HomeMy WebLinkAboutOrdinance No. 18475ORDINANCE N0. ~I~T,~`
AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF
ONE MILLION TWENTY THOUSAND DOLLARS ~$1,a2a,D00}
GENERAL OBLIGATION BANCROFT IMPROVEMENT BANDS, SERIES
"F", 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,
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 cast thereof to the property
abutting thereon and benef fitted 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.aa have duly made
and signed applications to pay said several assessments semi-
annually for ten successive years in accordance with the pro-
visions of said Bancroft Bonding Act, and,
WHEREAS, an assessment and band 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 $1,a2a,a0a
as shown by the said Bond Lien Docket of the City of Eugene,
Oregon,
THE CITY OF EUGENE DOES ORDAIN AS FOLLOWS:
Section 1. That the City of Eugene, Oregon does
hereby aut orize t e issuance and sale of General Ob],igation
Bancroft Improvement Bonds , Series "F" , of the City in the am,auz~t
of $1,020,a0a, which shall be dated September 1, 1979, numbered
from one ~1} to two hundred four ~2o4} , of the denomination of
Five Thousand Dollars ~$5,aao} each, shall bear interest at a
rate or rates as specified in the successful bid of the purchaser
of said bonds, interest payable se~i,annuall,y March ~ and Septe~ber
1 of each year, and shall, mature serially in numerical order ane
Hundred Thousand Dollars ~$loo,oaa} bands on September ~, in each
of the years 1980 to 19S$, inclusive, and Ore Hundred Twenty
Thousand Dollars ~$12a, O0a} bonds an September l,, 1.99 P Both
principal and interest on said bonds shall be pa~yabl~e ~in lawful
money of the United States of America at the First National. Bank
of Oregon, Eugene Main Branch, Eugene, Oregon, or at the principal
I8µ'15
office of the fiscal agency of the State of Oregon. in the City
of New York, New York. The bonds of this issue shall not be
subject to redemp tiara prior to the respective maturities thereof.
Section 2, That the said bands and interest
coupons to be attached thereto shall be in substantially the
following form, to-wit:
UNITED STATES OF AMERICA
STATE OF OREGON
COUNTY OF LANE
CITY OF EUGENE
GENERAL OBLIGATION BANCRGFT IMPROVEMENT BONDS
SERIES "F"
$5,000
No.
X5,000
KNOW ALL MEN BY THESE PRESENTS, that the City of
Eugene in the County of Lane and State of Oregon, for value
received, hereby promises and agrees to pay the bearer the
sum of
FIVE THOUSAND DOLLARS'
in lawful money of the United States of America on the presenta-
tion and surrender of this obligation, on the first day of
September! 19 without grace, with interest thereon in like
lawful money dram the date hereof until maturity, at the rate
of percent ~ ~1~} per annum, payable sem~.annually
on t e first ay of March a~nc 'the first day of September of
each year, on the presentation and surrender of the interest
coupons hereto attached as they respectively mature, principal
and interest payable at the First National. Bank of Oregon,
Eugene Main Branch, Eugene, Oregon, or at the principal office
of the fiscal agency of the State of Oregon in tk~e City of New
York, New York,
This bend is one of a series. of bonds of ~,~,ke date,
denomination and tehor e~ce~t as to i,nteze~t r~to,~ number and
maturity, aggregating One Mi,l,lion Twe~:ty Thousand Dol.~.ars
~$1,~20,4~~~ par value, issued to pzovide funds to xedeem
interim warrants pre~riously issued to finance con~st~uctior~ of
certain local streets, s~.dewalks, and sewage collection lines,
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I S'+l5
pursuant to Chapter 2~3, Oregon Revised Statutes, commonly
known as the Bancroft Bonding Act, and the City Charter of
the City of Eugene, Oregon.
IT IS HEREBY CERTIFIED, RECITED AND DECLARED that
all conditions, acts, and things required to exist, to ha en
and to be erf ormed p~
p precedent to and in the issuance of this
bond have existed, have happend, and have been erformed in
due time f p •
orm, and manner as required by the constitution and
statutes of the State of Oregon and the Charter of the Cit of
Eu ene; that the issue of wh' y
g lch this bond is apart, and all
other obligations of the City, are within ever debt limitation
and other limits • • y
prescribed by such constitution, statutes and
Charter; and that the, City Council has provided for the lev in
annual) of a direct ad v Y g
y •alorem tax upon all the property within
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, this bond has been signed by the
Mayor by facsimile signature and countersigned b manual si na-
y g
Lure of the Finance Officer of the City of Eugene, Ore an the
annexed interest c •g• •
oupons to be executed with the facsimile signa~
tore of such officers, and the corporate, seal of said Cit has been
rimed thereon this first y
p day of September, 1979.
Mayor
C~.ty of Eugene, Oregon
COUNTERSIGNED:
Finance 0 ficer
Section 3. That there shall be attached to each of said
ands sufficient semiannual interest coupons numbered numerical)
from the date of issue until mater' y
ity date thereof, each of which
shall be substantially in the fallowing form:
(FORM OF COUPON)
On the first day of March} September} l9 , the Git
. ..._._... y
of Eugene, Oregon, well pay to the bearer the sum of
in lawful money of the United States of America at the
First National Bank of Oregon, Eugene Main Branch,
~ ~ o~DINANCE
18~+~s
sale, in the manner provided by ORS ~87.O14, 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, once in the Daily Journal of Commerce, a
newspaper of general circulation, printed and published within
the City of Portland, Multnomah County, Qregon, which notice and
advertisement shall call for sealed, written bids for the purchase
of said bonds to be presented and filed with the Finance Officer
at his office in the City Hall of the City on ar prior to the
hour of 1Q:C0 a,m., Pacific Time, on the 5th day of September,
1979, 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:CQ Noon, Pacific Time, on the
5th day of September, 1979, in the Council Chamber in the City
Hall of the City to consider the bids so opened and to accept ar
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 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 far sale as evidence of good faith on the part
of the bidder.
Section 8, 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
far 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 fifteenth day of August, 1979.
Approved by the Mayor this ~ day of August, 1979.
ATTEST: ROVED
~_
~nance i Mayor
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