HomeMy WebLinkAboutOrdinance No. 18636ORDINANCE NO. ~~~G
AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF
FOUR MILLION DOLLARS 4$4,000,000} GENERAL OBLIGATION
BONDS OF THE CITY OF EUGENE, OREGON, AS AUTHORIZED
BY THE LEGAL vOTERS OF THE CITY AT A SPECIAL ELECTION
HELD JUNE 2~, 1979, AND DECLARING AN EMERGENCY.
WHEREAS, that at a special City election duly and
regularly called and held in the City of Eugene, ore gon, on
June 26, 1979, the legal voters of the City authorized the issuance
of banded indebtedness as follows:
"REVOKING PARKLAND TAX AUTHORIZATION, AUTHORIZING
ISSUANCE OF PARK BONDS
"PURPOSE: To revoke the l9?~ authorization for the
City Council to levy $333,333 in taxes annually for
expanding the City's park and recreational facilities
and preserving the Southhills ridgeline, and to authorize
the City Council to issue general obligation bonds
in the amount of $4,000,000 for expanding the City's
park and recreational facilities and preserving the
Southhills ridgeline and for acquiring land necessary
far those purposes.",
whereby the City Council was authorized and empowered to issue
and sell negotiable general obligation bonds in a sum not to
exceed Four Million Dollars 4$4,000,000} or such part thereof
as shall be necessary for the purposes set forth above.
WHEREAS, the City Council does hereby determine that
it is now expedient, convenient and necessary for the City to
sell Four Million Dollars 4$4,000,000} principal amount of the
authorized but unissued bonds for the purposes aforesaid, now,
therefore,
THE CITY OF EUGENE DOES ORDAIN AS FOLLOWS:
Section 1. Authorization. That for the above purposes
the City shall issue its General Obligation 1950 Parkland Acquisi-
tion Bonds in the amount of Four Million Dollars 4$4,000,ODO},
to be dated July 1, 1980, to be numbered consecutively from
one to eight-hundred 41-500}, inclusive, to be in denominations
of Five Thousand Dollars 4$5,000} each, and to mature serially
in numerical order on the first day of July of each year as
follows:
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I$636
DATE AMOUNT DATE AMOUNT
1981 $loo,000 19$9 $300,000
1982 125,000 1990 325,000
1983 150,000 1991 350,000
19$4 175,000 1992 350,000
1985 200,000 1993 375,000
1986 225,000 1994 440,044
1987 250,000 1995 400,000
1988 275,000
Section 2. Redemption. The bands maturing on or
prior to July 1, 1990 shall not be subject to call or redemption
prior to maturity. The bonds maturing after July 1, 1990 ar
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 July 1, 1990, 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
X1/4} of one percent ~l~} 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 ~ 2 ~ } .
Section 3. Signatures. Each of the bonds shall be
signed with the facsimile signatures of the Mayor of the City
in office on the date of execution of such bonds and by the
Finance Officer of the City in office an such date , and the
coupons appertaining to the bonds shall be executed with the
facsimile s ignatures of such Mayor and Finance Officer .
Section 4. Securit The full faith and credit of
the City are pledged to the successive holders of each of the
bonds and of the interest coupons appertaining thereto, far
the punctual payment of such obligations, when due; and the
City shall levy annually, as provided by law, 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 and
all other monies reasonably available for the payment of debt
service on the bonds, 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 during
each year that any of the bonds, or bonds issued to refund them,
and bond interest Obligations, are outstanding.
Section 5. Form. The bonds and the coupons attached
thereto shall be in substantially the following form:
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1863b
UNITED STATES OF AMERICA
STATE OF OREGON
COUNTY OF LANE
CITY OF EUGENE
GENERAL OBLIGATION 1980 PARKLAND ACQUISITION
$5,000
City of Eugene , in the County of Lane , State of Oregan,
acknowledges itself indebted and for value received hereby promises
to pay to bearer on the first day of duly, 19 , the sum of
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 duly 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.
The bonds of the issue of which this bond forms a
part, maturing after July 1, 1990, may be redeemed by the City,
at par value and accrued interest to the date of redemption,
plus a premium equal to one_fourth ~l/4} of one percent tl~}
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 ~ ~~ } , on July 1, 1990 , and on any
interest payment day thereafter, in inverse order of maturity
and by lot within each maturity, upon notice given at least
thirty X30} days prior to the redemption date specified therein,
by publication thereof in one issue of a newspaper specializing
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 mailing notice to Maady'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 Four Million Dollars x$4,000,000} par
value, issued to provide funds, in part, with which to expand
the City's park and recreational facilities, pursuant to the
constitution and laws of the State of Oregon, the City Charter
of the City of Eugene , oregon, oregon Revised Statutes, Chapters
287 and Z88, and pursuant to an approving vote of a majority
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18636
of the qualified voters of such City voting at a special election
duly called and legally held therein on the Z~th day of June,
1979.
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 perfarmed 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 a part, and
all other obligations of such City, are within every debt limita-
tion and other limits prescribed by such constitution, statutes
and Charter; 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 WHEREOF, the City Council of the City of
Eugene, Lane County, Oregon, has caused this band 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.
Mayor
City of Eugene, Oregon
COUNTERSIGNED :
- - --- . .
Finance officer
FORM of BOND co~PON
No.
January
on the first day of July , l9 , City of Eugene,
Lane County, State of Oregon, upon surrender of this coupon
at the First National Bank of Oregon, Eugene Main Branch, Eugene ,
aregon, or at the principal office of the fiscal agency of the
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r~` 36
State of Oregon,
sum of
in lawful money
then due on its
Bond, dated July
New York, New Yark, will pay to bearer the
Dollars ~ $
of the United States of America, for interest
General Obligation 1980 Parkland Acquisition
1, 1980, and bearing No.
Finance officer
Mayor
For coupons maturing after July 1, 1990, ADD;
"unless the bond hereinafter designated shall previously
have been called for payment and due provisions made
for the payment thereof ,"
S ectian 6. Sale. The Finance Officer shall cause
to be published a notice of sale, in the manner provided by
ORS 287.014 to 287.026, 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, Oregon, and once in The Bond Buyer, New York,
New Yark, which notice shall call far sealed, written bids far
the purchase of said bands 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 12:00 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 ~98~~ 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~y of the par value of the
bonds offered for sale as evidence of good faith on the part
of the bidder.
Section 7. Emer enc 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
~,
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18636
declared to exist and this ordinance shall be in full farce
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, 180.
F i nance~ Of f ia'er
APPROVED:
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ayor
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