Ordinance No. 19305 - Laserfiche WebLink

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~9} The City may alter these provisions regarding registration and transfer by mailing notification of the altered provisions to all bondowners. The altered provisions shall take effect an the date stated in the notice, which shall not be earlier than 45 days after notice is mailed. Section 3. Security. The City has assessed the cost of public improvements to benefited properties and all monies collected therefrom shall be placed in the Bancroft Bond Redemption Fund and applied to the payment of principal and interest an these bands, The full faith and credit of the City are also pledged to the successive holders of each of the bands and of the interest coupons appertaining thereto, for the punctual payment of such obligations,~when due; and the City shall levy annually, if required, a direct ad valorem tax upon all of the taxable property within the City in sufficient amount after taking into consideration discounts taken and delinquencies that may occur in the payment of such taxes, to pay the bond and bond interest obligations promptly as they respectively mature; and the City covenants with the holders of its bands, to levy such a tax annually as required during each year that any of the bonds, or of bonds issued to refund them, and band interest obligations, are outstanding. Section 4. Farm. The bands shall be in substantially the following form, the terms of which are hereby adopted: UNITED STATES OF AMERICA STATE OF GREGaN COUNTY OF LANE CITY QF EUGENE GENERAL QBLIGATTDN BANCROFT IMPROVEMENT BAND, SERIES "K" No. City of Eugene, in the County of Lane, State of Oregon, acknowledges itself indebted and far value received hereby promises to pay or registered assign, the principal sum of Five Thousand Dollars $5,000} an the above maturity date, together with interest thereon from the date hereof at the rate per annum indicated above. Interest is payable semiannually on the 1st day of June and an the 1st day of December in each year until maturity, commencing June 1, 1985. Interest upon this bond is payable through the office of the City of Eugene's paying agent and registrar the "Registrar"} by check or draft; checks or drafts will be mailed to the name and address of the registered owner as it appears on the bond register on the fifteenth day of the month prior to the date on which interest comes due. Bond principal is payable upon presentation and surrender of this bond to the Registrar. ADDITIONAL PROVISIONS DF THIS BOND APPEAR DN THE REVERSE SIDE; THESE PROVISIONS HAVE THE SAME EFFECT AS IF THEY SERE PRINTED HEREIN. Page 3 - Ordinance