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HomeMy WebLinkAboutOrdinance No. 19305DRDINAf~CE NO. 19305 AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF TWO MILLION TWO HUNDRED THIRTY-FIVE THOUSAND DOLLARS x$2,235,000} GENERAL OBLIGATION BANCROFT IMPROVEMENT BONDS, SERIES "K" DF THE CITY OF EUGENE, OREGON, AND DIRECTING THAT THEY BE ADVERTISED FOR SALE, ALL IN ACCORDANCE WITH THE PROVISIONS OF CHAPTER 223, OREGON REVISED STATUTE5, COMMONLY KNOWN AS THE BANCROFT BONDING ACT, AND APPOINTING A REGISTRAR, AND DECLARING AN EMERGENCY. WHEREAS, the City of Eugene, Oregon has heretofore caused certain streets to be improved and certain sewers to be laid and installed and certain sidewalks to be constructed or to be constructed within said City, and has assessed or preassessed the cost thereof to the property abutting thereon and benefited thereby in accordance with the provisions of the Charter of said City and said City's ordinances, and, ~iHEREAS, many of the owners of the property so assessed or preassessed for such improvements in a sum exceeding $25.00 have duly signed applications to pay said several assessments semiannually for ten successive years in accordance with the provisions of said Bancroft Bonding Act, and, WHEREAS, an Assessment and Bond Li en.Dacket has been fully made up in accordance with the provisions of said Bonding Act, and the total amount of unpaid assessments and preassessments for said improvements for which appl~cat~ons have been made to pay therefore under the provisions of said Bonding is the sum of $2,235,000 as shown by the Bond Lien Docket of the City of Eugene, Oregon, naw, therefore, THE CITY OF EUGENE ODES ORDAIN AS FOLLOWS: Section 1. Authorization. The City of Eugene, Oregon, does hereby authorize the issuance and sale of General Obligation Bancroft Improvement Bonds, Series "K", of the City of Eugene, Oregan, in the amount of Two Million Two Hundred Thirty-Five Thousand Dollars x$2,235,000}, to be dated June 1, 1985, to be numbered consecutively from one ~1} to four hundred forty seven X441}, inclusive, to be in denominations of Five Thousand Dollars x$5,400} each, to bear interest payable semiannually on December 1 and June 1 of each year and to mature serially in numerical order as follows; $225,04D on June 1 in each of the years of 1986 to 1992, inclusive; and $220,000 on June 1 in each of the years of 1993 to 1995 inclusive. Page 1 ~ Ordinance Section ~, Authentication Re istration and Transfer. ~ 1} No bond shat 1 be entitled to any right or benef i t under this ordinance the "Band Ordinance"} unless it shall have been authenticated by an authorized officer of the City's paying agent and registrar the "Registrar"}. The Registrar shall authenticate all bonds to be delivered at closing of this band issue, and shall additionally authenticate all bonds properly surrendered for exchange or transfer pursuant to this Bond Ordinance. ~2} A11 bonds shall be in registered farm. The City hereby appoints OREGON FIRST BANK to serve as Registrar. A successor Registrar may be appointed for the bonds by ordinance or resolution of the City. The Registrar shal 1 provide notice to bondowners of any change in the Registrar not later than the bond payment date fallowing the change in the Registrar, (3} The ownership of all bonds shall be entered in the bond re inter g maintained by the Registrar, and the City and the Registrar may treat the person listed as owner in the bond register as the owner of the bond for all purposes. ~4} The Registrar shall mail each bond payment to the name and address of the bondawner as it appears on the band register on the fifteenth day of the month preceding a band payment date the "Record Date"}. Tf payment is so mailed, neither the City nor the Registrar shall have any further l i obi l i ty to any party~~ far such payment. ~5} Bands may be exchanged for an equal principal amount of bonds of the same maturity which are in different denominations, and bonds may be transferred to other owners if the bondowner submits the following to the Registrar: ~a} written instructions for exchange or transfer satisfactory to the Registrar, signed by the bondowner or his attorney in fact and guaranteed or witnessed in a manner satisfactory to the Registrar; and (b) the bonds to be exchanged or transferred. ~5} The Registrar shall not be required to exchange or transfer any bands