9-1-l/Dispatch Services. Department Reportq Ciiy Manager Reber reported Don Wilson, Community Development Director, working with a company which would create 40 jobs. Mayor Wess~link suggested we write a letter to let Randy Oliver, PGE, know he has done a good job in working with the City. PUBi, IC HEARING - 1988/89 BUDGET P}]I of the City Council for readiness for the public hearing. Abster~iens ~rem the City Council te hear this: None Challenges to the jurisdiction ef the City Council to hear this: Challenges to any individual member of the Council to hear this: Mayor Wesse]Jnk declared the public hearing open at 8:00 p.m. None None Manager R{ he}; ~ut lined pl:'opos{d changes t. hat have been made to the ~. App}~val of $4,000.00 match to purchase a mini-van. 2. ~'26,000.00 we a~e not transferring from Bancroft Bond Fund to the qeneral fund. He r£ported the transfer will be made when the principle and Ant,,r~st is paid. 3. $]5,000.00 revenue and expenditure item for Sandy Diamond Days because the Oity will be acting as trustee for the committee. Mayor Wesselink called for Opponent or Proponent testimony. Hayer Wesselink closed the public hearing at 8:05 p.m. Councilor Harrison moved, seconded by Councilor Duff and approved by 5-2 majority roll call vote with Mayor Wesselink, Councilors Griswold, Spence, Duff and Harrison voting in favor of the motion and Councilors Frederickson and Buck voting against the motion. 7'o accept the proposed budget. Response to Complaints against Police Department Cit:y Manager Reber presented to the Council a report based on his investigation of complaints from the Sandy Union High School officials that tlne police department did not to respond to 9-]-1 calls. Rcber outlined his findings: (]) The accusation made that the City does not respond to 9-1-1 emergency calls are false and irresponsible. (2) TI}ere is a gross di.{ference between how the common person thinks the c~Jminal justice system works and how it actually works. {3) The real subject of the complaint is not our response to 9-].-] emergency calls but ih fact what the results are for the suspects after a 9-1-] is ~nswered. (4) Tine expressed lack of police support may be related to ~he fact that the police reserves had indicated they did not want to work security during the pending strike. (5) It is our policy to avoid h~gh speeds chases. (6) This episode demonstrates how easy it is to make false statements against police 6fficers. (7} Mr. Reber feels the pn]ic< department has answered every call from the High School {pprep} Jately. (8) Final]y, this is the first time a conflict hasn't been resolved through a ~hone call or a meeting. ,'u~nctlor Buck :~ ~az_{d-I ~ , the Sandy Union High School needs to make an .~pology to the Police Departn~nt. ,' uni< ~ 1<,~7 }i~rl ~ ~en t c,p{u t~ d th{ Supt~cm{ Court of the United States has ~' id ~ wo dj ffct (:n[ st andard[., t)ne, }easonab]e cause for school ,~ifi(lJals mild the second is [)}obable cause for police officers. Councilor Harrison stated h~ disagrees with his peer group, lie asked ~;(e lhl. s {,n the agenda aga~l~ because we still have a problem. Councilor Harrison mow}d, s¢conded by Councilor Buck and approved by unanimous voice vote: To accept the report with the validity that was made in it. ]PUBLIC HEARING - PROPOSED SIGN CHANGES Poll of the City Council for readiness for the public hearing. Abstentions from t~e City Council to hear this: None Challenges to the jurisdiction of the City Council to hear this: None Chai]enges to any individual member of the Council to hear this: None Mayo~ Wesselink declared the public bearing open at 9:00 p.m. pi}_ a~f! Rep~ ~t Don Wilson, Community Development Director, outlined the proposed changes which includes the city staff review and approval, and increase from 50 to 75 sq.ft, for maximum sign area, reduced street frontage requirement for freestanding and ground mounted signs from 90 to 50 lineal feet, increase maximum size area for freestanding, ground mounted and projecting signs from 50 to 75 sq.ft., allows signs to extend up to 8 feet above the roof line, off site directional signs would increase in s}ze from ]6 sq~ft, to 32 sq.ft., A-frame sign could be used only when {hn business has no other permanent sign and the removal of an abandoned sign or illegal permanent sign would be handled through the nuisance abatement process. Mayor Wesse]ink called for testimony. Brad Paluck, Mt. Hood Cleaners and Sandy Mini Storage, questioned why he could not put up a off-site sign for his mini storage project. He also questioned the restricted use of the A-frame signs. Co~nc~.lor Duff asked if the Industrial Park could have a readerboard sign of the businesses located within the complex? Mr. Wilson advised yes, there has been one in the past. 'There now is a sign for the industrial Park but net for the tenants. He advised there is nothing in ~he ordinance to prevent a readerboard listing the individual tenants. Nave D~lclner, 7-Eleven Stere, spoke Jn support of the A-frame signs. Roland Cartisser, Tri-County Electric, advised they have $3,000.00 ~ nvested in the ir sign. l!owover, they have a problem with the trees planted Jn the p]an~er because the trees bloc]< the visibiiltiy of their ~;ign. ~/~an~ T~ ! 1~ ~:, FJower Ga~len, prot~ stud elimJnal Jng A-frame signs. stat ~d she g(t s llln~e [susJ n~::~s from I h~ A-frame sign than any idvel! isJRq and to do aWdy with her A-frame sign would hurt her She Kiel] Rode, Otto's Cross Country, agreed with Diane and reported that i~is A-frame sign is the best advertising tool and it would hurt the businesses in the City not to have them available to advertise specials. Joe Langella, Jo's Jo's Pizza, clarified that it was the Council's decision te ban A-frame signs. He thanked the Council for working on the s~gn ordinance and said the changes proposals are good changes. Banning A-frame signs will put some people out of business. Steve Dirks, Elusive Trout., stated we should work at it and figure out a way. Bob Kallen, DRB member, suggested the problem is helping the downtown core area to survive and do something special for the core area. He recol,nmended keeping the clause not to exceed 60% of the building face area. Extending signs 8 feet above the roof line and increasing the maximum to 75 sq.ft, is not progress. He also recommended including the size of the elf-site direction sign in the total allowable footage and not to allow blinking, flashing, strobe lights or moving signs. He suggested allowing A-frame signs in the core area but create a special slgn district for the core area to design standards. Dale Nichols, 40115 Davis, reported 2 1/2 million people visit the Mt. Hocd area annually and certainly ~ 1/2 million go through Sandy. He said if you don't make your business exposed, nobody is going to see you. He expressed concerns about blinking and flashing signs and stated A-frames signs need some kind of regulation. Elvira Muff, ]4400 Baumback Ave., asked how can we compete with businesses outside the City limits where there are no regulations? also reported a problem with the trees blocking the station. She Wayne, Harris, resident of Sandy, supported the A-frame signs but some constraints should be place on them such as upkeep and block print. He also objected to allowing signs to project 8 feet above the roof line and blinking, rotating or flashing signs. Phyllis Mizner, ERA, stated we need regulations against blocking of other signs and allowances should be made for double street visibility. Co(!nc~.lor Duff pointed out we talked about the business community themselves enforcing blocking signs should problems arise. Denise Redman, Mt. Video and Landmark Soda Fountain, thanked Joe Langella, Dennis Dries, Tom Reber and Don Wilson for their efforts in ~yLng to help the business community. She spoke in favor ef A-frame signs. PhyJ ii:; i{ad{ }:, il (r~i.d<'.nl , {'Inamber of Coll~m< roe, reported the f(} acc( pf what ~he busiuess people need wLthin reason. Chamber the CouncL ] M/ye;. W~ sselink closed the pdblic h~ aring at t0:]8 p.m. it was the consensus of [Pie Council to delay any action on the sign code arid schedule another workshop. Adopt Resolution No. 4-88 Councilor Duff moved, seconOed by Councilor Spence and approve by a 5-2 majority roll call vote with Mayor Wesselink, Councilors Griswold, Spence, Duff and Harrison voting in favor of the motion and Councilors Frederickson and Buck voting against the motion. To adopt Resolution No. 4-88, A Resolution Placing a $i00,000 Bond Issue Before the Voters at the June 28th Election For The Purpose of Purchasing and Remodeling the Stone Building for Police and Library ~ses. Council Members to be Victims Chief Punze] asked the Council to be involved program for the reserves on Monday, May 23th. Spence, Buck and Harrison volunteered. in a training/evaluation Councilors Griswold, Juvenile Programs City Manager Reber asked the Council to approve the expenditure of $600.00 to cover printing of stick on labels and buttons which state "Sandy Says No to Drugs, certificates to cover printing on shirts to be given to children who have pledged to say no to drugs and to cover the costs of conducting a raffle drawing for a one night and one day at Rippling River for a child and their family. Motion Councilor Duff moved, seconded by Councilor Griswold and approved by unanimous voice vote: To spend up to $600.00 on the Sandy Says No to Drug Program as presented by the City Manager. The meeting was adjourned at ]0:48 p.m. ~ane ~esseiihk, MAyor .~.~l)N~rl/heF. 27, ] 988 Maycn D~ ant~ Wesselink cai led the adjouxned meeting of the Sandy City councll to order at ]2:00 p.m., on September 27, ]988, in the Council Chambers at City Nail. Roll Call Mayor Wessetink - present Councilor Harrison - present Councilor Frederickson - present Councilor Griswold - present Councilor Duff - present Councilor Buck - excused Councilor Spence - present Also attending wer~,Acting City Manager, Ken Reinke, City Attorney, Jack Hammond, City Department Directors, Gordon Stone and Marleen Peacock, ~ecording secretary. Mayor Wesselink explained the purpose of this meeting is to accept the bids and finalize the purchase of the Gordon Stone property. Acceptance of Bids Ken Reinke, Acting City Manager, explained he and June Peterson, Finance Director, attended the bid opening. He reported six bidders were present submitting bids. A phone call was received from Richard Roberts, Attorney at Law, who gave a brief overview of the bid opening. Mr. Roberts explained six b~ds were received: U.S. Bank Clackamas County Bank Oregon Ban]< Kidder, Peabody & Co. First Interstate Bank of Oregon Shearson Lehman Brothers 6.9]7982% 6.9]95571% 7.299007% 7.]847% (Net 7.268]% (Net 7.]422]0% Interest Rate) Interest Rate) Mr. Roberts reported both his office and Seattle Northwest Securities have independently verified the accuracy of the bids and recommended the iow bid of U.S. Bank be accepted. ~_v.--. Roberts also stated, th~ fact that we re~elvedc ' six bids showed very qoed interest in this issue and the fact that the bids were so very ~']ese certaip]y demonstrated that we received the best of what the urrept ma~kct is providing in terms of interest rates. Catherine very wel] Tamaro, Seattle Nn~thwest Securities~ reported the City did today on getting Lnterests for the bond issue and the bids Bank and C!ai~kamas County Ban]< are ~ea]ly be]ow what the today. I HEREBY CERTIFY THAT THE FOREGOING IS A COMPLETE AND EXACT COPY OF THE ORIGINAL THEREOF. June N. Peterson, City Recorder Duff li~(~v~d, S~}(}¢)lld,RJ bl/ {'ouH(}i lox: Harrison and approwsd by low bid o~ U.S. Bank at 6.917982%. Councilor Duff asked Jack Haromond what the overall difference in costs would be between the U.S. Bank and Clackamas County Bank bids. City Attorney Hammond replied that the net interest cost for U.S. Bank is S]90,240.60 and the net intecest cost for Clackamas County Bank is $!90,092.50 se the difference is about $150.00. Mr. Reinke explained that the Clackamas County Bank is charging points of $3,900.00 up front while U.S. Bank is charging a discount of only $3,500.00. Ho t i o '~ Councilor Harrison moved, seconded by Councilor Frederickson and approved by unanimous voice vote to adjourn the meeting at t2:1.4 p.m. Deane Wesselink, Mayor ATTEST: eterson, City Recorder CANDIDATE KEYS: CAND-01 = YES CAN~-O2 = NO CAND-;7 = OVE~VOTES CA,~iD 9. = UND~.RVOTE$ CAND-9? = TOTAL 0.~ PRE CAN~-O! IS A COHP]JI}TF.(AND NXACT COPY 'PHIl ORIGINAL THEREOF. June'N. Peterson, City Recorder RESOLUTION NO. ] 0-88 RESOLUTION OF THE CITY OF SANDY, CLACKAMAS COUNTY, OREGON AUTHORIZING THE ISSUANCE OF BONDS IN AN AMOUNT NOT TO EXCEED $300~000 FOR THE PURPOSE OF FINANCING THE ACQUISITION, CONSTRUCTION, REMODELING AND EXPANSION OF THE STONE BUILDING FOR LIBRARY AND POLICE PURPOSES AND ALL RELATED COSTS. WHEREAS, this Council submitted to the legal voters of the City of Sandy, County of Clackamas, State of Oregon (the "City"), the question of contracting a general obligation bonded indebtedness in the sum of $300,000 to finance the acquisition, construction, remodeling and expansion of the Stone Building for library and police purposes and all related costs; and WHEREAS, the election was duly and legally held on the 28th day of June, 1988, and this Council has canvassed the result thereof and has declared that issuance of bonds in such sum has been approved by a majority of the qualified voters of the City voting at the election, now therefore The City of Sandy, Oregon, resolves as follows: Section 1. Issue. For the above purposes, the City shall issue its General Obligation Building Bonds, Series 1988, in the amount of THREE HUNDRED THOUSAND DOLLARS ($300,000), to be dated October 1, 1988, to be in denominations of Five Thousand Dollars ($5~000) or integral multiples thereof, to bear interest payable on October 1 and April 1 of each year until maturity or prior redemption, commencing April 1, 1989, and to mature serially on October 1 of each year as follows: Date ,Amount Date Amount 1989 1990 1991 1992 1993 1994 1995 1996 $10,000 15000 3.5.000 15000 15000 15000 20000 20 000 1997 1998 1999 2000 2001 2002 2003 $20 000 20 000 25 000 25 000 25 000 30 000 30 000 Section 2. Optional Redemption. The City reserves the right to redeem all or any portion of the Bonds maturing after October i, ].998, in inverse order of maturity and by lot within a maturity on October 1, 1998~ and on any interest payment date thereafter, at par plus accrued interest to the date fixed for redemption. Page i - Resolution Section 3. Extraordinary Redemption. The bonds are subject to extraordinary redemption at par plus accrued interest, on October 1, 1991, solely from, and to the extent of, any proceeds of the bonds in excess of $10,000 which remain unexpended on that date. Section 4. Notice of Redemption. Unless waived by any holder of Bonds to be redeemed, official notice of any such redemption shall be given by the City's paying agent and registrar (the "Registrar") on behalf of the City by mailing a copy of an official redemption notice by registered or certified mail at least 30 days and not more than 60 days prior to the date fixed for redemption to the registered owner of the Bond or Bonds to be redeemed at the address shown on the Bond Register or at such other address as is furnished in writing by such registered owner to the Registrar. Ail official notices of redemption shall be dated and shall state: A. the redemption date, B. the redemption price, Ce if less than all outstanding Bonds are to be redeemed, the identification (and, in the case of partial redemption, the respective principal amounts) of the Bonds to be redeemed, that on the redemption date the redemption price will become due and payable upon each such Bond or portion thereof called for redemption, and that interest thereon shall cease to accrue from and after said date, and the place where such Bonds are to be surrendered for payment of the redemption price, which place of payment shall be the principal corporate trust office of the Registrar. Prior to any redemption date, the City shall deposit with the Registrar an amount of money sufficient to pay the redemption price of all the Bonds or portions of Bonds which are to be redeemed on that date. Official notice of redemption having been given as aforesaid~ the Bonds or portions of Bonds so to be redeemed shall, on the redemption dater become due and payable at the redemption price therein specified, and from and after such date (unless the City shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such Bonds for redemption in accordance with said notice, such Bonds shall be paid by the Page 2 - Resolution Registrar at the redemption price. Installments of interest due on or prior to the redemption date shall be payable as herein provided for payment of interest. Upon surrender for any partial redemption of any Bond, there shall be prepared for the registered owner a new Bond or Bonds of the same maturity in the amount of the unpaid principal. All Bonds which have been redeemed shall be cancelled and destroyed by the Registrar and shall not be reissued. Section 5. ~ecurity. The full faith and credit of the City are pledged to the successive owners of each of the bonds for the punctual payment of such obligations, when due. The City shall levy annually, as provided by law, a direct ad valorem tax upon all of the taxable property within the City in sufficient amount, after taking into consideration discounts taken and delinquencies that may occur in the payment of such taxes and other monies available for the payment of debt service on the bondsw to pay the bonds promptly as they mature, and that the City covenants with the owners of its 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. Form of Registered Bonds. The City may issue the bonds as one or more typewritten, temporary bonds which shall be exchangeable for definitive bonds when definitive bonds are available. The bonds shall be in substantially the following form: No. R- $ UNITED STATES OF AMERICA STATE OF OREGON CITY OF SANDY COUNTY OF CLACKAMAS GENERAL OBLIGATION BUILDING BOND, SERIES 1988 DATED INTEREST October i, 1988 % PER ANNUM MATURITY DATE CUSIP THE CITY OF SANDY, in the County of Clackamas, State of Oregon (the "City"), for value received, acknowledges itself indebted and hereby promises to pay to , or registered assigns, the principal amount of Dollars ($ ) on the above maturity date together with interest thereon from the date hereof at the rate per annum indicated above. Interest is payable semiannually on the first day of October and the first day of April in each year until maturity or prior redemptionr commencing April 1, 1989. Interest Page 3 - Resolution upon this bond is payable through the principal corporate trust office of the City's paying agent and registrar (the "Registrar") by check or draft; checks or drafts will be mailed on the interest payment date {or the next business day if the interest payment date is not a business day) to the name and address of the registered owner as they appear on the bond register as of the fifteenth day of the month prior to the interest payment date. Bond principal is payable upon presentation and surrender of this bond to the Registrar. ADDITIONAL PROVISIONS OF THIS BOND APPEAR ON THE REVERSE SIDE; THESE PROVISIONS HAVE THE SAME EFFECT AS IF THEY WERE PRINTED HEREIN. 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 and the Charter of the City; that the issue of which this bond is a part, and all other obligations of such City~ are within every debt limitation and other limit prescribed by such Constitution, Statutes and Charter; and that the City Council has provided for the levying annually of a direct ad valorem tax upon all the property within the boundaries of the City so taxable for its purposes in an amount sufficient, with other available funds, to pay the interest on and the principal of the bonds of such issue as such obligations become due and payable. IN WITNESS WHEREOF, the City Council of the City of Sandy~ Clackamas County, Oregon, has caused this bond to be signed by facsimile signature of its Mayor and attested by facsimile signature of its Recorder, and has caused its seal to be affixed hereto or printed hereon as of the date indicated ~bov~. Mayor, City of Sandy, Oregon Recorder, City of Sandy, Oregon {SEAL) Page 4 Resolution ?HIS BOND SHALL NOT BE VALID UNLESS PROPERLY AUTHENTICATED BY THE REGISTRAR IN THE SPACE INDICATED BELOW. DATED: CERTIFICATE OF AUTHENTICATION This is one of the City's General Obligation Building Bonds, Series 1988, issued pursuant to the Resolution described herein. Registrar By~ Authorized Officer Note to Printer: The following language should be printed on the reverse of the bond: This bond is one of the $300,000 General Obligation Building Bonds, Series 1988 (the "bonds") of the City, and is issued by the City for the purpose of financing the acquisition, construction, remodeling and expansion of the Stone Building for library and police purposes and all related costs, in full and strict accordance and compliance with all of the provisions of the Constitution and Statutes of the State of Oregon and the Charter of the City. The City reserves the right to redeem all or any portion of the bonds maturing after October 1, 1998~ in inverse order of maturity and by lot within a maturity on October 1, 1998, and on any interest payment date thereafter, at par plus accrued interest to the date fixed for redemption. Notice of any call or redemption, unless waived, shall be mailed not less than thirty days and not more than sixty days prior to such call to the registered owners of the bonds, and otherwise given as required by law and the authorizing bond resolution (the ':Resolution"); however, any failure to give notice shall not invalidate the redemption of the bonds. All bonds called for redemption shall cease to bear interest from the date designated in the notice. The bonds are issuable in the form of registered bonds ~ithout coupons in the denominations of $5,000 or any integral Page 5 - Resolution multiple thereof. Bonds may be exchanged for bonds of the same aggregate principal amount, but different authorized denominations. Any transfer of this bond must be registered, as provided in the Resolution upon the bond register kept for that purpose at the office of the Registrar. The City and the Registrar may treat the person in whose name this bond is registered as its absolute owner for all purposes, as provided in the Resolution. The bondowner may exchange or transfer any bond only by surrendering it, together with a written instrument of exchange or transfer which is satisfactory to the Registrar and duly executed by the registered owner or his duly authorized attorney, at the office of the Registrar in the manner and subject to the conditions set forth in the Resolution. ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto Please insert social security or other identifying number of assignee the within bond and does hereby irrevocably constitute and appoint as attorney to transfer this bond on the books kept for registration thereof with the full power of substitution in the premises. Dated: NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within bond in every particular,, without alteration or enlargement or any change whatever. Signature Guaranteed (Bank, Trust Company or Brokerage Firm) Authorized Officer Page 6 - Resolution The following abbreviations, when used in the inscrip- tion on the face of the within bond, shall be construed as though they were written out in full according to applicable laws or regulations. TEN COM -- tenants in common TEN ENT -- as tenants by the entireties JT TEN -- as joint tenants with right of survivorship and not as tenants in common OREGON CUSTODIANS use the following CUST UL OREG as custodian for OR UNIF TRANS MIN ACT under the Oregon Uniform Transfer to Minors Act MIN (name of minor) Additional abbreviations may also be used though not in the list above° Section 7. Authentication, Registration and Transfer. No bond shall be entitled to any right or benefit under this resolution (the "Resolution") unless it shall have been authenticated by an authorized officer of the City's paying agent and registrar (the "Registrar"). The Registrar shall authenticate all bonds to be delivered at closing of this bond issue, and shall additionally authenticate all bonds properly surrendered for exchange or transfer pursuant to this Resolution. Ail bonds shall be in registered form. The City shall appoint a Registrar for the bonds. A successor Registrar may be appointed for the bonds by ordinance or resolution of the City. The Registrar shall provide notice to bondowners of any change in the Registrar not later than the bond payment date following the change in Registrar° Co The ownership of all bonds shall be entered in the bond register maintained by the Registrar, and the City and the Registrar may treat the person listed as owner in the bond register as the owner of the bond for all purposes. Do The Registrar shall mail each interest payment on the interest payment date to the name and address of the bondo~*.~ner as they appear on the bond register as of the fifteenth day of the month preceding an interest payment date (the "Record Date")° If payment is so mailed, neither the City nor the Registrar shall have any further liability to ar]y party for such payment. Page 7 - Resolution Bonds may be exchanged for an equal principal amount of bonds of the same maturity which are in different denominations, and bonds may be transferred to other owners if the bondowner submits the following to the Registrar: 1. written instructions for exchange or transfer satisfactory to the Registrar, signed by the bondowner or his attorney in fact and guaranteed or witnessed in a manner satisfactory to the Registrar; and 2.- the bonds to be exchanged or transferred. ?he Registrar shall not be required to exchange or transfer any bonds submitted to it during any period beginning with a Record Date and ending on the next following payment date; however, such bonds shall be exchanged or transferred promptly following that payment date. The Registrar shall note the date of authentication on each bond. The date of authentication shall be the date on which the bondowner's name is listed on the bond register. For purposes of this section, bonds shall be considered submitted to the Registrar on the date the Registrar actually receives the materials described in subsection E. of this section. The City may alter these provisions regarding registration and transfer by mailing notification of the altered provisions to all bondowners. The altered provisions shall take effect on the date stated in the notice, which shall not be earlier than 45 days after notice is mailed. Section 8. Malnt_nance of Tax-Exempt Status. The City covenants for the benefit of the owners of the bonds to comply with all provisions of the Internal Revenue Code of 1986 (the "Code") which are required for bond interest to be exempt from f ~ ed_ral income taxation (except for ta×es on corporations), unless the City obtains an opinion of ~ tionally recognized bond counsel that such compliance is not req~ired in order for the int~r~st paid on the bonds to be so exempt. The City makes the following specific covenants with respect to the Code: Page 8 - Resolution The City shall not take any action or omit any action, if it would cause the bonds to become "arbitrage bonds" under Section 148 of the Code. The City shall operate the facilities financed with the bonds so that the bonds are not "private activity bonds" within the meaning of Section 141 of the Code. The covenants contained in this section and any covenants in the closing documents for the bonds shall constitute contracts with the owners of the bonds, and shall be enforceable by them. Section 9. Designation of Bonds as Qualified Tax-Exemp~ Obligations. The City hereby designates the bonds as "qualified tax-exempt obligations" pursuant to Section 265(b)(3) of the Code. The City covenants not to so designate tax-exempt obligations in the current calendar year in an aggregate amount of more than $10,000,000. The City does not reasonably expect to issue more than $10,000,000 of tax-exempt obligations during the current calendar year° Section 10o Sale of Bonds. The Recorder shall cause to be published in the Sandy Post, Sandy, Oregon, and in the Daily Journal of Commerce Portland Business Today, Portland, Oregon, notices of sale of the bonds in the form substantially as shown on Exhibit A attached hereto and by this reference incorporated herein, or summaries, as provided by law. The bonds shall be sold upon the terms provided in the attached Exhibit Ao The bonds shall be sold on the date and at the time and place stated in Exhibit A, unless the Mayor or Recorder establishes a different date, time, or place. ADOPTED by the unanimous vote of the Council, with a quorum in attendance, this 6th day of September, 1988. APPROVED by the Mayor this 6th day ofSeptember__.1988 Mayor Executed this 6th day of ~e_ptember., ]988. ATTEST ~R~corder Page 9 - Resolution No. RDRsam276 OFFICIAL NOTICE OF BOND SALE $300,000 CITY OF SANDY COUNTY OF CLACKAMAS STATE OF OREGON GENERAL OBLIGATION BUILDING BONDS, SERIES 1988 NOTICE IS HEREBY GIVEN that sealed bids will be received on behalf of the City of Sandy, Clackamas County, Oregon (the ~'City")~ for its General Obligation Building Bonds, Series 1988 (the °'bonds~'), until 10:00 o'clock a.m. (Pacific Time) on Tuesday, September 27, 1988, at the offices of Lindsay, Hart, Neil & Weigler, Lawyers, Suite 1800, 222 S. W. Columbia Street, Portland, Oregon 97201-6618, at which time they will be publicly opened and announced. The bids shall be considered and acted upon by the City within four hours. ISSUE: The issue shall be in the aggregate principal amount of THREE HUNDRED THOUSAND DOLLARS ($300,000) consisting of registered bonds in denominations of FIVE THOUSAND DOLLARS ($5,000) or integral multiples thereof, all dated October 1~ 1988. INTEREST RATF: The ma×imum true interest cost shall not exceed a net effective rate of ten percent (10%)o Interest is payable semiannually on October 1 and April 1 of each year until maturity or prior redemptions commencing April 1, 1989. 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 a multiple of I/Sth or 1/20th of one percent (1%); (2) no bond shall bear more than one rate of interest; (3) each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid; (4) all bonds maturing at any one time shall bear the same rate of interest; (5) no rate of interest may exceed ten percent (10%); and (6) the interest rate for any maturity shall not be less than the interest rate for any prior maturity. 5~TUR~TIES: The bonds shall mature serially on the first day of October of each year as follows: Page 1 - Notice of Bond Sale Date Amount Date Amount 1989 $10,000 1997 $ 20,000 1990 15~000 1998 20,000 1991 15,000 1999 25,000 1992 15,000 2000 25,000 1993 15,000 2001 25,000 1994 15,000 2002 30,000 1995 20~000 2003 30,000 1996 20,000 REGISTRATION: The bonds will be issued in fully registered form, and may be exchanged at the expense of issuer for similar bonds of different authorized denominations. Bonds may not be converted to bearer form. OPTIONAL REDEMPTION: The City reserves the right to redeem all or any portion of the bonds maturing after October 1, 1998~ in inverse order of maturity and by lot within a maturity on October 1, 1998, and on any interest payment date thereafter, at par plus accrued interest to the date fixed for redemption. EXTRAORDINARY REDEMPTION: The bonds are subject to extraordinary redemption at par plus accured interest, on October 1~ 1991, solely from, and to the extent, of any proceeds of the bonds in excess of $100,000 which remain unexpended on that date. NOTICE OP REDEMPTION: Notice of any call or redemption, unless waived, shall be mailed not less than thirty days and not more than sixty days prior to such call to the registered owners of the Bonds, and otherwise given as required by law and the authorizing bend resolution; however, any failure to give notice shall not invalidate the redemption of the bonds. All bonds called for redemption shall cease to bear interest from the date designated in the notice° PAYMENT: Principal and interest are payable, either maturity or upon earlier redemption, by check through the principal corporate trust office of the registrar and paying agent of the City, which will be a bank doing business in Portland, Oregon~ at PURPOSE: The bonds are being issued to finance the acquisition, construction, remodeling and expansion of the Stone Building for library and police purposes and all related costs. The bonds were authorized at a special election held within the City on June 28~ 1988. SECURITY: The bonds are general obligations of the City. The City has covenanted to levy an ad valorem tax annually Page 2 - Notice of Bond Sale which, with other available funds, will be sufficient to pay bond principal and interest as they come due. LEGAL OPINION: The approving opinion of Lindsay, Hart, Neil & Weigler, Lawyers, of Portlandf Oregon, will be provided at no cost to the purchaser, and will be printed on the bonds at the expense of the City. TAX EXEMPT STATUS: In the opinion of bond counsel, assuming compliance by the City with its covenants relating to the tax-exempt status of the bonds, interest on the bonds is exempt from taxation by the United States under present federal income tax laws (except for certain taxes on corporations) and from personal income taxation by the State of Oregon under' present state law. The City has the legal authority to comply with its covenants. The Bonds are not "private activity bonds" under Section 141 of the Internal Revenue Code of 1986 (the "Code"). BANK PURCHASE: The City has designated the bonds as "qualified tax-exempt obligations" pursuant to Section 265(b)(3) of the Code. BEST BID: The bonds will be awarded to the responsible bidder whose proposal will result in the lowest true interest cost to the City. True interest cost will be determined by doubling the semiannual interest rate necessary to discount the debt service to October 1, !988 and the price bid for the bonds. Each bidder is requested to supply the total interest cost and the true interest cost that the City will pay upon the issue if the bid is accepted. 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 paid by the City. REOFFERING PRICE: The successful bidder must certify the initial reoffering price for each maturity of the bonds to bond counsel not less than three business days prior to closing. This certification shall constitute the agreement of the bidder to offer all bonds in each maturity for sale at a price no greater than the certified reoffering price until at least ten percent of the principal amount of each maturity is sold at a price less than or equal to the certified reoffering price. Failure to honor this agreement may result in cancellation of the sale and forfeiture of the bidder's good faith deposit. DELIVERY: Delivery of the bonds will be made without cost to the successful bidder at such bank in the City of Port!andf Oregon~ as the successful bidder shall name. Payment Page 3 - Notice of Bond Sale for the bonds must oe made in Federal funds. Delivery of the bonds will be made within thirty days. FORM OF BID: All bids must be for not less than all the bonds hereby offered for sale, and for not less than ninety-eight and one-half percent (98.5%) 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 City and designated "Proposal for Bonds." BID CHECK: Ail bids must be unconditional and accompanied by a certified or cashier's check on a bank doing business in the State of Oregon for SiX THOUSAND DOLLARS ($6,000) payable to the order of the City to secure the City from any loss resulting from the failure of the bidder to comply with the terms of its bid. Checks will be forfeited to the City as liquidated damages in case the bidder to whom the bonds are awarded withdraws its bid or fails 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 liquidated damages as described above. Checks of the unsuccessful bidders will be returned by the City promptly. RIGHT OF REJECTION: The City reserves the right to reject any or all bids, and to waive any irregularities. OFFICIAL STATEMENT: The City has prepared an official statement relating to the bonds, a copy of which will be furnished upon request to its financial consultant~ Seattle Northwest Securities Corporation, Portland Division, Suite 3030, 1300 S.W. Fifth Avenue, Portland, Oregon 97201; telephone (503) 275-8300; Attention: Michael A. Lewis. POTENTIAL BID: The financial consultant may submit a bid or participate in a bidding syndicate° CUSIP: CUSIP numbers will be imprinted upon all bonds of this issue at the City's expense° Failure to print, or improperly imprinted numbers will not constitute basis for the purchaser to refuse to accept delivery. NO LITIGATION: At the time of payment for the delivery of said bonds, the City will furnish the successful bidder a certificate that there is no litigation pending affecting the validity of the bonds. FURTHER INFORMATION: Additional information regarding the City and this sale may be obtained from the City's financial consultant as indicated above. June Peterson City of Sandy, Oregon Page 4 - Notice of Bond Sale (Exhibit A) RDRsam277 Affidavit of Publication STATE OF OREGON County of Clackamas SS I, Carol Schiller ., being first duly sworn, depose and say that I am the Bookkeeper of the Sandy Post, a weekly newspaper of general circulation, published at Sandy, in the aforesaid county and state, as defined in ORS 193.010 and t93 020 that Bu_i~_ldinq Bond issue 1988 File ~1~50~013 a printed cepy of which is hereto attached, was published in regulor issuesof said newspaper for ~ ~ su cessivea dcons, ecutiveweeks m thelo1~o~ir~ 9 th SePtember 8 8 ~ i}{R!SB¥ 'NNTIFY ThE FORt']GOING June N~. Peterson, City Recorder C]71~,F P.O. BOX 1119 SANDY, OREGON 97055 Telephone 668-5533 CITY OF SANDY PUBLIC NOTICE WHAT: Special Council Meeting WHEN: Tuesday, September 27, 1988, at 12:00 noon WHERE: Council Chambers Sandy City Hall 39250 Pioneer Blvd. Sandy, Oregon. The purpose of this meeting is to accept bids in connection with the City of Sandy General Obligation Building Bond Issue. mp 9/9/88 June Peterson City Recorder NOTE: The City of Sandy is~nequal opportunity employe and does not discriminate on the basis of race. religion, sex or handicapped status. TAX CERTIFICATE $300,000 CITY OF SANDY CLACKAMAS COUNTY, OREGON GENERAL OBLIGATION BUILDING BONDS, SERIES 1988 A. In General. A.lo The undersigned is an officer of the City of Sandy, Clackamas County, Oregon (the "Issuer") who is charged, with others, with responsibility for issuing and delivering the City of Sandy, Clackamas County, Oregon General Obligation Building Bonds, Series 1988 (the "Bonds"), which are dated October 1, 1988, and are in the aggregate principal amount of Three Hundred Thousand Dollars ($3OO,000). A.2. This Certificate is executed for the purpose of establishing the reasonable expectations of the Issuer regarding the use of the proceeds of the Bonds, and the facilities financed with those proceeds. A.3 The Issuer has not been notified of any listing or proposed listing of the Issuer by the Internal Revenue Service as an issuer that may not certify its bonds or notes. Ao4. This Certificate is made on behalf of the Issuer pursuant to Sections 1.103-13, 1.103-14, and 1.103-15 of the Income Tax Regulations (the "Regulations") of the Internal Revenue Service, and Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"); the words and phrases used herein have the same meanings as defined and used in the Regulations. A.5. This Certificate is based on facts, estimates, and circumstances in existence on the date of this Certificate, which is the date of issue of the Bonds, and to the best knowledge, information, and belief of the undersigned, the expectations set forth in this Certificate are reasonable. B. The Purpose of The Bonds. B.i° The Bonds are issued to finance the acquisition, construction, remodeling and expansion of the Stone Building for library and police purposes, and to pay all costs incidental thereto (the "Project"). Page 1 - Tax Certificate C. General Expectations° The Issuer expects: C.1. None of the proceeds of the Bonds will be used directly or indirectly (i) to make or finance loans to persons or (ii) in any trade or business carried on by any person (other than use as a member of the general public). The Project will be owned and operated by the Issuer, and no part of the Project will be leased or rented to any person. For purposes of this subsection, the term "person" does not include a government unit other than the United States or any agency or instrumentality thereof, and the term "trade or business" means any activity carried on by a person other than a natural person. Accordingly, the Bonds are not "private activity bonds" within the meaning of Section 141 of the Code. C.2. The Issuer has covenanted with the owners of the Bonds not to make any use of the proceeds of the Bonds or the facilities financed with the proceeds of the Bonds that would result in the interest on the Bonds being includable in gross income of taxpayers (other than corporations) for federal income tax purposes. C.3. Issuer has not issued, and does not expect to issued tax-exempt obligations in calendar year 1988 in a face amount which exceeds $5,000,000. Accordingly, under Section 148(f)(4)(C) of the Code, the Issuer is not required to pay rebates to the United States under Section 148(f) of the Code. D. Temporary Period. D.1. Within six months after the date of this Certificate the Issuer will enter into contracts with third parties for acquisition or construction of the Project obligating an expenditure of at least $7,500. D~2. Acquisition and construction of the Project will commence and proceed with due diligence to completion. D~3. Ail of the Bond proceeds and earnings thereon are expected to be expended on the Project by October __, 1991 (three years after the date of this certificate). Do4. Accordingly, the proceeds of the earnings thereon qualify for investment