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HomeMy WebLinkAboutORDINANCE NO. 9212x.50 ORDINANCE N0. 9212 ''~ !t An Ordinance providing for the issuance and sale of x;120,000.00 of General 'I j Obligation Bonds, being the bond issue authorized by the Charter Amendment ~~ I entitled, ~,To erect fire department sub-stations, fire alarm system, and ~I purchase fire fighting equipment, and to issue ~v120,000.00 General Obliga- tion Bonds . ~~ I~ THE CITY OF EUGENE DOES ORDAIN AS FOLL(NlS: j Section 1. That there shall be issued and sold as soon as may be X120,000.00 par value ;j of City of Eugen General Obligation Bonds, to bear interest at a rate not to exceed six ~ per cent per annum, payable semi-annually, to bear such date as the Common Council shall i ~ determine, with principal and interest payable in lavrflil money of the United States of ~,~ ~ ~i America of present standard value, to be negotiable in form with appropriate interest ,~ coupons attached, and to be in denominations of X1,000.00 each. Said bonds shall bear ;I serial maturities and shall be payable in fourteen annual installments of principal as ~I i follows: The stun of xV8,000.00 payable two years from and after the date of issue, the sum of ~~ ~ X8,000.00 payable three years after the date of issue, the sum of X8,000.00 payable four ~~ I ,~ years after the date of issue, the sum of X8,000.00 payable five years after the date of '~ i issue, the sum of X8,000.00 payable six years after the date of issue, the sum of X8,000.00 i payable seven years after the date of issue, the sum of X8,000.00 payable eight years after the date of issue, the sum of 58,000.00 payable nine years after the date of issue, the ' sum of X8,000.00 payable ten years after the date of issue, the sum of X8,000.00 payable ~. ~ eleven years after the date of issue, the sum of X10,000.00 payable twelve years after date i of issue, the sum of Sv10,000.00 payable thirteen years after the date of issue, the sum of $10,000.00 payable fourteen years after the date of issue, the sum of X10,000.00 payable ,~ fifteen years after the date of :issue. However, all of said bonds shall he callable by the ;~ ~~ ~, City of Eugene five years after the date of. issue. The principal and interest on said bonds ~! '~ sha7_l be payable at the office of the City Treasurer of the City of Eugene, provided that ~I the Common Council and urchaser ma a ree that said p y g principal and interest shall be payable ~ elseware. ~ li The Piayor and Recorder are hereby authorized to have said bonds engraved in a suitable manner and to execute the same on behalf of the City and deliver them to the City Treasurer I ;a who shall deliver them to the purchaser in exchange for• the purchase price thereof. I Said bonds shall be sold at a price to net the City not less than par value and accrued !' i interest. Section 2. Said bonds shall be advertised for sale at least once each week for not ~ less than tyro successive weeks in a newspaper of general circulation printed and published _ i. within the City of Eugene, Lane County, Oregon, vrhich notice shall call for sealed written bids for the purchase of said bonds and shall state that the Common Council of the City of 'i Eugene will meet at the hour of 7:30 P.r,~. on the 13th day of September, 1918, in the Council I '~ Chamber in the City of Eugene, to open a.nd consider said bids. Said notice shall state that . ~~ I Il 1 ~'~~ the Council reserves the right to reject any and all bids and shall state that each bid shall be 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 I i part of the bidder, and tht~.t the publication of such notice for two weeks, being three in- ~ sertions, shall he deemed sufficient pub~l; cation of said notice, provided further, that if i no satisfactory bid is received for the sale of said bends at. the time above specified, then the Corarnon 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 yore dul~* authorized by the legal voters of said City at an election held in tlvr Cit;* of Eugene on Friday, r~lay 21, 1948, at vrhich said election the legal voters of the City amended the Charter of said City by adding there- to a ne!v chapter entitled: ~~To erect fire department sub-stations, fire alarm system and purcha.,e fire fighting er~ui~xnent and to issue ~~120,000.00 General Obligation Bonds, wherein and whereby the Common Council of the Citr of Eugene !~•ras authorized, empowered and directed to issue and sell negotiable uer;eral Obligation Bonds of the City of Eugene in the amount of X120,000.00, or so rnach thereof as shall from time to time be needed for the r:urpose of purchasing, erecting and installing two fire department sub-stations and fire fighting equipment, including a fre alarm system and aerial ladder truck for the City of Eugene, 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 novr expedient, convenient and necessary to sell the svm of X120,000.00 of said bonds for the purpose aforesaid. 1 1 Approved by the r:Ia~ror thi s 24th day of August, 1948 /s/ Earl L , r~crJutt ayor Passed by the Conunon Council, this 23rd day of x~ugust, 1948 /s/ Henry F. 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