submitted to it during any period beginning with a Record Date and ending on the next following payment date; however, such bands shall be exchanged or transferred promptly following that payment date. ~7} The Registrar shall Hate the date of authentication on each band. The date of authentication shall be the date on which the bondawner's name is listed on the band register. ~S} Far purposes of this section, bands shall be considered submitted to the Registrar an the date the Registrar actually receives the materials described in subsection ~5} of this section. Page 2 -Ordinance ~9} The City may alter these provisions regarding registration and transfer by mailing notification of the altered provisions to all bondowners. The altered provisions shall take effect an the date stated in the notice, which shall not be earlier than 45 days after notice is mailed. Section 3. Security. The City has assessed the cost of public improvements to benefited properties and all monies collected therefrom shall be placed in the Bancroft Bond Redemption Fund and applied to the payment of principal and interest an these bands, The full faith and credit of the City are also pledged to the successive holders of each of the bands and of the interest coupons appertaining thereto, for the punctual payment of such obligations,~when due; and the City shall levy annually, if required, a direct ad valorem tax upon all of the taxable property within the City in sufficient amount after taking into consideration discounts taken and delinquencies that may occur in the payment of such taxes, to pay the bond and bond interest obligations promptly as they respectively mature; and the City covenants with the holders of its bands, to levy such a tax annually as required during each year that any of the bonds, or of bonds issued to refund them, and band interest obligations, are outstanding. Section 4. Farm. The bands shall be in substantially the following form, the terms of which are hereby adopted: UNITED STATES OF AMERICA STATE OF GREGaN COUNTY OF LANE CITY QF EUGENE GENERAL QBLIGATTDN BANCROFT IMPROVEMENT BAND, SERIES "K" No. City of Eugene, in the County of Lane, State of Oregon, acknowledges itself indebted and far value received hereby promises to pay or registered assign, the principal sum of Five Thousand Dollars $5,000} an the above maturity date, together with interest thereon from the date hereof at the rate per annum indicated above. Interest is payable semiannually on the 1st day of June and an the 1st day of December in each year until maturity, commencing June 1, 1985. Interest upon this bond is payable through the office of the City of Eugene's paying agent and registrar the "Registrar"} by check or draft; checks or drafts will be mailed to the name and address of the registered owner as it appears on the bond register on the fifteenth day of the month prior to the date on which interest comes due. Bond principal is payable upon presentation and surrender of this bond to the Registrar. ADDITIONAL PROVISIONS DF THIS BOND APPEAR DN THE REVERSE SIDE; THESE PROVISIONS HAVE THE SAME EFFECT AS IF THEY SERE PRINTED HEREIN. Page 3 - Ordinance IT IS HEREBY CERTIFIED, RECITED, AND DECLARED that all conditions, acts, and things required to exist, to happen, and to be performed precedent to and in the issuance of this band have existed, have happened, and have been performed in due time, form, and manner as required by the Constitution and statutes of the State of Oregon and the Charter of the City of Eugene, Oregon; that the issue of which this bond is a part, and all other obligations of such City, are within every debt limitation and other limits prescribed by such Constitution, statutes and Charter; and that the City Council has covenanted to levy annually a direct ad valorem tax upon all taxable property within the City in an amount sufficient, with other available funds, to pay the interest on and the principal of the bands of such Issue as they become due and payable. ,• IN WITNESS WHEREOF, the City Council of the City of Eugene, Lane County, Oregon, has caused this bond to be signed by facsimile signature of its Mayor and attested by facsimile signature of its Recorder, and has caused its seal to be affixed hereto or printed hereon as of this Ist day of June I985. May ,City of Eugene, Oregon ATTEST: ~-ss~,Recorder, City Eugene, Oregon THIS BOND SHALL NBT BE 