Ordinance No. 18616 - Laserfiche WebLink

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QRDINANCE ND. AN QR ~I N~~~CE CaNCERNING IIV"TERES'~ SATES ~ ADDING SECTiQNS 2.022, 2.023 AND 2.024 To THE EUGENE CQDE, ? 9 7.I t y~~D DECT~RING AN EMERGENCY. THE CITY ~E E~3GE~'r~ .DOES aRDAxN A5 ~'OLLoWS Section ~. • The fo.l.ow~.ng new sections are hereby added to the Eugene Cade, 1.971, to read and provide: 2.022 Interest Rates. Except as provided in section 2.023 and for assessments deferxed under section 7', 205 and }~~ n.otwi thstanding any prevision in this code to the contrary, the ~,nterest rate per annum an all amounts due the cit shall y be the maximum authorized by law. 2...023 .Reduction ?n RatesR Ear any amount due the city the ~.~.. interestrate ~~stablished in se~ct~.on 2.022 ma be re~ y duced upon findings by the city manager that: . ~a~ the interest revenue collected exceeds the f ul Z cQ s t o f mana~i.ng the amounts due the ci t Y including the city`s costs of retiring any debt in-~ curred by the city; and ~b~ there. will. be no significant loss of cit . Y general revenues as a result of the reduction; and ~c~. all s~imiZarly situated obligors of the cit Y will receive a comparable benefit from the reduction. 2.02 Revocation of Reduction. The city manager may revoke any reduction of ,interest rate a~uthori zed by ,section 2.023 ~~~ w~~enever the f indn~s required by that section no ion er g exist. Section 2. That the provisions contained herein concern the public welfare and therefore, an emergency is hereby declared to exist, and the provisions of this ordinance shall beca ' me effective immediately upon its passage by the City Council and approval. by the Mayor. Passed by the C%ty Counci.l this Dth day of April, 980 R a City Rec rder Approved by th.e Mayor this 30th. day of April, 1980 Ma r Ordinance