HomeMy WebLinkAboutOrdinance No. 18477ORDINANCE N0. ! $~"'~?7
AN ORDINANCE PROVIDING FOR THE
TW'0 MILLION ONE HUNDRED THOUSA~'
OF GENERAL OBLIGATION BONDS DF
FOR PARKING FACILITIES, ALL IN
ORS 223.805, COMMDNLY KNOWN AS
PARKING FACILITIES ACT.
ISSUANCE AND SALE OF
1~D DOLLARS ~$2 ,loo, 000}
THE CITY OF EUGENE,
ACCORDANCE WITH
THE MOTOR VEHICLE
WHEREAS, the City Council has caused to be studied the
parking needs of the City, presently and in the future, and has
caused to be studied revenues to be produced by anew parking
facility and has determined that there is a need for a p arking
facility to be located adjacent to the Civic Center currently
under construction; and
WHEREAS, the City is authorized pursuant to ORS 223.805
et seq to issue general obligation bonds in such amounts as may
be necessary to finance the construction of a motor vehicle
parking facility, now, therefore,
THE CITY OF EUGENE DOES ORDAIN AS FOLLD~r1S:
Section 1. That there shall be issued and sold as
soon as practical, and as provided by law, Two Million One Hundred
Thousand Dollars x$2,100,000} principal amount of ,general obligation
bonds of the City of Eugene, Oregon. The bonds shall be designated
"General Obligation Parking Facilities Bonds, Series 1979,"
shall be dated September 1, 1979, numbered from one ~l} to four
hundred twenty X420} of the denomination of Five Thousand Dollars
x$5,000} each, bear interest at a rate or rates specified by the
successful biddex, interest payable semiannually March 1 and
September 1, of each year, and shall mature serially in numerical
order on September 1 in each year as follows:
Year Amount Year Amount
1981 $ 25,000 x.993 $ 1o0,4ao
1982 25,000 1994 100,000
1983 50,000 1995 100,000
1984 50,000 1996 100,004
1955 50,040 1997 125,000
1986 50,000 1995 125,000
1987 75,000 1999 125,000
1988 75,000 2000 125,404
1989 75,000 2001 150,000
1990 75,000 2002 150,aoo
1991 75,404 2003 175,040
1992 140,004
ISM'17
Bath 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, oregon, or at the
principal off ice of the f isca~l agency of the State of Oregon in
the City of New York, New York.
Section 2. The bonds maturing on or prior to Sep tem-
ber 1, 1991 sha 1 not be subject to call or redemption prior to
maturity, The bonds maturing after September 1, 1991 or any of
them may be called before maturity in whole or in part in inverse
order of maturity and by lot within each maturity at the option of
the City on September 1, 1991, or on any interest payment date
thereafter, upon payment of a redemption price equal to the principal
amount thereof with accrued interest to the date of redemption, plus
a premium equal to one-fourth ~ 1/ 4~ of one percent ~ lah} of said
principal amount for each year or fraction of a year from the
redemption date to the maturity date, with a maximum premium not
to exceed two percent ~21~} ,
Section 3. That the bonds shall be signed by the
Mayor of t e City of Eugene by facsimile signature and counter-
signed by manual signature by the F~.nance officer of the City
of Eugene under a facsimile of the corporate seal of the City
of Eugene to be imprinted on the bonds, and the interest coupons
to be attached to said bonds shall be authenticated with the
facsimile signatures of said Mayor and Finance officer. The bonds
are general obligations of the City. The City shall also apply
the unobligated net revenues. from the facility to debt service
on these bonds and such additional bonds as the City may issue in the
future for parking facilities .
Section 4 . That the said bonds and i.nteres t coupons
to be attac e thereto shall be in substantially the following
farm, to-wit;
UNITED STATES of AMERICA
STATE OF oR.EGON
COUNTY OF LANE
CITY OF EUGENE
GENERAL OBLIGATION PARKING FACILITIES BOND,
SERIES 1979
$5 , oao No . $~ , o00
THE CITY OF EUGENE, Lane Gounty, oregon, acknowledges
itself to owe and for value received hereby promises to pay to
bearer, Five Thousand Dollars on the first day of September,
19 , together with interest thereon at the rate of
percentum ~ a/o} per annum, payable semiannua~,ly on the first day
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I$M'1'-
of March and on the first day of September of each year upon
presentation and surrender of the interest coupons hereto attached
as they respectively 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
oregan in the City of New York, New Yark.