1JALID UNLESS PROPERLY AUTHENTICATED BY THE REGISTRAR IN THE SPACE INDICATED BELOW. CERTIFICATE OF AUTHENTICATION This is one of the City of Eugene, Oregon General Obligation Improvement Bonds, Series K, issued pursuant to the Bond Ordinance described herein. DATED By Authorized Officer Page 4 - Ordinance Nate to Printer; The following language should be printed on the reverse of the band: This bond is one of the General Obligation Bancroft Improvement Bonds, Series K, of the City, and is issued by the City to finance local improvements pursuant to an ordinance of the City (the "Band Ordinance"} and Oregon Revised Statutes Sections 223.205 to 223.295, in full and strict accordance and compliance with all the provisions of the Constitution and Statutes of the State of Oregon and the Charter of the City. . The bondowner may exchange or transfer any bond only by surrendering ~t, together with a written instrument of exchange ar transfer which is satisfactory to the Registrar and duly executed by the registered owner or his duly authorized attorney, at the office of the Registrar in the manner and subject to the conditions set forth in the Bond Ordinance. ASSIGNMENT FOR VALUE RECEDED, the undersigned sells, assigns and transfers unto Please insert social security or other identifying number of assignee the within Bond and does hereby irrevocably constitute and appoint as attorney to transfer this Band on the books kept for registration thereof with the full power of substitution in the premise. Dated: NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within bond in every particular, without alteration or enlargement or any change whatever. Signature Guaranteed MBank, Trust Company ar Firms Authorized Officer The following abbreviations, when used in the inscription on the face of the within Bond, shall be construed as though they were written out in full according to applicable laws ar regulations. Page 5 - Ordinance TEN CDM -~ tenants in common T'EN ENT -- as tenants by the entireties JT TES ~-- as joint tenants with right of survivorship ~REGDN (Minors Name) and not as tenants in cammon CUSTODIANS use the following COST UL DREG as custodian under the laws of Oregon MIN for Additional abbreviations may alsa be used though nat in the list above. Section 5. Sale. The Finance Officer shall cause to be published a notice of sale, in the manner provided by DRS 281.014 to 287.025, in at least two ~2~ issues of the Eugene Register Guard, a newspaper of general circulation, printed and published within the City of Eugene, Lane County, Oregon and a summary thereof, once in the Daily Journal of Commerce, a newspaper of general circulation, printed and published within the City of Portland, Multnomah Caunty, Oregon, which notice shall call for sealed, written bids far the purchase of said bonds to be presented and filed with the Deputy Finance Officer at his office in the City Hall of the City on or prior to the hour of 11:00 a.m., Pacific Time, on the 13th day of March 1985, at which time and place said bids shall be publicly opened for consideration and further that the Council of the City of Eugene will meet at the hour of 12:00 Noon, Pacific Time, on the 13th day of March, 1985, in the Council Chamber in the City Hall of the City to consider the bids so opened and to accept or reject any bid sa made. The notice of sale shall further state that the bonds will be said to the bidder offering the lowest true interest cost to the City for not less than one hundred percent X100%} of par with accrued interest, and that each bid sha11 be accompanied by a certified or cashier's check on a solvent commercial bank in the State of aregon in an amount equal to two percent ~2~~ of the par value of the bonds offered far sale as evidence of good faith on the part of the bidder, Section 6. Emer ency. This ordinance being necessary for the immediate preservation of the public peace, health and safety of the City of Eugene, in order to obtain sufficient funds to pay for public improvements, an emergency is hereby declared to exist and this ordinance sha11 be in full force and effect immediately upon its passage by the Council and approval by the Mayor. PASSED by the unanimous vote of the Council, with a quorum in attendance, this 23rd day of January, 1985. APPRD~JED by the Mayor this 23rd r~~v of ,lan~~arv 1AR~ ATTEST ~~~. ~_ ~s~~ Recorder A Page 6 -~ Ordinance