Loading...
HomeMy WebLinkAboutOrdinance No. 19019ORDIf~A~~CE ~~~0. '~ AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF FDUR BILLION FI1lE HUi~DRED FIFTY-FIVE THGUSAND DQLLARS ~~4,555,aQa} GENERAL OBLIGATIJf~ BAi~CR4FT Ifr~P~aVE~~ENT BONDS, SERIES "I", OF THE CITY OF EUGENE, OREGO-~d, AND DIRECTING THAT THEY BE ADVERTISED FOR SALE, ALL IN ACC- ORDANCE 'KITH THE PROl~ISIOf~S OF CHAPTER ~~~, OREGON REVISED STATUTES, CO~i~ONLY KNO~~4~N AS THE BANCROFT BOUDING ACT, AND DECLARING Aft Eff~ER- GENCY. ~~dHEREAS, the City of Eugene, Oregon has heretofore caused certain streets to be improved and certain sewers to be laid and installed and certain sidevralks to be constructed witl~in said City and has assessed the cost thereof to t~~e property abutting thereon and benefi ed thereby in accordance with the provisions of the Charter of said City and aid City's ordinances, and, ~~HEREAS, ~~any of the owners of the property so assessed for such im~ pravements in a su~~ exceeding X25.00 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, 1~HEREAS, an in accordance with the the unpaid assessments made to pay therefor u~ 4,555,Oa4 as Shown by therefore, Assessr~ent and Qond Lien Docket has been fully made up provisions of said Banding Act, and the total amount of for said improvements for which application has been Eder the provisions of said Banding Act is the sum of the Band Lien Docket of the City of Eugene, Oregon, now, THE CITY OF EUGENE DOES ORDAIN AS FOLLOZ~S: Section 1. Authorization. The City of Eugene, Oregon, does hereby authorize the issuance and sale of General Qbligation Bancroft I~~provement Bonds, Series "I", of the City of Eugene, Oregon, in the amount of Four j~~illion Five Hundred Fifty-Five Thousand Dollars ~~4,555,OQO}, to be dated October 1, 192, to be numbered consecutively from one ~I} to nine hundred eleven ~g~I}, inclusive, to be in denominations of Five Thousand Dollars x$5,000} each, to bear interest payable semiannually on April ~ and October 1 of each year and to mature ser~a~ly ~n numerical order as follows: ~46t~,J00 on October I in the year of ~9~3; and $455,OO0 on October I in each of the years X984 to 1992, Inclusive. Page ~ - Ordinance 19019 Section ~. Si natures ar~d Registration. Each of the bonds shall be signed by the facsi~~i ~ e signature of the ~~~ayor i n office on the date of execu- tion of such bonds; each of the bonds shall be countersigned by the City Trea- surer or Assistant City Treasurer in office on such date; the coupons apper- taining to tF~e bonds shall be executed with the facsimile signatures of .such ~~~ayor and City Treasurer or Assistant City Treasurer; and each of the bonds shall be registered in the Improvement Dond Register by the Finance officer of the City of Eugene, Lane County, State of Oregon. Section 3. Securi~. The City has assessed the cost of public im- provements to benefited properties and all monies collected therefrom shall be placed in the Dancraft Dond Redemption Fund and applied to the payment of prin- cipal and interest on these bands. The full faith and credit of the City are also pledged to the successive ~~olders 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 i n cuff i c7 ent amount, after taking into consi d- eratTOn discounts taken and del~nquenc~es that may occur ire the payment of such taxes, to pay the bond and band interest obligations pror~ptly 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 bands issued to refund them, and bond interest obligations, are outstanding. Section 4. Form, The bonds and the coupons attached thereto shall be in substantially the fallowing form, the terms of which are hereby adapted: UNITED STATES OF A~y~ERICA STATE OF OREGON COUNTY OF LANE CITY OF EUGENE GENERAL DBLIGATIOP~ 3ANCROFT IMPROVEbENT BOND, SERIES "I"' No. ~ ~S,DDO 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 Dctaber, 19 , the sure of FIDE THQUSAND DOLLARS with interest thereon from the date hereof at the rate of percent ~ ,/} per annum, an 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 nature. The principal of and the interest upon this bond are payable in lawful money