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and licenses necessary er convenient to said extension; to hold control, operate
<br />maintain and lease the sane; to sell it~ product; to construct any en4 every
<br />~ructure and appliaace reascn~le, and necess~y therefor; to institute, pre-
<br />secure, mei~tela cad defend all suits, actions ~d proceedings ~ece~y t~ such
<br />purpose, and to issue
<br />the s~ of One Mllllon, T~o ~undred and Fifty Thousand Dollars, or s~ much
<br />thereof, as shall bemeees~ary for such purpose, and te expend the proceeds, with
<br />other funds, In the payment therefor.
<br />
<br />THE CITY O~1 EUGFNE DO~ ORDAIN AS ?0LLOWS:
<br />
<br />BE Ir ENACTED BY THE ELECTORS 0F TT{E CITY 031 EUGENE:0R~0N:
<br />
<br /> Section L. The City of Eagene is hereb~ authorize4 end empowered te
<br /> extend los power, and lighting system by adding such units, structures and
<br /> equipment as shall in the Judgment of its Water Board be deemed expedlen6,
<br /> convenient and necessary; to secure by purchase, condemnation or otherwise withl~
<br /> or without the City ali real estate, ~ights 'of way, property, water rights,
<br /> easements and licenses necessary or convenient to said extension; to
<br /> control, operate maintain and le~e the same; to sell its product, to construct
<br /> any and every structure andapplicanee reasonable and necessary; to institute
<br /> prosecute, maintain an~ defend, all suits, actions and proceedings necessary and
<br /> conveneint to such purpose or purposes.
<br />
<br /> Section 2. For the purpose of providing sufficient funds for p~yment of
<br />such extension and enlargememt of its power and lighting system; amd fo~ all
<br />ef the purposes set out in Section One hereof, excepting maintenance and.opera-
<br />tion the Gon~non Council'of the City of Magene. is hereby authorized, empowered
<br />and directed to issue and sell aa needed, upon application of the. Water Boar4
<br />negotiable bonds of the City of ~gene, to the amount of One million ~.vo .
<br />hundred an~t Fifty Thousand Dollars, or so much thereof as may be deemed nece:~sary
<br />to be used with other funds for the completion of said project.
<br />
<br /> Section 3. The bonds hereby authorized may be in such form and of such
<br />denomination, and be due as to principal and interest at such times and place
<br />as the Common Council may deem most likely to enhance their value and ensure
<br />their salability. They shal~ bear a rate of interest not greater than five
<br />per cent per anndm and shall ~e sold for not 1 e ss then their par value.
<br />
<br /> Section 4. Said bonds shall be a ~e ral obligation of the City of E~Agene,
<br />payable out of'the revenues derived 'from the operation of its electric system
<br />by its Water Board, and should the said revenues be insufficient therefor, the
<br />~ommo_n'Councll of the City of Eugene is hereby aut~horized and directed to
<br />include in its g~nerel municipal tax levy each year such sufficient special
<br />levy as shall aggregate together"~,vlth such fund, an amount suffi'olent to pay
<br />the interest on the bonds andprovide a sinking fund for the p~yment of the bonds
<br />when due.
<br />
<br /> Section 5. l~n addition to being a general obligation of the City of Eugene,
<br />the bo~ds hereby authorize4 shall be and are declared to be a lien upon all of
<br />the lands, rights of way, easements, water rights, pipe lines, structures,
<br />appliances and property of every kind embraced in the proposed extension, to be
<br />secured with the money derived~from the sale of these bonds.
<br />
<br /> Sectiml 6. The Co,non Council is hereby authorized end directed upon
<br />application of the Water Board to issue amd sell sal,~ bonds from time to time
<br />as they may be needed for the purpose herein specified, but before any of
<br />them shall be sold, they shall be advertised for sale by publication of a
<br />notice asking for bids therefor to be published in two daily newspapers publish-
<br />ed iff L~e C~unb~,Oregon, la at least one issue of such daily newspaper, to
<br />weeks prior to the time of the sale; end the2 may also give notice of the
<br />sale of said bonds In such other papers as they deem to be best for the
<br />interest of the city In affecting a sale. But If no sati~faetory bids~for the
<br />purchase ef-bhe bonds be reoelv~, they m~ sell them at private sele at not
<br />less th~n par ~d acorue~ interest.
<br />
<br /> Sect 1 on 7. That the money derlKe~ from the s~le of said bonds shall
<br />constitute a speolal fund to be denomln~e~ Power end Light 2~d, ~d shall
<br />he used for no ether p. urp .gsa th~ herein provided.
<br />
<br /> 8eoglo~ 8, The indebtedmef3 authorized by this ~endment to the Chafer
<br />of the City of ~gene~ls In ~dltlon te all other indebtedness ~thorlzed ~d
<br />incurred by the OiLy of ~gene, .~d shall not be considered ~ ~f~ted b2 ~
<br />limitation of Indebtedness 1~ the Chafer of the Clby or elsewhere.
<br />
<br />
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