for a period which ends on October __, 1991. Bonds and the temporary Page 2 - Tax Certificate E. Yield Limitation; Temporary Periods. E.1. Except as provided below in this Section E, none of the gross proceeds of the Bonds will be invested in any security, any obligation, any annuity contract or any investment-type property that has a yield that exceeds the yield on the Bonds by more than one-eighth of one percentage point. The term "yield" means that yield which when used in computing the present worth of all payments of Bond principal and interest to be paid in the obligation produces an amount equal to the initial reoffering price of the Bonds to the general public. Any underwriters discount~ issuance costs or costs of carrying or repaying the Bonds shall not be taken into account in calculating Bond yield° "Gross proceeds" includes the proceeds from the sale of the Bonds, earnings thereon, and taxes levied or other money collected to pay Bond debt service. E.2. The first exception is for proceeds of the Bonds that are invested for the temporary period described in Section D.4 of this Certificate. Eo3. The second exception is for proceeds of the Bonds that are deposited in a "bona fide debt service fund" described in Section F.1 of this Certificate. E.4. The third exception is for proceeds of the Bonds that are part of a "minor portion," which is equal to the lesser of 5% of the Bonds or $100,000; the minor portion for the Bonds is $15,000. F. Reserves and Sinking Funds. F.1. The Issuer has provided for the establishment of a debt service account, which will hold taxes levied to pay Bond debt service. The debt service account is intended to be used primarily to achieve a proper matching of taxes and debt service within each Bond year, and is a "bona fide debt service fund" within the meaning of Income Tax Regulation Section 1.103-13(b)(12). Any money deposited in this account will be spent within a twelve-month period beginning on the date of deposit (and any amount received from investment of money held in this account will be spent within a one-year period beginning on the date of receipt), except for a reasonable carryover amount (not to exceed the greater of one year's earnings on the debt service account or one-twelfth of annual debt service on the Bonds). The money in this account is expected to be completely depleted once each year, except for the carryover amount described above. F.2. There are no reserve funds or other funds or Page 3 - Tax Certificate accounts which the Issuer reasonably expects to be available to pay the principal of or interest on the Bonds. F.3. The Bonds are general obligations of the Issuer and are payable from taxes which may be levied without limitation as to rate or amount upon all of the taxable property within the boundaries of the Issuer. Taxes levied to pay Bond debt service will be deposited in the debt service account described in Section F.1, above. G. Bond Yield. G.i. The yield on the Bonds in accordance with Section 148(h) of the Code, calculated on the basis of the issue price, plus accrued interest as of the date of delivery of the Bonds, using semiannual compounding and a 360-day year, is % per annum (the "Bond Yield"). H. Miscellaneous. H.1. The Bond proceeds and expected earnings thereon do not exceed the amount required by the Issuer to pay the estimated cost of the Project and the costs of issuing the Bonds. H.2~ The Project is not expected to be sold while the Bonds are outstanding. H.3. The Bonds are not being issued to permit the Issuer to invest other funds at a materially higher yield than the Bonds. H.4~ The Issuer's federal employer identification number is No. 93 ~.5~ DATED as of this day of October, 1988. CITY OF SANDY CLACKAMAS COUNTY, OREGON ~ut4~orized Officer Page 4 - Tax Certificate CWCcwc1291 SIGNATURE AND NON-LITIGATION CERTIFICATE $300,000 CITY OF SANDY CLACKAMAS COUNTY, OREGON GENERAL OBLIGATION BUILDING BONDS, SERIES 1988 We, the undersigned officers of the City of Sandy, Clackamas County, Oregon (the "City"), indicated by the official title opposite our respective signatures, do hereby certify that: 1. We have signed, by facsimile signature, Three Hundred Thousand Dollars ($300,000) General Obligation Building Bonds, Series 1988 (the "Bonds") of the City, which are dated October 1, 1988, bear interest payable October 1 and April 1 of each year until maturity or prior redemption, commencing April 1, 1989, and mature annually from October 1, 1989 to October 1, 2003, inclusive. 2. We were, at the date of signing the Bonds, and are on this __ day of October, 1988, the date of actual delivery of the Bonds to the initial purchaser, United States National Bank of Oregon, Portland, Oregon, the duly chosen, qualified and acting officers indicated therein and authorized to execute the same° 3. No litigation of any nature is now pending or threatened restraining or enjoining the issuance and delivery of the Bonds or the collection of taxes to pay Bond interest and principal or in any manner questioning the proceedings and authority by which same is made, or affecting the validity of the Bonds thereunder, and that neither the corporate existence nor boundaries, nor the title of the present officers to their respective offices is being contested. 4. The facsimile signatures of the Mayor and the Recorder of the City are upon the Bonds. Done and delivered at Portland, Oregon, this October, 1988. day of Signature Official Title Mayor City Recorder Page 1 - Signature and Non-Litigation Certificate I HEREBY CERTIFY that I am ~ecording Secretary of the City, and that I am personally acquainted with the officers whose signatures appear above; also that I know they ARE NOW the duly qualified and acting officials of the City as indicated by the titles appended to said signatures, and that I hereby identify said signatures, together with those on the above described Bonds, as being in all respect true and genuine. 1988. DATED at Portland, Oregon this __ day of October, (Title) ~e6~rdi~%q se~ret-ary Page 2 - Signature and Non-Litigation Certificate CWCcwc1292 SANDY (Ore'~ptember 8, 1988 (Sec. 1) 9 ~ClA~OT~C~F BONO SALE SS00.000 CITY OF SANDY cOUNTY OF Ct. ACKAMAS STATE OF OREGON GENERAL OBLIGATION G BON[~ SER ES 1988 BUILD]N ~ YEN thor seo~e~ Iding' Bonds Ser?s 1988 (the ~.,~) cons~shng of reg BANK PURCHASE: The City has be exchanged at the expense of issuer designated the bonds os "qualified tax- for similar bonds of different authorized exempt obligations" pursuant to Section denominations· Bonds may not be con- 265 b 3) of the cede. verted to bearer form. B~T(BID: The bonds will be awarded to REDEMPTION: The City the ht *o redeem a or any prOerstieOr~eOsf the the responsible bidder who~e proposal ' ' will result in the lowest true interest cost r~g t rin after October I, 1998, ~n of the Ci~'' True interest cost will be bonds ma u g · . · inverse order of maturity and by Jo~t determi.;~l by doubling ttohed::c~an~n~e~ within a maturity on October 1,1998, uno interest rate neceSS ry on any interest payment date thereafter, at po~ plus accrued interest to the date debt service to October I, 1988 and the b d for the bonds. Each bidder is re- t xed for redemp on price su I the tutu interest cast uested to pPY · Notice of any coil or redemption, qand the true interest cost that !h,~ unless waived shall he mailed not less . on the issue if he b,a ~s ac- than th rty da~s and not more tha~.si.x_ty4 wlllteP~YT~ purchaser must pay ac?u~:J days prior to such call to the re *ste,~ cap · --'ted on a 360-day oasis, owners oI the Bonds, and o't~erwlse interest, compu to the dote of from the date of the bon~s. .~ given as required by law ,and the de~ive~ The cost of printing ~ne .... authorlz ng bond ,esol~t,on, ~OnW:tv:;' will ~F~:~lNb~i)h~cC~IYThesuccessfuJ~ind any fo ure to give notme sha valldate the redemption of the bonds. All RE tit th~ initial reofler~ g de. turi of the bonds to bonds called for red~eP~e~heaslg~eSc~ r must car y price for each mo ty . to bear interest from bond counsel not less than three business in the notice. . pAYMENT principal and ·interest aren days prior..ts~ecti~l~gg~.eTehmi~nCteortfdt~Cea[~d sba constllU payable, either at maturity or upa der to offer allbonds in each maturity for earlier redemption, by check through the principa~ corporate trust office or the re istror and paying agent of the City, w~ich will be a bank doing business in portlond r Ore on. issued pURPOSE: ~'~e bonds are being remodeling and expansi°~ltcfeth:r~to°s~: Buliding for library and p P and related costs. Th,e ~ocntdios. v~ee~: within the City on June 2B, 1988. sale at a orice no greater than the car- ·ied real'er ng price until at least ten ~rcent of the principal amount of each r is sold at a price leis tha~ or motu, tWo the certifled reoffermg price. Fe~a~'re to honor this agreement may result in cancellation of the sale and forfeiture of the bidder's good faith deposit. DELIVERY: Delivery of the bonds w111 be made without cost to the successful bid- der at such bank in the City of portland, Oregon, as the successful bidder shall dance with the terms thereof. No interest shall be o owed on the deposit but the check of the successfu b dder wJtl be re rained as part payment of the bonds or for liquidated damages as described hove. Checks of the unsuccessful bid- c~ers will be returned by the C~ty prompt. IY'RiGHT OF REJECTION: The City reserves the right to reject any or bids and to waive any irregularitles. O~:FICIAL STATEMENT: The City has prepared an officio s otement re[ating to the·bonds, a copy of which will be fur n shed upon request to its financial con sultant, Seattle Northwest Securities Car potation, portland Division, First in terstate Tower, Suite 3030, 1300 S. W F fth Avenue, port and Oregon 97201 telephone {5031 275.B300; Attention Michael A. Lewis. POTENTIAL BID: The financial consul tant may submit a bid or participate m o bidding syndicate. . will be tm CUSIP: CUSIP numbers printed upon ail bonds of this issue at !he City's expense. Fa ute to print, or ~m ri im tinted numbers will not con prope y .P urchaser to refuse stitute basra for the p to accept delivery. NO LITIGATION: At the time of pay ment for the delivery of said bonds, the City will furnish the successful bidder certi~ co e that there is no lltig, ati,on .Pde~n ding affecting the validity of the Dona, FURTHER INFORMATION: Additionc information regarding the City and .th, sale may be obtained from the financial consultant as indicated above June petersc m I wi h he following conditions: SECURITY: The ~onds a? igoesnce~~. City Of sandy, Oregc co P Y ..... t rote snec led in uny bid, obligations of the Clty.,The City h, - ~n- SP0gBR-( must be a multelple OT '/oU~ond sba bear venonted to levy on .aa valoi~l~n~s name. payment for the bonds must be its stated ma!u['~u_a~L.e~4'.'f4] ali bonds .Lc~Q~-Z'-~;:,- ~ar,, Nell & Wei~!er, sa *, end for .o, rate speohea ,n me.:~,sl~{ bear the n,on o~ ~'~""~'rt and Oregon, wdl be, ,.nd one-haH percem ~. ...... - ue thereof and accrue~tnter.el, t t°w~te~ maturing at .ar!y.one .'~"l'~'~ no rate of in- Law~,e, rs~ ~.._ cost to the purchaser, and 4v~*~ et delive~/. Each bid togetne[ w, ...... - .... ed ten percem t.,v~,, ,~ill k. urlnted on the ~o .... a~,.a~--~.-~.~na~k 'of, herein ,p~:lf!~¢l taus o.d ,he --r-.r_--Z:,.,.,;,, ro,.'or p.n.. - ......... ,n ,he ool.io of ,. o shall not ~ }ess.t~n ....... TAX EXEM~/a~'u~' ' --~-}[a~e by d~ m ~e Ci~ en~ [ ..... tar matunH ......... ~ counsel, assuming ~-'"~ ....... ~{ ~-~' I ~ ~t ~ u~~l- '": .-~ ~! ~,~ f~ci~ has the legal aumon~ '~ · ~1~ ~ ~.~ ~ ~ ~^~ o~,o~, ~o.=..~, o.~o. .o.921550 ~]7~D STATE8 r~ATJONAL BANK O~ {3~EGGN 242~ 11 PURCHASED BY Investment Div. September 27, 1988 Io~ **************CITY OF ****************************************** 00'****** RD~R OF ' B dNIK September 27, 1988 City of Sandy c/o Lindsay, Hart, Neil & Weigler Suite 1800, 222 S.W. Columbia St. Portland, Oregon 97201-6618 Bonds, Series 1988, to tne date of deiivery The bonds are due 10-01-89 after. l(/-O!__ -98 are subject to redemption in before matunty f>',-~, interest rates on the bonds will be as follows: per $1OO face value for $ 300,000 City of Sandy G.0. Building plus accFued inteFest from the dated date, 10-01-88 thFough 10-01-03 , inclusive. All bonds/matuFing inverse order on 10-01-98 Amount Msturlty Rate lO,O00 10-01-89 .~'-. 15,000 .... 10-01-90 5,30 15,000 lO-O1-91 G .~C 15,00Q 10-01-92 ~./~_I% 15,000 10-01-93 ~,.~.~ l~,000 10-01-94 ¢, ~c ~,000 lO-O1-95 _~, ¥c, 20,000 .... 10-01-96 ~ ,,b-~P 20,000 10-01-97 ~, E,¢~ 2_0,000 10-01-98 6~, ?~/=___o/o Amount Maturl~ 25,000 10-01-99 25,000 lO-Ol-O0 25~000 10-01-01 30~000 10-01-02 30,000 10-01-03 We compute the cost to be: Gross Interest Cost Plus Discount Net Interest Cost Net Effective Rate True Interest Cost fhis 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 Lindsay, Hart, Neil & Wei9ler , Attorneys. Portland, Oregon. We enclose our cashiers check for $ 6,000.00 payable to City of Sandy Submitted BY Title: Carolyn Lieb~¢, Ass,C. Vice President IV]unlclpal Bond Dept. CLACKAMAS COUNTY BANK SANDY, OREGON September 27, 1988 City of Sandy c/o Lindsay, Hart, Neil & Weigler Attorneys-at-Law 222 S.W. Columbia Street, Suite 1800 Portland, OR 97201-6618 Gentlemen: For: $300,000 City of Sandy, Oregon, General Obligation, Building Bonds, Series 1988, dated 10-1-88 and to bear coupons as follows: due due due due due due due $10,000 15 000 15 )00 15 000 15 000 15 000 20 000 20 000 due 20 000 due 20000 due 25000 due 25000 due 25,000 due 30,000 due 30,000 due WE WILL PAY YOU date of issue to for information only: 10-1-90 10-1-91 10-1-93 10-1-94 10-1-95 10-1-96 10-1-97 10-1-98 10-1-99 lO-l-OO iO-i-Oi 10-1-02 10-1-03 per $100.00 plus accrued interest from date of delivery of the bonds. The following is Net Interest Cost Average Rate Plus Discount Gross Interest Cost Less Premium Page 2 This bid is for prompt acceptance for delivery of the bonds on or before October 27, 1988 and is made subject to the terms and provisions of approving legal opinion of Lindsay, Hart, Neil & Weigler which we request be printed on the bonds. We also request that the CUSIP numbers be printed on the bonds. To evidence our good faith, we enclose our check for $6,000. Respectfully submitted, Clackamas County Bank Seattle-Northwest Securities David C. Mann Vice President Seattle-Northwest Securities Joint Account Member DCM/th Enclosure .,OREGON BANK City of Sandy, Ore c/o Lindsay, Hart, Ne£1 & Weigler Ste 1800 222 SW Columbia Portland, OR 97201 S 300,000.00 Bonds Series 1988 '~!Li !Q 10-1-89 $5,000.00 par ~m~ount of City of Sandy Clackamas Co Ore GO Bldg dated 10-1-88 and t!!rougb 10-1-03 inclusive, in denominations of bearing ,~terest payable semiannually, both the principal of and the interest a bank in the Clty of ?ortland, Ore 10,000,00 15,000.00 15,000r00 15,000,00 15,000.00 15,000.00 20,000.00 2O,000.OO 20,000,00 20,000,00 i~Ob' ~t 10--1--98 iess a discount of $ ~,~'C ,6, r... for bonds to bear the following interest ~..:~: 10-1-89 0 /r..,~.'~?% $ 25,000~00 due 10-1-99@ ue 10-1-90 L~ ~%~I~% $ 25,000~00 due 10-1-00~ ~ e 10-1-91 0~ & ]c % $ 25,000.00 due I0-1-01~ ~ ~, 10-1-92 0 & [w~% $ 30,000.00 due 10-1-02~ 10-1-93 ~ g,~g, % $ 30,000~00 due 10-1-03~ ~ , 10-1-94 ~, ~ ~.~. % $ due ~ {.m 10-1-95 (~ ~.70 % $ due 0 ~_:e 10-1-96 (= ~.So % S due 0 ~.~, 19-1-97 ~ g cio % S due ~ m 10-1-98 (a 7 C,~ % $ due ~ after [0-]-98 are subject to call and redemption in inverse and on any , ~terest payment date thereafter./ ,\ye ag~' Rate acceptance only and for delivery and payment for not later than rr~iess further e×tended with our approval, subject to our receiving prior to the delivery of ils the unqualified legal opinion of Llndsay, Hart, Ne11 & Weigler Attorneys, Portland, Oregon; said legal to be printed on the bonds, chec~ for $ 6,000.00 which is to be returned to us if this bid is not accepted; advanced part payment; or, if we fail to pick up and pay for the bonds under the terms ed to tne as and for all liquidated damages. Mark Stephenson, AVP Municipal Trading "OB 1459 Kidder, Peabody Co. INCORPORATED .3200 F~$T INTERSTATE TOWER 13OO S. W. FIFTH AVENUE PORTLAND, OREGON 97201 HA. McCoy September 27, 1988 City or Sanmy, Oregon General ODllgation Building Bonds L:nmsay, Hart, Nell & WelgLer 222 CoLumDla Street Suite 1800 Portiana, Oregon 97201-6618 Gentlemen: Pot ali or none or tAe City or Sandy, Oregon General Obligation Bulldlng Bonds in tae amount of Three Hundred Thousand Do[/ars (S$00,00) par value to De dated October 1, 1988 as descr~Ded in your official notice o~ sale, wnica is Aereby maae a part or thls D~d, the underslgnea wiLL pay 98.50 rot eac~ $100 par value thereof, wnlcn is a total o~ $ 295 ~__, pLUS a~:crue~ interest ~rom the date or the Donds to the date o~ delivery to us rot Donds maturlng in your notice or sage and bearing Interest as toLLow: PrincipaJ Lnterest Principai lnterest 'ear Amount Rate Year Amount Rate 2( 0]/89 S I0,000 10 ~Ol/90 15,000 l(}~Ol/9] Ib,OOO 10,01/92 lb,OOO ]C 0]/93 15,000 i0/01~94 15,000 10'01,95 20,000 10/01/96 20,000 6 2O ~6 ._30_. 6 4O 6 5O 6 6O 6 70 6 ~0 io/oi/9? 20,000 6.85 10/0i/98 20,000 6.90 10/0i/99 25,000 7.00 lO/01/00 25,000 7.10 10/01/01 25,000 7.20 10/01/02 30,000 7.30 10/01/03 30,000 Or] the Das/s o~ thls bid the interest cost and e~ective rate are as roiiows: Totai interest Cost $ 193,800.00 Discount $ 4,500.00 Less Premium $ -0- Net interest Cost $ ~8,300.00 Effective Lnteres~ Rave 7.1847 ~NIC) ........ ~ Kidder, Peabod5 [~ Co Incorporated C~ty or Sandy, Oregon General Obligation Building Bonds September 27. 1988 Page Two ~ot~ principal and interest will De payable Dy the Paying Agent, the ............. BanK, Portland, Oregon. It as unaerstood ana agreed that prior to our taking up and payang rot these bonds, we are to be turnished wlT~ the unqualifIed legaJ opln]on o~ Messrs. Lindsay, Hart, Nell & Welgler, Lawyers, ot Portland, Oregon. As ev~Cence ot our good fa~t~ an ma~ing th~s Did, and as requlre~, we are attac~ang herewith our cashier's check ~n the amoun~ of $6,000.00 To be held by you peno~ng de//very or the Dot, ds to us or to be returned lmme~lateiy in event we are not awarded thls lssue of bonds. '2'~ls bld as maue Ior prompt acceptance and delivery on or about October 2 [, 1988. Respectfully submitted, First Interstate Bank of Oregon, N.A. CITY OF SANDY c/o LIndsay Hart Nell & Weigler Inaccordance with yourofficialnoticeofsaledated 9/12/8~ $300,000 CITY OF SANDY CLACKAMAS COUNTY, GENERAL OBLIGATION BUILDING BONDS SERIES 1988 wewillpaytheparvaluethereoflessadiscount/~a¢;cm~mof$~C , inviting bids on The bonds are to bear interest as follows: Maturity 10/1 Rate MaturitYl0/1 Rate 1990 C. I~ 1999 1991 g, 7© 2000 1992 d,'~7 2001 1993 O, ~go 2002 1994 g 6g 2003 7, 1995 ~, 7~ 1996 ~, 1997 Maturity 1 O/1 Rate Based on the above interest rates, we have made the following estimates: Gross amount of interest L-~,,s-i~-~;~m / P I u s discount Net amount of interest Net effective rate s ;he hrms of the ,official notice of sale are incorporated herein and made a part hereof. We enclose our Good Faith check in the ,m~ount of S 6~000.00 . In theevemwe ar~ no, awarded the bonds, please return the check promptly to the undersigned, l)ellvery oI bonds ~ithln 30 days uniess mutuaily extended. Respectfully submitted, FIRST INTERSTATE BANK OF OREGON, N.A. PORTLAND, OREGON (503) 225 3852 By:./ ,/C-~ ~- t C ORIGINAL COPY September 26, 1988 SHEARSON I HMAN BROTHERS An American Express company Lindsay, Hart, Nell and Weigler 222 SW Columbia Suite 1800 Portland, OR 97201 RE: $300,000 City of Sandy County of Clackamas GO Building Bonds Gentlemen: For the above legally issued bonds to be dated October 1, 1988, and in accordance with the terms and conditions of the Notice of Sale of said bonds we offer to purchase the above described ~,cnds; maturing and bearing interest at the rates shown below, and to pay, therefore, for each $100.00 par value of bonds which is a total of $.~'~5.'.2,' and accrued interest to date of delivery. BOND MATURING INTEREST RATE October 1, 1989 October 1, 1990 October 1, 1991 ' '- October 1, 1992 October 1, 1993 October 1, 1994 ' ,- , October 1, 1995 October 1, 1996 1,,:, BOND MATURING October 1, 1997 October 1, 1998 October 1, 1999 October 1, 2000 October 1, 2001 October 1, 2002 October 1, 2003 (For Informational Purposes Only) Total Interest Cost to Maturity LESS: Premium (IF ANY) ' ':7, PLUS: Discount " Net Interest Cost , True Interest Cost This 'proposal is made subject to our being furnished, at the expense of the City, upon delivery of the bonds, with the unqualified approving opinion of Lindsay, Hart, Nell, Weigler, Bond Counsel of Portland, Oregon. Said opinion will be reproduced one each of said bonds, also at the expense of the City. INTEREST RATE 222 SW Columbia Street 503 243 6923 Member of all principal security, Suite 1500 option, and commodity exchanges, Po<and, OR 97201 $300,000 City of Sandy County of Clackamas GO B.uilding Bonds page 2 In accordance with the terms of the Notice of Sale, there is enclosed a cashier's check for $6,000.00 payable to the City of Sandy. 