HomeMy WebLinkAboutORDINANCE NO. 1154Ordinance Do . ���� #
An Ordinance i'rovidinF for the Issue of t�57, 000. Light, Power and
ater Bonds of the Cit , of .Eu -ene, prescribing the form of said
bonds, levying a tax, and confirming the sale thereof.
The City of Eugene does orda.iras folio ks
Section 1. That the common council deems it necessary- for the purpose
of adding to the lighting system of the Cite, for the betterment of
the Power Plant, for laying mains from the pumping stations to the
reservoirs and for extensions and general improvement of the water
mains, and for the Maur - rose of buying additional pum7os for the City,
to issue '57 ,000 phis value of the LiPbt, Po-= and ate bonds of the
City, . The said bonds shall be iri denomination of One Thouk And
dollars each, shall be dated the 1st December, 1911, and shall be
payable on the lst December, 1926, with interest in the meantime at
the rate of 5 1/2 per cent per annum, payable semi - annually; both
principal and interest shall be payable in gold coin of the United
States of America of the present standard of weight and fineness at
the State Viscal Agenc�7 for the State of Oregon in the State and Cite
of !4e- York., raid borl aw shall be issued in substantially the fol--
lowir_ form
State of Oregon
City of Eup -ene
Light, Power and Water Bond
No.
1,000.
The City of Eugene, in the State of Oregon, for value received,
heryby promises to ua, to bearer the ,sum of One Thousand Dollars on
the let day of December 1926, with interest thereon Ifi the meantime
at the rate of 5 1/2 per cent per annum, pa- =able semi - annually to the
bearer of the respective coupons therefor hereto attached, upon pre-
sentation and surrender thereof as they severally mature, both prin-
cipal and interest being payable in gold coin of the United Stites of
America of the present standard of weight and fineness at the State
Fiscal 4 p,ency for the State of Ore gon in the State and City of l ew
York.
/ / 11�5
This bond is issued for the purpose of adding to the lighting system
here tofore provided for by said Cit; . for the betterment of the
Pourer Plant, for laying mains from the pumping dtation to the reser-
voir, and for extension and general improvement of the water mains,
and for the purpose of buying additional pumps for the City , by vir-
tua and in _pursuance of Section 140 of the City Charter adopted 17th
July 1911, and of an ordinance duly adopted and _..pproved by the
;mayor. And it is hereby certified that every requirement of law
relating; to the issue hereof has been duly complied with and that
this bond is within every debt and other limit prescribed by the
Constitution or laws of the State of Oregon.
In witnesp whereof the City of Eugene has caused itL seal to be
hereto affixed and this bond to be signed b4, its ,aayor and Recorder,
and countersigned by its City Treasurer this 1st day of December,
A .D.1911.
Ma11t o r
Recorder
Countersigned
City Treasurer.
(coupon)
1427.50
On the 1st day of June (December) 19 the City of Eugene ,
Ore�-on, will - oa - to bearer at the '..t -te Fiscal Agency for the State
of Oregon, in the Utate and City of isew York, Tvienty- -seven and 50140
dollars in gold coin for six months interest then due on its Light,
Pourer and ' fate r Bond No.
City Treasurer.
of
Section 2. That there be and is hereb17 levied upon all /the taxable
property within the City an annual tax sufficient to pay the inter-
est on the said. bonds as it falls due, and the nrincipal thereof
at maturity.
Section 3. That the sale of the said bonds to .Carstens and Earles, Inc.
of Seattle, ix; ashington, for the prI ce of w57,000.00 and accrued int-
erest be and it., hereby ratified, rproved and confirmed.
Section 4. That the inadequacy of the present lighting; s��stem and
Mater supply of the City makes it neeessar;,- for ,the immediate pres-
ervation of the peace, health and safety of the City, that this
ordinance shall take effect and become immediately operative.
An emergency is therefore doclared and this ordinance shall take
effect from and after its adoption anc? approval by the Mayor.
Passed the Council - December, 11, 1911, Councilmen voting Aye,
1
'lay attest ; Retarder .
Approved December 1911, .'day or