HomeMy WebLinkAboutOrdinance 1382ORDINANCE NO.
AN ORDINANCE AMENDING ORDINANCES NO. 1373 AND NO. 1374
INCREASING THE MAXIMUM INTEREST RATE TO BE PAID ON
WARRANTS ISSUED FOR CONSTRUCTION OF HOPKINS ROAD
IMPROVEMENTS AND DECLARING AN EMERGENCY
WHEREAS, the Council, on February 14, 1980, passed
Ordinances No. 1373 and No. 1374 providing for certain improvements
to be made on Hopkins Road within the City of Central Point,
Oregon and said ordinances provided for a maximum interest rate
to be paid on warrants issued for the payment of construction of
said improvements of 98 per annum, and
WHEREAS, the City Council has determined that the pre-
vailing interest rate charged for said warrants within the city
is currently 108 per annum and it is therefore necessary and
appropriate to amend the foregoing ordinances to allow for a
maximum interest rate of 108 per annum to be paid on said warrants,
now, therefore,
THE PEOPLE OF THE CITY OF CENTRAL POINT DO ORDAIN AS
FOLLOWS:
Section 1. Section 2 of Ordinance No. 1373 passed by
the Council on February 14, 1980 and Section 2 of Ordinance No.
1374 passed by the Council on February 14, 1980 are hereby amended
to read as follows:
Section 2. Warrants for the payment of construction
of improvements above described shall bear interest
at a rate not to exceed 108 per annum and shall
constitute general obligations of the City of Cen-
tral Point, Oregon with the terms and conditions
of said warrants to be as provided by Oregon
Revised Statutes Sections 287.502 through 287.510.
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Section 2. This ordinance being necessary for the
immediate preservation of the public peace, health and safety
of the City of Central Point, Oregon, due to the immediate need
for the use of said improvements and the increasing cost of
said improvements in the event of delay, second reading is
hereby waived pursuant to Municipal Code Section 2.04.020 and
an emergency is hereby declared to exist and this ordinance
shall be in full force and effect immediately upon its passage.
Passed by the Council and signed by me in authentication
of its passage this ,'. /day of �'�� 1980.
Council Chairman
ATTEST:
E-e'X
City 4gc orde'r
Approved by me this day of ,{,7„�,..,_� 1980.
Abo nr
h�a-Yllr. cuncil Chairman
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