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RESOLUTION NO. 5118 <br />A RESOLUTION AUTHORIZINGTHEISSUANCEANDSALEOF <br />REVENUEBONDSIN AN AGGREGATEPRINCIPALAMOUNT <br />NOT TOEXCEED $40,000,000 FOR THECASCADEMANOR <br />PROJECTBYTHEHOSPITALFACILITIESAUTHORITY OFTHE <br />CITY OF MEDFORD, OREGON <br />TheCity Council oftheCity ofEugene, Oregon,finds as follows: <br />A. <br />CascadeManor,Inc.,anonprofit501(c)(3)corporation(the“Borrower”),and <br />an affiliate of Pacific Retirement Services, Inc.,anonprofit501(c)(3) corporation, <br />owns acontinuingcareretirement communitylocatedat 65 West 30th Avenue, Eugene, <br />Oregon. <br />B. <br />The HospitalFacilitiesAuthority of the City of Medford,Oregon <br />(the “Authority”)hasreceivedarequestfromtheBorrowertoissueoneormoreseriesoftax- <br />exempt conduitbondsinanaggregateprincipalamountnottoexceed$40,000,000(the <br />“Bonds”)forthe purposeof(i)refinancingpriordebtobligationsissuedbytheAuthority(the <br />“RefundedBonds”), whichfinancedalloraportionofthecostsofconstructing,renovating, <br />improving,enlarging, furnishingandequippingseniorhousingunits,afitnesscenter,the <br />healthcenterandthemain buildingattheBorrower’scontinuingcareretirementfacility <br />onstructing, <br />andrelatedfacilities,and(ii) financingalloraportionofthecostsofc <br />improving,furnishingandequippinganadditionalexpansionofseniorhousingunits,anew <br />diningvenue,additionalcommonareasand othercapitalimprovements, andreimbursing <br />prior capitalexpenditures, atthe Borrower’s continuingcareretirementfacilityandrelated <br />facilities(thefacilitiesfinancedandrefinancedby theBonds areherein calledthe“Facilities”). <br />C. <br />UnderSection 147(f)of the InternalRevenue Code of 1986,as <br />amended, qualified501(c)(3)bondsmustbeapprovedbytheapplicableelected <br />representativesof(i)the governmentalunitissuingsuchbonds(theAuthority)and(ii)the <br />governmentalunithaving jurisdiction overtheareain which theFacilitiesarelocated(theCity <br />ofEugene, Oregon). <br />D. <br />TheprincipalandinterestontheBondswillnotconstituteadebtoftheCity <br />of Eugene,Oregon,theCityofMedford,OregonortheAuthority,norshalltheBondsbe <br />payable fromanyfundsoftheCityofEugeneincludingfrom ataxofanynaturelevied upon <br />anyproperty withintheCityofEugenenorany otherpoliticalsubdivisionoftheStateof <br />Oregon.TheBonds willbepayableonlyfromtherevenuesandresourcesoftheBorrower <br />pledgedtothepaymentof theBonds. <br />E. <br />OnSeptember22,2014,anoticeofpublichearingwaspublishedinthe <br />Register-Guardnewspaper.AHearingsOfficerconductedapublichearingonMonday, <br />October6,2014at3:00p.m.withrespecttotheproposedissuancebytheAuthorityofthe <br />Bonds. TheHearings Officerproduced aPublicHearingReport settingout theresults ofthe <br />publichearing. <br />