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HomeMy WebLinkAboutOrdinance No. 193111 ORDINANCE Na. X9311 AN ORDINANCE REPEALING ORDINANCE ND. 19305 AND AUTHORIZING THE ISSUANCE AND SALE OF TWi4 MILLION TAO HUNDRED 'DIRTY FIVE THOUSAND D4LT.,ARS ~$2,235,000~ GENERAL OBLIGATION BANCROFT IMPR7V,E~MENT BONDS, SERIES "K" OF THE CITY OF EUGENE, OREGON, AND DIRECTING THAT THEY BE ADVERTISED FOR SALE, ALL IN ACCORDANCE WITH THE PROVISIONS OF CHAPTER 223, OREGON REVISED STATUTES, COMM~LY AWN AS THE BANCROFT BONDING ACT, AND APPOINTING A REGISTRAR; AND DECLARING AN EMERGENCY. The City Council of the City of Eugene finds that: On January 23, 1985 the City Council adopted Ordinance No. 19345 auth- orizing the issuance and sale of Two Million Two Hundred Thirty-Five Thous- and Dollars ~$2,235,000~ General Obligation Bancroft Improvement Bonds, Series "K", of the City of Eugene. That Ordinance contained errors and should be repealed, and the issuance and sale of the General Obligation Ban- croft In~rovement Bonds authorized as hereinafter provided. The City of Eugene, Oregon has heretofore caused certain streets to be improved and certain sewers to be laid and installed and certain sidewalks constructed or to be constructed within the City, and has assessed or pre- assessed the cost thereof to the property abutting thereon and benefited thereby in accordance with tie provisions of the Charter of the City and the City's ordinances. Many of the owners of the property so assessed or preassessed for such improvements in a sum exceeding $25.40 have duly signed applications to pay said several assessments semiannually for ten successive years in accord- ance with the provisions of the Bancroft Bonding Act. An Assessment and Bond Lien Docket 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 applications have been made to pay therefore under the provisions of said Bonding Act is the sum of $2,235,000 as shown by the Band Lien Docket of the City of Eugene, Oregon; now, therefore , THE CITY OF EUGENE DOES ORDAIN ,AS FOLL0~+~5: Section 1. Authorization. The City of Eugene, Oregon, does hereby authorize the issuance and sale of General Obligation Bancroft Improvement Bands, Series "I~", of the City of Eugene, Oregon, in the amount of Two Million Two Hundred Thirty-Five Thousand Dollars ~$2,235,004~, to be dated April 1, 1985, to be nw~ered sequentially beginning with R-1, to be in de- nominations of Five Thousand Dollars x$5,000} or integral multiples thereof, payable semiannually on October 1 and April 1 of each year and to mature serially as follows: $225,000 on April 1 in each of the years of 1986 to 1992, inclusive; and $220,000 on April 1 in each of the years of 1993 to 1995 inclusive. Page 1 -Ordinance Section 2, Authentication, R istration and Transfer. ~1} No band shall be entitled to any right or benefit under this ordi- nance the "Bond 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 bands to be delivered at closing of of this bond issue, and shall additionally authenticate all bonds properly surrendered for exchange or transfer pursuant to this Bond Ordinance, ~2} All bonds shall be in registered form. 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 Regis- trar shall provide notice to bondowners of any change in the Registrar not later than the bond payment date following the change in the Registrar. ~3) The ownership of all bands shall be entered in the bond register 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 bondowner as it appears on the bond register on the fifteenth day of the month preceding a bond payment date tthe "Record Date"). If payment is so mailed, neither the City nor the Registrar shall have any further liability to any party for such payment. ~5) Bonds may be exchanged for an equal principal amount of bands of the same maturity which are in different denominations, and bonds may be transferred to other owners if the bandowner submits the following to the Registrar ~a} Written instructions for exchange or transfer satis- factory to the Registrar, signed by the bondowner or his attorney in fact and guaranteed or witnessed in a manner satisfactory to the Registrar; and fib} The bonds to be exchanged or transferred. ~~} 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 bonds shall be exchanged or transferred promptly following that payment date. ~7} The Registrar shall note the date of authentication on each bond. The date of authentication shall be the date on which the bondowner's name is listed on the bond register. ~8} Far purposes of this section, bonds shall be considered submitted to the Registrar on 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 bondawners, 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. Securit , The City has assessed the cost of public improve- ments 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 on these bonds. The full faith and credit of the City are also pledged to the successive holders of each of