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HomeMy WebLinkAboutORDINANCE NO. 9297~~ ORDIIdAP1CE N0. 929? APJ ORDINANCE PROL'IDIIffG FL'1R 7$E ISSUANCE APJD SALE OF y~2,000,000.00 OF GEAtERAL OBLIGATION FONDS, OF THE Or1U ISSUE At~'fHORIZED BY THE CHARTER Afl~JEPJDlI'IENT ENTITLED ~~TO IIaiPROVE AAJD ENLARGE THE ~' ELECTRICAL AND VTATER UTILITIES OF THE CITY OF EIJGi3~rE, AND TO ISSUE X3,000,000.00 Gk~TERAL 0$= LIGATaON AND REVENUE BONDS,~~ F ` ,, ~ ~ THE CITY OF EUGffiNE DOES' ORDAT~1 AS FC?LLQWS: t Section 1, That there shall be issued and s nld as soon as may be g~racticable, and as provided by J_aw, X2,000,000.00 par value of City of Eugene, Lane County, Oregon, 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 determine, with principal and interest payable iri lawful money of the United States of America of present standard value, to be negotiable in forts with appropriate interest coupons attached and to be in denaminations of ~p1,000.00 each. Said bonds shall bear serial maturities and shall be payable in ten annual E installments of principal as follows:. The sum of X200,000.00 payable one year from and after the date of issUv, the suin of 200,000.00 payable two nears after the date of issue, the sum of X200,000.00 payable threetyears after the date of issue, the shun of X200,000.00 paw able four years after the date of is,.,ue, the sum of $$200,000.00 payable five years after the date of issue, the sum of X200,000.00 payable six years after the date of issue, the sum of t :200,000.00 payable seven years after the date of issue, the sum .of X200,000.00 payable eight ,years after the date of issue, the sum of $p200,000.00 payable ten years after the date of ' ~ issue; however any of said bonds shall be callable for the payment of principal at the option of the City of Eugene upon any interest payment date cep or after -five years from the date of issue. The principal and interest of said bends shall be payable at the office of the City Treasurer of the City of Eugene, Lane County, Oregon. These said bonds shall be sold to the ~aaghest responsible bidder for not less than ninety-eight per cent of their par value and the entire amount of accrued interest there- on, and to the bidder offering the lowest effective interest rate to the City, taking into ~ ~ .consideration and account such premiums as are offered or discount offered and such items ' of cost as have been or shall b e charged by the lxi.dder in connection vrith the purchase of the bonds, with interest being computed to the respective mntnrity dates. The Mayor and Recorder of said City are hereby au thorized to have said b cads engraved in a suitable manner and to execute the same on b ehalf of the City acid deliver~~ to the City Treasl~rer who shallchliver them to the purchaser in exchange for the purchase price 4 the roof at Portland, Oregon . ~ Section 2. The City Recorder of said City is hereby directed to publish notice of ~ ' - sale and advertise said bonds for sale at least c:¢ace each tiveek f or not less than tiro ~n- secutive weeks in the Eugene Register--Guard, a newspaper of general circulation, printed and published within the City of Eugene, Lane County, Oregrn, which notice and advertisement shall call for sealed, written bids for tha purchase of said bonds to be pa~esen~ed and f fled with the City Recorder at his office in the City Hall of said City on or prier to the hour of two o~clock P. b~. on the 18th day of April, 19l~9, at which time and place said bids shall be publicly ~"74 opened for consideration and further that the Common Council of the City of Eugene will meet at the hour of 7 :30 0 ~ clock P. M. on the said 18th day of April, 19119, in the Council Chambers in the City Hall of said City to consider said bids so opened and to accept or reject any bid so made . Said notice shall further state that the Coanmon Council reserves the right to reject any and all bids and shall state that each bid shall be accompEnied by a certified check on a bank doing business in the State of Oregon in an amount equal to two per cent of the par value of the bonds offered for sale as evidence of good faith ~ the part of the bidder; and shall further state that the opinion of Messrs . Winfree, McCullock, Bh~,tl.er, & Sayre, Attorneys at Law of Aort- land, Oregaa, shall be deemed sufficient as to -the legality of the issuance and obligation of said barnds~; and that the publication of such notice for two weeks, being three insertions, shall be deemed sunf'ficent p~tbli cation of s aid notice,.. prorided~, fiirther, that if. no satisfactory bid is received for the sale of said bonds at the time above specified, then the Common Council may re- advertise thebonds in a manner and under conditions provided in this Ordinance and as provided by 1aorv. Section 3. That the bonds. hereinbefore mentioned were duly authorized by the legal voters of said City at a special election held within the City of Eugene on Tuesday, March 1, 1919, at. which said special election the legaltivters of said City amended the charter of said City be adding thereto a new chapter entitled; "T~ improve and a nlarge the electrical and water utilities of the City of Eugene, and to issue X3,000,000.00 General Obligation and Ftevenize Bonds, " wherein and ~~hereby. the .City of Eugene, acting by and through the Eugene Water & Electric Board, formerly Eugene Water Board, was authari.zed and empowered t o improve an~ enlarge its water and electrical utilities systems,v~.thin and without the said City, by the purchase, construction and install- at ion of such units, equipment, transmission facilities and structures as shall in the judgement: ! of the said Eugene Water Board be deemed expedient, anmrenient and necessary; to secure by purchase, condemnation or otherwise, vrithin and tivithout the said City, all real estate, rights of way, properly, water rights, easements and licenses necessary or convenient to said improve- went and~largement, and to Qurch2.se.~ construct and install any and every unit, equipment, structure and appliance reasonable and necessary therefor; and therein said City was further authorized ahd empowered, through its Commit Council, to issue and s ell negotiable general obligation bonds of the said City of Lugene, in the sum of X3,000,000.00, or so much t hereof as shall be necessary for the purposes aforesaid, and further authorising the said Eugene Water Board to expend t he proceeds, with arm other available funds, in pa3~nent therefor. The payment of said bonds shall be addi tiona_~ly secured by a pledging of all or any part of the net revenues of the said Board arising from the operation of the said City's electrical and water utilities remaining after deducting the expenses of maintenance and operation, and provision for tirement of present bonded indebtedness of said utilities, or either of them, 'required for the payment of principal and interest of the bonds t o b e so sold„ and to be hereafter~~ sold as a part of the aforesaid $3,000,000.00 bond issue and also equally with other obligatiais of the Eugene Water Rc Electric Board which may be issued in the f uture, and for the creation and main- tenance of reserves and s inking funds a s shall from time to time be deemed advisable by the 1 1 1 ~;ugaZe Water c~c Electric Board for such ptarpase. - 2`75 . And that none of said bonds so authorized by said Charter Amendment having been heretofore sold the Common Council, upon resolution and request of the EuF;ene Plater & Electric Board has and does hereby deem and determine that it is nom expedient convenient and necessary t o sell the sum of ~2~000,,000.00 of saidb onds for the purpose aforesaid. Approved by the Mayor this Passed by the Common Council this 29th day of March, 19~ 9. 28 th day o f March, 19l~9 /s / V. E. Johnson /s/ Henry F. Beistel `~ yer ity Recor er it II ~~