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 an act or omission of the City) as liquidated damages. If this proposal is not accepted, said check is to be returned to uo promptly after the award of the bonds to the successful bidder. Respectfully stlJamitted, Timothy L Ji~nsen Vice President Municipals Tbi~ bid is a~-cepted on behalf of City of Sandy BY: MEMORANDUM 'PO: FROM: DATE: RE: ALL CONCERNED TOM REBER, CITY MANAGER SEPTEMBER 8, ]988 STONE BUILDING PURCHASE, REMODELING, BOND SALE, ETC. ] apologize for the impersonalness of a memorandum, but considering that ] am going to start driving to Minnesota in an hour or so, this the best way to cover all the bases. On September 6, ]988, the City Council approved the resolution for the bond sale as well as the advertisement for sale. They also approved the cont~act with Bruce A. Samuelson Architects, for architectural services and purchase agreement with Gordon Stone for the building. These last two items were conditioned upon the successful sale of the bond. The bond sale is scheduled for September 27th at 10:00 a.m. meeting of the Council is scheduled for 12:00 noon on that accept a bid for the purchase of the bonds. A special same day to Either that same day or shortly thereafter, the contracts with Gordon Stone and Bruce A. Samuelson Architects need to be executed. Gordon Stone did not have an opportunity to review all the details of his agreement prior to the Council meeting and requested a couple of clarifications. He said that he will need until October 20th to enable the Hallmark Stere to vacate the premises. This should not be a problem as the timing would not allow for any construction to occur until November ], ]988. He also indicated that the contract indicates that ail equipment will remain with the building. It has been understood all along that the shelving and equipment associated with the Hallmark will be moved. The equipment that we were concerned about staying is the shelving and other equipment that was in the clothing part of the building. These two items should be clarified with a hand written note on the agreement and initialed by Gordon Stone ~ those changes should also be initialed on September 27th or September 19th if possible. (Gordon, please make the changes in the contract aqd drop off or mail to Oity Hall by September ]5th.) ! had promised that we would prepare a legal description for the remaining of Gordon's property and Kent Cox should proceed with that. Ken ReJnke will be making contact with Gordon with regard to a meeting. Even though I am leaving, I words on this and they are: anybody screw it up. just want to leave you with a couple of I have worked hard on this project, don't Also, I weu]d bike to thank all of you for all the assistance you have given me in putting the project together. THANKS. TR:mp Ken Reinke, Interim Manager June Peterson, Finance Director~'~ Fred Punzel, Police Chief Sue Newland, Library Director Gordon Stone Jack Hammond, City Attorney Bruce Samuelson, Architect Mike Lewis Kent Cox MEMORANDUM TO: MAYOR AND CITY COUN(i]L FROH: THOMAS REB[..R, ] fY MANAGER I)ATI:: SEPTEMBER 6, ]988 RI.;: OAPITAL PROJECTS STONE BUILDING APPROVALS The fi~sh item is adoption of a resolution to sell bonds and the official notice of bond sale. After reviewing this resolution, I spoke with Mike Lewis of Seattle Northwest Securities who is doing the preparation for the bond sale. He agreed that the resolution would need to be amended to provide for an early call and pay off of bonds should our costs not require the full amount. This will be done and a revised resolution will be provided on Tuesday night. All the information that is currenfly in the resolution will remain but the dbi]ihy for us to pay off some of the bonds in 1989 will be added. You will note on the first page of the resolution, the amounts payable l~angc from $]0,000 in ]989 to $30,000 in 2003. This is not exactly as Sure had laid it out, but only because the bonds are in even $5,000 increments. However', the payments will remain approximately $30,000 to $35,000 per year over the life of the bonds. A great deal of the language in this resolution and notice has to do with assuring bond buyers that we are pledging our full faith and credit and will levy the taxes and assuring the bonds remain tax exempt, including item B on the last page which is assuring they won't be private activity bonds. This is the issue you decided at the August 15th meeting. Also be sure to note, that a special meeting needs to be set for ]2:00 noon on September 27, ]988 to accept the low bid. The second item is to authorize the Acting City Manager and Mayor to ,~nte~ into an agreement with Gordon Stere for the purchase of his property, subject only to the conditions contained in the agreement and the one additional condition that this agreement not be executed ~mtil the City has successf,l]ly sold the bonds. The third item is to approve the agreement with BAS Architects for services in remodeling of the Stone Building. This is a not to exceed (!ontFac[ for $]3,700 based upon the heu~-ly rates noted in the contract. Bruce indicated that. unless there are complications, additions er deletions and/or many meetings, he hoped that his bill would come in under that noted in the contract. i.f~-XOMMENDATIONS: ']o adopt the r~ solution which wi] 1 be slightly amended from the 'lo a~prowe the agreement with Gordon and Dorothy Stone subject to tile bond sale. To approve the agreement_ with BAS Architects subject to the successful sale of the bonds. INVOICE THE OUTLOOK PUBLISHING CO. INC. Publishers Of ' Gresham Outlook P 0 Box 880 Gresham OtogOn 97030 Sandy Post P.O Box 68 Sandy, Oregon 97055 DATE IIIFI'(TIII~ON, I1AMMOND~ WALSII, ttEI~NDON & DARLING August 30, 1988 Mr. Thomas Reber City Manager City of Sandy P.O. Box 116 Sandy, OR 97055 RE: City of Sandy General Obligation Building Bond Issue, Series 1988 Our File No. 1950.013 Dear Tom: JHH/kt ~,/,, Enclosures (2) Resolution Notice of Bond Sale Enclosed please find the original of the Resolution and Official Notice of Bond Sale for the City of Sandy general obligation building bonds, Series 1988. The resolution provides that sealed bids would be received on the behalf of the City of Sandy at 10:00 a.m. on Tuesday, September 27, 1988. This will require a subsequent meeting of the Sandy City Council at 12:00 p.m. of the same day~ ~at meeting will be necessary to have the Council accept~he· lo~ bid submission. Sincere!~ / ~ John/~-~--~Lmo~nd, Jr. " City Attorney // 72 HUT(;HI~ON, ItAMMOND, WALSH, HERNDON & DARLING A PROFESSIONAL CORPORATION ATTORNEYS AT LAW JOHN C. HUTCH~SON 2~790 WILLAMETTE DRIVE MICHAEL D'WALSH WEST LINN, OREGON 970S8 August 30, 1988 TELEPHONE (503} 656'1694 Mr. Thomas Reber City Manager City of Sandy P.O. Box 116 Sandy, OR 97055 RE: City of Sandy General Obligation Building Bond Issue, Series 1988 Our File No. 1950.013 Dear Tom: Enclosed please find the original of the Resolution and Official Notice of Bond Sale for the City of Sandy general obligation ~~d~'~ series 1988. The resolution provides that sealed bids would be ~--6~ ~he behalf of the City of Sandy ~ ~6~'00 ~'"~i On TU~da~, September 27~ 1988. This will require~-~se~en%~'~g°fth~'~ndy~ty' ~6uncil at 12.00 ~m. of the same dasa~--~jhat meeting will be necessary to hav-----~heC~6~ncl----~"~6%~-~%;~e'lo~ bid submission. JHH/kt / Enclosures (2/) Resolution Notice of Bond Sale Sincer~j / Joh~mmond, Jr. City Attorney RESOLUTION NO. RESOLUTION OF THE CITY OF SANDY, CLACKAMAS COUNTY, OREGON AUTHORIZING THE ISSUANCE OF BONDS IN AN AMOUNT NOT TO EXCEED $300~000 FOR THE PURPOSE OF FINANCING THE ACQUISITION, CONSTRUCTION, REMODELING AND EXPANSION OF THE STONE BUILDING FOR LIBRARY AND POLICE PURPOSES AND ALL RELATED COSTS. WHEREAS, this Council submitted to the legal voters of the City of Sandy, County of Clackamas, State of Oregon (the "City"), the question of contracting a general obligation bonded indebtedness in the sum of $300,0Q0 tQ ~i~n~e ~he ag~quisition, ~con~c~ion, remodeling ~d.~o~ O~_~hg~s_t.9D_D.~Bui~$D~ for library and pglice purposes and all related costs; and WHEREAS, the election was duly and legally held on th~ 28th day of ~n~ 1988, ~this Council has canvassed the result thereof and has declared that issuance of bonds in such sum has been approved by a majority of the qualified voters of the City voting at the election, now therefore The City of Sandy, Oregon, resolves as follows: Section 1. Issue. For the above purposes, the City shall issue its General Obligation Building Bonds, Series 1988, in the amount of THREE HUNDRED THOUSAND DOLLARS ($300,000), to be dated_gc~b~eL~l~_l__9~! to be in denominations of Five Thousand Dollars ($~00_Q] or integral multiples~h~ereof, to bear interest ~payable on October 1 and April 1 of each year until matur~i-~y or prior redemption, commencing ApK$1 ~ ~8~ and serially on October 1 of each year as follows: Date Amount Date Amount 1989 $10,000 1997 $20,000 1990 15,000 1998 20,000 1991 15,000 1999 25,000 1992 15,000 2000 25,000 1993 15,000 2001 25,000 1994 15,000 2002 30,000 1995 20,000 2003 30,000 1996 20,000 Section 2. Redemption. The City reserves the right to redeem all or any portion of the Bonds maturing after ~ / ~ ~ ~;~9~/8, in inverse order of maturity and by lot within a maturity on October 1, 1~, and on any interest payment date thereafter, at par plus accrued interest to the date fixed for redemption. Page 1 - Resolution Section 3. Notice of Redemption. Unless waived by any holder of Bonds to be redeemed, official notice of any such redemption shall be given by the City's paying agent and registrar (the "Registrar") on behalf of the City by mailing a copy of an official redemption notice by registered or certified mail at least 30 days and not more than 60 days prior to the date fixed for redemption to the registered owner of the Bond or Bonds to be redeemed at the address shown on the Bond Register or at such other address as is furnished in writing by such registered owner to the Registrar. All official notices of redemption sha!~_.~9 dated and shall state: A. the redemption date, B. the redemption price, if less than all outstanding ttonda.ar~_,to.~ r~eemed, the identification (and, in the case of partial ~-~i~h,-~5~respective principal amounts) Q~f~th~ Bonds to be redeemed_~ that on the redemption date the :Kgdem~pS_~rice will bmcoale dn~.~.~la3~ upon each such Bond or portion thereof called for redemption, and that.~nP~r~k.~Cher_eo~ shall cease to accrue from and afke~said_~aCD, and the place where such Bonds are to be surrendered for payment of the redemption price, which place of payment shall be the principal corporate trust office of the Registrar. Prior to any redemption date, the Ci~~it_ ~ith. Cke Registrar an a~Qu~t Q~ ~Q~ey r_~p_t~O~ pri~e of all the Bonds or portions of Bonds which are to be redeemed on that date. Official notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the City shall default in the payment of the redemption price) ~uch Bonds or portions of Bonds shall c~a~e t© bear in___t~gst. Upon surrender of such Bonds for redemption in accordance with said notice, such B~u~_~b~qj~..~_pai~ ~y the ~trar at the redemption price. %~B_~m~_~.~.~,,.~9~9~t due~ oD or p~iQr to the redemption date shall be ~ayable as herein provida~ for paymant of interest. U~On sd.~'~$~d~"~i~[~9.~r~ial r~je~ption of any Bond, there shall be prepared for the registered owner a new Bond or Bonds of the same maturity in the a~ount of the unpaid principal. All Bonds which have been Page 2 - Resolution rede~m~ ~b~ bg~c~ncelled and destroyed by the ~gist. rar and shall not be reissued. Section 4. Security. The full faith and credit of the City are pledged to the successive owners of each of the bonds for the punctual payment of such obligations, when due. The City s~h.a~.~ ~!evy an~.~%.~Y, ~.P~QVi~ by la~ a dir~ad ~al~m tax upon all of the ~axabLe ~rotoerty within the City ~n ~,,~ficient a~ount, after taking into consideration discounts taken and delinquencies that may occur in the payment of such taxes and other monies available for t~he~ ~a~Qf_~bk service on the b__qqd~, to pay the bonds promptly as they mature, and that the City covenants with the owners of its bonds to levy such a tax annually during each year that any of the bonds, or bonds issued to refund them, are outstanding. Section 5. Form of Registered Bonds. The City may issue the bonds as one or more typewritten, temporary bonds which shall be exchangeable for definitive bonds when definitive bonds are available. The bonds shall be in substantially the following form: No. R- UNITED STATES OF AMERICA STATE OF OREGON CITY OF SANDY COUNTY OF CLACKAMAS GENERAL OBLIGATION BUILDING BOND, SERIES 1988 DATED INTEREST October 1, 1988 % PER ANNUM MATURITY DATE CUSIP THE CITY OF SANDY, in the County of Clackamas, State of Oregon (the "City"), for value received, acknowledges itself indebted and hereby promises to pay to , or registered assigns, the principal amount of Dollars ($ ) on the above maturity date together with interest thereon from the date hereof at the rate per annum indicated above. Interest is payable semiannually on the first day of October and the first day of Apirl in each year until ~/ ~/ maturity or prior redemption, commencing April 1, 1989. Interest upon this bond is payable through the principal corporate trust office of the City's paying agent and registrar (the "Registrar") by check or draft; checks or drafts will be mailed on the interest payment date (or the next business day if the interest payment date is not a business day) to the name and address of the registered owner as they appear on the bond register as of Page 3 - Resolution the fifteenth day of the month prior to the interest payment date. Bond principal is payable upon presentation and surrender of this bond to the Registrar. ADDITIONAL PROVISIONS OF THIS BOND APPEAR ON THE REVERSE SIDE; THESE PROVISIONS HAVE THE SAME EFFECT AS IF THEY WERE PRINTED HEREIN. 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 and the Charter of the City; that the issue of which this bond is a part, and all other obligations of such City, are within every debt limitation and other limit prescribed by such Constitution, Statutes and Charter; and that the City Council has provided for the levying annually of a direct ad valorem tax upon all the property within the boundaries of the City so taxable for its purposes in an amount sufficient, with other available funds, to pay the interest on and the principal of the bonds of such issue as such obligations become due and payable. IN WITNESS WHEREOF, the City Council of the City of Sandy, Clackamas County, Oregon, has caused this bond to be signed by facsimile ~i~nature of its Mayor and attested by facsimile siqnature of its RecordeK, and has caused its seal to be affixed hereto or printed hereon as of the date indicated above. Mayor, City of Sandy, Oregon Recorder, City of Sandy, Oregon (SEAL) Page ~ - Resolution THIS BOND SHALL NOT BE VALID UNLESS PROPERLY AUTHENTICATED BY THE REGISTRAR IN THE SPACE INDICATED BELOW. DATED: CERTIFICATE OF AUTHENTICATION This is one of the City's General Obligation Building Bonds, Series 1988, issued pursuant to the Resolution described herein. · as Registrar By Authorized Officer Note to Printer: The following language should be printed on the reverse of the bond: This bond is one of the $300,000 General Obligation Building Bonds, Series 1988 (the "bonds") of the City, and is issued by the City for the purpose of financing the acquisition, construction, remodeling and expansion of the Stone Building for library and police purposes and all related costs, in full and strict accordance and compliance with all of the provisions of the Constitution and Statutes of the State of Oregon and the Charter of the City. The City reserves the right to redeem all or any portion of the bonds maturing after October 1, 1998, in inverse order of maturity and by lot within a maturity on October 1, 1998, and on any interest payment date thereafter, at par plus accrued interest to the date fixed for redemption. Notice of any call or redemption, unless waived, shall be mailed not less than thirty days and not more than sixty days prior to such call to the registered owners of the bonds, and otherwise given as required by law and the authorizing bond resolution (the "Resolution"); however, any failure to give notice shall not invalidate the redemption of the bonds. All bonds called for redemption shall cease to bear interest from the date designated in the notice. The bonds are issuabte in the form of registered bonds without coupons in the denominations of $5,000 or any integral Page 5 Resolution multiple thereof. Bonds may be exchanged for bonds of the same aggregate principal amount, but different authorized denominations. Any transfer of this bon,d mu~,b~_~Dgi~9~e~, as provided in the Resolution upon the bond register kept for that purpose at the office of the Registrar. The City and the Registrar may treat the person in whose name this bond is registered as its absolute owner for all purposes, as provided in the Resolution. The bondowner may exchange or transfer any bond only by surrendering it, together with a written instrument of exchange or transfer which is satisfactory to the Registrar and duly executed by the registered owner or his duly authorized attorney, at the office of the Registrar in the manner and subject to the conditions set forth in the Resolution. ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto Please insert social security or other identifying number of assignee the within bond and does hereby irrevocably constitute and appoint as attorney to transfer this bond on the books kept for registration thereof with the full power of substitution in the premises. Dated: NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within bond in every particular, without alteration or enlargement or any change whatever. Signature Guaranteed (Bank, Trust Company or Brokerage Firm) Authorized Officer Page 6 Resolution The following abbreviations, when used in the inscrip- tion on the face of the within bond, shall be construed as though they were written out in full according to applicable laws or regulations. TEN COM -- tenants in common TEN ENT -- as tenants by the entireties JT TEN -- as joint tenants with right of survivorship and not as tenants in common OREGON CUSTODIANS use the following CUST UL OREG as custodian for OR UNIF TRANS MIN ACT under the Oregon Uniform Transfer MIN (name of minor) to Minors Act Additional abbreviations may also be used though not in the list above. Section 6. Authentication, Registration and Transfer. No bond shall be entitled to any right or benefit under this resolution (the "Resolution") unless it shall have been authenticated by an authorized officer of the City's paying agent and registrar (the "Registrar"). The Registrar shall authenticate all bonds to be delivered at closing of this bond issue, and shall additionally authenticate all bonds properly surrendered for exchange or transfer pursuant to this Resolution. Ail bonds shall be in registered form. The City shall appoint a Registrar for the bD~dS.