SIX The Gazette-Times, Heppner, Ore., Thursday, April 7, 1977
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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
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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.
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"""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.