ORDINANCE NO. 8961 - Laserfiche WebLink

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I 5~6 ORDINANCE ~P10. 8961 An Ordinance providing for the issuance and sale of ~~~-0,000.00 of the bond issue authorized by the Charter Amendment entitled, ~~to extend and enlarge } street and highvray system of the City and to issue ~p500,000.00 General Ob- ~ ligation Bonds . ~~ I THE CITY OF EUGENE DUES ORDAIN AS FOLI~i S I j Section 1.. That the re shall be issu°d and sold as so on as may be X50,000.00 par value of City of Eugene General Obligation Bonds, to bear interest at a rate not to exceed 3~ per annum, payable semi-annually, to bear su ch date as the Common Council shall determine, vrith principal and interest payable in lawful money of the United ~ States of America of present standard value, to be negotiable in form with appropriate 1 interest coupons attached, and to be in denominations of X1,000.00 each. Said bonds '; shall bear serial maturities and shall be payable in three annual ins ta11m~ is of j principal as follows: the sum of X16, 000.00 payable one year from and after the date C f of issue, the sum of ~p17,000.00 payable two years after date of issue, and the sum of I ~ $17,000.00 payable three years after the date of issue. The principal and interest i ~ on said bonds shall be payable at the office of the City Treasurer of the City of Eugene, provided that the Common Council and purchaser may agree that said principal and interest shall be payable elsewhere. i The Mayor. and Recorder are he reby authorizPd'to have said bonds engraved in a suitable manner and to execute the same on behalf of the City ana3 deliver them to the City Treasurer who shall .deliver them to the purchaser in exchange for the purchase price the reof . Said bonds shall be sold at a price to net the City not less than 98~ of t~ieir par value and accrued interest. Section 2. Said bonds shall be advertised for sale at least once each week for not less than two successive weeks in a newspaper of general circulation printed I and published within the City of Eugene, Lane County, Oregon, which notice shall call for sealed written bids for the purchase of said bonds and shall state that the Com- i i mon Council of the City of Eugene will meet at the hour of 7:30 Y. M. on the 9th da~T of December, 19l~6, in the Council Chanbers in the City of Eugene, to open and con- I sider said bids. Said notice shall state that the Counc it reserves the right to re- i 3ect any and all bids and shall state that each bid shall be accompanied by a I ~ certified check on a bank doing business in this state in an amount equal to 2~ of the par value of the bonds offered for sale as evidence of good faith on the part of the bi dder, and that the publ icati_on of such notice for two weeks, being three in- sertions, shall be deemed sufficient publication of said notice, provided, further, i that if no satisfactory bid is received for the sale of said bonds at the time above