No 47 Water Bond Amended
ORDINANCE NO. 47
AN ORDINANCE RELATING TO THE SALE OF WATER BONDS AMENDING ORDINANCE NO. 46 AND DECLARING AN EMERGENCY.
THE CITY OF SODAVILLE, OREGON ORDAINS AS FOLLOWS:
Section 2 of Ordinance No. 46 is hereby amended to read as follows:
Section 2.
The said bonds shall be negotiable coupon bonds, each shall be designated "City of Sodaville, Oregon Water Bonds", shall be in the denomination of $3,000.00 each, shall be dated January 1, 1980, and shall bear interest at a net effective rate not to exceed 5% per annum payable semi-annually on the first day of January and the first day of July of each year during the life of the bonds, and shall be numbered consecutively from 1 to 43, both inclusive, and shall mature serially in numerical order on January 1 in each of the years as follows:
1981 3000 1990 3000 1998 3000 2006 3000 2014 3000
1982 3000 1991 3000 1999 3000 2007 3000 2015 3000
1983 3000 1992 3000 2000 3000 2008 3000 2016 3000
1984 3000 1993 3006 2001 3000 2009 3000 2017 6000
1985 3000 1994 3000 2002 3000 2010 3000 2018 6000
1986 3000 1995 3000 2003 3000 2011 3000 2019 6000
1987 3000 1996 3000 2004 3000 2012 3000 2020 6000
1988 3000 1997 3000 2005 3000 2013 3000
1989 3000
unless sooner redeemed, it being provided that any of all of said bonds be subject to redemption on any interest payment date after 1990, in inverse numerical order, at par, plus accrued interest. Both principal and interest shall be payable in lawful money of the United States of America at the Office of the City Recorder of the City of Sodaville, Oregon. Said bonds shall be Signed by the Mayor and countersigned by the City Recorder with the corporate seal of the said City affixed, and interest coupons shall be attached to said bonds, which coupons shall bear the facsimile signatures of the Mayor and City Recorder.
The bonds hereby authorized and the coupons attached thereto shall be substantially in the following form:
No. __________ $ __________
UNITED STATES OF AMERICA
STATE OF OREGON
COUNTY OF LINN
CITY OF SDOAVILLE, OREGON WATER BOND
The City of Sodaville, Oregon, for a value received, hereby acknowledges itself indebted, and hereby undertakes and promises to pay to the bearer the sum of $3,000.00 on the 1st day of January, 1981, with interest thereon at the rate of 5% per annum, payable semi-annually on the 1st days of January and July each year to the bearer of the respective coupons therefor and hereto attached upon presentation and surrender thereof as they severally and respectively mature, both principal and interest payable in lawful money of the United States of America at the office of the City Recorder of the City of Sodaville, Oregon.
This bond is one of a series of like tenor, except as to issue and maturity dates, issued as a part of the total issue of $129,000.00 for the purpose of providing funds with which to acquire, construct and install, within the corporate limits of the City of Sodaville, Oregon, a municipal water system, authorized and issued by virtue of a majority vote of the legal voters of the City of Sodaville, Oregon, voting at a special election called and held on the 18th day of September, 1979, and by virtue of Ordinance No. 40 of the City of Sodaville, Oregon, duly passed by the City Council and approved by the Mayor of said City on August 13, 1979, and pursuant to the constitution and laws of the State of Oregon, the Charter of the City of Sodaville, and laws amendatory thereof and Supplemental thereto.
Said City of Sodaville, Oregon, reserves the Fight to take up and cancel this bond on any interest payment date after January 1, 1990 upon the payment of the face value thereof with interest accrued thereon to the date of redemption at the Office of City Recorder of the City of Sodaville, Oregon, but only after giving notice of such redemption at least 30 days prior to the redemption date specified therein, by publication in one issue of a newspaper of general circulation and published in the County of Linn, State of Oregon.
This bond and the series of which it is one, with interest thereon, is a general obligation of the City of Sodaville, Oregon, and in addition is payable as to principal and interest from the net revenues of the water facilities of said City. For the punctual payment of the principal of this bond with interest thereon as aforesaid, the full faith and credit of the City of Sodaville, Oregon, are hereby irrevocably pledged.
It is hereby certified that every requirement of the constitution and laws of the State of Oregon have been duly complied with in the issuance thereof, and that this bond is within every debt and other limitations prescribed by the constitution and laws of the State of Oregon and Charter of the City of Sodaville, Oregon.
IN WITNESS WHEREOF, the City of Sodaville, Oregon, has caused this bond to be signed by its Mayor and countersigned by its City Recorder under the corporate seal of said City and interest coupons attached hereto to bear the facsimile signatures of such Mayor and City Recorder all as of the ____ day of __________, 19 ____.
