ORDINANCE NO. 8960 - Laserfiche WebLink

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523 OftDINAPdCE N0. 8960 An Ordinance authorizing the issuance and sale of ~1l~,095.98 of Improvement Bonds of the City of Eugene, Oregon, and directing that they be advertised for sale, all i,n accordance with the provisions of Chapter 21 of Title 95 of Oregon Compiled Laws annotated, commonly known as the "Bancroft Bonding Act~~ as amended; and repealing Ordinance No. 89117 -passed by the Common Council of the City of Eugene on October 11~, 1916 and approved by the Mayor on October 15, 1946. WHEREAS, the City of Eugene, Oregon has heretofore caused certain streets to be improved and certain sewers to be laid and installed and certain. sidewalks to be con- structed within said cityy, and has assessed the cost thereof to the property abutting thereon and benefitted thereby in accordance with the provisions of the charter of said city and said city~s Ordinances, and WHEREAS, many of the owners of the property so assessed. for such improvements in a sum exceeding X25.00 have duly made and sued applications to pay said several assessments in ten annual installments in accordance vrith the provisions of said Ban- croft Bonding Act; and WHEREAS, an assessment and bond lien docket has been fully made up in accord- ance with the provisions of said borXling act, and the total amount of the unpaid assess- ments for said improvements and the laying of said sewers for which application has been made to pay therefor under the provisions of said borx3ing act is the sum of ~1k,095.98 as shoem by said bond lien docket on pages 88 to 135, inclusive, Volume 7. THE CITY OF EUGETE '.b ES ORDAIti' AS FbF,LOW'S: Section 1. That the City of Eugene, Lane County, Oregon, does hereby authorize the issuance and sale of General Obligation Improvement Bonds of said City in the amount of ~j11;,Og5.98 in serial form and i.n denominations of X500.00 each, except that the first bond shall be in the amount of X95.98, which issue of bonds shall mature in numerical order and in ten succeeding annual installments as follows: a first 3.n- stallment in the sum of X1,095.98 on two years from date of issue; and thereafter eight ar4nual ins tallmen is c f ~1, 500.00 each; and a fi nal installment in the amount of $$1,000.00, and, shall bear interest at a rate not to exceed 3~ per annum, payable semi- annually, provided, however, that said bonds. shall be subject to redemption in numerical order on interest paying dates on or after the second year from issue date. Section 2. That st!ch bonds shall be substantially in the following form: No. ~ CITY OF EUGENE, STATE OF OREGON, IrdE'F~.?VEI~ENT BOA?JS Series A KNOW ALL ~?II~J BY THESE PF~ESENTS: That the City of Eugene in the County of Lane and State of Oregon, for value received hereby promises and agrees to pay the bearer the s ~m- of in lawful money of the United States of America on the presentation and surrender of this obligation, on the