Image provided by: Morrow County Museum; Heppner, OR
About Heppner gazette-times. (Heppner, Or.) 1925-current | View Entire Issue (April 7, 1977)
SIX The Gazette-Times, Heppner, Ore., Thursday, April 7, 1977 4 i 'I . ' 1 t. 1 OFFICIAL NOTICE OF I BOND SALE f CITYOFIONE I ;' $100,000 ,; '! COUNTY OF MORROW I STATE OF OREGON ! GENERAL I 1 OBLIGATION WATER ; ' IMPROVEMENT f. BONDS, SERIES 1977 j ' Notice is hereby given j that sealed bids will be jj ; received by the Record lj er on behalf of the City of lone. Morrow County, Oregon until 11:00 o'clock a.m. Pacific Prevailing Time, on April 19, 1977, at the offices of the City of ' lone, City Hall, lone, , i Oregon, at which time they will be publicly opened and announced. . The bids shall be con- v sidered and acted upon I ' by the City Council of I b, the City of lone at its I special meeting to be held on April 19, 1977, 5 commencing - a 11:15 o'clock a.m. Pacific L Prevailing Time. ISSUE: One Hundred y Thousand Dollars , ($100,000) consisting of 20 coupon bonds in de- nominations of FIVE THOUSAND DOLLARS ($5,000), all dated May 1, 1977. INTEREST RATE: V Maximum not to exceed Va net effective rate of eight per cent (8 per ...cent) per annum, the 1 first interest payment .-- due on November 1, 1977 and semiannually there ' after on May 1 and No vember 1 of each year. Bidders must specify the interest rate or rates which the bonds hereby offered for sale shall bear. The bids shall comply with the follow ing conditions: (1) Each interest rate specified in any bid must be in multiples of -Nth or one twentieth of one per cent (1 per cent), not ex ceeding a net effective rate of eight per cent (8 per cent) per annum; (2) No bond shall bear more than one rate of interest, no interest pay ment shall be evidenced by more than one cou pon, and supplemental coupons will not be per mitted; (3) Each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bids; (4) All bonds maturing at any one time shall bear the same rate of interest; and (5) The difference between the highest and lowest rates bid shall not exceed two per cent (2 per cent). MATURITIES: The bonds shall mature ser ially in numerical order as follows: $ 5,000 on May 1 in each of the years 1978 to 1980, inclusive. $10,000 on May 1 in each of the years 1981 to 1984, inclusive. $15,000 on May 1 in each of the years 1985 to 1987, inclusive. REGISTRATION: The bonds will be issued in bearer form with no v 1 option for registration. PAYMENT: Princi pal and interest are payable, either at ma turity or upon earlier redemption, in lawful . money of the United States at the office of the City Treasurer, City of l lone, Oregon. t'i PURPOSE: The bonds were authorized at a special election held within the City on Feb ruary 28, 1977, to author ize bonds for the im provement, reconstruc tion and extension of the v'. City water system. SECURITY: The ; ' bonds of this issue are I general obligation bonds of the City. The City has covenanted to . levy an ad valorem tax - annually to pay bond principal and interest as -they respectively come due. LEGAL OPINION: The approving opinion of Ragen & Roberts, Lawyers, of Portland, Oregon, will be provided at no cost to the pur chaser, and will be printed on the bonds at the expense of the City. TAX EXEMPT STATUS: Interest on the bonds, in the opinion of bond counsel, is exempt from taxation by the United States under present Federal income tax laws and from personal income taxation by the State of Oregon under present state law. BEST BID: The bonds will be awarded to the responsible bidder whose proposal will re sult in the lowest net . cost to the City. The successful bid will be determined by comput ing the total amount of .interest which the City would be required to pay from the date of each bond to its re spective maturity date at the coupon rate or rates specified in the bid assuming no bonds are called prior to maturity, less premium offered, if any. The purchaser must pay accrued inter est, computed on a 360-day basis, from the date of the bonds to the date of delivery. The cost of printing the bonds will be borne by the City. DELIVERY: Deliv ery of the bonds will be made without cost to the successful bidder at such bank in the State of Oregon, as the suc cessful bidder shall name. Payment for the bonds must be made in Federal funds. Delivery will ,be made . within thirty days.' '""' FORM OF BID: AH bids must be for not less than all the bonds here by offered for sale, and for not less than one hundred per cent (100 per cent) of the par value thereof and ac crued interest to the date of delivery. Each bid together with bid der's check as herein specified must be en closed in a sealed en velope addressed to the