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HomeMy WebLinkAboutORDINANCE NO. 9270~. ~4:`~ ORDINANCE N0. 9270 AN ORDIPIAA'CE I'HOVIDIT~IC= FOR THP; ISSI7ANCFi AND SALE OF ~l~0,000.00 OF GEPTERAL OBLIGATIOPI 1~P1D.9, OF THIS, BOPdD IS~)UE A]7THORIZED BY TIDE CHARTER AMENDPtI~NT ENTITLED "TO IMPROVE AND ~1LARGF. CITY SF~~"~fAr,E AND DIIAINAGE SYSTI,M INCLUDING AMAZON DNAIPIAGE CHANNL'L ATv'D `i'0 ISSUF $~1~00;000.00 GEP1EI~l~L OBLIGATIOPI BOPIDS." T1~: CITY OF FUC=EAtE DOES ~JRDAIN AS FOLLOVdS Section 1. That there shall be issued and sold as soon as may be ~1~0,000.00 par value of Cit~r of Eugene General Obligat;_on bonds, to .bear interest at a rate not to exceed six per cen per annum, payable semi-annually, to bear such date as the Common Council shall determine, with principal and interest payable in laVrful money of the united States of America. of pre- sent standard value, to be negotiable in form yvith appropriate interest coupons attached and to be i_n denominations of X1,000.00 each. Said bonds shall bear serial maturities and shall be payable in fourteen annual installments of principal as follows: The sum of ~1,000.0U payable ttivo years from and after the date of issue, the sum of ~~3,000.00 payable three years after the date of issue, the sum of X3,000.00 payable four years after the date of issue, the sLUn of X3,000.00 parable five years after the date of issue, the sum of `3,000.00 payable six years after the date of issue, the sum of y~3,000.00 payable seven ,years after the date of issue, the sum of ~p3,000.00 payable eight years after the date of issue, the sum of X3,000.00 payable nine ,years after the date of issue, the sum of y~3,000.00 pa gable ten years after the date of issue, the sum of v~3,000.00 payable eleven years after the date of issue, the sum of x,3,000.00 payable twelve years after the date of issue, the stun of $p3,000.00 payable thirteen years after the date of issue, the sum of :3,000.00 pa,aable fourteen years after the date of issue, the sum of X3,000.00 payable fifteen years after the date of issue; however, all of said bonds shall be callable a.t the option of the City of Eug=ene after five years from the date of issue. The principal and interest on said bonds shall be payable at the office of the City Treasurer of the City of Eur;ene, provided that the Common Council and purchaser may agree that said principal and interest shall be payable elsewhere. The D.4ayor a1 d Recorder are hereby authori zed to have said bonds engraved in a suitable manner anal to execute the same on behalf of the City and deliver them to the City Treasurer who shall deliver th~>m to the purchaser in exchange for the purchase price thereof. Said bonds shall be sold at a price to net the City not less than }ter value and accrued interest. Section 2. Said bond shall be advertised for s<<le at least once each week for not less ~i than two successive weeks in a nevrspaper of general circulation, printed and published within the Cit~r of Eu; erg, Lane County, Oregon, which notice shall call 1'or sealed written bids for the purchase of said bonds and shall state that the Common Council of the City of Eugene will meet at the hours of 7:30 p.m. on the - day of __^_ , 199, 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 bi.d shall be accompanied b,y a certified check on a bank doing business in this state in an amount equal r~~ to 2 per cent 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 oi' such notice for two v~Teeks, being three in- sertions, 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 lavr. Section 3. The bonds hereinbefore mentioned were duly authorized by the legal voters of said city a.t an election held in the City of Eugene on Friday, 14ay 21, 1~1~8, at which said election the legal voters of the City amended tt~e charter of said city by adding thereto a new chapter entitled: "To improve and enlarge City's sewage and drainage system including Amazon drainage channel and to issue $L~00,000.~:)0 General Obligation bonds." wherein and wYiereby the Common Council of the City of Eugene eras authorized, empowered and directed to issue and sell negotiable general obligation bonds of the City of Eugene in the amount of.' ~v1i00,000.00, or so much thereof as shall from time to tome be needed for the purpose of constructing, repairing, extending and enlarging the sewage and drainage system of the City of Eugene and the Amazon drainage channel, and to secure and purchase real estate rights of wa,.~ and easements and to repair and reconstruct bridges crossing the F-mazon drainage channel, and' only X30,000.00 of the said bonds so authorized.by said charter amendment having been sold, the Common Council does hF:reby deem and determine that it is now expedient, convenient, and necessary to sell the sun of X40,000.00 of said bonds for the purpose aforesaid. Approved by the u'iayor this Passed by the Common Council 2~th day of January, 191:9. this 21tth day of January, 19L~9. /s/ V. E. Johnson Mayor /s/ Henry F. ~3eistel City Recorder 1 I r