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HomeMy WebLinkAboutOrdinance No. 18635ORDINANCE N0. LgFj3~ AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE of THREE MILLION EIGHT HUNDRED FIFTY THOUSAND DOLLARS x$3,850,000} GENERAL OBLIGATION BANCROFT IMPROVEMENT BONDS, SERIES "G", OF THE CITY OF EUGENE, OREGON, AND DIRECTING THAT THEY BE ADVERTISED FDR SALE, ALL IN ACCORDANCE WITH THE PROVISIONS OF CHAPTER 223, OREGON REVISED STATUTES, COMMONLY KNOWN AS THE BANCROFT BONDING ACT, AND DECLARING AN EMERGENCY. 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 cost thereof to the property abutting thereon and benefited 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 $25.04 have been duly made and signed applications to pay said several assessments semiannually for ten successive years in accordance with the provisions of said Bancroft Bonding Act, and, WHEREAS, an Assessment and Bond 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 far which application has been made to pay therefor under the provisions of said Banding Act is the sum of $3,850,000 as shown by the Bond Lien Docket of the City of Eugene, Oregon, now, therefore , THE CITY OF EUGENE DOES ORDAIN AS FOLLOWS: Section 1. Authorization. The City of Eugene, Oregon, does hereby authorize the issuance and sale of General obligation Bancroft Improvement Bonds, Series "G" , of the City of Eugene , Oregon, in the amount of Three Million Eight Hundred Fifty Thousand Dollars x$3,850,000} , to be dated duly 1, 1980, to be numbered consecutively from one ~l} to seven hundred seventy X7.70} , .:: inclusive, to be in denominations of Five Thousand Dollars x$5,000} each, to bear interest payable semiannually on ~Tanuary l and July 1 of each year and to mature serially in numerical order as follows: Page 1 -~ Ordinance 18635 $350,000 an July 1 in each of the years 1981 to 1983, inclusive; and $400,000 an July 1 in each of the years 1984 to 1990, inclusive. Section 2. Si natures and Re istration. Each of the bonds shall be personally signed by the facsimile signature of the Mayor in office an the date of execution of such bonds; each of the bonds shall be countersigned by the Finance Officer in office on such date; the coupons appertaining to the bonds shall be executed with the facsimile signatures of such Mayor and Finance Officer; and each of the bonds shall be registered in the Improvement Bond Register by the Finance Officer of the City of Eugene, Lane County, State of Oregon. Section 3. Secures. The City has assessed the cast of public improvements to benefited properties and all monies collected therefrom shall be placed in the Bancroft Bond Redemption Fund and applied to the payment of principal and interest on these bonds. The full faith and credit of the City are also pledged to the .successive holders 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 in sufficient amount, after taking into consideration discounts taken and delinquencies that may occur in the payment of such taxes, to pay the bond and bond interest obligations promptly 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 bonds 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 following form, the terms of which are hereby adopted: UNITED STATES OF AMERICA STATE OF OREGON COUNTY OF LANE CITY OF EUGENE GENERAL OBLIGATION BANCROFT IMPROVEMENT BOND, SERIES ~rGr~ No. $5,000 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 July, l9 , the sum of Page ~ ~- Ordinance 18635 FIVE THOUSAND DOLLARS with interest thereon from the date hereof at the rate of percent ~~} per annum, on the first day of January and the first day of July in each year until maturity, upon surrender of the annexed interest coupons as they severally mature. The principal of and the interest upon this bond are 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 New 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 Three Million Eight Hundred Fifty Thousand Dollars x$3,850,000} par value, issued to provide funds to redeem interim warrants previously issued to finance construction of certain local streets, sidewalks, and sewage collection lines, as authorized by oregon Revised Statutes 223.245 to 223,295, inclusive, commonly known as the Bancroft Bonding Act and are general obligations of the City. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all conditions, acts, and things required to exist, to happen, and to be performed precedent to and in the issuance of this bond have existed, have happened, and have been performed in due time, form, and manner as required by the constitution and statutes of the State of Oregon; that the issue of which this bond is a part, and all other obligations of the City, are within every debt limitation and other limits prescribed by such constitu-~ Lion and statutes; and that the City has provided for the levying annually of a direct ad valorem tax as required upon all the property with the City so taxable for its purposes, in sufficient amount to pay the interest on and the principal of the bonds of such issue, as such obligations respectively become due and payable . IN WITNESS WI3EREOF, the City of Eugene has caused this bond to be signed by its Mayor by facsimile signature and countersigned by its Finance officer, the annexed interest coupons to be executed with the facsimile signatures of such officers , and the seal of the City to be printed hereon this first day of July, 1980. CDUNTERSIGNED: Mayor Finance Officer Page 3 - ordinance 18635 FGRM of BOND coUPON No. January on the first day of July 19 , City of Eugene, State of Gregor, upon surrender of this coupon at the First National Bank of Oregon, Eugene Main Branch, Eugene , Gregon, or at the principal office of the fiscal agency of the State of Gregon, New York, New York, will pay to bearer the sum of Dollars ~$ ~ , in lawful money of the United States of America, for interest then due on its General obligation Bancroft Improvement Bond , Series "G", dated July 1, 1980, and bearing No. . Finance Officer Mayor Section 5 . Sale . The Finance officer shall cause to be published a notice of sale, in the manner provided by GRS 28? .014 to 287.02 in at least two ~ ~ ~ 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, oregon, and once in The Bond Buyer, New York, New York, which notice shall call far 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 or prior to the hour of 11:00 a.m., Pacific Time, on the 25th day of June, 1980, 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 12:40 Noon, Pacific Time, on the 25th day of June, 1980, in the Council Chamber in the City Hall of the City to consider the bids so opened and to accept or 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 ninety-eight percent X98%~ 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 oregon in an amount equal to two percent ~2~~ of the par value of the bands offered for sale as evidence of good faith on the part of the bidder. Section ~. Emer enc This ordinance being necessary for the immediate preservation of the public peace, health and Page 4 - Ordinance 18635 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 quorum in attendance, this 28th day of May, 1980. Approved by the Mayor this 28th day of May, 1980. TTEST: r f Finance offs er APPROVED: ~ ~~ Mayor Page 5 - Ordinance