JACKPOT!!!
I found an old Giant Tourer at a pawn shop. It had everything I was looking for:
-fenders
-generator lights
-rear rack
-chainguard
-new tires (Schwalbe Marathon Plus tires at that- a $110 value alone) w/reflective stripe
-drivetrain in good condition
-700c tires
The only thing I was NOT happy about is that it's a ladies step-through frame. I really don't like those frames. The paint isn't in perfect condition and has many scratches. BUT that totally went away when I looked at all the pluses. It is a really great bike!! It was marked $99, but because the plastic chainguard was broken, they took $10 off. Woo hoo! It has a cute little teapot bell, the generator front light works (back doesn't, but that can maybe be fixed). The tires are new (had to buy tubes), the drivetrain is rideable for the time being until I can upgrade and it's a great little bike.
I spent the afternoon taking apart the rear wheel (with Rian's help, of course) and cleaning and repacking the bearings. I learned a lot. I also changed out the handlebars for my butterfly bars.
I'm so excited!!! I'll post a picture when I can get a good one in the daylight.
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