CITY OF SODAVILLE, OREGON
BY __________
Mayor
Countersigned:
_________________
City Recorder
(COUPON)
NO. __________ $ __________
On January 1, 19____
On July 1, 19____
CITY OF SODAVILLE, OREGON
will pay to the bearer the sum of THREE THOUSAND DOLLARS ($3,000.00) in lawful money of the United States of America, at the Office of the City Recorder of the City of Sodaville, Oregon, being interest then due on its, the City of Sodaville, Oregon, Water Bond dated __________, and bearing No. __________, unless said bond is sooner redeemed as therein provided, which redemption shall render this coupon void.
NOTICE OF BOND SALE
SEALED bids will be received by the undersigned until 4:00 p.m. on the [lth day of January, 1980, at the office of the City Recorder in the City Hall of Sodaville, Oregon, and immediately thereafter publicly opened, in the Council Chambers at said City Hall, for the purchase of an issue of bonds of the City of Sodaville, Linn County, Oregon, the aggregate principal amount of $129,000.00 par value. The proceeds of the bonds will be used to acquire and construct the water system of said City of Sodaville, Oregon. The bonds are to be in the denomination of $3,000.00 each, dated January 1, 1980, or the date of delivery at the option of the purchaser, and shall bear interest at the rate not to exceed 5 percent per annum, payable semi-annually on January 1 and July 1, beginning July 1, 1980.
The Farmers Home Administration has agreed to purchase the bonds if no acceptable bid is received. In the event the Farmers Home Administration purchases the bonds, or any portion thereof, the bonds so purchased may be in the form of one or more installment bonds and shall bear such dates and be issued in such principal installments as the City Council may hereafter provide by ordinance.
Said bonds will be sold to the highest responsible bidder and for not less than their par value and the entire amount of accrued interest thereon, and to the bidder offering the lowest effective interest rate to the City, taking into consideration and account such premiums as are offered by the bidder in connection with the purchase of the bonds, with interest being computed to the respective maturity dates. The bid must contain a statement of the net interest cost under the terms of the bid.
The bonds will mature serially in numerical Order on January 1 and each year as follows:
1981 3000 1990 3000 1998 3000 2006 3000 2014 3000
1982 3000 1991 3000 1999 3000 2007 3000 2015 3000
1983 3000 1992 3000 2000 3000 2008 3000 2016 3000
1984 3000 1993 3000 2001 3000 2009 3000 2017 6000
1985 3000 1994 3000 2002 3000 2010 3000 2018 6000
1986 3000 1995 3000 2003 3000 2011 3000 2019 6000
1987 3000 1996 3000 2004 3000 2012 3000 2020 6000
1988 3000 1997 3000 2005 3000 2013 3000
1989 3000
The bonds will be issued pursuant to the Charter of the City of Sodaville, Oregon. Both principal and interest are Payable at the office of the City Recorder, Sodaville, Oregon.
The bonds will be general obligations of the City of Sodaville, and will be additionally secured by a pledge of the net revenues of the water system of said City of Sodaville.
Said City of Sodaville, Oregon, reserves the right to take up and cancel this bond on any interest payment date after January 1, 1990 upon the payment of the face value thereof with interest accrued thereon to the date of redemption at the Office of City Recorder of the City of Sodaville, Oregon, but only after giving notice of such redemption at least 30 days prior to the redemption date specified therein, by publication in one issue of a newspaper of general circulation and published in the County of Linn, State of Oregon.
In the event the Farmers Home Administration purchases the bonds, such bonds will be redeemable at the option of the City on any interest payment date in inverse numerical order.
A certified or cashier's check of or on a bank doing business in the State of Oregon payable ito [sic] the order of the City of Sodaville in the amount of two (2) percent of par value of the bonds offered for sale is to accompany the proposal. The bonds will be delivered in Sodaville, Oregon, either to the purchase or a designated agent as soon after the sale as practical. The City of Sodaville will make the award of the bonds at 4:00 p.m. January 11, 1979, but reserves the right to reject any or all proposals received.
The approving legal opinion of Rugan and Roberts, Attorneys at Law, Portland, Oregon, will be supplied to the successful bidder together with the opinion of said counsel as to the tax status of said bonds.
The Office of the City Recorder, City of Sodaville, is the place where copies of the ordinances authorizing the sale of the bonds and the statement of essential facts concerning the City of Sodaville, may be obtained by those persons, firms and corporations interested in obtaining copies thereof.
