Loading...
HomeMy WebLinkAboutOrdinance No. 18855ORDINANCE NO. \~5~~- AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF FOUR MILLION NINE HUNDRED TEN THOUSAND DOLLARS ~$4,9l0,000~ GENERAL OBLIGATION BANCROFT IMPROVEMENT BONDS, SERIES "H", 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, COMMONLY KNOWN AS THE BANCROFT BONDING ACT, 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 within said City, and has assessed 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, WHEREAS, many of the owners of the property so assessed for such improvements in a sum exceeding $25.00 have duly signed applications to pay said severa 1 assessments semiannually for ten successive years in accordance with the provisions of said Bancroft Bonding Act, and, „ WHEREAS, 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 the unpaid assessments for said improvements for which application has been made to pay therefor under the provisions of said Bonding Act is the sum of $4, 910, 000 as shown by the Bond Lien Docket of the City of Eugene, Oregon, now, therefore, THE CITY OF EUGENE DOES 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 "H", of the City of Eugene, Oregon, in the amount of Four Million Nine Hundred Ten Thousand Dollars ~$4,910,000~, to be dated October 1, 1951, to be numbered consecutively from one ~l~ to nine hundred eighty two X982} , inclusive, to be in denominations of Five Thousand Dollars x$5,000} each, to bear interest payable semiannually on April l and October 1 of each year and to mature serially in numerical order as follows Page 1 - Ordinance 18855 $495,000 on October 1 in each of the years 1982 and 1983, inclusive; and $490,000 on October 1 in each of the years .1984 to 1991, inclusive, Section ~. Si natures and Re istration. Each of the bonds shall be signed by the facsimile signature of the Mayor in office on the date of execution of such bonds; each of the bonds shall be countersigned by the Finance Officer in office on such date; the coupons appertaining to the bonds shall be executed with the facsimile signatures of such Mayor and Finance Officer; and each of the bonds shall be registered in the Improvement Bond Register by the Finance Officer of the. City of Eugene, Lane County, State of Oregon. Section 3. Securit 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 on these bonds. The full faith and credit of the Cit Y are also pledged to the successive holders of each of the bonds 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 delinquencie s 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 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, Fo m. The bonds and the coupons attached thereto shall be in substantially the following form, the terms of which are hereby adopted: UNITED STATES OF AMERICA STATE OF OREGON COUNTY OF LANE CITY OF EUGENE GENERAL OBLIGATION BANCROFT IMPROVEMENT BOND, SERIES "H" No. $5,000 City of Eugene, in the County of Lane, State of Oregon, acknowledges itself indebted and for value received hereby promises to pay to bearer on the first day of October, l9 , Page 2 - Ordinance $855 the sum of FINE THOUSAND DOLLARS with interest thereon from the date hereof at the rate of percent ~ ~} per annum, on the first day of April and the first day of October in each year until maturity, upon surrender of the annexed interest coupons as they severally mature. The principal of and the interest upon this bond are payable in lawful money of the United States of America, at the First Interstate Bank of Oregon, Eugene Main Branch, Eugene, Oregon, or at the principal office of the fiscal agency of the State of Oregon in New York, New York. This band is one of a series of bonds of like date, denomination and tenor except as to interest rate, number and maturity, aggregating Four Million Nine Hundred Ten Thousand Dollars ~$4,910,44~} par value, issued to provide funds to redeem interim warrants previously issued to finance construction of certain local streets, sidewalks, and sewage collection lines, as authorized by Oregon Revised Statutes 223,245 to 223,295, inclusive, commonly known as the Bancroft Bonding Act and are general obligations of the City, IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all conditions, acts, and things required to exist, to happen, and to be performed precedent to and in the issuance of this bond have existed, have happened, and have been performed in due time, form, and manner as required by the constitution and statutes of the State of Oregon; that the issue of which this band is a part, and all other obligations of the City, are within every debt limitation and other limits prescribed by such constitution and statutes; and that the City has provided for the levying annually of a direct ad valorem tax as required upan all the property with the City so taxable for its purposes, in sufficient amount to pay the interest on and the principal of the bonds of such issue, as such obligations respectively become due and payable. IN WITNESS WHEREOF, the City of Eugene has caused this bond to be signed by its Mayor by facsimile signature and countersigned by its Finance Officer, the annexed interest coupons to be executed with the facsimile signatures of such officers, and the seal of the City be printed hereon this first day of October, 1981. Mayor COUNTERSIGNED: r Finance Officer Page 3 ~- Ordinance 18855 FORM OF BOND COUPON No . April On the first day of October, 19 , City of Eugene, State of Oregon, upon surrender of this coupon at the First Interstate Bank of Oregon, Eugene Main Branch, Eugene, Oregon, or at the principal affice of the fiscal agency of the State of Oregon, New York, New York, will pay to bearer the sum of Dollars ~$ } , in lawful money of the United States of America, far interest then due on its General obligation Bancroft Improvement Bond, Series "H", dated October 1, 1981, and b ` Finance Officer Mayor Section 5. Sale. The Finance Officer shall cause to be published a notice of sale, in the manner provided by ORS 287.414 to 287.026, in at least two ~2y 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 County, Oregon, and once in The Bond Buyer, New York, New York, which notice shall call for sealed, written bids for 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 an or prior to the hour of 11:44 a,m. , Pacific Time, on the 7th day of October, 1981, at which time and place said bids shall be publicly opened far consideration and further that the Council of the City of Eugene will meet at the hour of 12:40 Noon, Pacific Time, on the 7th day of October, 1981, 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 bonds will be sold to the bidder offering the lowest true interest cost to the City for not less than ninety-eight percent ~98~y 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, Emergency. This ordinance being necessary for the immediate preservation of the public peace, health and Page 4 ~- Ordinance -8855 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 unanimous vote of the Council, with a quorum in attendance, this 9th day of September, 1981. Approved by the Mayor this 9th day of September , 1981, ATTEST: AP D: ~~ ~~ Recorder May r Page 5 - ordinance