HomeMy WebLinkAboutORDINANCE NO. 8961I
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ORDINANCE ~P10. 8961
An Ordinance providing for the issuance and sale of ~~~-0,000.00 of the bond
issue authorized by the Charter Amendment entitled, ~~to extend and enlarge
} street and highvray system of the City and to issue ~p500,000.00 General Ob-
~ ligation Bonds . ~~
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THE CITY OF EUGENE DUES ORDAIN AS FOLI~i S
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j Section 1.. That the re shall be issu°d and sold as so on as may be X50,000.00
par value of City of Eugene General Obligation Bonds, to bear interest at a rate not
to exceed 3~ per annum, payable semi-annually, to bear su ch date as the Common Council
shall determine, vrith principal and interest payable in lawful money of the United
~ States of America of present standard value, to be negotiable in form with appropriate
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interest coupons attached, and to be in denominations of X1,000.00 each. Said bonds
'; shall bear serial maturities and shall be payable in three annual ins ta11m~ is of
j principal as follows: the sum of X16, 000.00 payable one year from and after the date
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f of issue, the sum of ~p17,000.00 payable two years after date of issue, and the sum of
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~ $17,000.00 payable three years after the date of issue. The principal and interest
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~ on said bonds shall be payable at the office of the City Treasurer of the City of Eugene,
provided that the Common Council and purchaser may agree that said principal and
interest shall be payable elsewhere.
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The Mayor. and Recorder are he reby authorizPd'to have said bonds engraved in
a suitable manner and to execute the same on behalf of the City ana3 deliver them to
the City Treasurer who shall .deliver them to the purchaser in exchange for the purchase
price the reof .
Said bonds shall be sold at a price to net the City not less than 98~ of
t~ieir par value and accrued interest.
Section 2. Said bonds shall be advertised for sale at least once each week
for not less than two successive weeks in a newspaper of general circulation printed
I and published within the City of Eugene, Lane County, Oregon, which notice shall call
for sealed written bids for the purchase of said bonds and shall state that the Com-
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i mon Council of the City of Eugene will meet at the hour of 7:30 Y. M. on the 9th da~T
of December, 19l~6, in the Council Chanbers in the City of Eugene, to open and con-
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sider said bids. Said notice shall state that the Counc it reserves the right to re-
i 3ect any and all bids and shall state that each bid shall be accompanied by a
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~ certified check on a bank doing business in this state in an amount equal to 2~ of
the par value of the bonds offered for sale as evidence of good faith on the part of
the bi dder, and that the publ icati_on of such notice for two weeks, being three in-
sertions, shall be deemed sufficient publication of said notice, provided, further,
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that if no satisfactory bid is received for the sale of said bonds at the time above
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specified, then the Common Councd_1 may readvertise the bonds in a manner and. under
conditions provided in this ordinance and as provided by lavr.
Section 3. The bonds he reinbefore n~ntioned were. duly authorized by the
legal voters of the City at an election held in the L'ity of Eugene on Friday, May 17,
1946, at which said election the legal voters of-the City amended the Charter of said
city by adding thereto anew chapter en titled: ++to extend an~a enlarge the street and
highway system of the City and t,o issue X500,000.00 General Obligation Bonds++, where-
in aril. whereby the Common Council of the City of Eugene was authorized, empowered and
directed to issue ~d sell negotiable General Obligation Bonds of the City of Eugene
in the amount of X500,000.00, or ; so much the reof as shall from tame to time be
needed for the purpose of extending and enlarging the street and highway system with-
in the City, and none of the said bonds so authorized by said charter amendment hav-
ing been sold the Common Council does hereby deem and determine that, it is now
expedient, convenient and necessary to sell the sum of X50,000.00 of said bonds for
the purpose aforesaid.
~ ~i Approved by fine Mayor this Passed by the Common Counc it
~I 13th day of November, 1916 this 12th day of November, 1g1t6
/s/ Earl L. )McNutt
b?ayor
/s/ John Fields
ity Recor er