ORDINANCE NO. 9297 - Laserfiche WebLink

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~"74 opened for consideration and further that the Common Council of the City of Eugene will meet at the hour of 7 :30 0 ~ clock P. M. on the said 18th day of April, 19119, in the Council Chambers in the City Hall of said City to consider said bids so opened and to accept or reject any bid so made . Said notice shall further state that the Coanmon Council reserves the right to reject any and all bids and shall state that each bid shall be accompEnied by a certified check on a bank doing business in the State of Oregon in an amount equal to two per cent of the par value of the bonds offered for sale as evidence of good faith ~ the part of the bidder; and shall further state that the opinion of Messrs . Winfree, McCullock, Bh~,tl.er, & Sayre, Attorneys at Law of Aort- land, Oregaa, shall be deemed sufficient as to -the legality of the issuance and obligation of said barnds~; and that the publication of such notice for two weeks, being three insertions, shall be deemed sunf'ficent p~tbli cation of s aid notice,.. prorided~, fiirther, that if. no satisfactory bid is received for the sale of said bonds at the time above specified, then the Common Council may re- advertise thebonds in a manner and under conditions provided in this Ordinance and as provided by 1aorv. Section 3. That the bonds. hereinbefore mentioned were duly authorized by the legal voters of said City at a special election held within the City of Eugene on Tuesday, March 1, 1919, at. which said special election the legaltivters of said City amended the charter of said City be adding thereto a new chapter entitled; "T~ improve and a nlarge the electrical and water utilities of the City of Eugene, and to issue X3,000,000.00 General Obligation and Ftevenize Bonds, " wherein and ~~hereby. the .City of Eugene, acting by and through the Eugene Water & Electric Board, formerly Eugene Water Board, was authari.zed and empowered t o improve an~ enlarge its water and electrical utilities systems,v~.thin and without the said City, by the purchase, construction and install- at ion of such units, equipment, transmission facilities and structures as shall in the judgement: ! of the said Eugene Water Board be deemed expedient, anmrenient and necessary; to secure by purchase, condemnation or otherwise, vrithin and tivithout the said City, all real estate, rights of way, properly, water rights, easements and licenses necessary or convenient to said improve- went and~largement, and to Qurch2.se.~ construct and install any and every unit, equipment, structure and appliance reasonable and necessary therefor; and therein said City was further authorized ahd empowered, through its Commit Council, to issue and s ell negotiable general obligation bonds of the said City of Lugene, in the sum of X3,000,000.00, or so much t hereof as shall be necessary for the purposes aforesaid, and further authorising the said Eugene Water Board to expend t he proceeds, with arm other available funds, in pa3~nent therefor. The payment of said bonds shall be addi tiona_~ly secured by a pledging of all or any part of the net revenues of the said Board arising from the operation of the said City's electrical and water utilities remaining after deducting the expenses of maintenance and operation, and provision for tirement of present bonded indebtedness of said utilities, or either of them, 'required for the payment of principal and interest of the bonds t o b e so sold„ and to be hereafter~~ sold as a part of the aforesaid $3,000,000.00 bond issue and also equally with other obligatiais of the Eugene Water Rc Electric Board which may be issued in the f uture, and for the creation and main- tenance of reserves and s inking funds a s shall from time to time be deemed advisable by the 1 1 1 ~;ugaZe Water c~c Electric Board for such ptarpase.