HomeMy WebLinkAboutORDINANCE NO. 9211~48
ORDIPIANCE N0. 9211
An ordinance providing for the issuance and sale of X30,000.00 of General II
Obligation Bonds, of the bond issue authorized by the Charter Amendment i
entitled "to improve and enlarge city sewage and drainage system including ~;
Amazon drainage channel and to issue ~1~00,000.00 General Obligation Bonds." ';
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THE CI Ti' OF EUGEAJE DOES ORDAITd AS FOLLOWS :
Section 1. That there shall be issued end sold as soon as may be ~v30,000.00 par value
' of City of Eugene General Obligation Bonds, to bear interest at a rate not to exceed six per
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cent per annum, parable semi-annually, to bear such date as the Common Council shall deter- ~I
mine, ~rrith principal and interest payable in lawful money of the United States of American ~;
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of present standard value, to be negotiable in form with appropriate interest coupons attached
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and to be in denominations of X1,000.00 each. Said bonds shall bear serial maturities and ~
~ shall be ~ able in fourteen annual installments of
~ p~ y principal as follows: The sum of $?2,000.00 r
~ payable two years from and after the date of issue, the sum of X2,000.00 payable three years ~,
~ after the date of issue, the sum of X2,000.00 payable four years after the da.tc of issue, the ,'i
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j sum of ~j2,000.00 payable five years after the date of issue, the sum of X2,000.00 payable ',I
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six years after the date of issue, the sum of 5;;2,000.00 payable seven years after the date i
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of issue, the sum of X2,000.00 payable eight years after the date of issue, the sum of X2,000.00 ~'
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payable nine years after the date of issue, the sure of ,?2,000.00 payable ten years after ICI
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I the date of issue, the slam of ~w2,000.00 payable eleven years after the date of issue, the
sum of w~2,000.00 payable ttirelve years after the date of issue, the sum of X2,000.00 payable ~'
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thirteen years after the date of issue, the sum of X3,000.00 payable fourteen years after ~'
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the date of issue, the sum of $P3,000.00 payable fifteen years after the date of issue; '~
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i However, all of said bonds shall be callable at the option of the City of Eugene after five ~~
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years from the date of issue. The principal and interest on said bonds shall be payable at ~
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I the office of the City Treasurer of the City of Eugene, provided that the Common Ceuncil
and purchaser may agree that said principal and interest shall be ~~rable elsevrhere.
The Mayor and Recorder are hereby authorized to have said bonds engraved in a suitable
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I manner and to execute the same on behalf of the City and deliver them to the City Treasurer
who shall deliver them to the purchaser in exchange for the purchase price thereof.
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Said Bonds shall be sold at a price to net the City not less than par value and Accrued
interest. 'I
Section 2. Said bonds shall be advertised for sale at least once each vreek for not ;~
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less than tyro successive weeks in a nevrspaper of general circulation printed 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 Common Council of the City of
Eugene vrill meet at the hour of 7:30 P.M. on the 13th day of September, 19l~8, in the Council
Chambers in the City of Eugene, to open and consider said bids.. Said notice shall state
that the Council reserves the right to reject any and all bids and shall state that each bid
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shall ~,e accompanied by a 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 bidder, and that the publication of such notice for two weeks,
being three insertions shall be deemed sufficient .publication of said notice, provided,
further, that if no satisfactory bid is received for the sale of said bonds at the time
above specified, then the Common Council may readvertise the bonds in a manner and under
conditions provided in this ordinance and as provided by law.
Section 3. The bonds hereinbefore mentioned were duly authorized by the legal voters
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of said City at an election held in the City of Eugene on Friday, i~ay 21, 19l~8, at which
said election the legal voters of the City amended the Charter of said City by adding the re-
to a new chapter entitled: "To improve and enlarge City's sewage and drainage system
including Amazon drainage channel and to issue ~pl~00,000.00 General Obligation Bonds, "
wherein and whereby the Common Council of the City of Eugene was authorized, empowered
and directed to issue and sell negotiable General Obligation Bonds of the City of Eugene
in the amount of ~1~00,000.00, or so much thereof as shall from time to time be needed for
the purpose of constructing, repairing, extending and enlarging the sevrage and drainage
system of the City of Eut~ne and the ~unazon Drainage channel, and to secure and purchase
real estate rights of way and Basemen is and to repair and reconstruct bridges crossing
the Amazon drainage channel, and none of the said bonds so authorized by said charter
amendment having been sold the Common Council does hereby deem and determine that it is
now expedient, convenient, and necessary to sell the sum of ~p30,000.00 of said bonds for
the purpose aforesaid.
Approved by the Mayor t his 21~th day of
August, 198
~s~ Earl L. NIcPlutt
Mayor
Passed by the Common Council
this 3rd day of August, 19.8.
~s~ Henry F. Beis tel
City Recorder