~ K ....... .........successor ~gis~r~r ..... may be ~pP~ted for the bonds by ordinance or resolution of the City. The Registrar shall provide notice to bondowners of any change in the Registrar not later than the bond payment date following the change in Registrar. The ownership of all bonds shall be entered in the bond register maintained by the Registrar, and the City and the Registrar may treat the person listed as owner in the bond register as the owner of the bond for all purposes. The Registrar shall mail each interest payment on the interest Payment date to the name and address of the bondowner as they appear on the bond ~e~is~er as of the fifteenth day of the month ~receding an interest payment date (the "Record U~'te"). If payment is so mailed, neither the City nor the Registrar shall have any further liability to any party for such payment. Page 7 - Resolution Bonds may be exchanged for an equal principal amount of bonds of the same maturity which are in different denominations, and bonds may be transferred to other owners if the bondowner submits the following to the Registrar: 1. written instructions for exchange or transfer satisfactory to the Registrar, signed by the bondowner or his attorney in fact and guaranteed or witnessed in a manner satisfactory to the Registrar; and 2. the bonds to be exchanged or transferred. The Registrar shall not be required to exchange or transfer any bonds submitted to it during any period beginning with a Record Date and ending on the next following payment date; however, such bonds shall be exchanged or transferred promptly following that payment date. The Registrar shall note the date of authentication on each bond. The date of authentication shall be the date on which the bondowner's name is listed on the bond register. For purposes of this section, bonds shall be considered submitted to the Registrar on the date the Registrar actually receives the materials described in subsection E. of this section. The City may alter these provisions regarding registration and transfer by mailing notification of the altered provisions to all bondowners. The altered provisions shall take effect on the date stated in the notice, which shall not be earlier than 45 days after notice is mailed. Section 7. Maintenance of Tax-Exempt Status. The City covenants for the benefit of the owners of the bonds to comply with all provisions of the Internal Revenue Code of 1986 (the "Code") which are required for bond~ interest to be exempt from federal income taxation (except for taxes on corporations), unless the City obtains an opinion of nationally recognized bond counsel that such compliance is not required in order for the interest paid on the bonds to be so exempt. The City makes the following specific covenants with respect to the Code: Page 8 Resolution The City shall not take any action or omit any action, if it would cause the bonds to become "arbitrage bonds" under Section 148 of the Code. The City shall operate the facilities financed with ~e bonds so that the bonds are not "private activity bonds" ~i~hin the meaning of ~Section 141 of the COde. ~ The covenants contained in this section and any covenants in the closing documents for the bonds shall constitute contracts with the owners of the bonds, and shall be enforceable by them. Section 8. Designation of Bonds as Qualified Tax-Exempt Obligations. The City hereby designates the bonds as "qualified tax-exempt obligations" pursuant to Section 265(b)(3) of the Code. The City covenants not to so designate tax-exempt obligations in the current calendar year in an aggregate amount of more than $10,000,000. The City does not reasonably expect to issue more than $10,000,000 of tax'e~emPt 0bligations ~rih~ ~h~ 6~rr~ht calendar year. Section 9. Sale of Bonds. The Recorder shall cause to~ be published in the Sandy Post, Sandy~--f~gon, and in the Daily Jou-r~'~'I-~Commerce Portland Business Today, Portland, Oregon, notices of sale of the bonds in the form substantially as shown oh E~hi~t A attached hereto and by this reference incorporated here~ 0r ~ummaries, as provided by law. The bonds shall be sold upon the terms provided in the attached Exhibit A. The bonds shall be sold on the date and at the time and place stated in Exhibit A, unless the Mayor or Recorder establishes a different date, time, or place. ADOPTED by the unanimous vote of the Council, with a quorum in attendance, this 6th day of September, 1988. APPROVED by the Mayor this __ day of Mayor Executed this __ day of ATTEST: Recorder Page 9 - Resolution No. RDRsam276 IIUT(;ItlSON, HAMMOND, WA. LSIt. ItERNI)ON &- DARLING August 30, 1988 Sandy Post P.O. Box 880 Gresham, OR 97030 RE: City of Sandy General Obligation Building Bond Issue, Series 1988 Our File No. 1950.013 Gentlemen: I am writing in my capacity as City Attorney for the City of Sandy. Please find enclosed an Official Notice of Bpn__d Sale which I request you publish in your issue of the Sandy Post on S~p~_e~lk~.~,.Lg.B~. The billing for the public- ation should be forwarded to the City of Sandy, P.O. Box 116, Sandy, OR 97055. The af£iclaxi¢~_Q% publication should be forwarded directly to this office. Thank you very much for your consideration and attention to this request. /_ ~.~ /City Attorney JHH/kt ~ ~/ Enclosure (1) Notice of Bond Sale cc: .'Mr. Thomas Reber City Manager Mr. Richard D. Roberts OFFICIAL NOTICE OF BOND SALE $300,000 CITY OF SANDY COUNTY OF CLACKAMAS STATE OF OREGON GENERAL OBLIGATION BUILDING BONDS, SERIES 1988 NOTICE IS HEREBY GIVEN that sealed bids will be received on behalf of the City of Sandy, Clackamas County, Oregon (the "City"), for its General Obligation Building Bonds, Series 1988 (the "bonds"), until 10:00 o'q..~.0~_.k a.m. (Pacific Time) on Tuesday, ~e~tember 27, 1988, at the offices of Lindsay, Hart, Neil & We~g~er~ ~awyers, Suite 1800, 222 S. W. Columbia Street, Portland, Oregon 97201-6618, at which time they w~ll.~e publicly opene~_a__n~.~Q~qed. The bids shall be considered and acted~u_~n~_b~.~_h_9 C~ty w._~t~f__o~_ hq~s. ISSUE: The issue shall be in the aggregate principal amount of THREE HUNDRED FIFTY THOUSAND DOLLARS ($300,000) consisting of registered bonds in denominations of FIVE fHOUSAND DOLLARS ($5,0~9) or integral multiples thereof, all dated OctQ~ !~. 1988. INTEREST RATE: exceed a net e~f~iye ~t~ p~.~ercent (10%). Interest ~s payable semiannually on October 1 and April 1 of each year until maturity or prior redemption, comme~q~O~ 6p~%~.~. ~989_. 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 a multiple of 1/8th or 1/20th of one percent (1%); (2) no bond shall bear more than one rate of interest; (3) each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid; (4) all bonds maturing at any one time shall bear the same rate of interest; (5) no rate of interest may exceed ten percent (10%); and (6) the interest rate for any maturity shall not be less than the interest rate for any prior maturity. The maximum true interest cost shall not MATURITIES: The bonds shall mature serially on the ~rst day of October of each year as follows: Page 1 - Notice of Bond Sale Date Amount Date Amount 1989 $10,000 1997 $ 20,000 1990 15,000 1998 20,000 1991 15,000 1999 25,000 1992 15,000 2000 25,000 1993 15,000 2001 25,000 1994 15,000 2002 30,000 1995 20,000 2003 30,000 1996 20,000 REGISTRATION: The bonds will be issued in fully registered form, and may be exchanged at the expense of issuer for similar bonds of different authorized denominations. Bonds may not be converted to bearer form. REDEMPTION: The City reserves the riqht to redeem all or any portion of the b~s m~uring afte~Q~r~_l~,.~998~ in inverse order of maturity and by lot within a maturity on October 1, 1998, and on any interest payment date thereafter, at par plus accrued interest to the date fixed for redemption. Notice of any call or redemption, unless waived, shall be mailed not less than thirty days and not more than sixty days prior to such call to the registered owners of the Bonds, and otherwise given as required by law and the authorizing bond resolution; however, any failure to give notice shall not invalidate the redemption of the bonds. All bonds called for redemption shall cease to bear interest from the date designated in the notice. PAYMENT: Principal and interest are payable, either maturity or upon earlier redemption, by check through the principal corporate trust office of the registrar and paying agent of the City, wD~ch will be a bank doing business in Portland, Oregon. at PURPOSE: The bonds are being issued to finance the acquisition, construction, remodeling and expansion of the Stone Building for library and police purposes and all related costs. The bonds were authorized at a special election held within the City on June 28, 1988. SECURITY: The bonds are general obligations of the City. The City has covenanted to levy an ad valorem tax annually which, with other available funds, will be sufficient to pay bond principal and interest as they come due. LEGAL OPINION: The approving opinion of Lindsay, Hart, Neil & Weigler, Lawyers, of Portland, Oregon, will be provided at Page 2 - Notice of Bond Sale no cost to the purchaser, and will be printed on the bonds at the expense of the City. TAX EXEMPT STATUS: In the opinion of bond counsel, assuming compliance by the City with its covenants relating to the tax-exempt status of the bonds, interest on the bonds is exempt from taxation by the United States under present federal income tax laws (except for certain taxes on corporations) and from personal income taxation by the State of Oregon under present state law. The City has the legal authority to comply with its covenants. The Bonds are not "pri~v~_~tivit3__~.~9~."~ under Section 141 of the Internal Revenue Code of 1986 (the "Code"). BANK PURCHASE: The City has designated the bonds as "qualified tax-exempt obligations" pursuant to Section 265(b)(3) of the Code. BEST BID: The bonds will be awarded to t~e responsible ~idd__e~_.~_~9_se.proposal will result in the lowest true interest qg~t to the City. True interest cost will~~~ by doubling the semiannual interest rate necessary to discount the debt service to October 1, 1988 and the price bid for the bonds. Each bidder is requested to supply the total interest cost and the true interest cost that the City will pay upon the issue if the bid is accepted. 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 paid by the City. REOFFERING PRICE: The successful bidder must certify the initial reoffering price for each maturity of the bonds to bond counsel not less than three business days prior to closing. This certification shall constitute the agreement of the bidder to offer all bonds in each maturity for sale at a price no greater than the certified reoffering price until at least ten percent of the principal amount of each maturity is sold at a price less than or equal to the certified reoffering price. Failure to honor this agreement may result in cancellation of the sale and forfeiture of the bidder's good faith deposit. 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__~,_~he bonds will be made within thirty day~. FORM OF BID: Ail bids must be for not less than all the bonds hereby offered for sale, and for not less than ninety-eight and one-half percent (98.5%) of the par value thereof and accrued Page 3 Notice of Bond Sale interest bidder's envelope Bonds." to the date of delivery. Each bid together with check as herein specified must be enclosed in a sealed addressed to the City and designated "Proposal for ~BID CHECK: Ail bids must be unconditional and accompanied by a certified or cashier's check on a bank doing business in the State of Oregon for SIX THOUSAND DOLLARS ($6,000) payable to the order of the City to secure the City from an~ ~o~ss- resulting from the failure of the bidder to comply with the terms of its bid. Checks will be forfeited to the City as liquidated damages in case the bidder to whom the bonds are awarded withdraws its bid or fails 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 liquidated damages as described above. Checks of the unsuccessful bidders will be retu~ed ~y t~e Ci.ty promptly. RIGHT OF REJECTION: The City reserves the right to reject any or all bids, and to waive any irregularities. OFFICIAL STATEMENT: The City has prepared an official statement relating to the bonds, a copy of which will be furnished upon request to its financial consultant, Seattle Northwest Securities Corporation, Portland Division, First Interstate Tower, Suite 3030, 1300 S.W. Fifth Avenue, Portland, Oregon 97201; telephone (503) 242-1481; Attention: Michael A. Lewis. POTENTIAL BID: The financial consultant may submit a bid or participate in a bidding syndicate. CUSIP: CUSIP numbers will be imprinted upon all bonds of this issue at the City's expense. Failure to print, or improperly imprinted numbers will not constitute basis for the purchaser to refuse to accept delivery. NO LITIGATION: At the time of payment for the delivery of said bonds, the City will furnish the successful bidder a certificate that there is no litigation pending affecting the validity of the bonds. FURTHER INFORMATION: Additional information regarding the City and this sale may be obtained from the City's financial consultant as indicated above. June Peterson City of Sandy, Oregon Page 4 - Notice of Bond Sale (Exhibit A) RDRsam277 August 8, 3988 Richard Roberts Attorney at Law Suite 1800 222 SW Columbia Street Portland, OR 9720]. P.O. BOX 1119 SANDY, OREGON 97055 Tele[ohone 668-5533 RE: City of Sandy General Obligation Bond Issue Dear Mr. Roberts: Jack Hammond, our City Attorney, informed me you need information regarding the issuance of bonds for our library and police facility in Sandy. Specifically, you're concerned with how these bonds would fit with the 1986 tax code. Our understanding is that not more than 10% of the proceeds from the bond sale can be used for "private activity" which would include the Sears store even though it is set aside for future expansion. I discussed with Jack two possibilities for addressing this issue. First, is to insure that not more than 10% of the proceeds goes towards the purchase of the Sears portion of the building and the other method is to use a general obligation private activity bond. if we use the first method, segregating the costs for the building would result in additional record keeping and survey cost and general obligation activity bonds would result in a higher interest rate, possibly 1.5% higher. Although I hsve not discussed this issue with the Council yet, it would seem to me that the additional record keeping to segregate the monies as well as a minor amount of survey work would be ]ess costly than an additional ].5% over the ]5 years of the bond. The following information ~s provided for your benefit in preparing an opinion on this offering. The purchase price of the building will be $322,500.00. Since the City does have other funds available, such' as the Library Trust Fund, the Library Trust Fund could purchase the Sears portion of the building and use the bond proceeds solely for the purchase of the remainder of the building and its remodeling. No remodeling will be done on the Sears portion. My understanding of the new tax code provisions is that up to $30,000.00 or ]0% of the bond proceeds could be used for purchase of this portion ~f ~he building. What I propose Js that no bond proceeds be used for the Sears portion. This will result in a clear distinction for bonding pur[~oses. ~he Sears store is 20.86% of the entire square feotage of fherefere, 20.86% ¢~f the purchase price of $322,500. equals ~i$67,273.50.~ This portion of the building would be purchased solely with ~-~ Trust Fund revenue. A breakdown of the expenditures and revenues for the remainder of the building are as follows: Expenditures: Purchase of Land and Building Parking & Lights Remodeling of the Library & Police portions of the Stone Building Building Permit Fees & System Development Charge A~;chitecture Fees 12% Other Costs (Bonding, Legal, Survey, Testing) Furnishings Contingency $255,226.50 5,000.00 90,750.00 500.00 11,000.00 30,000.00 20,000.00 25,000.00 $437,476.50 Revenues: Bonds Proceeds State Library Grant Library Trust (Portion) Federal Revenue Sharing Fund Raising Community Development Block Grant Handicapped Restrooms (portion) for Sears Portion of Building Expenditures: ~ Purchase of Land & Building Revenues: Library Trust Fund (majority) Sincerely, $300,000.00 95,544.00 7,000.00 27,932.50 2,000.00 5,000.00 $437,476.50 67,273.50 $ 67,273.50 TR:mp Thomas Reber, City Manager Tax Revenue and/or Tax- Bond ~ond Rovor~ue I.e~or Supported Revenue Anticipation Anticipation Anticipation of D~cume~t~ Bonds Bonds Notes Notes Note~ Credit Investment pdicy; formal document or brief description of practices X X X Public employees: number employed and trend, status of contracts, unions, pension funds latest actuarial study. if available] X X X Tax assessment and collection procedures, including due dates and penalty rates X X Tax and levy limitations X X List of ten largest taxpayers, their assessed valuation and type of business X X Economic data tar sen/ice area X X List of operating loan borrowings [] X Assumptions used ~n preparing cash flows X Assessed valuation for last five years X X Equalization ratios last five years X X Current population and latest census estimates X X ~tatement of direct debt and debt of overlapping debt ~ssuers, including allocable share X X F,Jture porrow~ng plans X X X X X X Number of building permits-last five years, plus the dollar amount X X X Local and area unemployment rates X X List of ten major employers, number of employees and type of business X X Area of the issuer (in square miles) and percentage at land that is developed X X Current number of governmental employees; whether unonized and contract status X X X Debt [outstanding and new]: segregate by security; actual principal maturities and interest requirements for each year, pro-forma debt sen/ice schedule for new debt including interest rate assumptions X X X Letter of credit and reimbursement agreement X Loan or lease agreement X Bank counsel enforceability opm~ons [domestic and foreign] X Preference [bankruptcy] opinion X Remarketing agent agreement X Tender agent agreement X Pledge and security agreement Standby bond purchase agreement X Modgage andor other collateral documents X Other documents as applicable X For revenue bonds, include interim financial results for recently concluded but unaudited period or year to-date results and comparable period in prior year This requirement is waived if the law(s) have peen previously submitted and have not been subsequently amended. Include at least one u fiSCal year actual; current fiscal year actual/estimate, and projections for the ne;d fiscal year through note maturily Note These are strictly cash basis and should not include of show negative receipts or disbursements or negative balances For revenue bondSr ~nclude system capacity and trend of usage oarficularly customers and consumption (output) by year for past five years, percent of sen/ice Moody's Public Finance Department Moody's Information Requirements for Rating Debt Revenue and/er Tax- Bond Bond Revenue Letter Supported Revenue Anticipation Anticipation Anticipation of Documeof~ Bonds Bonds Notes Nofe~ Notes Credit Pflm. ry Official statement or prospectus X X X X X X Notice of sale Iff public) X X X X X Annual reports or audits (last 3 yearsl~ X X X X X Most recent btJdget for operations X X X X X Capital budget or planning document X X Legal opinion X X X X X X Law(s] under which notes are to be issued ~] X X X Note resolution or ordinance X X X Bond resolution or ordinance, trust indenture and any othel legal documents relevant to the bonds and notes X X X X Engineer's report [if available] X X X Bond purchase commitment leHer, it sale of the bonds has been pre arranged (i e, to an agency of the United States Government) X X Copy of local charter or document which describes governmental structure X For school districts; ten-year enrollment trend and prolection; school plant description, including facilities and capacity X Cash flow statements ~ X Financial feasibility study including proiections (if availoble) X Rate study (if available/ X ,~ppart: (for information not contained in any of the above documents) Maturity schedule for bond anticipation notes, including final statutow maturity date for this and outstanding notes Interest rate computation 360 or 365 day basis X X Complete debt statement of issuer, including debt ~ncumng capacity X X X Interest rate limitations on bonds and notes X X X List of last five bond issues of type that will fund notes, ~ncluding amount, sale date, number of bids received (it public sale), and net interest cost X X Enterprise system description ~ X X Description of rate setting process; record of revisions for post five years X X Seattle Northwest SECURmES CORPOR,~TION October 17, 1988 MEMORANDUM OF BOND DELIVERY Re: City of Sandy, Oregon $300,000 General Obligation Building Bonds, Series 1988 From: Michael Lewis, Vice President Seattle-Northwest Securities Corporation BOND REGISTRATION The Series 1988 Bonds are being printed by Irwin-Bodson and will be shipped to the United States National Bank of Oregon, fiscal agent, for registration and authentication. BOND DELIVERY Delivery of the above-mentioned Bonds will take place at 10:00 a.m. on Friday, October 21, in the offices of United States National Bank of Oregon, 111 S.W. Fifth Avenue, 9th Floor, in Portland. FUNDS United States National Bank of Oregon will pay a net purchase price on October 2] of $291,556.62, calculated as follows: Principal Amount Less: Underwriter's Discount Less: Good Faith Deposit Plus: Accrued Interest (October 1 to October 21) ,,~"~ Purchase Price $300,000.00 (3,540.60) (6,000.00) 1,097.22 $291,556.62 The money will be wired to Clackamas County Bank, ABA J 123202183, Account #192 542, for credit to the City of Sandy. Attached is a copy of the debt service of the Bonds. Please let me know if I can answer any questions. Attachment cc: Mr. Dick Roberts, Lindsay, Bart, Nell & Weigler Mr. Jack Hammond, Hutchison, Hammond, Walsh, Berndon & Darling Mr. Ken Renke, City of Sandy Ms. June Peterson, City of Sand_L/ Ms. Elizabeth Rorrigan, United States National Bank of Oregon Ms. Carolyn Lieber, United States National Sank of Oregon Ms. Dixie Califano, Seattle-Northwest Securities Corporation IHL CIlt Ot SANDY GENERAL DBLIGATIOH BUILDING DOKDS, SLRIES 1988 OEBT SERVICE SCHEDULE DATE PRINCIPAL 00UPOK IHIEHEST PERIOD TOTAL FISCAL IOIAL 4/ 1/89 9,878.00 9,878.00 9,875.00 10/ 1/89 ]O,O00.O0 5.600000 9,875.00 19,875.00 4/ ~/90 9,595.00 9,595.00 29,4/0.00 lO/ 1/90 ;5,000.00 5.900000 9,5%.00 24,595.00 4/ 1/91 ?,152.50 ?,152.50 33,947.00 10/ 1/91 15,000.00 6.000000 9,152.50 24,]52.50 4/ 1/92 8,702.50 8,?02.50 32,855.00 I0/ 1/92 15,000.00 6.100000 8,702.50 23,702.50 4/ 1/93 8,245.00 8,245.00 31,947.50 10/ 1/93 15,000.00 6.200000 8,245.00 23,245.00 4/ 1/94 7,780.00 7,780.00 31,025.00 10/ 1/94 15,000.00 6.300000 7,780.00 22,780.00 4/ 1/% 7,307.50 7,307.50 30,087.50 10/ 1/95 20,000.00 6.400000 7,307.50 27,307.50 4/ 1/96 6,667.50 6,667.50 33,975.00 10/ 1/96 ?0,000.00 6.500000 6,667.50 26,667.50 4/ 1/97 6,017.50 6,017.50 32,685.00 lO/ 1/97 ?0,000.00 0.600000 6,017.50 26,017.50 4/ 1/98 5,357.S0 5,357.50 31,375.00 JO/ 1/98 20,000.00 6.700000 5,357.50 25,357.50 4/ 1/99 4,687,50 4,687.50 30,045.00 10/ 1/99 25,000.00 6.B00000 4,687.50 99,687.50 4/ l/ 0 3,837.50 3,837.50 33,525.00 10/ ]/ 0 25,000.00 6.?00000 3,837.50 28,837.50 4/ 1/ J 2,975.00 2,975.00 31,812.50 10/ 1/ I 25,000.00 7.000000 2,975.00 27,975.00 4/ 1/ 2 2,~00.00 2,100.00 30,075.00 ]0/ 1/ 2 30,000.00 7.000000 2,I00.00 32,100.00 4/ i/ 3 1,050.00 1.050.00 33,!50.00 10/ 1/ 3 30,000.00 ?.000000 1,050.00 31,050.00 4/ 1/ 4 ACCRUED 300,000.00 300,000.00 J86,700.00 486,700.00 1,097.22 1,097.22 185,602.78 485,602.78 31,050.00 SEATILE-NORIHWEST SECURITIES CORP. RUNL),~!!: 10-11-1788 J* 04:24:12 FILENAHE: KEY: IHE C]iY Of SANDY GENERAL OBLIGATION BUILOING BONDS, SERIES 1988 DEBT SEROICE SCHEDULE DA[ED 10/ 1/88 WITH OELIVERT OF 10/21/88 BOND YEARS AVERAGE COUPON 6.764 AVERAGE LIFE 9.200 N [ C Z 6,B92775 % USING 98.8198000 I I C Z 6.9~?782 ~ Frol Dated Date SEATILE-NOBTRWEST SECURITIES CORP. RUNDAIE: ~0-11-1988 ~ 04:24:14 FILENANE: KEY: >lO::l H3 ONn:] SE;SS-g99 (g0g) :euoqd gg0/6 uo§eJo '.4pueS 'PJe^lelno~ J~)auo!.'