HomeMy WebLinkAboutOrdinance 1408ORDINANCE N0. 1408
AN ORDINANCE AUTHORIZING ISSUANCE OF~ ADDITIONAL
WARRANTS FOR PAYMENT OF COSTS FOR PUBLIC I~IPROVE~ENTS
ON 10TH STREET FR0~1 MAPLE STREET TO (~ANZANITA STREET
WITHIN THE CITY.
This ordinance being necessary for the immediate. preserva-
tion of the public peace, health and safety of the City ®f Central
WHEREAS, the City Council has by Ordinance No. 1289
authorized the construction of improvements along 10th Street from
f~aple Street to ~lanzanita Street within the city in accordance with
plans and specifications on file at City Hall, and declared that
cost be assessed against each lot benefited thereby in proportionate
share, and
WHEREAS said ordinance authorized issuance of warrants
for the payment of construction of said improvements, but that upon
maturity of said warrants sufficient funds are not available for
the payment thereof, and
WHEREAS ORS 287.504 (2) authorizes the issuance of
additional warrants for said purpose, in amounts not to exceed the
amount of deficiencies as determined by the City Council, now,
therefor®,
FOLLOWSe
THE PEOPLE OF THE CITY OF CENTRAL POINT DO ORDAIN AS
Section 1. It is hereby found and determined that
sufficient funds are not available pursuant to ORS 287.506 to pay
the holders of warrants issued for said public improvements on
presentment at maturity.
Section 2. Pursuant to ORS 287.504 (2 ad 'tional
warrants are hereby authorized in an amount not to Geed the amount
of such deficiency, hereby determined to be the su .093.08 ,
and said warrants shall be issued and sold at percentage of statute.
Section 3. Said warrants shall bear interest at a rate
not to exceed 92 ~ per annum and shall constitute general obli-
gations of the City of Central Point Oregon, with the terms and
conditions of said warrants to be as provided by law.
Proceeds of the sale of said warrants shall be applied t+o
the call and payment of those outstanding for which said founded
deficiency exists.
affect immediately upon its passage.
Passed by the Council and signed by me in open session
in authentication of its passage this 'day of
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