of the United States of America, at the First Interstate Dank of Oregon, Eugene iY~ain Branch, Eugene, Oregon, or at the principal office of the fiscal agency of the State of Oregon in Ne~R~ York, New York. This bond is one of a series of bonds of like date, denomination and tenor except as to interest rate, number and maturity, aggregating Four billion Five Hundred Fifty-Five Thousand Dollars ~~4,555,000} par value, issued to Page Z w Ordinance 1904 redeem interim warrants previously issued to finance construction of certai n local streets, sidewalks, and sewage collection lines, as authorized b Revised Sta ~ y Oregon totes ~23.2Q5 to ~~B.~95, ~nclus~ve, cor~monly known as the Bancroft Bonding Act and are general obligations of the City, IT IS ~iEREQY CERTIFIED, RECITED AND DECLARE) that all conditions acts, and things required to exist, to happen, and to be performed recedent to and in the issuance of this bo ~ p nd have existed, nave happened, and have been per- formed in due time, farm, and manner as required by the constitutian and ~- tutes of the Stat sta- e of Oregon; that the issue of which this bond is a part, and all other obl~gat~ons of the City, are within every debt limitation and other limits prescribed by such constitutian and statutes; and that the Cit vi ded for ~ y has pro- the levying annually of a direct ad valorer~ tax as re uired u on all the pro ert with the Cat o ~ ~ P p, y y s taxable for its purposes, ~n suff~c~ent ar~ount to pay t~~e interest on and the principal of the bonds of such issue as such obl'- gat7ons respectively become due and payable. IN 1~IT~~ESS ~~HEREOF, the City of Eugene has caused this bond to be signed by its ~~ayor by facsimile signature and countersi ned b its Ci Treasurer or Assis '' 9 y ty taut C~~y Treasurer, the annexed interest coupons to be executed with the facsimile signatures of such officers, and the seal of the City to be printed hereon this first day of 0 I93~. COUi~ITERSIC~~dED: Fi Hance Officer Mayor Page 3 - Ordinance / 909 ~~'o . On the first clay of upon surrender of tl•~is coupon l~~~ai n Branch, Eugene, Oregon, a the State of Oregon, dew York, FORI~~I OF BO~'~D COUPON April October, ~9 , City of Eugene, State of Oregon, at the First interstate Bank of Oregon, Eugene r at the principal office of the fiscal agency of New York, will pay to bearer the sure of Dollars ~~ ~, in la~rrful money of the ~inited States of America, for interest then due on its General Obliaatian Bancroft Improvement Bond, Series "I", dated er ~, 1982, an bearing No. . F7 Hance Officer ~r~ayor Section 5. Sale. The Finance Officer shall cause to be published a notice of sale, in the manner provided by ORS 237.a14 to 287.026, 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, aregon, and a summary thereof, once in the Daily Journal of Co~~merce, a newspaper of general circulation, printed and published within the City of Portland , ~rlul tonor~ah County, Oregon, and once in The Band Buyer, New York, blew 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 F1all of the City an or prior to the hour of 11:00 a.m., Pacific Time, on the 29th day of September, 1982, 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:D0 !'`loon, Pacific Time, on the 29th day of September, 1982, in the Council Chamber in the City Hall of the City to consider the bids so opened and to accept ar reject any b7d so made. The notice of sale shall further state tl`~at the bonds will be sold to the bidder offering the lowest true interest cast to the City for not less than ninety-eight percent ~98/~ 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 aregon in an amount equal to two percent ~2l} of the par value of the bonds offered for sale as evidence of good faith on the part of the bidder. Section ~. Ever enc . This ordinance being necessary for the ir~me- diate 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 l`~ayor. Passed by the unanir~ous vote of the Council, with a quorum in atten- dance, this 8th day of September, 1.982. Approved by the I`~~ayor this 8th day of September, 1982. ATTEST: D: G~2~'L~z ~i~ Recorder Playor Page ~ -Ordinance