-I 0g~6g ciO ~.,I.I;~ i ~ ~ ~-, " ::I31AOV ':iON¥1/IIN::IU ggOL6 NOO3UO 'xaN¥$ · AaNVS JO Al10 pdw First Trust National Association Member First Bank S.~stem October 21, 1996 CITY OF SANDY ATTN: MS. JUNE PETERSON, CITY RECORDER P. O. BOX 1119 SANDY, OR 97055 Account Number 97-210210 Re: City. of Sandy General Obligation Building Bonds, Series 1988 ADMINISTRATIVE FEES (SEMI-ANNUAL ENDING 9/30/96) OTHER FEES & EXPENSES (SEMI-ANNUAL ENDED 9/30/96): PAYING AGENT FEES Interest Checks Issued OUT-OF-POCKET EXPENSES Telephone, Postage & Wire charges RATE QTY TOTAL $375.00 (minimum) 100.00 10.00 BALANCE DUE $485.00 * All balances are due within 30 days to avoid a n nth ~ finance charge of 1 1/2% * Direct questions/inquiries to your Administrative Officer REMIT TO: FIRST TRUST NATIONAL ASSOCIATION CM 9701 ST. PAUL, MN 55170-9701 C TY OF SANDY - SANDY ©REGON 97055 REMITTANCE ADVICE [ NO7 NEGOTIABLE DETACH BEFORE DEPOSITING ~ CLACKAMAS COUNTY BANK 96 21: CITY OF s ....... R 97055 1232 SANDY FUND CHECK 39250 Pioneer Boulelvard. Sandy, Oregon 97055 Phone: (503) 668-5533 3888O NOT VALtD AFTER 90 OAYS DATE AMOUNT $ First Trust Member First Bank System First Trust Center PO Box 64111 St Paul MN 55164-0111 ',ugust,, 09 19V6 !TY OF SANDY JUNE I-:'E 1" E ?~SON !TY RIC CL]R¢ E R BOX 1119 5ANDY ~ OR 9?055 RE~CIfY OF SANDY COUNTY OF CLACKAMAS GENERAl. QEq. ~ r.~A f ION B ]Nu :-OR' OEigf '- ' ' ~. N FE!::ES f ON MAT ~1;:[ r / o~667 2(] ~ ()00. 2 6 ~ 6 & 7 · 50 9-30-96 ABAS09 [ !j 000 ~L-' A C ~ 180121167365 ,'.~ ,~r fN: ,Jude 612-244-1263 9-26-96 ..... ' '0 Rg/;IOOt ?4 79 ,AN , Bt.. U ~ I~II~ First 1'rust Member First Bank System F~rst Trust Center PO Box 64111 SI Paul MN 55164-0111 XXXXX×X){X~(~X~XXXX 180121167365 3-29-96 3-26-96 612-244-1243 First Trust Oregon SuKe 1750 1000 S.W, Broadway PorIland, OR 97205 (503} 220-0022 (503) 220-0012 fax Cheryl K. Nelson Senior Administrator /503/220-0006 J Carole C. Clarkson Assoc. Administrator /503/220-0008 Lawrence J. Bell Office Manager /503; 220-0003 Linda A. Mercer Senior Administrator /5031 220-0007 Paul D. Walker Assoc. Administrator (503) 220-0011 Kathryn L. Majors MIS, Ofc Support /503) 220-0026 Corazon C. Gruenberg Senior Adminstrator (503) 220-0017 Helen J. Weidemann Assoc. Administrator (503) 220-8511 Sylvia A. Thompson Acct. Representative /503/220-8546 Member First Bank System n INVOICE October 23, 1995 CITY OF SANDY ATTN: MS. JUNE PETERSON, CITY RECORDER P. O. BOX 1119 SANDY, OR 97055 Account Number 97-210210 Re: City of Sandy General Obligation Building Bonds, Series 1988 ADMINISTRATIVE FEES (SEMI-ANNUAL ENDING 9/30/95) OTHER FEES & EXPENSES (SEMI-ANNUAL ENDED 9/30/95): PAYING AGENT FEES Interest Checks Issued OUT-OF-POCKET EXPENSES Telephone, Postage & Wire charges RATE QTY TOTAL (minimum) $375.00 100.00 10.00 BALANCE DUE $485.00 * All balances are due within 30 days to avoid a monthly finance charge of I I/2% * Direct questions/inquiries lo your Administrative Officer REMIT TO: FIRST TRUST OREGON P. O. BOX 4500-23 PORTLAND, OR 97208-4500 078 6040 NS First Trust Oregon Sude 1750 1000 $.W. Broadway Portland OR 97205 BATE TYPE OF ENTRY 1995 09-11 ADO 09-29 INT CITY OF SANDY OREGON FACE AH~UNT OR NUMBER OF SHARES STATEMENT OF TRANSACTIONS DESCRIPTION OPENZN~ BALANCE SEPTEMBER O1, 1995 RECEIVEB CHECK ~3557~ FRON CITY OF SANDY OR FOR 100195 DEBT SERVICE PAYHENT JAC/490 TRANSFER TO CORPORATE UNIVERSE FOR 100195 OEBT SERVICE PAYHENT PRZNCIPAL $20~000.00 INTEREST $7,307.50 ACCOUNT: 972102[0 FOR THE PERIO0 09/01/95 - 09/30/95 PAGE 1 INCOME TRANSACTIONS PRINCIPAL TRANSACTIONS 0.00 0.00 27,307.50 0,00 0.00 0.00 First Trust Oregon Suite 1750 1000 S.W. Broadway ~ortland OR 97205 ACCOUNT: 97231160 FOR THE PERIOD 0~/01/94 - 08131195 DATE 08-01 TYPE OF ENTRY ADD TSFR FACE AttOUNTOR NUMBER OF SHARES STATEMENT OF TRAHSACTEONS DESCRIPTZON OPENZNG BALANCE SEPTEI~ER 01, 1994 RECEZVEO CHECK HUt~ER 35Z45 FROH CITY OF SANOY FOR DEBT SERVZCE pAYMEHT DUE I~DeSE TRANSACTIONS 0.00 0.00 pRZNCZPAL TRAHSACTZONS 0.00 23,400.00 600~000.00 6Z3,400.00- 0.00 O. O0 Member First Bani< System First Trust Oregon Suite 1750 1000 S.W. Broadway Portland, OR 97205 CTTY OF SANDY OREGON ACCOKR~T: 97ZlOZZO FOR THE PER/OD PAGE DATE TYPE OF ENTRY FACE AMOUNT OR taJ~ER OF SHARES STATEMENT OF TRANSACTIONS 0ESCRZPTION OPENZNG BALANCE AUGUST 01, 1995 BALANCE COPB. ZNED ZNCOME/PRZNCZPAL BALANCE 'INCOME TRANSACTZONS 0.00 0.00 pRINCZPAL TRANSACTIONS 0.00 0,00 0,00 First Trust Oregon Suite 1750 1000 S.W. Broadway Port[and, OR 97205 CITY OF SANDY LIftITED TAX BG~D ANTICZPATZON NOTE, SERZES 1995 ACCOUNT: 97Z317~0 FOR THE PERZOD 08/[7/9B - 08/2[/95 PAGE DATE TYPE OF ENTRY 1995 FACE AHOUHT OR I*~,.MBER OF SHARES STATEMENT OF TRANSACTZONS DESCR/PTZON OPENZNG BALANCE AUgJST [7, 1995 BALANCE C~ZNED ZNCOME/PRZNCEPAL BALANCE 0.00 0.00 PRZNCIPAL TRANSACTZONS 0.00 0.00 0.00 Member First Bank System CITY OF SANDY - SANDY ,)FtEGON "37()55 REMITTANCE ADVICE NOT NEGOTIABLE DETACH BEFORE DEPOSITING CITY OF 39250 Pioneer Boulelvard. Sandy, Oregon 97055 Phone: (503) 668-5533 CLACKAMAS COUNTY BANK Sandy OF~ 97055 FUND CHECK 96 218 1232 DATE AMOUNT NOT VALID AFTER 9~ DAYS ¢ii First Trust Member First Bank System First Trust Center P 0 Box 64111 St Paul MN 551640111 Ti:U!] f FUND::] GE!-'AR TMF. NT ,]!{\' DF 5ANDY MS dUNE F'EIERSON CI r~ RECORDER PO BOx I1!9 SANDY~ OR 97055 RE; CI fY OF SANDY COUNTY OF CLACKAMAS !]ENERAL OBL[GAf[ON !~U[i. OINC BUND SERIES 1988 B! ~ 2479 FOR DEBT SE~UglCE P'A'¢MCN] DUE I0/01/95 INTERES] ON BONDS~ MA¢URITfES; ~TOFAL )CBT SER'VICC ; UE~'~ NOT ~ CE OBL I E~CIR / ACC NO -9721t)210 LOAN- SANDYBLD!}88 INTERNAL ~ I8I COLLECTION NO(S) R9510016233 20,000. O0 27,307.50 * F'AYME'4T INSTRUCTIONS * WIRE DUE DAIE;~LI~{Zi~XIr, I,]~2 9-29-95 PHONE NUMBER (612) ~.44 1243 PLEASE CALL i]N~-. [)AY F'RIOF; YE} WIRINt~ FUNDS. W[RE MUST BE RECEIVED BY 5:00 PM CSf ~}N WIRE DUff f)AfE FOR ~'IRST TRUST RELEASE BONDHOLDER PA','MENfS~ TO SEND WIRE fO FIRST I.~ANK NA'i"~'L ADS!]"-- ABA#OgIO000~2 ICNF=FIRST IRUST NA A C - # I.I~XK~ 170225065771 REF ~9'7Z~ I O~ t 0 .~ ATTENflON~ Jl~t~ ~ Cr.,:,gt. ~) OB ~.Nk..,,, DUE Dal'E:[I~Z~:~DO~:~ 9-26-95 (.HICK MUST BE RECE[VIO A~ ~., A..~F rHRE- t:~Ut.ilNES>; OAYS F'RIOR · M ' --" [ RST RELEASE OF BONI)HOLt>EF; t ~7. EN ,:J BY F TRUST. TO SEND CHECKS FO; SEND CORRESPONDENCE TO~ F~RST TRUST NAT'L ASUOC FIRST TRUST NAT:L ASSOC Ar]N; DEBT MANAGEMEN'r ATFN: DEBT MAN~,GEMEI'.IT P !3 BOX 6~330 P.O. BOX 6~11! .'G'r PAUL MN 55164-0;!,30 ST PAUL MN 55164~-0111 First Trust Oregon CITY OF SANDY OREGC~ ACCOUNT: 97210210 CLOSE OF BUSINESS ADMINISTRATOR: PAUL D MALKER COPIES: 1 CITY OF SANDY ATTN JUNE PETERSON P 0 BOX 1119 SANDY OR 97055 First Trust Oregon Suite 1750 1000 S.W, Broadway Portland, OR 97205 Cl'TY OF SANDY OREGON ACCOUNT: 97ZZ0ZZO FOR THE PERZOB 06/01/95 - 06/30/95 PAGE DATE TYPE OF ENTRY 199S FACE AMOtJNT OR NUMBER OF SHARES STATEMENT OF TRANSACT/ONS DESCRZPTZON OPENZNG BALANCE JL~IE 01, 199S INCOME TRANSACTION5 0.00 PR/NC/PAL TRANSACTTOI~S 0.00 BALANCE CC~ZNED ZNCOME/PRINCZPAL BALANCE 0.00 0.00 0.00 First Trust Oregon 06/30/95 CITY OF SANDY LIMITEO OBLIGATION IMPROVEMENT BOND ANTIC:PATION NOTES, SERIES 20-CORPSN(X)HNI ADMINISTRATOR: PAUL D NALKER COPIES: 1 CITY OF SANDY ATI'N JUNE PETERSON P 0 BOX 1119 SANDY OR 97055 Member First Bank System DATE First Trust Oregon Suite 1750 1000 SW. Broadway Portland OR 97205 CITY OF SANDY LIMITED C~LIGATIOIq IMPROVEMENT BOND ANTICIPATION NOTES, SERIES TYPE OF ENTRY FACE AMOUNT OR NUMBER OF SHARES STATENENT OF TRAI~ACTIONS DESCRIPTION OPENING BALANCE JULY ZO, 199~+ ACCOUNT: 97Z3i[60 FOR THE PERIOD 07/ZO/gq - D6/30/95 PAGE 0.00 PRINCIPAL TRANSACTIONS 0.00 BALANCE O. O0 O. O0 COP~INED INCOME/PRINCTPAL BALANCE 0.00 CITY OF SANDY - s~,-~o', ORE~ON97OSr, REMITTANCE ADVICE NOT NEGOTIABLE DETACH BEFORE DEPOSITING / CLACKAMAS COUNTY BANK 96 21 CITY OF s ....o,, 9~0~ ~2s~ 39250 Pioneer Boulelvard Sandy, Oregon 97055 Phone: (503) 668-5533 FUND CHECK QATE AMOUNT NOT VALID AFTER 90 DAYS pdv~ Oregon INVOICE April 19, 1995 CITY OF SANDY ATTN: MS. JUNE PETERSON, CITY RECORDER P. O. BOX 1119 SANDY, OR 97055 Account Number 97-210210 Re: City of Sandy General Obligation Building Bonds, Series 1988 ADMINISTRATIVE FEES (SEMI-ANNUAL ENDING 3/31/95) OTHER FEES & EXPENSES (SEMI-ANNUAL ENDED 3/31/95): PAYING AGENT FEES Interest Checks Issued Bonds Matured OUT-OF-POCKET EXPENSES Telephone, Postage & Wire charges (minimum) (minimum) QTY TOTAL $375.00 100.00 100.00 10.00 BALANCE DUE $585.00 * All balances are due within 30 days to avoid a monthly finance charge of I 1/2% * Direcl questions/inquiries to your Admthistrative Officer REMIT TO: FIRST TRUST OREGON P. O. BOX 4500-23 PORTLAND, OR 97208-4500 078-6040 NS First Trust Oregon Suite 1750 1000 S.W. Broadway Portland, OR 97205 CTTY OF SM4DY OREGON DATE TYPE OF ENTRY FACE AHOUNT OR kqJt~ER OF SHARES STATEHENT OF TRANSACTZONS DESCRZPTZON OPENZNG BALANCE HARCH 01, 1996 INCOHE TRANSACTIONS 0.00 pRTHCZPAL TRANSACT'r ONS 0,00 03-13 ADD 03-3~ XNT RECEZVED CHECK ~3~088 FRON CZTY OF SANOY OR FOR Oq. O19S DEBT SERVZCE PAYHEHT JAC/~90 TRANSFER TO US~OR BONDHASTER FOR 0~019~ DEBT SERVZCE PAYHENT ZNTEREST $7,307.S0 JAC/~90 BALANCE C~ZNED [HCONE/PRZNCZPAL BALANCE O. O0 7,307.50 7~307.B0- O. O0 O. O0 Member First Bank System {Ei~41TIANCE ADVICE (~XT¥ OF 39250 Pioneer Boulelvard. Sandy, Oregon 97055 Phone: (503) 668-5533 FUND CHECK 34L}88 111, First Trust Member First Bank System F~rst Trust Cent~ 3 I~ P 0 PO Box 64111 St Paul MN 55164-0111 TRUST ]ITT DF SANDY qS JUNE PETERS~N ~ITf RECDROE~ 30 3~X 1119 S&NOY DP 97055 S~ND¥ GEM ~SL BUILDING OEPARTNENT 80 ).988 US~OR NO.--97-21021 LOAN-SANOYqLOG88 INTERNAL # 181 COLLECTION NO(S): 02/15/95-028 SERVICE PAYMENT 8DE 04/01/1995 INTEREST TdTAL $7.307°50 PAYMENT INSTRUCTIQNS ¢ ~I~ ~UE PATE: MARCH 31, 1995 ~H2NE NUMBER (612) Z&~- 1243 '~L~aSi CALL ONE DAY PRIOR TO WIRING ;~C~IVE~ 5Y 3:00 PM CST QN WERE ODE ~ELEASE INTEREST PAYMENTS. FUNDS. WIRES ~UST 8E PATE FOR FIRST TRUST TO SENO WIRE f~]: FIRST 3ANK NATeL ASSDC ABA~O9100002Z BNF=FIRST TRUST NA AC-#I~OI 21167365 REF #97-21021 ATTENTION: JUDE' CROFT CHE:CK DUE D~TE: MARCH 28, 1995 CHECKS MUST 5E ~FCEIyEO ~T LEAST THREE ~USINESS DAYS PRIOR TO ~LEASE D~ INTEREST PAYMENTS BY FIRST TRUST. FUNOS NOT RECEIVED TIMEL ~ESdLTING IN BONDHOLDER PAYMENTS )EING DELAYED WILL BE ASSE$SEO ~200.30 L~TE F~E ~ SoECI~L HANDLING. !,EN3 CHECKS fO: SEND CORRESPONDENCE TP: ~I~gT T~UST 16TmL aSS~C FIRST T~UST ~ATmL ASSOC 'TT~: I)t~T MANAGFME~T ATTN: DE~T MANAGEMENT -'.' . ~X ~43J0 P.:J. 64111 ~ '~ Request for Taxpayer Give this form to Janu~ ~993~ Identification Number and Certification the requester. Do City of Sandy 39250 Pioneer Blvd. City, state, and ZIP code Sandy OR 97055 I=A'l'~i! Taxpayer Identification Number (TIN) Enter your TIN in the appropriate box. For individuals, this is your social security number (SSN). For sole proprietors, see the instructions on page 2. For other entities, it is your employer identification number (EtN). If you do not have a number, see How To Obtain a TIN below. Note: If the account zs in more than one name, see the chart on page 2 for guidelines on whose number to enter. Employer idenefication number ,913;6 I0/01212 !5 I0 List account number{s) here (optional) For Payees Exempt From Backup Withholding (See Exempt Payees and Payments on page 2) CertJfication.--Under penalties of perjury, I certi~ that: 1. The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me), and 2. I am not subject to backup withholding because: {a) I am exempt from backup withhoMing, or (b) I have not been notified by the Internal Revenue Service that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding. Certification Instructions.--You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withhotding decause of underreporting interest or dividends on your tax return. For real estate transactions, item 2 does not apply, For mortgage interest paid, the acquisition or abandonment of secured property, contributions to an individual retirement arrangement (IRA), and generally payments other than interest and dividends, you are not required 1o sign the Certification, but you must provide your correct TIN. (Also see Signing the Certification on page 2.) Here . Signature ~ Code. file an information return with the [RS must secured property, or contributions you made to TiN to the requester (the person asking you to furnish your TIN) and, when applicable, (1) to ~ssueq}, (2) to certih/ that you are not subject to 'rom hackup withholding if you are an exempt the appropriate certifications witl prevent certain withholding. How To Obtain a TIN.--tf you do not have a Form SS-5, Application for a Social Secunfy Caxd (for individuals), from your local office of the Social Security Administration, or Form Number (for businesses and ail other entities), from your local IRS office. To complete Form W-9 if you do not have a 60 days to obtain a TIN and furnish it to the requester, if the requester does not receive your TIN within 60 days, backup withholding, if appdceqte, will begin and continue until you furnish your TIN to the requester. For reportable interest or dividend payments, lhe payer must exercise one of the following options concerning backup withholding during this 60-day period. Under option (1), a payer must backup withhold on any withdrawals you make from your account after 7 business days after the requester receives this form hack from you. Under option (2). lhe payer must backup withhold on any reportable interest or dividend payments made to your account, regardless of whether you make any withdrawals. The backup withholding under option (2} must begin no later than 7 business days after the requester receives this form back. Under option (2), the payer is required to refund the amounts withheld if your certified T]N is received w~thin the 50-day period and you were not subject to backup withholding dunng that penod. Note: Wffhng "Applied for~ on the form means that you have already a~plied for a TIN OR that you intend to apply for one in the near future, AS soon as you receive your TIN, complete another Form w-g, include your TIN. sign and date the lento, and give it to the requester, What Is Backup Withholding?--Persons making certain payments to you after 1992 are required to withhold and pay to the IRS 31% of such payments under certain conditions. This is called "backup w~t~holding." Payments that could be sublect to backup withholding include interest, Date · 11/10/94 dividends, broker and barter exchange transactions, rents, royalties, nonemployee compensation, and certain payments from fishing boat oberators, but do not include real estate transactions. If you give the requester your correct TIN, make the appropriate certifications, and report all your taxable interest and dividends on your tax return, your payments will not be subject to backup withholding. Payments you receive will be subiect to backup withholding if: 1. You do not furnish .your TIN to the 2. The IRS notifies the requester that you furnished an incorrect TIN, or 3. You are notified by the ~RS that you are subject to backup withholding because you failed to report all your interest and dividends on dividends only), or 4. You do not certify to the requester that you are not subiect to backup withholding under 3 above (for reportable interest and dividend accounts opened after 1983 only), or 5. You do not certify your TIN. This applies only to reportable intereSt, dividend, broker, or barter exchange accounts opened after 1983, or broker accounts considered inactive in 1983. Except as explained in 5 above, other reportable payments are subject to backup withholding only if I or 2 above applies. Certain withholding and information reporting. See Cat. No. 10231X Form W-9 {Rev. 1-93) First Trust Oregon 1000 S,W, Broadway Suite 1750 Portland, OR 97205 November 4, 1994 June Peterson Finance Director/City Recorder City of Sandy 39250 Pioneer Boulevard Sandy, Omgon 97055 RE: $600,000 City of Sandy Limited Improvement Bond Anticipation Notes 1994 Dear June: Please fill out the enclosed W-9 for the City and return it in the envelope provided, thank you. If you have any questions about the agreement or our services please do not hesitate to contact me at (503) 220-0008. Sincerely, Bruce A. Carrick Trust Officer, CCTS First Trust Oregon Suite 1750 1000 S.W. Broadway Portland, OR 97205 CZTY OF SAHDY OREGON ACCOUNT: 97ZlOZlO FOR THE PERZOD PAGE 1 DATE TYPE OF ENTRY FACE AHOUNT OR NtJI'BER OF SHARES STATEMENT OF TRAHSACTZONS DESCRZPTZON OPENZHG BALAHCE FEBRUARY 01, 1995 0.00 PR[NCZPAL TRAHSACTZONS 0.00 BALANCE COMBINED ZNCOME/PRZNCZPAL BALANCE 0.00 0.00 0.00 Member First Bank System REMITTANCE ADVICE ~,~ ,,¢ ~,,. ~_ CITY OF 39250 Pioneer Boulelvard. Sandy, Oregon 97055 Phone: t503) 668-5533 FUND CHECK 33078 bac First Tnast Oregon INVOICE 0ct. 14,1994 CITY OF SANDY ATTN: MS. JUNE PETERSON, CITY RECORDER P. O. BOX 1119 SANDY, OR 97055 Account Number 97-210210 Re: City of Sandy General Obligation Building Bonds, Series 1988 ADMINISTRATIVE FEES (SEMI-ANNUAL ENDING 9/30/94) OTHER FEES & EXPENSES (SEMI-ANNUAL ENDED 9/30/94): PAYING AGENT FEES Interest Checks Issued OUT-OF-POCKET EXPENSES Telephone, Postage & Wire charges RATE QTY TOTAL $375.00 (minimum) 100.00 10.00 BALANCE DUE $485.00 * All balances are due within 30 days to avoid a monthly finance charge of 1 1/2% * Direct questiom/inquhSes to your Adminish-ative Officer REMIT TO: FroST TRUST OREGON P. O. BOX 4500-23 PORTLAND, OR 972084500 078-6040 NS First Trust Oregon Suite 1750 ~000 S.W Broadway Portland, OR 97205 CITY OF SANDY OREGON FOR THE PERIOD PAGE DATE TYPE OF ENTRY 199q FACE At'ICC~T OR NUI~ER OF SHARES STATEMENT OF TRANSACTIONS DESCRIPTION OPENING BALANCE SEPTEt~ER Oi, 199~* 0.00 PRINCZPAL TRA~ACTIONS 0.00 09-Z7 TSFR 09-30 INT RECEIVED FUNDS BY HZRE FRON CLACK CNTY SANDY CITY, OR FOR 1001~ DEBT SERVZCE PAYMENT JAC/~90 TRANSFER TO U~BOR BONDMASTER FOR 10019q DEBT SERVICE PAYMENT PRINCZPAL $15,000.00 /NTEREST $7~780.00 ACCT ~SANDYBLDC-88 JAC/~90 BALANCE COttBZNED INCOflE/PRZNCZPAL BALANCE 0.00 22,780.00 ZZ~780.O0- 0.00 0.00 Member First Bank System First Trust Member First Bank System F~rst Trust Center PO Box 6411~ St Paul, MN 55164 0111 OCTOBER 3, 1994 ~ ~ ~- 1243 21167365 SEPTEI~ER 27, 1994 )/EMITTANCE ADVK;E CITY OF SANDY 39250 Pioneer Boulelvard. Sandy, Oregon 97055 Phone: (503) 668-5533 FUND CHECK 3175O I)ATE Oregon INVOICE April 8, 1994 CITY OF SANDY P. O. BOX 1119 SANDY, OR 97055 ATTN: MS. JUNEPETERSON, CITY RECORDER Account Number 97-210210 Re: City of Sandy General Obligation Building Bonds, Series 1988 ADMINISTRATIVE FEES (SEMi-ANNUAL ENDING 3/31/94) OTHER FEES & EXPENSES (SEMI-ANNUAL ENDED 3/31/94): PAYING AGENT FEES Interest Checks Issued Bonds Matured OUT-OF-POCKET EXPENSES Postage/Wire/Telephone charges RATE QTY TOTAL (minimum) (minimum) $375.00 100.00 100.00 10,00 BALANCE DUE $585.00 * Ali balances are due within 30 days to avoid REMIT TO: FIRST TRUST OREGON a monthly finance charge of 1 1/2% P, O. BOX 4500-23 * Direct questions/inquiries to Denita Hollie at (612) 244-0791 PORTLAND, OR 97208-4500 078 6040 NS First Trust Oregon Suite 1750 1000 S,W. Broadway Portland, OR 97205 CITY OF SANOY OREGON ACCOUNT: 972102Z0 FOR THE PERIOD PAGE I DATE TYPE OF ENTRY FACE AMOUNT OR NL~ER OF SHARES STATEMENT OF TRANSACTIONS DESCRIPTION OPENING BALANCE MARCH OK, 199q 0.00 PRINCIPAL TRANSACTIONS 0.00 03-17 ADO 03-31 INT RECEIVED CHECK ~31517 FROM CITY OF SANDY FOR 0~019~ DEBT SERVICE PAYMENT JAC/~90 TRANSFER TO USBOR BONOMASTER FOR 0~019~ DEBT SERVICE PAYNENT FR INTEREST $7,780.00 JAC/qgO BALANCE COMBINED INCOME/PR/NC/PAL BALANCE 0.00 7,780.00 77780.00- 0.00 0.00 Member First Bank System CITY O[ SANDY FEJVIITTANCE ADVICE CITY OF 39250 Pioneer Boulelvard Sandy, Oregon 97055 Phone: ,503) 668-5533 FUND CHECK First Trust Member First Bank System pirstTrustCe~t~'RPORATF TRUST DEPARTNENT PO. Box 64111 ~t Paul. MN 55164-0111 JUNE PETERSON CZTT RECORDER BOX 1119 SANOT DE 97055 SANDT GEM DSL BUTLDING 50 1988 US~C~ / N0.