HomeMy WebLinkAboutAdmin Order 44-83-01
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ADMINISTRATIVE ORDER
OF
THE CITY MANAGER
CITY OF EUGENE
Pursuant to Sections 2.022 and 2.023 of the Eugene Code, 1971, the
City Manager is authorized to establish by Administrative Order the interest
rate to be charged on sums due the City.
The City Manager finds that:
A. The rates for assessments payable in installments should reflect
the actual cost to the City of the bonds issued to finance the improvements
and an override for administrative costs. A two percent override is a reason-
able estimate of the administrative costs incurred by the City.
B. Eighteen percent (18%) per annum is a reasonable rate to be charged on
amounts owed to the City.
C. Similarly situated obligors will pay the same interest rates.
Based upon the above findings of fact, the City Manager hereby orders that:
1. The interest rate on assessments payable in installments shall
be two percentage points above the interest rate payable by the City on the
most recent assessment bonds issued by the City. This rate is subject to change
to reflect the actual interest rate payable by the City on the bonds issued to
finance the improvement which is being paid in installments. When such bonds
are issued the interest rate shall be adjusted upward or downward to a rate
equal to two points over the rate of the bonds. The change shall be retroactive
to the last billing and interest at the revised rate shall commence on the day
after the last billing
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2. Except as otherwise provided in the Eugene Code, 1971, this
Administrative Order and by contract, the interest rate per annum on all
amounts due the City shall be 18%.
3. This Administrative Order shall become effective July 1, 1983
for the interest rate on assessments and June 15, 1933 on other amounts owed
the City.
DATED this I l~ day of
, 1983.
l~~i'Che
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