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HomeMy WebLinkAboutORDINANCE NO. 8947~ 1 5 ORDINAAICE N0. 89ZI-7 An Ordinance authorizing the issuance and sale of ~11.a.,097.98 of improve- ment bonds of the City of Eugene, Oregon, and directing that they be advertised for sa.Ie, all in accordance Urith the provisions of Chapter 21 of Title 95 of Oregon Compiled Laws Annotated, corrunonly known as the "Bancroft Bonding Actn as amended. Whereas, the City of Eugene, Oregon, has heretofore caused certain streets to be improved and certain sewers to be laid and installed and certain sidewalks to be constructs d ~rrithin said city, and has assessed the cost thereof ' to the property abutting thereon and benefitted thereby in accorndance vi th the provisions~of the charter of said city and said cityts ordinances; and Whereas, many of the owners of the property sD assessed for such improve- ments in a sum exceeding 425.00 have duly made and signed applications to pe.y said several assessments in ten annual installments in accordance with the Tx-ovisions of said Bancroft Bonding Act; and V`dhereas, an assessment and bond lien ~A9ket has been fully made up in accordance with the privisions of said bonding act, and the total amount of the unpaid assessments for said improvements and the layi:~g of said sewers for which application has been made Lo pay therefor under the provisions of said bonding act is the sum of ~1~,095.98 as shown by said bond lien docket on pages 88 to 135, inclusive, of volume •7. THE CITY OF EUGENE DOES ORDAIN AS FOLIAV'TS: Section 1. That the City of -Eugene, Oregon, does hereby authorize the issuance and sale of the bonds of said city in the amount of c11F,095.98 in serial form and in denominations as may be agreed on, but not exceeding 41,000.00 each, with definite maturity dated, bearing interest at a rate not to exceed 6f per annum and subject to redemption in numerical order on interest paying date or dates, on or after the second year from issue date as in the judgment and election of the Common Council of said city may conduce the salability of the same. Section 2. That such bonds shall be substantially•in the following form: No. CITY OF EUGEAIE, STATE OF OREGON, T11~~ROVEMENT BONDS Series ~~ ~' RTdOW ALL Z'iLfil IiY THESE PRESENTS ; That tha City of Eugeno in the bounty of Lane and State of Oregon, for value received hereby promises and agrees to pay the 'Dearer the sutra of ~ in lawful money of the United States of America on the presentation and surrender of this obligation, on the day of 516 -- - - - - - _ _ - - - ~ ,19 without grace, with interest thereon in like lawful money from the date hereof until redeemed, or until the time of the semi-annual interest payment next ensuing the publication of notice by the City of Eugene that this bond will be taken up and cancelled, and the interest hereon will cease at the interest payment date next following such publication, at the rate of f per annum, payable semi-annually the day of and the day of year, on the presentation and surrender of the proper coupons here(;o annexed, principal and interest payable at the office of the ~'reasurer of the City of Eugene, Oregon. This is one of a series of bonds authorized by Chapter 21 of Title 95, Oregon Compiled haws - Annotated, as ar::onded, commonly known as the "Banc-roft Bone~ing Act" and is the general obligation of the City of Eugene, Oregon, and is not to be deemed or taken to be any part of the indebtedness of said city as limited by law; and it is further certified that all the requirements of the laws relating thereto and of the issuance hereto have been fully complied with by the proper officers of said city, and-that the total amount of this issue does not exceed the limit prescribed by said act. This bond is redeemable at the office of the Treasurer of said 'City of Eugene, upon the payment of the face value thereof with accrued interest at the date of payment on any semi-annual coupon interest payment data on or after one yoar from the date hereof, as provided in said bonding act. The faith and credit of tl:c saiy ;,ity of Eugene are pledged for the fulfill- ment of the conditions of this obligation. IN NJITNESS u~IEREOF, this bond has been signed by the Pafayor and attested by tkze Recorder of the City of Eugene, Cragon, and the corporate seal of said has been hereunto of fi::ed this day of , 29 • Attest: ity Recorder Mayor Section 3. That there shall be attached to said bonds 20 coupons numbering from 1 to 20 respectively, each of which shall be substantially in the following form; No. City of Eugene, State of Oregon will pay ts~ the bearer $~ in lawful :,.o.~ey of the United States of America at the office of the Treasurer of said city on the day of ,19 , being six months' interest on Improvement Bond ~?o. , Series , unless said bond is sooner redeemed as the.ain Nroyided, which redemption will render this coupon void. City Recorder May or ,each c7 Section y.. That the I~:Iayor,of said city is authorized and directed to sign said bonds and the coupons attached thereto, and the City Recorder to countersign the same and attach the seal of the city thereto for and on behalf of said city. Section 5• That the City Recorder is directed t;o register said .bonds consecutively by number and denominations of each in a book to be kept by him. to be known and designated as t'_^_a rImprovement Bond Register," and he shall also cause to be distinctly and plainly printed on the face oi" each of said bonds the registered nuuibe r of such bond, and the words "Improvement Bonds", ti~rith the name of the City of Eugene, Oregon issuing the same. Section 6. That the City Recorder is hereby directed to advertise said bonds for sale and call for bids on said bonds to be opened at the meeting of the Conunon Council of said city on Pdovember 12t1i, 191~.u, by two publications of such advertisement and notice of sale and c?11 for bids in the Eugene Register--Guard, printed aid published in Eugene, Oregon, rot lass than 15 days before said hearing and opening of bids, and in said notice of sale set forth that t ha bonds will ba sold to the highest bidder therefor or for ary per•tion thereof for not less than par with accrued irt~rest, and that the sealed bids for the purchase of the whole of said bond issue will be received at the office of the City Recorder at the City Hall in -the pity of Eugene, Oregon, at any time,before 7:30 p.m. on the loth day of 1`Iovember, 1gt~6, at which time and place the bids for the purchase of said bonds will be opened and considered by the Common Council of said City. Passed by the Common Council this 15th day of October, lgl~.o. /s/ John Fields . City ecorder Approved by the Mayor this _1L~th day of ©~ctober, 1gL~6. %s/ E L ARaldutt Mayor .-~