--97-11011 LOAN-$ANDTBLDG88 INTERNAL # 18! COLLECTTON ND(S): 01/15/94-020 FO~ DEET SERVIC~ PATIENT DUE 04/01/1994 INTEREST TOTAL ~7~760.00 $7~780o00 · PATNENT INSTRUCTION5 FUNDS DUE; MARCH 29, 1994 ~I~E DUE DAT~: PHONE NUMBER (612) 2~4-1243 PLEASE CALL ONE DAY PRIOR TO WIRING ~CEIVED BY ~:~0 PM CST ON WIRE ~U~ ~ELFASE INTEREST PAY~ENTSo FUNDS. WIRES MUST B~ OATE FO~ FIRST TRUST TO SEND WIRE TO: FIRST ~ANK NATmL ASSOC A~Aa091000021 ~F=FIRST TRUST NR AC-~180120521620 REF #97-210Z1 ATTENTION: JUDE' CROFT OR CHECK DUE DATE: CHECKS MUST BE RECEIVED AT LEAST ONE BUSINESS OAT :~ELEASE aE INTEREST PAYMENTS aY FIRST TRUST. PRIOR TO !,END CHECKS TO: FIRST TRUST NATmL ASSOC ~TTN: DEBT MANAGEMENT P.~. ~OX 6~330 ST PAUL MN 55164-0330 SEND CORRESPONDENCE TO: FIRST TRUST N~TmL ASSOC ~TTN: OEBT MANAGEMENT P.O. 64111 ST PAUL MN ~5164-0111 REMITTANCE ADVICE ~,~,.i ' ,~;' ~IT OF SANDY CITY OF 39250 Pioneer Boulelvard Sandy, Oregon 97055 Phone: (503) 668-5533 FUND CHECK [)ATE INVOICE Sept, 22,1993 CITY OF SANDY P. O. BOX 1119 SANDY, OR 97055 ATTN: MS. JUNE PETERSON, CITY RECORDER Account Number 97-210210 Re: City of Sandy General Obligation Building Bonds, Series 1988 ADMINISTRATIVE FEES (SEMI-ANNUAL ENDING 9/30/93) OTHER FEES & EXPENSES (SEMI-ANNUAL ENDED 9130193): PAYING AGENT FEES Interest Cheoks Issued RATE QTY TOTAL $375.00 (minimum) 100.00 First Class postage, wire charges and telephone recovery will be charged at a base rate of $10.00 on ail future invoices. BALANCE DUE $475.00 '~ Commencing with the next invoice, all balances are due REMIT TO: FIRST TRUST OREGON within 30 days to avoid a monthly finance charge of 1 1/2% P.O. BOX 4500-23 '~ Direct questions/inquiries to Cindy DeValk at (612) 244-0788 PORTLAND, OR 97208-4500 078 6040 NS First Trust Oregon Suite 1750 1000 S.W. Broadway Portland, OR 97205 CTTY OF SANDY OREGON ACCOONF: 97210Z10 FOR THE PERIOD 09/01/93 - 09/30/93 PAGE DATE TYPE OF ENTRY 1993 FACE ~ OR NUI~ER OF SHARES STATEMENT OF TRANSACTIONS DESCRZPT/Ofl OPENZNG BALANCE SEPTEt~.ER 01, 1993 INCOME TRANSACTIONS 0.00 PRZNCTpAL TRANSACTIONS 0.00 09-21 TSFR TSFR RECZEVED CHECK FRO~ CITY OF SANDY FOR DEBT SERVICE PAYMENT DUE 10-1-93 Ct~/~90 TRANSFERRED TO L~OR BONDMASTER FOR DEBT SERVICE PAYMENT DUE 10-1-93 SANDYBLDGS~ PRINCIPAL $1~,000. INTEREST Ctt~90 BALANCE COI~INEO INCOmE/PRINCIPAL BALANCE 0.00 0.00 0.00 Member First Bank System HE,VII fTANCE AD\dCE L CITY OF 39250 Pioneer Boulelvard. Sandy, Oregon 97055 Phone i503) 668-5533 FUND CHECK [)ATE 4{i) First Trust Member First Bank System First Trust Center PO Box 64111 St Paul MN 55164-0111 TRYST D~PART~NT Ob/l?/1993 '~f~5 ~i]T=: TF FUNP~ ~ Tf~ ; Z ~T~EDt PLEASE ~OT]FY THE "~AN~ ~vATL ASSGC ~uA~ 0~1000C22 tEN : CAROLYN KETC~ ~{Uw~E,-; : (~12) 244-5034 or (612) 244-0069 9/28/93 First Trust Oregon 1000 S~A~ Broadway Suite 1750 Portland, OR 97205 March 22, 1993 City of Sandy Ms. June Peterson, City Recorder P.O. Box 1119 Sandy, OR 97055 Dear Ms. Peterson: First Bank National Association takes pleasure in announcing the completion of its acquisition of the Corporate Trust business of United States National Bank of Oregon. Effective March 22, 1993, First Trust Oregon will begin providing indenture trustee, registrar, paying agent, escrow and other related services to your accounts. Lawrence J. Bell, Vice President, First Trust Oregon, has been named to manage the new office. Larry can be reached at (503) 275-5865. As you may know, most of the administrative personnel of U.S. Bank have accepted employment with First Bank and will continue to service your accounts. We intend to preserve our relationship with you by continuing to build on the service and support you have received in the past. That is why your administrator will assist you during the transition. In fact, they soon will be calling you to discuss any issues you may have on how changes have affected you. As .people who already know how you operate, your administrator will continue to serve as an ~mportant conduit for your questions about the transition as well as specific products. This approach guarantees continuity of service and ensures that no unexpected changes will occur. We believe the most disruptive changes are behind us. During January and February we successfully completed the conversions of both the trust and bond accounting systems and transferred operational processing to St. Paul, Minnesota. I don't have to tell you that this was a sizable and vital effort, impacting a service that is fundamental to a major portion of our customer base. We recognize that the adjustments we've made in technology and operations may have had an impact on you and want to thank you for your patience and understanding during these tasks. I want you to know that I could not be prouder of the U.S. Bank and First Bank staffs for coming together as they did to complete the formidable tasks in this acquisition. Their dedication, perseverance and commitment are truly commendable. You may know by now that one member of U.S. Bank, Elizabeth Boylston, will be leaving to pursue other interests. Elizabeth played a major role in all we undertook over the course of this last year. She has the heartfelt thanks of the entire First Bank staff for her hard work and her many contributions; we wish her all the best for the future. First Trust Oregon's future offers continuing challenges, and we look forward to them. First Trust Oregon Page 2 During late May we will be moving to a new location in downtown Portland and will send you a transition kit prior to the move. Until our move, you can continue to reach your administrator at their existing U.S. Bank phone and address. By fourth quarter 1993, we expect to complete the remaining transition tasks, concluding virtually all acquisition- related activities. We are very excited about being part of the Oregon marketplace and providing our products and services here. At First Trust, we take great pride in our outstanding employees and the superior customer service they deliver. We also look fc~w,-ard to future opportunities to do business with you. I believe we have demonstrated during the past year that our customers are our first priority. By keeping you informed of change, and by committing ourselves to delivering quality in all we do, we have maintained and, I hope, strengthened our relationship with you. And we believe we have created an unparalleled array of services by combining the best of both organizations. On behalf of all of us at First Bank, I want to thank you for your business and look forward to servicing you in our new capacity as First Trust Oregon. Vice President First Banks First Bank Place Minneapolis, Minnesota 55480 612 370-4141 January 21, 1993 Dear U.S. Bank of Oregon Corporate Trust customer: As we discussed in our previous letter regarding the acquisition of U.S. Bank of Oregon's Corporate Trust business by First Bank National Association, the transition process is continuing apace, and we would like to update you on the progress achieved to date. As you may be aware, offers of employment have been extended to many of U.S. Bank's corporate trust employees. I am very pleased to say that due to the high acceptance level we do not expect any disruption in the administrative service that you are receiving. With regard to U.S. Bank's computer system support, over the past several months we have been planning two computer system conversion's of U.S. Bank's corporate trust accounts. U.S. Bank's SEI trust accounting system will convert to First Bank's Accutrust system the weekend~of Januar~_~_~nd 2~t~. Following the trust system conversion, v.v~ Of the two conversions, the Accutrust conversion will be most apparent to you because of the new accounting statement format and changes in wire transfer and security settlement instructions. For the month of January you will receive two accounting statements because your accounts are converting in the middle of the month. Your U.S. Bank statement will reflect activity from January 1st through January 22nd, and the balance of January's activity and asset holdings will be reflected on your Accutrust statement. We will provide you with more detailed information concerning the statement format & descriptions with youl first Accatru~t statement. If applicable, you will also receive transaction instruction changes under separate cover directly from your administrator. The Bondmas~er system conversion, will be the conversion of your ~older accounting records, if applicable. This conversion should be transparent to you and to your bondholders. We anticipate receiving final regulatory approvals shortly. Ail applications have been filed and are presently under review by the various state and federal authorities. After final approvals have been obtained we will notify you of various physical and Members ,::irsf Bank System January 21, 1993 Page 2 procedural changes. A client transition kit is being prepared for your use and will be sent to you when a closing date is established. I hope you find this letter informative. Should you have questions or comments concerning it, please contact your administrator or me. We look forward to hearing from you. Sincerely, Lisa M. Hammond Vice President (415) 274-2517 {~1~~ First Trust Oregon Suite 1750 1000 S.W, Broadway Portland, Oregon 97205 CITY OF SANDY OREGON ACCOUNT: 9721021D FOR THE PERIOD PAGE DATE TYPE OF ENTRY 1993 Oq-O! ADD IhT FACE AMOUNT OR NUll. ER OF SHARES STATEMENT OF TRANSACTIONS 0ESCRIPTION OPENING BALANCE APRIL 01~ 1993 DEPOSIT FOR ZhTEREST DUE q/1/93 SANDYBLDC-8~ TRAN FUNDS TO USBOR BONDHASTER ~ANOYBLDG88 FOR FR INTEREST DUE ~/1/93s SERIES 88 SST~90 BALANCE CO~,ZNED INCOHE/PRZNCIPAL BALANCE INCOME TRANSACTIONS O. O0 0. O0 PRINCIPAL TRAHSACTIONS 0.00 0. O0 0.00 Member First 8an~< System ~1~) First Trust Oregon Suite 1750 1000 S.W. Broadway Portland, Oregon 97205 ACCOUNT: 97Z10Z[0 FOR THE PERZOD 03/0~/93 - 03/31/93 PAGE DATE TYPE OF ENTRY 1993 FACE AHOUNT OR NU~ER OF SHARES STATEHENT OF TRANSACTZQNS DESCRZPTION OPEN/NG BALANCE HARCH 01, 1993 [NCONE TRANSACTIONS O. OO PRINCIPAL TRANSACTIONS O. OO BALANCE CQI~ZNED ZNCOHE/PRINCZPAL BALANCE O. O0 O. O0 O.00 Member First Bank System CITY OF SANDY OREGON ACCOUNT NO. 69-21021-00 THIS REPORT INCLUDES ACCOUNT ACTIVITY FOR THE PERIOD 06/30/92 TO 12/31/92 PREPARED FOR CITY OF SANDY ATTN: JUNE PETERSON P.O. BOX 1119 SANDY, OR 97055 ACCOUNT ADMINISTRATOR: BRUCE CARRICK INVESTMENT OFFICER: ** UNASSIGNED ** (503) 275-4478 SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS CITY OF SANDY OREGON PAGE 1 69-21021-00 CASH BALANCES AND MARKET VALUE ON 06/30/92 RECEIPTS OTHER RECEIPTS TOTAL RECEIPTS DISBURSEMENTS OTHER DISBURSEMENTS TOTAL DISBURSEMENTS 0.00 24,184.98 24,184.98 24,184.98- 24,184.98- 24,184.98 24,184.98- CASH BALANCES AND MARKET VALUE ON 12/31/92 0.00 0.00 CASH TRANSACTIONS CITY OF SANDY OREGON PAGE 2 69-21021-00 BALANCES FORWARD 0.00'* 09/24/92 10/01/92 10/01/92 CASH RECEIPT DEPOSIT TO COVER PRINCIPAL AND INTEREST DUE 10/1/92 GO BUILDING BONDS, 1988 CASH DISBURSEMENT PAID TO # 2102101 TRANSFER TO ACCOUNT FOR PAYMENT OF PRINCIPAL DUE 10/1 CASH DISBURSEMENT PAID TO CORPORATE TRUST OPERATIONS PAYMENT OF INTEREST DUE 10/1/92, GO BUILDING 1988 23,702.50 15,000.00- 8,702.50- 11/23/92 CASH RECEIPT 482.48 FEE PAYMENT RECEIVED FOR ADMINISTRATIVE FEES 11/23/92 CASH DISBURSEMENT 482.48- PAID TO USNB CORPORATE TRUST DEPT. FEE PAYMENT RECEIVED FOR ADMIN FEES ENDING BALANCES 0.00'* ' BANK CITY OF SANDY OREGON ACCOUNT NO. 69-21021-00 CITY OF SANDY ATTN: JUNE PETERSON P.O. BOX 1119 SANDY, OR 97055 BANK CITY OF ASSET ANALYSIS SUMMARY SANDY OREGON DATE: 12/31/92 69-21021-00 PRINCIPAL CASH TOTAL PRINCIPAL ASSETS INCOME CASH AND INVESTED INCOME TOTAL ASSETS 0.00 0 0 0 0 0.00 CORPORATE TRUST ASD Af~RNCIES UNITED STATES NATIONAL BANK OF OREGON STA~ OF BOSD ~CCOUNTS City of Sandy TRUST NO. 21021-01 General Obligation Bonds, Series 1988 F/DNT3S DUE: October 1, 1992 PAR V~ ~ ~ P~E ~'~ ~ A~ ~R SP~IFIC ~ ~S P~D $15,000.00 AUTHORIZRD BONO ISSUE PREVIOUSLY PAID CURRENT STATfg~gT TOTAL PAID BALANCE OUTSTASDING $40,000.00 $15,000.00 $300,000.00 $ 55,000.00 $245,000.00 THE ABOVE DESCRIBED BOSDS HAVE RRF~ PAID A~D CANC~J.RD BY SAID BANK IN ITS FIDUCIARY CAPACITY Z FOND5 PAiD ~dM~ARY BY PAYING AOKW7 SUMMARY TOTAL Nov. 4, 1992 June M. Peterson, City Recorder City of Sandy P.O. Box 1119 CITY OF SABDY, OREGON GENERAL OBLIGATION BUILDING BOYS, SERIES 1988 868-21021-01 Dear Ms. Peterson: U.S. Bank is the paying agent for the bond issue referenced above. Enclosed is a statement which reflects the reconciliation of certificates paid for the period referenced on the statement. U.S. Bank has adopted guidelines for the disposition of these paid items. We are directed pursuant to the terms of the ~3ree~ent signed in conection with the bond issue to destroy the canceled items. The Agreement does not specifically address the issue of timing. We will retain the certificates for six years prior to their destruction. We believe this policy meets the requirements of various regulatory agencies concerning records retention. If you have any questions concerning the enclosed statement, or our dis~sition policy, please de not hesitate to contact the undersigned. Very truly yours, J~et M. Taylor Manager Corporate Trust Operations (503) 275-6473 Encl. September 21, 1992 City of Sandy Ms. June Peterson, City Recorder P.O. Box 1119 Sandy, OR 97055 Dear Ms. Peterson: On March 26, 1992, U.S. Bank issued notice of its intent to sell its Corporate Trust business. Subsequently, U.S. Bank entered into exclusive and confidential negotiations with First Bank National Association (FBNA). We are pleased to report that we have signed a Purchase Agreement with FBNA. While the Purchase Agreement is not the completion of the sale, it is a major step in the transaction. Regulatory approval and transfer of the business will take several months before the sale of the Corporate Trust business is finalized. We would like to take this opportunity to update you now that we can disclose our status. FBNA is a Minnesota-based national bank with assets of approximately $10.4 billion. It is a subsidiary of First Bank System, Inc., a regional bank holding company headquartered in Minnesota, with assets of approximately $18 billion. FBNA is the largest trust company in the upper Midwest. First Bank System is among the ten largest Corporate Trust businesses in the United States. At year end, 1991, it administered approximately 8,000 Corporate Trust appointments with an outstanding bond obligation of $55.0 billion representing 325,000 bondholders. In 1992, they acquired the Bankers Trust of California, San Francisco Corporate Trust office. In addition to California, they have Corporate Trust offices in Montana, South Dakota, North Dakota, Wisconsin, Colorado and Minnesota. With its acquisition of U.S. Bank's Corporate Trust groups, First Bank will establish offices in both Portland and Seattle to serve customers. Their goal is to maintain the continuity of account administration. Both U.S. Bank and First Bank will be working to achieve an efficient and smooth transfer of records for your account and to make certain that neither you nor any of your bondholders or other related parties notice any diminution in the quality of Corporate Trust service. Any costs associated with the transfer will be borne by either U.S. Bank or First Bank. While many of the details and timing of actual sale have not been determined, we would be happy to meet with you to answer any questions we can. First Bank personnel are also available to meet with you. U.S. Bank and First Bank are committed to continue to provide our customers with the same quality of service that you have come to expect and to make the transfer as simple as possible to all affected parties. We have enclosed a letter from First Bank echoing their commitment to our valued customers. Sincerely, Bruce Carrick Corporate Trust Officer Bond and Debt Services 503 275-4478 First Banks 332 Minnesota Street Saint Paul Minnesota 55101 September 18, 1992 Dear Sir/Madame: As U.S. Bank has advised you, First Bank National Association ("First Bank") has agreed to acquire the Corporate Trust business of United States National Bank of Oregon ("U.S. Bank Oregon"). Upon receipt of regulatory approval, all of U.S. Bank Oregon's indenture trustee, registrar, paying agent and other related functions will be transferred to an Oregon national bank to be established by and affiliated with First Bank. First Bank System, Inc. (FBS) the parent of First Bank, is a regional bank holding company with assets of $18 billion. The company is headquartered in Minneapolis, Minnesota and provides total financial services through 35 banks and trust companies located in eight states; Minnesota, Wisconsin, Colorado, Montana, North Dakota, South Dakota, Washington and California. Ail FBS Trust activities are coordinated through First Trust National Association. First Trust has provided trust services nationally since 1903 and is a significant provider of trust services in the upper Midwest with total revenues for personal, institutional and corporate trust in excess of $127 million. First Trust's bond indenture trusteeship activities rank among the ten largest in the United States. Our decision to establish an Oregon based Corporate Trust affiliate and provide a full range of corporate trust services evidences our commitment to be a major provider of corporate trust services on the West Coast. We expect that U.S. Bank Oregon's administration personnel will join First Bank in Portland and will continue to handle the administration of your accounts. We are confident that the professional calibre of the Portland based staff combined with First Bank technology, support and service expertise will allow us to service all of your, and your securities holders, needs. September 21, 1992 Page Two First Bank and U.S. Bank will work together, and with you, to make the transfer of your corporate trust accounts, records and service relationships an efficient, problem-free process. Any costs and expenses related to the transfer transactions will be paid by U.S. Bank and First Bank. During these efforts, First Bank will become fully aware of your existing corporate trust arrangements and needs and will contact you, as appropriate, to discuss transition issues and transfer procedures. We will advise you as to the planned effective date of the transfer. In the interim, should you have any questions please fee free to call me or your account administrator. I may be reached at 415/274-2517. We look forward to supporting your present and future corporate trust and agency requirements. Sincerely, // Lisa M. Hammond Vice President REMITTANCE ADVICE CITY OF 39250 Pioneer BoulelYard Sandy, Ore,on ~7055 Phone: (503) 668-5533 FUND CHECK DATE First Trust Oregon March 26, 1993 INVOICE Ms. June Peterson, City of Sandy P.O. Box 1119 Sandy, OR 97055 City Recorder Semi Annual Paying Agent/Registrar Fees Issue: City of Sandy, Oregon General Obligation Building Bonds Series 1988 Period: October 1, 1992 through March 31, 1993 Trust Account Number: 868-21021-01 375.00 100.00 100.00 10.00 $ 585.00 ADMINISTRATIVE FEE: ACTIVITY: Interest Disbursement Maturity Payment Tax Reporting TOTAL SERVICE FEES EXPENSES (through March 17, 1993) Postage TOTAL EXPENSES 10.75 $ 10.75 TOTAL AMOUNT DUE APRIL 26, 1993 $ 595.75 REMITTANCE ADVICE 39250 Pioneer Boulelvard Sandy Oregon 97055 Phone; t503) 668-5533 FUND CHECK DATE CITY OF SANDY · SANDY, ©REGON 97055 REMITTANCE ADVICE 39250 Pioneer Boulelvard. Sandy, Oregon 97055 Phone: (503) 668-5533 CLACKAMAS £OUN FY BAN K Sandy OR 9700R FUND CHECK 96 21 1232 AF.4OLJNT 1 I i CITY OF SANDY · ~.