HomeMy WebLinkAboutOrdinance No. 18616QRDINANCE ND.
AN QR ~I N~~~CE CaNCERNING IIV"TERES'~ SATES ~ ADDING
SECTiQNS 2.022, 2.023 AND 2.024 To THE EUGENE
CQDE, ? 9 7.I t y~~D DECT~RING AN EMERGENCY.
THE CITY ~E E~3GE~'r~ .DOES aRDAxN A5 ~'OLLoWS
Section ~. • The fo.l.ow~.ng new sections are hereby added to the
Eugene Cade, 1.971, to read and provide:
2.022 Interest Rates. Except as provided in section 2.023
and for assessments deferxed under section 7', 205 and
}~~ n.otwi thstanding any prevision in this code to the contrary,
the ~,nterest rate per annum an all amounts due the cit shall
y
be the maximum authorized by law.
2...023 .Reduction ?n RatesR Ear any amount due the city the
~.~..
interestrate ~~stablished in se~ct~.on 2.022 ma be re~
y
duced upon findings by the city manager that:
. ~a~ the interest revenue collected exceeds
the f ul Z cQ s t o f mana~i.ng the amounts due the ci t
Y
including the city`s costs of retiring any debt in-~
curred by the city; and
~b~ there. will. be no significant loss of cit
. Y
general revenues as a result of the reduction; and
~c~. all s~imiZarly situated obligors of the cit
Y
will receive a comparable benefit from the reduction.
2.02 Revocation of Reduction. The city manager may revoke
any reduction of ,interest rate a~uthori zed by ,section
2.023 ~~~ w~~enever the f indn~s required by that section no ion er
g
exist.
Section 2. That the provisions contained herein concern the
public welfare and therefore, an emergency is hereby declared to
exist, and the provisions of this ordinance shall beca '
me effective
immediately upon its passage by the City Council and approval. by
the Mayor.
Passed by the C%ty Counci.l this
Dth day of April, 980
R a
City Rec rder
Approved by th.e Mayor this
30th. day of April, 1980
Ma r
Ordinance