HomeMy WebLinkAboutOrdinance No. 18476ORDINANCE N0. ~~~~_
AN GRDINANCE PROVIDING FOR THE ISSUANCE AND SALE GF
TWO HUNDRED THOUSAND DOLLARS x$200,000} OF GENERAL
OBLIGATION BONDS OF THE CITY OF EUGENE, BEING A
PORTIGN OF THE BOND ISSUE AUTHORIZED BY THE LEGAL
vOTERS OF THE CITY AT A SPECIAL ELECTION HELD
NovEMBER s , 19 7 7 .
THE CITY OF EUGENE DOES ORDAIN AS FGLLOWS:
Section 1. That at a special city election duly and
regularly ca e and held in the City of Eugene, Gregor, on
November 8, 1977, the legal voters of the City authorized the
issuance of bonded indebtedness as follows:
"AUTHORIZING AIRPORT BGND ISSUE OF $900,000
PURPOSE: To authorize the City Council to issue
$900, 000 of general obligation airport bonds and
to pledge $900,000 of airport revenue to retire
the bonds, both far the purpose of financing
airport improvements that are to be financed
mainly by grants from the federal government,",
whereby the City Council was authorized and empowered to issue
and sell negotiable general obligation bands in a su~r~ not to
exceed Nine Hundred Thousand Dollars x$900,000} or such part
thereof as shall be necessary far the purposes set forth above.
The City Council authorized the ~.ssuanee and sale of General
Obligation Airport Development Bonds, Series 1978, as authorized
in the amount of $500,000 leaving authorized but unissued bonds
in the amount of $400,000. The City Council does hereby determ~.ne
that it is now expedient, convenient and necessary for the City
to sell Two Hundred Thousand Dollars x$200, 000} principal, amount
of the authorized but unissued bands fax the purposes af4resaidp
Section 2. That there shall be issued and sold as
soon as practica~;~and as provided by law, Two Hundred Thousand
Dollars ~$Z00,000} principal amount of general obligation bonds
of the City of Eugene, Gregor. The bonds shall be designated
"General Ob~.igatian Airport Development Bonds, Series 1978B,"
shall be dated September 1, 1979, numbered from one ~1} to forty
X40} of the denomination of Five Thousand Dollars ~$5 , D00~ each,
bear interest at a rate or rates specified by the successful bidder,
interest. payab~.e semiannually ~axeh ~. and September 1, of each
year, and shall mature serially in numerical order Twenty-five
Thousand Dollars x$25,000} bands on September l in each of the years
18~F76
1980 to 1981 inclusive. Both principal and interest on the
bonds shall be payable in lawful money of the United States
of America at the First National Bank of Oregon, Eugene Main
Branch, Eugene, Oregan, or at the principal 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 redemption prior to the respective maturities thereof.
Section 3, That the bands shall be signed by the
Mayor of t e City of Eugene by facsimile signature and counter-
signed by manual signature by the Finance officer of the City
of Eugene under a f acs irnile of the corporate seal of the City
of Eugene to be imprinted on the bonds, and the interest coupons
to be attached to said bands shall be authenticated with the
facsimile signatures of said Mayor and Finance officer .
Section 4. That the said bonds and interest coupons
to be attac e t ereto shall be in substantially the following
farm, to--wit
UNITED STATES qF AMERICA
STATE qF gREGaN
COUNTY OF LANE
CITY OF EUGENE
GENERAL gBLIGATION AIRPORT DEVELOPMENT BOND,
SERIES 1978B
$5 , o0o Na . _ _ _ ~~ , o00
THE CITY OF EUGENE, Lane County, Oregon, acknowledge_s____ __
itself to owe and for value received hereby promises to pay to
bearer, Five Thousand Dollars on the first day of September,
l9 together with interest thereon at the rate of
percentum ~ ~/o} per annum, payable semiannually on the first day
of March and on the first day of September of each year upon
presentation and surrender of the interest coupons hereto attached.
as they respect~.vely mature, said principal and interest being
payable in lawful money of the United States of America, at the
First National Bank of oregon, Eugene Main Branch, Eugene, oregon,
or at the principal office of the fiscal agency of the State of
oregon in the City of New York, New Yark.
This bond is one of a series of bonds of l,~.ke date,
denon~a~nat~.on and tenor except as to interest rate, number and
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~$~hT6
maturity, aggregating Two Hundred Thousand Dollars ~$ZOD,OOO}
par value, issued to provide funds with which to make improve-
ments at the City's airport, pursuant to the constitution and
laws of the State of Oregon, and the City Charter of the City
of Eugene, Oregon, and pursuant to an approving vote of a majority
of the qualified voters of such City voting at a special election
duly called and legally held therein on the 8th day of November,
1977.
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 and the Charter of the City of Eugene; that
the issue of which this bond is apart, and all other obligations
of the City, are within every debt limitation and other limits
prescribed by such constitution, statutes and Charter; and that
the City Council has provided for the levying annually of a direct
ad valorem tax upon all the property within the Gity 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 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 its Finance
officer, and has caused its seal to be printed hereon, and has
caused the annexed interest coupons to be executed with the
facsimile signatures of such officers this first day of September,
1979.
Mayor
City of Eugene, Oregon
ATTEST:
Finance 0 icer
FORM OF BOND COUPON
No.
On the first day of ~Maxch} ~Se tember} , 19~, the
City of Eugene, Lane County, oregon, upon surrender of this
coupon 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 the City of New York, New York, will
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~8~rc
pay to bearer the sum of Dollars ~$ }, in
lawful money of the Hnited States o America, far interest then
due an its General Gbligation Airport Development Bond, Series
1978B, dated September 1, 1979, and bearing No. .
Mayor
City of Eugene, Oregon
ATTEST:
Finance D icer
Section 5. That the Finance Officer is hereby
directed to pu ish notice of sale and advertise said bonds for
sale, in the manner provided by GRS 287.014 to 287.OZ~, in at
least two ~2} issues of the Eugene Register Guard, a newspaper of
general circulative, printed and published within the City of
Eugene, Lane County, Oregon, and 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 the bonds to be presented and filed with the
Finance officer at his office in the City Hall o~ the City on or
prior to the hour of 10:00 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 City will
meet at the hour of 12:00 Noan, Pacific Time, on the 5th day of
September, 1979, in the Council Chamber in the City Hall of the
City to consider 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 for not Less than par w~,th accrued ~.ntexest to the
bidder offering the lowest true interest cost to the City, and
that each bid shall be accompanied by a certified or cashi.ex ` s
check on a solvent commercial bank in the State of Oregon in an
amount equal to two percent ~2a1~} of the par value of the bonds
offered for sale as ev~.dence of goad faith on the part of the
bidder.
Section ~. 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 f oxce and effect
immediately upon its passage ~by the ~Counc~.l and approval, by
the Mayor,
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18+76
Passed by the unanimous vote of the Council, with a
quorum in attendance, this f if teenth ~ day of August, 1979 .
Approved by the Mayor this ~ day of August, 1979.
ATTEST: APPROVED:
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Mayor
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