[~ ~:R~:~;o~9/o55 REMITTANCE ADVICE CITY OF 39250 Pioneer Boulelvard Sandy, Oregon 97055 Phone (503) 668-5533 FUND CHECK 96 21 1232 DATE AB!OUNT September 25, 1992 Ms. June Peterson, City of Sandy P.O. Box 1119 Sandy, OR 97055 Issue: Period: City Recorder Semi Annual Paying Agent/Registrar Fees City of Sandy, Oregon General Obligation Building Bonds Series 1988 April 1, 1992 through September 30, 1992 Trust Account Number: 868-21021-01 ============================================================= ADMINISTRATIVE FEE: ACTIVITY: Interest Disbursement TOTAL SERVICE FEES 375.00 100.00 $ 475.00 7.48 7.48 EXPENSES (through August, 1992) Postage TOTAL EXPENSES TOTAL AMOUNT DUE OCTOBER 26, 1992 $ 482.48 CiTY OF SANDY · SANDY OREGON 9?055 REMITTANCE ADVICE NOT NEGOTIABLE DETACH BEFORE DEPOSITING 39250 Pioneer Boulelvard. Sandy, Oregon 97055 Phone: (503) 668-5533 FUi~ D CHECK NOT VALID AFTER go DAYS August 17, 1992 Ms. June Peterson City Recorder City of Sandy P.O. Box 1119 Sandy, OR 97005 Re: City of Sandy, Oregon General Obligation Building Bonds, Series 1988 869-21021-00 Dear Ms. Peterson: U.S. Bank serves as Paying Agent and Registrar for the above bond issue. As a reminder, below is a summary of the interest and principal scheduled to be payable to bondholders on October 1, 1992. INTEREST $ 8,702.50 PRINCIPAL $15,000.00 TOTAL DOE The funds should be in our office, on 0ctober 1, 1992. $23,702.50'~") as collected funds, prior ~o 10:00 a.m. Should you choose to make this payment at one of our U.S. Bank branches, please request that the funds be "telephone traded" to this office at (503) 275-5863, so that we can assure prompt processing of your funds. U.S. Bank appreciates the opportunity to serve as Paying Agent and Registrar. Please do not hesitate to contact us if we can be of further service. Sincerely, Bruce Carrick Corporate Trust Officer Bond & Debt Services (503) 275-4478 BC:st ¢ )~ b~i'~[}'Y , ~ ~£I~IITTANCE ADVICE CITY OF BOX 116 :)REGON 97055 T,ieph;m! 668 5533 FUND CHECK D6 218 1232 March 30, 1992 CORPORATE TRUST DEPARTMENT P.O. BOX 3850 PORTLAND, OREGON 97208 Ms. June Peterson City Recorder City of Sandy P.O. Box 1119 Sandy, Or. 97055 Semi Annual Paying Agent Fees ~ssue: City of Sandy, Oregon General Obligation Building Bonds Series 1988 Period: October 1, 1991 through March 31, 1992 Trust Account Number: 868-21021-01 ADMINISTRATIVE FEE: 375.00 ACTIVITY: Interest Disbursement Maturity Payment 100.00 100.00 TAX REPORTING: 1099 10.00 TOTAL SERVICE FEES $ 585.00 EXPENSES (through February 1992) Postage TOTAL EXPENSES 8.84 8.84 TOTAL AMOUNT DUE APRIL 30, 1992 593.94 United States National B~nk of Oregon A U.S. I~noorp Company SANDY -F ~' ~,>,! ~EMITTANCE ADVICE CITY OF P.C BOX !16 ;&NJ)Y, OREGON 9/055 T~!eph me 668 5533 FUND CHECK 96 218 1232 CORPORATE TRUST DEPARTMENT P.O. BOX 3B50 PORTLAND, OREGON 97208 February 14, 1992 Ms. June Peterson City Recorder City of Sandy P.O. Box 1119 Sandy, OR 97005 Re: City of Sandy, Oregon General Obligation Building Bonds, Ser~es 1988 869-21021-00 Dear Ms. Peterson: U.S. Bank serves as Paying Agent and Registrar for the above bond issue. As a reminder, below is a summary of the interest scheduled to be payable to bondholders on April 1, 1992. INTerEST $8,702.50 The funds should be in our office, as collected funds, prior to 10:00 a.m. on April 1, ]992. Should you choose to make this payment at one of our U.S. Bank branches, please request that the funds be "telephone traded" to this office at (503) 275-5863, so that we can assure prompt processing of your funds. U.S. Bank appreciates the opportunity to serve as Paying Agent and Registrar. Please do not hesitate to contact us if we can be of further service. Sincerely, Bruce Carrick Corporate Trust Officer Bond & Debt Services (503) 275-4478 BC:st United Ststas National Bank of Oregon MEMBER FDiC A U.S. Bancorp Company ,, , ~ ,{, REI¢ITTANCE ADVICE CITY OF SANDY P.() BOX ]16 ~;ANDY, OREGON 97055 , ,,~phu~ ~ 668-5533 FUNDCHECK AM©UNT August 22, 1991 CORPORATE TRUST AND AGENCIES DEPARTMENT P.O. BOX 3850 PORTLAND, OREGON 97208 Ms. June Peterson City Recorder City of Sandy P.O. BOX 1119 Sandy, OR 97005 RE: City of Sandy, Oregon General Obligation Building Bonds, Series 1988 869-21021-00 Dear Ms. Peterson: U.S. Bank serves as Paying Agent and Registrar for the above bond issue. As a reminder, below is a summary of the principal and interest scheduled to be payable to bondholders on October 1, 1991. PRINCIPAL $15,000.00 INTEREST 9,125.50 TOTAL FUNDS DUE: $24,152.50 The funds should be in our office, as collected funds, prior to 10:00 a.m. on October 1, 1991. Should you choose to make this payment at one of our U.S. Bank branches, please request that the funds be "telephone traded" to this office at (503) 275-6471, so that we can assure prompt processing of your funds. U.S. Bank appreciates the opportunity to serve as Paying Agent and Registrar. Please do not hesitate to contact us if we can be of further service. Sincerely, Bruce Carrick Corporate Trust Officer Bond & Debt Services (503) 275-6471 BC:mj United States National Bank of Oregon A U.S. Banoorp Company ' BANK SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS CITY OF SANDY OREGON 69-21021-00 CASH ACCOUNT MARKET VALUE CASH BALANCES AND M~RKET VALUE ON RECEIPTS INTEREST OTHER RECEIPTS TOTAL RECEIPTS DISBURSEPENTS PAYMENTS TO/FOR BENEFICIARY OTHE~ DISBURSEMENTS TOTAL DISBURSEMENTS 12131/91 8g.85 0.31 9,296.44 9,296.75 90.16- 9,296.44- 9,386.40- 89.85 9,296.75 9,386.60- CASH 8ALANCES AND MARKET VALUE ON 06130192 0.00 0.00 BANK DATE DESCRIPTION CASH TRANSACTIONS CITY OF SANDY OREGON CASH ~ALANCES FORWARD 89.85.* 01/2~/92 03127/92 34/01 04133192 04113192 04113192 CASH RECEIPT INVESTED CASH INTEREST PA~D ON ~ALANGES 12/22191 CASH ~CEIPT DEPOSIT TC COVER INTEREST DUE 411192 CASH DISBURSEMENT PAID TO CCRPORATE TRUST OPERATIONS PAYMENT OF INTEREST DUE 4/1/92, GO ~UILDING BONDS SER 1988 CASH DISBURSEMENT PAID TO CITY OF SANDY NET INCOME AFTER PAYMENT OF INTIPRIN DUE CASH RECEIPT FEE PAYMENT RECEIVED FOR PERIODS 1011191 TO 3131/92 CASH DISBURSEMENT PAID TO USNB CORPORATE TRUST FEE PAYMENT RECEIVED FOR PERIODS 10/1191 TO 3131192 01 1/21/92 0.31 8,702.50 8,702.50- 90.16- 593.94 593.94- ENDING BALANCES 0.00'* CITY OF SANDY O~£G,gN ACCObNT NO. 6G-21021-OC THIS REPORT INCLUDES - ACCOUNT ACTIVITY FOR THE PERIOD 06/30/~1 TO 1Z/31/91 PREPARED FOR CITY OF SANDY ATTN: JUNE PETERSON P.O. BOX 1119 SANDY, OR 97055 ADMINISTRATIVE OFFICER BRUCE CARRICK INVESTMENT OFFICER ** UNASSIGNED ** BANK SUMMARY OF CASH RECEIPTS AND DI$2URS~MENT$ CITY OF SANDY OREGON ~9-210Z1-00 CASH ACCOUNT MARKET VALUE CASH BALANCES AND MARKET VALUE RECEIPTS INTEREST OTHER ~ECEI~S TOTAL RECEIPTS DISBURSE~ENT~ OTHER DISBURSEMENTS TOTAL DISBURSEMENTS ON 0~/30/91 A6.3~ 43.50 24,627.50 24,~71.00 2~,627.50- 46.35 Z4,571.00 24,627.50- CASM BALANCES AND MARKET VALUE ON 12/31191 89.85 89.85 CASH TRANSACTI]NS CITY OF SANDY OREGON PAGE 69-210~1-00 DATE DESCRIPTION CASH ~ALANC ~S ¢ORWARD 07/24/91 08/26191 09120/91 09125191 1 0101/91 10/01/91 10/04/91 CASH RECEIPT INVESTED CASH iNTEREST PAiD ON 3ALANCES 6/22191 CASH RECEIPT INVESTEC CASH INTEREST PAID ON BALANCES 7/221~1 CASH RECEIPT DEPOSIT TO COVER PRIN ~ IHT DUE 1011/91 CASH RECEIPT INVESTED CASH INTEREST PAID ON - ?/21191 - 3121/91 3ALANCES 8122191 9121/91 CASH DISgURSEMENT PAiD TO CCRPORATE TRUST OPERATIONS PYMT OF PRINCIPAL DUE SERIES 88 BLDG ~DS DUE 10-1-91 CASH DISBURSEMENT PAID TO CCRPORATE TRUST OPERATIONS PAYMENT OF iNTEREST DUE SERIES 88 GO BLDG BDS DUE 10/1191 CASH RECEIPT FEE PAYMEkT RECEIVED FOR PERIODS 4/1/91 TO 9/30/91 0.31 24,152.50 ,"3.05 15,000.00- 9,152.50- 475.00 CiTY CASH T~ANSACTi3NS OF SANDY OREGON 09-21021-00 DATE DESCRIPTION CASH 10/24/91 11/26/91 12124/91 CASH DISBURSEMENT PAID TO USNB CORPORATE TRUST DEPT. FEE PAYMENT RECEIVED FOR PE~ODS 4/1/91 TO 9/30/91-31 CASH RECEIPt INVESTED CASH INTEREST PAID CASH RECEIPT INVESTED CASH INTEREST PAiD ON 9ALANC£S 10122191 CASH RECEIPT INVESTED CASH INTEREST PAID ON 9ALANCES 11/22/gl - 11121/91 - 12/21/91 ~75.00- 0.30 ENDING 9ALANCES 8g.85'* ' BANK CITY CF SANDY ACCObhT NO. CITY OF SANDY ATTN: JUNE PETERSON P.O. SOX 1119 SANDY, OR 97055 BANK ASSET ANALYSIS SUMmArY CITY OF SANDY OREGDN 12/31/~1 ACCOUNT SUMMARY FEDERAL ~ OF TAX BASZS TOTAL MARKET VALUE ~ OF TOTAL EST ANNUAL INCOME PRINCIPAL CASH TOTAL PRINCIPAL INCOME CASH TOTAL ASSETS aSSETS 90 0 9O 9C 1CC.OC 9C gC 0 0 UNITEO STATEB NATIONAL BANK OF OREGON BANK STATEMENT OF BOND ACCOUNTS C£~ ~u[ S~nd~ Oregon General O_bligation Building Bonds, Series 1988 STATEMENT OF BOND ACCOUNT FROM ~L~v~mb~r ]: 19 9~ to 5_qN % BONDS DUE: Octobe~ 1, 1990 6% Due: 0ctobe~? 1, 1991 TRUST NO. 868-21021-01 October 31, 19 91 ,INCLUSIVE PAR VALUE NUMBERS 15,000 (5.90%) R-040 5,000 (6%) R-65/66 5,000 (6%) R-4 AMOUNT 15,000.00 10,000.00 5,000.00 AUTHORIZED BONDISSUE PREVIOUSLY PAIO 10,000.00 30,000.00 40,000. O0 260,000.00 85: CORPORATE TRUST AND AGENCIES DEPARTMENT R.O. BOX 3850 PORTLAND, OREGON 97208 December 27, 1991 June M Peterson, City Recorder City of Sandy P.O. Box 1119 Sandy, Oregon 97055 RECEIVED DEC 3 0 !991 RE: City of Sandy, Oregon General Obligation Building Bonds, Series 1988 868-21021-01 Dear Ms. Peterson: U.S. Bank is the paying agent for your bond issue referenced above. Pursuant to the terms of the Agreement signed in connection with the bond issue, we are sending you statements which reflect the reconciliation of bonds paid for the following period: November 1, 1990 th_rough October 31, 1991 Please be advised that U.S. Bank has adopted the following disposition guidelines for the items which have been paid and canceled. We are directed pursuant to the terms of the Agreement to destroy the canceled items. The Agreement does not specifically address the issue of when to destroy the items; we propose retaining six yea~_s? Our auditors have advised us this policy meets th~equi~ements of v~rious regulatory agencies concerning records retention. You %rill receive a Certificate of Destruction evidencing the destruction of the [~ once the retention period has elapsed. If you have any ~]estions concerning the statements or disposition policy as outlined above, please do not hesitate to contact our Bond Administration ~epa?ctment at (503) 275-6471. Sincerely Nancy Paynter Trust Officer Corporate Trust Operations (503) 275-6478 Enclosure United Scares National Bank of Oregon MEMBER FGIC A U S. Bancorp Company ~i MI]TANCE AD iCE CITY O1~ P() BOX !!6 FUND CHECK DATa ArvlOU N I September 25, 1991 Ms. June Peterson City Recorder City of Sandy P.O. Box 1119 Sandy, Or. 97055 Issue: Period: Trust Account Number: Semi Annual Paying Agent Fees City of sandy, Oregon G/O Building Bonds Series 1988 April 1, 1991 through September 30, 1991 868-21021-01 ADMINISTRATIVE ~'~: ACTIVITY: Certificate Issuance Interest Disbursement Maturity Payment TOTAL SERVICE FEES 375.00 100.00 $ 475.00 EXPENSES (through July 31, 1991): Wire Transfers Postage TOTAL EXPENSES TOTAL A~DUNTDUE OCTOBER 25, 1991 $ 475.00 United States National Bank of Oregon MEMBER A U S. Bancorp Company CITY O~ SANDY O~EGON ACCOUNT THIS REPORT iNCLUDES ACCOU~T ACTIVITY FOR THE ,~EqIOD 12/31/Q0 TO 0~/301~1 PREPARED FOR CITY 0¢ SANDY ATTN: JUNE PETERSON P.O. ~]X 111g ~ANDY, ge 97055 AD ,i ['¥ i 3 'r,:~ AT ! V~ OFFiCE~ ~~BRANK su,~v OF CAS. UST GROUI~ CITY OF SANDy RECEIPTS AND DISbURSEmENTS OREGON o9-21021-00 CASH ACCOUNT MARKET VALUE CASH BALANCES AND MSRKET VALUE ON ~ECEIPTS INTEREST OTHE~ PECEI~TS TOFAL ~C~I~TS 5I~u~s~E~!T~ OTHE~ TOTAL 12.~5 9,733.75 g,746.?~ 9,?33.75- 9,733.75- 33.40 CASW 3ALAhICSS ~r ~; v' ;~,~;:T VALiJE ON CASH TRANSACTIONS CITY OF SANDY OREGON 69-71021-00 DATE DESCRIPTION CASH qALANC~S FORWARD 33.40** CASH QEC£IPT INVESTED CASH iNTE~ST PAiD ON 5ALANCES 12/22190 1/211~1 02125/;1 CASH ~£CEIPr INVeSTeD I~]T=O~ST PAl2 ON ~ALANCES ~/22191 2121191 CAS~ ~ECEIPr DEPOSIT TO ]~VfR IqTER~ST DU ~ ¢-1-~1 9,15Z.5~ ZNTF~FSr PA!D )N ;ALA~CSS ~1221~1 ~/21/91 CASH ~ i SZ~!,JR . =.~ ZN T PAID TO C ~Rm)PATE T~uST 01 CASH TRANSACTIONS CITY OF SANDY OREGON 69-21021-00 DATE DESCRIPTION CASH 04/23/ql C~H ~CSIPT 11.&4 INVEST£D CASH INTEREST mA~b ON ~ALANCES 3/22/~1 4/21/91 05/24/gl CAS~ ~EC£IPT INVE3T£D CASH INTEREST PAID ON ~ALANCES 4/22/~1 5121191 INV£$TcD CA~ [NTEPEST PA'D ON ~ALANCES 5/22/gl - ~/21/91 REMITTANCE ADVICE CITY OF SANDY P.O BOX 116 SANDY, OREGON 97055 T~dephone 668 5533 FUNDCHECK DATE ADVICE CITY O1:' CLACKAMAS COUNTY BANK 9£S 218 PO. BOX 116 FUND CHECK SANDY, OREGON 97055 Telephone 668-5533 March 8, 1991 CORPORATE TRUST AND AGENCIES OEPARTMENT P.O. BOX 3850 PORTLAND. OREGON 9720B Ms. June Peterson City Recorder City of Sandy P.O. Box 1119 Sandy, OR 97005 Re: City of Sandy, Series 1988 869-21021-00 Oregon General Obligation Building Bonds, Dear Ms. Peterson: U.S. Bank serves as your Paying Agent and Registrar for the above bond issue. As a reminder, below is a summary of interest scheduled to be payable to your bondholders on April 1, 1991. INTEREST $9,152.50 The funds due should be in our office, as collected funds, prior to April 1, 199]. Should you choose to make this payment at one of our U.S. Bank branches, please request that the funds be "telephone traded" to this office at (503) 275-6471, so that we can assure prompt processing of your funds. U.S. Bank appreciates the opportunity to serve as your Paying Agent and Registrar. Please do not hesitate to contact us if we can be of further service. Si~ncerely, Robert M. Mattice Administrative Assistant Bond & Debt Services (503) 275-6471 United States National 8ank of Oeegon MEMBER FOlC A U.S. 8ancorp Company ADVICE CITY OF SANDY P.O BOX 116 SANDY, OREGON 97055 Telephone 668 5533 FUND CHECK DATE ~EP ? 6 1990 C T¥ OF SANDY - s,~,,~'~ ~ ~,~ ~o!;5 FIEMITTANCE ADVICE CITY OF s ..... o,~ ~0~, ~s~ P.O BOX 116 SANDY, OREGON 97055 T,!!ephone 668 5533 FUND CHECK DATE BANK. CORPORATE TRUST AND AGENCIES DEPARTMENT P.O. BOX 3850 PORTLAND, OREGON 97208 Augllst 10, 1990 ~4s. ,hme Peterson City Recorder City of Sandy 9.0. Pox 1119 Sandy, OF 97005 I 4 1990 ;.::i t',,' ,jF SANDY RE: ~69-21021-00 City of Sandy, Oregon General Obligation Building Bonds, Series 1988 Dear~s. Peterson: U.S. Bank serves as your Paying Agent and Registrar for the above bond issue, ks a rem/nder, below is a stmmary of the principal and interest scheduled to be payable to your bondholders on October 1, 1990. PRINCIPAL $15t000.00 INT~2~EST 9~595.00 TOTAL FUNDS DUE $24,595.00 The funds due should be in our office, as collected funds, prior to Octobe~r 1, 1990. Should you choose to make this payment at one of our U.S. Bank branches, please rec~est that the ~mds be "telephone traded" to this office at (503) 275-6471, so that we can assure prompt processing of your funds. U.S. B~nk appreciates the opportunity to sR_rve as your Paying Agent and Registrar. Please do not hesitate to contact us if we can be of further service. Sincerely., ~rgaret E. ~oo A,~dnistrative Assistant ~¢'lc! & Debt Sel~-ices '~: jh/2.3 United States National Bank of Oregon MEMBER EOIC A U.S. Bancorp Company ACCOUNT RuST GROUP .1,,!/ ;~ CORPORATE TRUST AND AGENCIES DEPARTMENT P.O. E)OX 3850 PORTLAND, OREGON 97208 June 5, 1990 June M Peterson, City Recorder City of Sandy PO Box 1119 Sandy OR 97055 RECEIVED 0 8 1990 C~,'p( OF SANDY City of Sandy, Oregon General Obligatin Building Bonds, Series 1988 869-21021-01 Dear Sir: US Bank is paying agent for your bond issue referenced above. Pursuant to the terms of the Agreement signed in connection withthebond issue, we are sending you statements which reflect the reconciliation of bonds paid for the following period: Inception through October 31, 1989 Our Paying Agent Agreement with you directs us to destroy cancelled bonds. Because the Agreement does not specifically address the issue of when to destroy the items, we will retain cancelled bonds for a period of six years. Our auditors have advised us this policy meets the requirements of various regulatory agencies concerning records retention. You will receive a Certificate of Destruction evidencing the destruction of the items once the retention period has elapsed. If you have any questions concerning the statements or the disposition policy as outlined above, please do not hesitate to contact our Bond Administration Department at (503) 275-6471. ve~f truly yours, Barbara/J. Schocko Assistant Vice President & Operations Manager (503) 275-6473 BJS:jh/3.34 Enclosure United States National Bank of Oregon A U.S. Banoorp Oompany UNITEO STATES NATIONAL BANK OF OREGON 'BANK STATEMENT OF BOND ACCOUNTS CITY OF SANDY, OREGON GENERAL OBLIGATION BUILDING BONDS, SERIES 1988 TRUST NO. 868-21021-01 STATEMENT OF 8OND ACCOUNT FROM IN~.EPTION _ 19~_9___ to OCTOBER 31, 19 89 , INCLUSIVE. 5.60 % BONDS DUE: OCTOBER 1, 1989 PAR VALUE 10,000 NUMBERS R1 AMOUNT $ 10,000.00 AUTHORIZED BONO ISSUE PREVIOUSLY PAID CURRENT STATEMENT TOTAL PAID BALANCE OUTSTANDING $ ¢ $__ 10,000.00 $ 300,000.00 $ 10,000.00 $ 290.000.00 THE ABOVE DESCRIBED BONDS HAVE BEEN PAID AND CANCELLED BY SAID BANK IN ITS FIDUCIARY CAPACITY. 852T 3/88 CITY OF SA~IDY · SANO~, REMIT'rANCE ADVICE ·NOT NEGOTIABLE DETACH BEFORE DEPOSITING I- ClT~' OF P.O. BOX 116 SANDY, OREGON 97055 Telephone 668 5533 CLACKAMAS COUNTY BANK FUND CHECK 96 218 1232 DATE AMOUNT NOT VAL ID AFTER 90 DAYS 3N .... D S~AT-,~ NATIONAl, BANK OF OREGON* "~Corporate Trust & Agencies Department* *;~ % Box 3850 Portland OR 97208* , ity Recorder City of Sandy ;)0 Box 1119 Sandy, :DR 97055 Semi Annual Fees for: Issue: ~y of Sandy, OR GO Building Bonds Ser~es 88 Period; October 1989 through March 31, 1990 Trust Account #: 868-21021-03 ADMxN~SrRA~IVE FEE: $375.00 ACTIVITY FEES: Certi¢icate Issuance (3) interest Disbursement Maturity Payment (i0-i-89 $0.00 $i00.00 $100.00 EXPENSES :through i' 31-90t Stationery $1.08 Postage $9.26 Telephone S4.18 TOTAL AMOUNT DUE 4/20/90 $589.52 EE~S-899 auoqdalaJ- S~i0L6 NO9=I~O 'AQN¥S )lO]HO ONR=I 9L~ X08 'O'd 3DIAQV 3DN¥.!.II~:I~J ~soz6 NO93bIo 'AQNVS · AQN¥S JO Al OORPORATE TRUST ANO AGEN01ES DEPARTMENT P.O. BOX 3850 PORTLAND, OREGON 97208 ~runry 12, 1~0 Ms. June Peterson City Recorder City of Sandy P.O. Box 1119 Sandy, OR 97005 C TY OF SANDY 869-21021-00 City of Sandy, Oregon General Obligation Building Bonds, Series 1988 Dear Ms. Peterson: U.S. Bank serves as your Paying Agent and Registrar for the above bond issue. As a reminder, below is a suamary of the interest scheduled to be payable to your bondholders on April 1, 1990. IN%'E~EST $9,595.00 The funds due should be in our office, as collected funds, prior to April 1, 1990. Should you choose to make this payment at one of our U.S. Bank branches, please request that the funds be "telephone traded" to this office at (503) 275-6471, so that we can assure pro~pt processing of your funds. U.S. Bank appreciates the opportunity to serve as your Paying Agent and Registrar. Please do not hesitate to contact us if we can be of further service. Sincerely, Margaret E. Arno Administrative Assistant Bond & Debt Services RM:vp/5.14 United States National Bank of Oregon A U.S. Bancorp Oompany CiI'¥ OF SANDY · ~,^;~c~'r ~F'.~,N ~,'0:!.- i~EMITTANCE ADVICE NOT NEGOrlABLE · CXT~ OF P.O. BOX 116 SANDY, OREGON 97055 Telephone 668-5533 FUND CHECK BANK August 7, 1989 Ms. June Peterson City Recorder City of Sandy P.O. Box 1119 Sandy, OR 97005 RECEIVED AUG 1 1 83 )HE CI1XSANDY Re: 869-21021-00 City of Sandy, Oregon General Obligation Building Bonds, Series 1988 Dear Ms. Peterson: U.S. Bank serves as your Paying Agent and Registrar for the above bond issue. As a refminder, below is a su~t~k~ryof the p~i~rip~Ia~d~nterest scheduled to be payable to your bondholders on October 1, 1989. PRINCIPAL $10,000.00 IMr~a4EST 9,875.00 $19,875.00 The funds due shouldbe in our office, as collected funds, prior to October 1, 1989. Should you choose to make this payment at one of our U.S. Bank branches, please request that the funds be "telephone traded" to this office at (503) 275-6471, so that we can assure prc~pt processing of your funds. U.S. Bank appreciates the opportunity to serve as your Paying Agent and Registrar. Please do not hesitate to contact us if we can be of further service. Sincerely, Margaret E. Arno Administrative Assistant Bond & Debt Services RM:vp/5.14 United Scares [~lacional Bank of Oregon A U.S. Banoorp Company ~ of Sandy, OR ~ene_,== 0~=g~t~n ~d~ng Bonds $er 88 Period ~. ~: ~ ~D~ I, 198-0 through September 20, 1989 $375.00 Ce ..... c=~e Issuance (0) ~n~e~es~ disbursement 0.0O I00.00 Postage CITY OF SANDY · S~N~ o.~or~o~ REMITTANCE ADVICE ClT~ OF SJ [NDY P.O. BOX 116 SANDY, OREGON 97055 Tel~,phone 668-5533 FUND CHECK STATES NATIONAL BANK OF OREGON* ~Cormorate Trust & Aaencies Department* Bo× 3850, ~ortiand OR 97208* citF of Sandy PO Box 1119 Sandy, OF 97C55 Issue Period Account #~ Semi-annual Fees: City of Sandy,OR GO Building Bonds Series 88 October 1,1988 through March 31~ 868-2102]-01 1989 RECEIVED MAR ~8 ,'/'/IE CITY OF Administrative Fee: S375.OO Ac:tivity Fees: Certificate issuance (66) 0.00 Fxoenses Postage 0.25 TOTAL AMOUNT DUE: 4/24/89 8375, 25 CITY OF SANDY , $/\NDY i,R~GON 97055 REIVIITTANCE ADVICE CITY OF SANDY P.O BOX 116 SANDY, OREGON 97055 Telephone 668-5533 FUND CHECK DArE CHECK NO CORPORATE TRUST AND AGENCIES QEPARTMENT P.O. BOX 3850 PORTLAND, OREGON 8720~ ~v~. June Peterson City Recorder City of Sandy P.O. Box 1119 Sandy, OR 97055 Re: 869-21021-00 City of Sandy, Oregon G/O Building Bonds, Series 1988 Dear Ms. Peterson: U.S. Bank serves as your PayingAgent and Registrar for the above bond issue. As a reminder, below is a s%mxaary of'%h~lnterest scheduled to be payable to your bondholders onApril 1, 1989L.~.> IN'±'~iEST $9,875.00 The funds due should be in our office, as collected funds, prior to ~pril 1, 1989. Should you choose to make this payment at one of our U.S. Bank branches, please req~est that the funds be "telephone traded" to this office at (503) 275-6471, so that we can assure p:ut~t processing of your funds. U.S. Bank appreciates the opportunity to serve as your PayingAgent and Registrar. Please do not hesitate to contact us if we can be of further ~ervice. Sincerely, Margaret E. Arno Adm~ nistrative Assistant Bond & Debt Services MEA: ~p/5.4 United States National Bank of Oregon A U.S. Bancorp Oompany U~T GROUI~ ~TT~: Juk~ ~)~INISTRATIVE JF~iCE~ DAT~ C,~S~ C ,4 ~ C ,,:, I .3, ~ 3 ~..2.3- 3?C, oOO )~zEu 1--31-z~; '~:~L,~C:~, C'~:C~, :~,'~t'~71 CITY ~F S~:i~Y ~ TTq: J J"!~ ~.~T~ ~ ' 111~ · :~4Nr~Y, C,~ ~7~~ ~ FEOER~L ~ (iF % O~ EST ~NNU~L ~CCOuNT SU~,IAkY TAX ~AS[~ TOTAL M~tT VALUE TOTAL INCOME CITY OF SANDY CASH RECEIPT Received from Address Date Dollars REVENUE DESCRIPTION ACCT. NO. AMOUNT I-'-~?-7~n~?I 3i.~,Y ~' Cash Check Other 8058 ~TRUST GROUP ~TTN: JUNE ~[COUNT CASH ~A~KET VALUE BAN K RuST GROUP 31. b$- _~BANK aCCOUNT · ., A .~ H MARKET VALUE ~ v' ~nusT ~nou~ li/i '/: