12/27/1948 Meeting - Laserfiche WebLink

Home Browse Search

,~ OJ 0 7 ~u CHARTER AMENDMENT I AN ACT To AMEND THE CHARTE R OF THE CITY OF Eu GENE, LANE COUNTY, f)'RE GON, BY ADDING A NEW CHAPTER T HE R E TO, AUTHORIZING AND EMPOWERING SAID CITY OF EUGENE, ACTING BY AND N EUGENE WATER BOARD, ELECTRicAL UTILITIES' --.~ THROUGH THE TO IMPROVE AND ENLARGE ITS WATER AND "- SYSTEMS, WITHIN AND WITHOUT THE SAID C I T Y, BY THE PURCHASE, CONSTRUCTION AND INSTALLATION oi..J Of SUCH UNITS, EQUIPMENT,TRANSMISSION FACILITIES, AND STRUCTURES AS SHALL IN THE JUDGMENT OF THE SAID EUGENE WATER BOARD BE DEEMED EXPEDIENT, CONVENIENT AND NECESSARY; TO SECURE 8Y PURCHASE, CONDEMNATION OR OTHERWISE, WIT H IN AND WITHOUT THE SAID C IT Y, ALL REA L ESTATE, I RIG HT S OF WAY, PROPERTY, WATER RIG HT S, EASEMENTS AND LICENSES NECESSARY OR CONVENIENT TO SAID IMPROVEMENT AND ENLARGEMENT, AND TO PURCHASE, CONSTRUCT AND INSTALL ANY AND EVERY UNIT, EQUIPMENT, STRUCTURE AND APPLIANCE REASONABLE AND NECESSARY THEREFOR; AND FURTHER AUTHORIZING AND EMPOWERING SAID CITY OF EUGENE, THROUGH ITS COMMON COUNCIL, TO ISSUE AND SELL NEGOTIABLE, GENE RAL o BL I GA T ION BON DS OF THE SAID C IT Y Of EUGENE, IN THE SUM OF $3,000,000.00, OR SO MUCH THEREOf AS SHALL BE NECESSA.RY FOR THE PURPOSES AFORESAID, AND FURTHER AUTHORIZING THE SA 10 EUGENE WATER BOARD TO EXPEND THE PROCEEDS, WITH AN Y OTHER AVA I LA 6LE fUNDS, IN PAYMENT THERE FOR.. THE PAYMENT Of SAID BONDS 5 HA L L BE ADDITIONALLY SECURED BY A PLEDGING OF THE NET REVENUES OF THE EUGENE WATER BOARD AVAILABLE fOR SUCH PURPOSE. THE C I TV or EU GENE DOES ORDAIN AS r 0 L LOW S : BE IT ENACTED BY THE LEGAL VOTERS Of THE CITY OF EUGENE, OREGON, THAT THE CHARTER OF SAID CITY BE AMENDED BY ADDING T HE R E T 0 A NEW CHAPTER TO READ AS fOLLOWS: SECTION I . THE C I T Y OF EUGENE, LANE COlq\IT Y , QRE GON, ACTING BY AND THROUGH THE EUGENE WATER BOARD, IS HE RE BY AUTHORIZED AND EMPOWERE.U TO IMPROVE AND ENLARGE ITS WATER AND ELECTRICAL UTILITIES' SYSTEMS, WIT HI N AND WITHOUT THE SAID C I T Y, BY THE PU RC HASE, CONSTRUCTION AND INSTALLAT ION OF SUCH UNITS, EQUIPMENT, TRANSMISSION FACILITIES, AND STRUCTURES AS S HA L L IN THE JUDGMENT OF THE SAID EUGENE WATER Bo AHO BE DEEMED EXPEDIENT, CONVENIENT AND NE CESSAR Y; TO SE CU RE BY PURCHASE, CONDEMNATION OR OTHERWISE, WITHIN AND WITHOUT THE SAID C I T Y, ALL REAL ESTATE, RIG HT S OF WAY, PROPERTY, WATER RIGHTS, EASEMENTS AND LICENSES NECESSARY OR CC;:>NVENIENT TO SAID IMPROVEMENT AND ENLARGEMENT, AND TO PURCHASE, CONSTRUCT AND INSTALL ANY AND EVERY UNIT, EQUIPMENT, STRUCTURE AND APPLIANCE REASONABLE AND NECESSARY THEREFOR. I SECTION 2. FOR THE PURPOSE OF PROVIDING SUFFICIENT FU N DS FOR, THE PAYMENT FOR SUCH IMPROVE... MENT AND ENLARGEMENT OF SAID CITY'S ELECTRICAL AND WATER UTILITIES' SYSTEMS, IV I T HI N AND WITHOUT THE SAID CITY, AND FOR THE PURPOSES SET OUT IN SECTION I HEREOF, THE COMMON COUNCIL OF THE SAID CITY OF EUGENE Is HEREBY AUTHORIZED AND EMPOWERED, AND DIRECTED TO I S SUE AND SELL AS SHALL BE DEEMED EXPEDIENT, CONVENIENT AND NECESSARY, AND AS SHALL BE REQUESTED BY THE S A IDE U GE N E WATER BOARD, NEGOT I ABLE BONDS OFT HE C IT Y OF EUGENE, LANE COUNTY, OREGON, TO THE AM 0 U N T OF 33,000,000.0 OR SO MUCH THEREOF AS SHALL BE DEEMED NECESSARY AS AFORESAID TO BE USED WITH OTHER AVAILABLE FUNDS FOR THE PURPOSES SET OUT HEREIN. -' SECTION 3. THE BONDS HEREBY AUT HO R I ZED S HAL L BE GENERAL OBLIGATION BONOS OF THE SAID C I T Y, AND TO MATURE WITHIN TWENTY YEARS FROM THE DATE OF ISSUE THEREOF, AND MAY BE IN SUCH FORM AND OF SUCH DENOMINATION, DUE DATE, INTEREST PAYMENT DATE, PLACE Of PAYMENT, AND BEAR SUCH CALLABLE FEATURES AND PROVISIONS AS THE EUGENE WATER BOARD MAY DEEM MOST LIKELY TO ENHANCE THEIR VALUE AND INSURE THEIR SALEAl3ILITY, AND SHALL RECOMMEND UNTO THE COMMON COUNCIL. SAID BONDS SHALL BE AR A RATE OF INTEREST NOT GREATER THAN 6% PER ANNUM, ANU S HA L L BE SOLO FOR NOT LESS THAN 98 PER CENTUM OF T HE I R PAR VALUE AND ACCRUED INTEREST. SE CT ION 4. As ADDITIONAL SECURITY FOR THE PAYMENT OF THE BONDS ~E RE BY AUTHORIZED, THE EUGENe WATER BOARD IS AUTHORIZED AND DIRECTED TO PLE DGE AL L OR ANY PART OF THE NET REVENUES OF THE EUGENE WATER BOARD ARIS ING FROM THE OPERATION OF THE SA I D C IT Y 's ELECTRICAL A ~J D IV ATE R UTILITIES R Ef1 A I N I N G AFT E R DEDUCTING THE EXPENSES OF MAINTENANCE AND OPERATION, AND PROVISION FOR RETIREMENT OF PRESENT BON DE 0 INDEBTEDNESS OF SAID UTILITIES, OR E I THE R OF THEM REQUIRED FOR THE PA YMENT OF PRINCIPAL A NO INTEREST OF THE BONDS HERE IN AUTHORIZED, AND FOR THE CREATION I AND MAIf\;TENANCE OF RESERVES AND SINKlf\:G FUNDS DEEMED ADVISABLE BY THE E U GE N E WATER BOARD FOR SUCH PIURPOSES, NOT WIT 14's T AN 0 t N G ANY OT HE R PRESENT PROVISIONS OF THE CHARTER Of SAID C I T Y. THE EUGENE WATER BOARD IS DIRECTED TO ESTABLISH AND MAINTAIN FROM TIME TO T I NIE SUCH RATES AND CHARGES FOR WATER AND ELECTRICAL SERVICES AS WILL PRODUCE SUFFICIENT FUNDS TO PAY THE PRINCIPAL AND INTEREST OF THE BONDS SOLD AS AFORESAID, TOGET HE R WITH OT HE R OBLIGATED CHARGES. SECTION 5. 5 HOUL 0 THE SAID PLEDGED NET REVENUES OF THE EUGENE WATER BOARD BE INSUFFICIENT T HE REF 0 R , THE COMMON COUNCIL OF THE CITY OF EUGENE IS HE R E B Y AUTHORIZED AND DIRECTED TO INCLUDE IN ITS GENERAL MUNICIPAL TAX LEVY EACH YEAR SUCH SUFfiCIENT SPECIAL LEV Y AS SHALL AGGREGATE, I TOGETHER WIT H THE NE T REVENUES OF SAID CITY'S UTILITIES AS /l:FORESAID, AND ANY OTHER AVAILABLE FUN DS, AN AMOUNT SUFFICIENT TO PAY THE INTEREST ON THE BO N DS AND TO PAY THE PRINCIPAL OF SAID BO NOS UPON THE MATURITIES THEREOF AS ISSUED, WITHOUT REGARD TO ANY TAX LIMITATION PROVIDED BY THE CHARTER. SECTION 6. THE COMMON COUNCIL IS HeREBY AUTHORIZED AN 0 DIRECTED TO ISSUE AND SELL SAID BON OS FROM TIME TO TIME AS THEY MAY BE NEEDED FOR THE PURPOSES HERE 1/11 SPECIFIED, BUT BEFORE A NY OF SAID BONDS SHALL BE SOLD THE Y S HAL L BE ADVERTISED FOR SAL E IN THE MANNER PROVIDED BY LAW. I: J.i ...."........~--_._- . -'---,._~'. ..... -,I ~=""_._, .... ...._:.-.._....:........._,-.~...._~_.a...~.~~"""::__..~~'-~_.".'c..,,.~.~ .