THE BDNDS of the issue of which this bond forms apart,
maturing after September 1, 1991, may be redeemed by the City, at
par value and accrued interest to the date of redemption, plus a
premium equal to one-fourth ~1~4} of one percent ~ll~} of the
principal amount for each year or portion thereof from date of
redemption to maturity date, with a maximum premium not to exceed
two percent ~2°/0} , on September 1, 1991, and on any interest payment
day thereafter, in inverse order of maturity and by lot within
each maturity, upon notice given at least thirty ~30~ days prior
to the redemption date specified therein, by publication thereof
in one issue of a newspaper specialising in financial matters
published in the City of Portland, oregon, and in a newspaper
published and generally circulated in the City of Eugene, and~by
mailin notice to Moody's Investors Service, Inc., and Standard
~ .
& Poor s Corporation, New York, New York. From the date of
redemption designated in any such notices, interest upon the
bonds so called for payment shall cease,
This bond is one of a series of bonds of like date,
denomination and tenor except as to interest rate, number and
maturity, aggregating Two Million one Hundred Thousand Dollars
x$2,100,404} par value, issued to provide funds, in part, with
which to construct a parking garage, pursuant to the constitution
and laws of the State of Oregon, and the City Charter of the City
of Eugene, oregan, and pursuant to Oregon Revised Statutes 223.805
et seq.
IT ZS HEREBY CERTIFIED, RECITED AND DECLARED that all
conditions, acts, and things required to exist, to happen, and
to be performed precedent to and in the issuance of this bond
have existed, have happened, and have been performed in due time,
form, and manner as required by the constitution and statutes of
the State of Dregon and the Charter of the City of Eugene; that
the issue of which this bond is apart, and all other obligations
of the City, are within every debt limitation and other limits
prescribed b~ such constitution, statutes and Charter; and that
the City Council has provided for the levying annually of a direct
ad valorem tax upon all the property within the City so taxable
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18µi7
for its purposes, in sufficient amount to pay the interest on and
the principal of the bonds of such issue as such obligations
respectively become due and payable.
IN WITNESS WHEREOF, the City Council of the City of
Eugene, Lane County, Oregon, has caused this bond to be signed
by facsimile signature of its Mayor and attested by its Finance
Officer, and has caused its seal tv be printed hereon, and has
caused the annexed interest coupons to be executed with the
facsimile signatures ~ of such officers this first day of September,
1979.
Mayor
City of Eugene, Oregon
ATTEST:
Finance 0 ficer
FORM OF BOND COUPON
No.
On the first day of ~March~ ~Se tember} l9 ,the
City of Eugene, Lane County, Oregon, upon surren er of t~iis
coupon at the First National Bank of Oregon, Eugene Main Branch,
Eugene, Oregon, or at the principal office of the fiscal agency
of the State of Oregon in the City of New York, New Yark, will
pay to bearer the sum of Dollars ~$~ }, in
lawful money of the Unite States o America, for interest then
due on its General Obligation Parking Facilities Bond, Series
1979, dated September 1, 1979, and bearing No. .
. r
~''.
Mayo
City of Eugene, Oregon
ATTEST:
Finance 0 icer
Section 5. That the Finance Officer is hereby
directed to pu is notice of sale and advertise said bonds for
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18~t~--
sale, in the manner provided by oRS 257.414 to 287.026, ~.n at
least two ~Z} issues of the Eugene Registex Guard, a newspaper of
general circulation, printed and published within the City of
Eugene, Zane 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, oregon, which
native 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 of the City on or
prior to the hour of 1:00 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 Noon, Pacific Time, on the 5th day of
September, 1979., in the Council Chamber in the City Hall of the
City to consider bids sa opened and to accept or reject any bid
so made. The notice of sale shall further state that the bonds
will be sold for not less than par with accrued interest to the
bidder offering the lowest true interest cost to the City, 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 ~2~1~} of the par value of the bonds
offered for sale as evidence of good faith an the part of the
bidder.
S~e~c~t~iori 6 . This ordinance being necessary for the
immediate preservat~.on 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 unanimous vote of the Council, with a
quoxuam in attendance, this fifteenth day of August, 1979.
Approved by the Mayor this ~~day of August, 1979.
ATTEST ~ ,~.p ~-~
.~
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ayor
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