City and designated "Proposal for Bonds." Bids must be received by 11:00 o'clock a.m. Pacific Prevailing Time. BID CHECK: All bids must be unconditional and accompanied by a certified or cashier's check on a bank doing business in the State of Oregon for Two Thou sand Dollars ($2,000) payable to the order of eiii Pumps by Layne& Bowler Meeting Tomorrow's Agricultural Needs Today. Since 1882 Simplified design for ease of installation and service. Readily available standardized field replaceable parts. Distribution Centers Alexandria, Minnesota (612) 763-3158 Garden City, Kansas (316)275-5971 Kearney, Nebraska ' (308)234-1914 Lubbock, Texas (806) 797-3401 Memphis, Tennessee (901) 278-3800 Pasco, Washington (509) 545-9546 Twin Falls, Idaho (208) 733-3284 Layne & Bowler, Inc. Memphis, Tenn. A MARLEY CO. LBN-2 ly the City to secure the City from any loss resulting from the fail ure of the bidder to comply wit! Ihe terms of its bid. In addition, bidders are requested to supply the total interest costs and net effective interest rate, based up on the aggregate inter est cost, if its bid be accepted, that the City will pay upon the issue if the bid is accepted. Such information shall be considered as informa tive only. Checks will be forfeited to the City as liquidated damages in case the bidder to whom the bonds are awarded shall withdraw its bid or fail to complete its pur chase in accordance with the terms thereof. No interest shall be al lowed on the deposit, but the check of the suc cessful bidder will be retained as part pay ment of the bonds or for liquidated damages as described above. Checks of the unsuc cessful bidders will be returned by the City promptly after award of bid. a. With a esdc RIGHT OF REJEC TION: The City, by its Council, reserves the right to reject any or all bids. CUS1P: CUSIP num bers will be imprinted upon all bonds of this issue at the purchaser's request and expense. An improperly imprinted number will not consti tute basis for the pur chaser to refuse to ac cept 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 INFORM ATION: Additional in formation regarding the City and this sale may be obtained from Mari lyn Rietmann, lone, Oregon, Telephone (503) 422-7296. Elizabeth J. Ernst. Recorder City of lone, Oregon Published Mar. 31, Apr. 7, 1977. I V -V-V 1 tKm ' ? :k'l I V7 ;l J .VlCgVi Zr.. ....rtaaMWW ri..iAn . ..m .it, m ,i. n i. '' nmm,A. f , y 11 V v - Y l j , 1 ') """w Xjf f " L H&MmmmllmmmmitrmmmnH.u r "in n ".;... " ."I....... .. ' - - - i,, TlimirrTHTIII III J deposit of $200.00 you. can bring home a manicure set in an Heirloom treasure chest. b. Or, select one of these Dinex in- sulated bowls . . . they keep food hot or cold ... as a gift for a deposit of $500.00. c. And, this fine Regal cast alumi num omelet and crepe pan ... it cooks so good and looks so good that it has been exclusively approved by the Betty Crocker Kitchens . . . can be yours with a deposit of $1,000.00. Boardman Lines Enter Phase Two Schedule "T," also known as the second phase of the Boardman water system pro ject located east of the city, is expected to be completed this month. Bonstan Construction, Clackamas, began the second phase of the water system March 21. Phase one, con tracted to A. J. Zinda Corp., Portland, started Dec. 1. It is six weeks behind schedule due to supply problems. The chlorination chamber, a major part of phase one, is 85 per cent complete. Work is being held up on valves that were ordered last December. The 20-and 30-inch pipe leading from the chlorination chamber south to Columbia Boulevard will "T" into a 24-inch pipe. That pipe will lead west into Boardman. An 18-inch pipe will lead east into the Port of Morrow industrial park. Projected completion of the entire system is set for June. 1, according to Jerry Jen nings, Bonstan project man Pre-schoolers at the City Park 1st & 2nd graders at the Courthouse It's not but First Federal Savings and Loan would like to give you a gift anyway. That's why we're offering these fine products as premiums for deposits. And they can be yours by opening a new account or by adding to an existing account. These lovely gifts will be available while the supply lasts . . . as a little surprise from First Federal. For you. One gift per customer, please. First Federal Savings AND LOAN ASSOCIATION OF PENDLETON Center & Main Branch offices: Pendleton, Milton-Freewater, Hermiston and Boardman ager. In excess of one mile of pipe will be involved in the $268,085 phase two project. Elks Annual mmSi Egg Saturday, April 9, Christmas or your birthday, The system is designed to serve a population of 4000 people and is expandable. Hunt 10 am 3rd & 4th graders at the Jr. Hi lower field 'V4..V.