the bonds and of the interest thereon, 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 tak- ing 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 hold- ers of its bonds, to levy such a tax annually as required during each year that any of the bonds, or of bonds issued to refund them, and bond interest obligations, are outstanding. Section 4. Form. The bands shall be in substantially the following form, the terms of which are hereby adopted: UNITED STATES OF AMERICA STATE OF OREGON OOUNTY OF LANE CITY OF EUGENE GENERAL OBLIGATION BANCROFT IMPROVEMENT BAND, SERIES "K" No, City of Eugene, in the County of Lane, State of Oregon, acknow- ledges itself indebted and for value received hereby promises to pay or registered assign, the principal sum of Five Thousand Dollars ~$5,000~ on the above maturity date, together with interest thereon from the date hereof at the rate per annum indicated above. Interest is payable semiannually an the lst day of April and on the lst day of October in each year until matur- ity, commencing April 1, 1~~5. 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 an the bond register on the fifteenth day of the month prior to the date on which interest comes due. Band principal is payable upon presenta- tion and surrender of this bond to the Registrar. ADDITIONAL PROVISIONS DF THIS BOND APPEAR ON TIE REVERSE SIDE; THESE PROVISIONS HAVE THE SAME EFFECT AS IF THEY WERE PRINTED HEREIN. Page 3 -~ Ordinance IT IS HEREBY CERTIFIED, RECITED, AND DECLARED that all condi- tions, acts, and things required to exist, to happen, and to be performed precedent to and in the issuance of this bond have existed, have happened, and have been perforr~d 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 apart, 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 avail- able funds, to pay the interest on and the principal of the bonds 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 band to be signed by facsimile signature of its Mayor and attested by facsimile signature of its Recorder, and has caused its seal to be printed hereon as of this 1st day of April 1985. , City of Eugene, Oregon ATTEST: Recorder, City of Eugene, Oregon THIS BOND SHALL NOT DE VALID UNLESS P~JPERLY 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 R, issued pursuant to the Bond Ordinance described herein. DATED Authorised Officer Page 4 -- ordinance Note to Printer: The following language should be printed on the reverse of the bond: This bond is one of the General Obligation Bancroft Improve meat Bonds, Series K, of the City, and is issued by the City to finance local improvements pursuant to an ordinance of the City the "Bond Ordinance"~ and Oregon Revised Statutes Sections 223.05 to 2~3,~95, 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 sur- rendering it, together with a written instrument or exchange or 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. ASSIGNI~IENT unto ~R VALUE RECEIVED, the undersigned sells, assigns and transfers 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 Bond 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 or Firm 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 or regulations. Page 5 - ordinance TEN COM -- .ants in common TEN ENT -- as tenants by the entireties JT TEN -- as joint tenants with right of survivorship and not as tenants in common ORE©DN CUSTODIANS use the following as custodian under the laws CUST UL oREG of Oregon far MIN --~--Minors Name Additional abbreviations may also be used though not in the list above. Section 5. Sale. The Finance Officer shall cause to be published a notice of sale, the manner provided by oRS 287.014 to 287,026, in at least one fly issue of the Eugene Register (~iard, 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 Co~nerce, a newspaper of general circulation, printed and published within the City of Portland, Multnomah County, oregon, which notice shall call for sealed, written bids for the purchase of said bands 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 so made. The notice of sale shall further state that the bands will be sold to the bidder offering the lowest true interest cost to the City for not less than one hundred percent (100} of par with accrued interest, and that each bid shall be accompanied by a certified or cashier's check on a solvent commercial bank in the State of oregon in an amount equal to two percent ~2~~ of the par value of the bonds offered for sale as evidence of good faith on the part of the bidder. Section 6. Re al, ordinance Na. 19305 adopted by the Council and approved by the Mayor on January 23, 1985, is hereby repealed. Section 7. Emer enc . 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 shall be in full force and effect immediately upon its passage by the Council and approval by the Mayor , Passed by the City Council this 13th day of February, 1985 ~~,~, Recor er Approved by the Mayor this 13th d f F rua y, 1985 c Mayo Page 6 -- ordinance