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HomeMy WebLinkAboutORDINANCE NO. 8960523 OftDINAPdCE N0. 8960 An Ordinance authorizing the issuance and sale of ~1l~,095.98 of Improvement Bonds of the City of Eugene, Oregon, and directing that they be advertised for sale, all i,n accordance with the provisions of Chapter 21 of Title 95 of Oregon Compiled Laws annotated, commonly known as the "Bancroft Bonding Act~~ as amended; and repealing Ordinance No. 89117 -passed by the Common Council of the City of Eugene on October 11~, 1916 and approved by the Mayor on October 15, 1946. 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 con- structed within said cityy, and has assessed the cost thereof to the property abutting thereon and benefitted thereby in accordance with the provisions of the charter of said city and said city~s Ordinances, and WHEREAS, many of the owners of the property so assessed. for such improvements in a sum exceeding X25.00 have duly made and sued applications to pay said several assessments in ten annual installments in accordance vrith the provisions of said Ban- croft Bonding Act; and WHEREAS, an assessment and bond lien docket has been fully made up in accord- ance with the provisions of said borXling act, and the total amount of the unpaid assess- ments for said improvements and the laying of said sewers for which application has been made to pay therefor under the provisions of said borx3ing act is the sum of ~1k,095.98 as shoem by said bond lien docket on pages 88 to 135, inclusive, Volume 7. THE CITY OF EUGETE '.b ES ORDAIti' AS FbF,LOW'S: Section 1. That the City of Eugene, Lane County, Oregon, does hereby authorize the issuance and sale of General Obligation Improvement Bonds of said City in the amount of ~j11;,Og5.98 in serial form and i.n denominations of X500.00 each, except that the first bond shall be in the amount of X95.98, which issue of bonds shall mature in numerical order and in ten succeeding annual installments as follows: a first 3.n- stallment in the sum of X1,095.98 on two years from date of issue; and thereafter eight ar4nual ins tallmen is c f ~1, 500.00 each; and a fi nal installment in the amount of $$1,000.00, and, shall bear interest at a rate not to exceed 3~ per annum, payable semi- annually, provided, however, that said bonds. shall be subject to redemption in numerical order on interest paying dates on or after the second year from issue date. Section 2. That st!ch bonds shall be substantially in the following form: No. ~ CITY OF EUGENE, STATE OF OREGON, IrdE'F~.?VEI~ENT BOA?JS Series A KNOW ALL ~?II~J BY THESE PF~ESENTS: That the City of Eugene in the County of Lane and State of Oregon, for value received hereby promises and agrees to pay the bearer the s ~m- of in lawful money of the United States of America on the presentation and surrender of this obligation, on the 524 day of 19 ,without grace, with interest thereon in like lawful money from the date hereof until paid, or un- til the time of the semi-annual interest pavement next ensuing the pub- lication of notice by the City of Eugene that this bond will be taken up and cancelled, and the interest, ~ reon will cease at the interest payment date next following such publication, at the rate of per annum, payable semi-annually on the day of and the day of ,each year, on the presenta- tion and surrender of the proper coupons here+.,o annexed, principal and interest payable at the office of the Treasurer of the City of Eugene, Oregon. This is one of a series of bonds authorized by Chapter 21 of Title 95, Oregon Compiled Laws Annotated, as amended, commonly Imown as the "Bancroft Bondir_g Act~~ and is the general obligation of the City of Eugene, Oregon, :, and is not to be deemed or taken to be with- in or 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 hereof have been fully com- plied 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 in terest pay- ment date on or after two years from the date hereof, as provided in said bonding act. The faith and credit of the said City of Eugene are pledged for the fulfillment of the conditions of this obligation. ° IN^ VTITNESS V'IHERDJF, this bond has been signed by the Mayor and at- tested by the Recorder of the City of Eugene, Oregon, and the corporate seal of said city has been hereunto affixed this da.y of , lq ° Attest: _ City Recorder ___.. ayor Section 3. That there shall be attached to each of said bonds suf ficient semi-annual interest coupons numbered numerically from the date of issue until maturity date thereof, each of which shall be substantially in the following form: J~~ No. City of Eugene, State of Oregon va-ill pay to the bearer ~ in lavrful money of the United States of America at the office of the Treasurer of said city on ~I the day of , l9 ,being six months ~~ ~ interest on Improvement Bond No. ,Series , IInless said I _ ' bond is sooner redeemed as therein provided, vrhich redemption will ~~ render this coupon void. City Recorder A~ayor Section !~. That the Mayor of said City is aut horized and directed to sign said bonds and the coupons attached thereto, and the City Recorder to counter- sign the same and attach the seal of the City thereto for and on behalf of sand City. Section 5. That the City Recorder is directed to register said bonds consecutivel~r by number and denominations of each in a book to be kept by him, to be known and designated as the '~Imprevercent Bond Register, ~' and he shall also cause to be distinctly and plainly printed on the face of each of said bonds the registered number of such bond, and the words ftlmprwe~ent Bonds-~ vrith the name of the City of Eugene, Oregon issuing the same. Section b. 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 Common Council of said city on Monday, December 9th, 1846, bar 3 publications of such advertisement and notice of sale and call for bids in the Eugene Register Cuard, printed and published in Eugene, Oregon, not less than 15 days before said hearing and opening of bids, and in said notice of sale set forth that the bonds vdll be sold to the highest bidder therefor or for any portion thereof for not less than par with accrued interest, 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 City of Eugene, Oregon, at any time before 7:30 P. ;4. on the 9th day of December, 191~b, at which time and glace the bids for the purchase of said bonds will be opene d and considered by the Common Council of said city. Section 7 . That Ordinance No . 8947 of the City of F~ugene passed b y th e Common Council on October ].1~, 19116 and approved by the flgayor of said City on October 15, 191tb, be and the same is hereby repealed. Approved by the Mayor this 13th day of November, 191}6 Passed by the Common Council this 12th day of November, 191}6 /s/ Earl L. McNutt __.__ Mayor ,mss/ John Fiel ds City Recor er