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HomeMy WebLinkAboutORDINANCE NO. 909542 ORDINANCE NO. 9095 An Ordinance authorizing the issuance and sale of ~1.~8,578.96 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, Oregon Compiled Laws Anno- tated, commonly known as the "Bancroft Bonding ACTT 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 const- rutted within said city, and has assessed the cost thereof to the property abutting the- reon and benefitted thereby in accordance wit r. the provisions of the charter of said city and said city's ordinances; and WHEREAS, many of the oVmers of the property so assessed for such improvements in a sum exceeding X25.00 have duly made and signed applications to pay said several assess- ments in ten annual installments in accordance with the provisions of said Bancroft Bonding Act; and WHEREAS, an assessment and bond lien docket has been fully made up in accordance with the provisions of said bonding act, and the total amount of the unpaid assessments for said improvements and the laying of said sewers for which application has been made to pay therefor under the provisions of said bonding act is the sum of ~l~8,578.96 as shown by said bond lien docket on pages ].I.{.0 to 197 inclusive, of Volume 7. THE CITY OF EUGENE DOES ORDAIN AS FOLLOWS; Section 1. That the City of Eugene, Oregon, does hereby authorize .the issuance and sale of General Obligation Improvement Bonds (Series B) of said City in the amount of ~SL~.,578.96 in serial form and in denominations of X1,000.00 each, except that the first bond shall be in the amount of X578.96, which issue of =bonds shall mature in namberieal order and iri ten succeeding annual installments as 'follows: A first installment in the sum of X3,578.96 on one-year from date of issue; and thereafter eight annual installments of X5,000.00 each] and a final i?istallment in the sum of X5,000.00, and shall bear interest at a rate not to exceed 6~ 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 such bonds shall be substantially in the following form: No. ~ ~ CITY OF EUGENE, S.lATE OF OREGOFI, IMPROVEh~ENT BONDS Series B. KNOW ALL N1EN BY THESE PRENTS; 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 sum of ~ in lawful money of the United States of America on the presentation and surrender of this obligation, on the day of , 19 , without grace, with interest thereon in like lawful money from the date hereof until paid, or until the time of the semi-annual interest payment next eznsuing the publication 1 1 1 43 i+ of notice by the City of Eugene that this bond will be taken up and concelled, and the ~~ ', interest thereon will cease at the interest payment date next following such pub - ~i ! lication, at the rate of ~ per annum, payable semi-annually on the day of ~ ~ and the day of , each year, on the Ares- entation and surrender of the proper coupons hereto annexed, principal and interest i ~~ 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 Ij ~ ';~ Annotated, as amended, commonly known as the "Bancroft Bonding Act" and is the general ~~ i `j obligation of the City of Eugene, Oregon,~and is not to be deemed or taken to be i ;! within or to be any part of the indebtedness of said city as limited by law; and it I, !~ Ij is further certified that all the requirements of the laws relating thereto and of ~~ II~ the issuance hereof have been fully complied with by the proper officers of said city, 4f~ ~! and that the total amount of this issue does not exceed the limit prescribed by said ~I act. !! ; ~j This bond is redeemable at the office of the Treasurer of said City of Eugene, i upon the payment of the face value thereof with accrued interest at the date of payment ~ on any semi-annual coupon interest payment date on or after two years from the date '~ ~ ! I hereof, as provided in said bonding act. ~ ~ ~ The faith and credit of the said City of Eugene are pledged for the fulfill- ' I 4 ~ l ment of the conditions of this obligation. i~ ~! IN V7ITNESS tiVF~REOF, this bond has been signed by the Mayor and attested by the I !~ Recorder of the City of Eugene, C}regon, and the corporate seal of said City has been j ~~ hereunto affixed this day of , 19 ~ ~..._ ~ ' ~ Attesi; x I '' i '~~ I~ City Recorder B~,yor ' ~~ Section 3• That there shall be attached to each of said bonds sufficient ,' ~ semi--annual interest coupons numbered numerically from the date of issue until maturity ~I date thereof, each of which shall be substantially in the following form= , j No. _ City of Eugene, State of l~regon i! ~+ will pay to the bearer $ in lawful money of the United States of America at the office of the Treasurer of said City on the day of ~ F ~! , 19 ,being six months' interest on Improvement ! iI I; Bond No. , Series B, unless said bond is sooner redeemed as therein i I; I, I provided, which redemption will render this coupon void. I~ I' I~ City Recorder N1a,yor 1 ~ Section la.. That the Mayor of said City is authorized and directed to sign said ,4 i bonds and the coupons attached thereto, and the City Recorder to countersign the same ~ ~ !~ and attach the seal of the City tb,ereto for and on behalf of said City. i l ~4 Section 5• That the City Recorder is directed to register said bonds consecutively by number and denominations of each in a book to be kept by him, to be known. and desig- Hated as the "Improvement 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 r~Improvement Bonds" with the name of the City of ~lzgene, Oregon, issuing the same. Section 6. That the City Recorder is hereby directed to advertise said bonds for dale and call for bids on said bonds to be opened at the meeting of the Common Council of said city on , 19I}$, by Two publications of such advertisement t and notice of sale and call for bids in the Eugene Register Guard, 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 will 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 Rall in the City of Eugene, Oregon, at any time, before 7x:30 P.M. on the day of , 1~.8, at which time and place the bids for the purchase of said bonds will b e opened and considered by the Common Council of said City. Approved by the 1!fayor,.this day of January, 191.8 • Passed by the Common Council this day of January, 1918. Mayor City Recorder 1 1 0 1