NOTICE OF SPECIAL ELECTION OF THE CITY OF SODAVILLE, OREGON AND MEASURES TO BE VOTED UPON
To the legal voters of the city of Sodaville, Oregon:
On Tuesday, September 18, 1979, in the city of Sodaville, Oregon, a special electon [sic] of the legal voters of the city will be held beginning at 8:00 A.M. and continuing until 8:00 P.M. of the same day without closing the polls. The registered voters residing within the city shall cast their vote at the following voting and polling places:
Crowfoot Baptist Church
At that special election there will be submitted for approval or rejection two charter amendments to the charter of the city of Sodaville, Oregon, referred to the people by the council. The text and ballot title of each of the charter amendments are as follows:
BE IT ENACTED BY THE PEOPLE OF THE CITY OF SODAVILLE, OREGON:
The charter of the city of Sodaville is amended by adding to that charter a new section, which new section shall read as follows:
Section 47.
Authorizing the creation of a water system and related works for a city water department and a bond issue therefor.
The council of the city of Sodaville, Oregon is authorized to issue and dispose of general obligation bonds of the city to be known as "1979 water bonds" in the amount of $130,000.00 to provide funds for the creation of a water system and works relating to water mains, pressures, storage tanks, and all related activities for a water system for the city of Sodaville. That water system and all related activities to the water system are authorized and may be performed within or outside the corporate limits of the city. The bond shall mature in not more than 40 years from their issue date. The bonds and their interest coupons shall be of such dates, denominations, and maturity as the council shall deem advisable. The council shall levy and collect each year a direct ad velorum [sic] tax on all the taxable property in the city, in addition to all other taxes and in excess of the constitutional 6% limitation in a sum which will be sufficient to pay the interest on the bonds promptly as the bonds become due and to provide for the payment of the principal of the bond as they mature. The council is also authorized and directed to establish and collect just and equitable charges upon water users, both within and outside the city, and all the proceeds of such charges upon water users shall be used for no other purpose than to create, operate and Maintain the city water System, to create necessary reserves for depreciation of the system, to provide for necessary expansion of the system, and to pay the interest and principal on these 1979 water bonds and on water bonds which subsequently may be authorized and issued. The sums to pay the principal and interest on these 1979 water bonds are to be segregated and pledged to such exclusive use. The powers granted to issue bonds in this section shall be exercised within 6 years and shall be exhausted upon issuance of bonds aggregating $130,000.00.
Any and all provisions of the charter and ordinances of the city of Sodaville which conflict with the provisions of this section are repealed.
BE IT ENACTED BY THE PEOPLE OF THE CITY OF SODAVILLE, OREGON:
Section 41 of the charter of the city of Sodaville is amended as follows:
Section 41. Debt Limit.
Except by consent of the voters, the city's voluntarily floating indebtedness in any one calendar year shall not exceed the amount of the budgeted taxes for that year, nor shall its bonded indebtedness exceed $150,000.00 at any one time. For purposes of calculating the limitation, however, the legally authorized debt of the city in existence at the time this charter takes effect shall not be considered. All city officials and employees who create or officially approve any indebtedness in excess of this limitation shall be jointly and severally liable for the excess.
Any and all provisions of the charter and ordinances of the city of Sodaville which conflict with this provision are repealed.
The ballot title for each of these acts is as follows:
CHARTER AMENDMENT SUBMITTED TO THE VOTERS BY THE COUNCIL:
$130,000.00 WATER BOND ISSUE FOR A CITY WATER SYSTEM.
Shall the voters approve the issuance of $130,000.00 in general obligation bonds to create, Operate and maintain a water system?
This Act would authorize the issuance and disposal of general obligation bonds in the city of Sodaville of the par value of $130,000.00 called "1979 water bonds" to provide funds and authority for the creation, operation and maintenance of a water system and authorize the city council to provide the terms and method of sale of the bonds, and to levy taxes outside the constitutional 6% limitation and collect water user charges for payment thereof.
CHARTER AMENDMENT SUBMITTED TO THE VOTERS BY THE COUNCIL: AN ACT INCREASING THE BONDED INDEBTEDNESS LIMITATION TO $150,000.00.
Shall the voters approve an in crease in the bonded indebtedness limitation from $5,000.00 to $150,000.00?
This Act would increase the limitation on the city's bonded indebtedness from $5,000.00 to $150,000.00 and provide that any increase beyond $150,000.00 could only be accomplished by the consent of the voters.
That special election will be held in accordance with the resolution adopted by the council on August 13, 1979, and in accordance with Ordinance No. 39 of the city, and the charter of the city.
Published by order of the City Council.