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<br />RESOLUTION NO. 4874 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF <br />REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT <br />TO EXCEED $20 MILLION FOR THE CASCADE MANOR PROJECT BY <br />THE HOSPITAL FACILITIES AUTHORITY OF THE CITY OF <br />MEDFORD, OREGON <br /> <br />The City Council of the City of Eugene, Oregon, finds as follows: <br /> <br />A. Cascade Manor, a nonprofit 501(c)(3) corporation that is an affiliate of Pacific <br />Retirement Services, Inc., owns a continuing care retirement community located at 65 West 30th <br />Avenue, Eugene, Oregon. In August 2005, Cascade Manor completed construction of 50 garden <br />apartments to meet the demands of the market and to achieve greater economies of scale. In <br />2006, Cascade Manor will be undertaking renovations to its health center and will be moving its <br />residential living units. The entire garden apartments project and a portion of the health center <br />project will be financed and/or refinanced with the proceeds of the proposed tax-exempt bond <br />offering. <br /> <br />B. The Hospital Facilities Authority of the City of Medford, Oregon will consider <br />providing tax-exempt conduit bond issuance authority of up to $20 million for the Cascade <br />Manor project (the "Bonds"). Under Section 147(f) of the Internal Revenue Code of 1986, as <br />amended, qualified 501(c)(3) bonds must be approved by the applicable elected representatives <br />of (1) the governmental unit issuing such bonds (The Hospital Facilities Authority of the City of <br />Medford, Oregon) and (2) the governmental unit having jurisdiction over the area in which the <br />Project is located (the City of Eugene, Oregon). <br /> <br />C. The principal and interest on the Bonds will not constitute a debt of the City of <br />Eugene, Oregon, the City of Medford, Oregon or the Authority, nor shall the Bonds be payable <br />from a tax of any nature levied upon any property within the City of Eugene nor any other <br />political subdivision of the State of Oregon. The Bonds will be payable only from the revenues <br />and resources of Cascade Manor pledged to the payment of the Bonds and any credit <br />enhancement arranged for by Cascade Manor. <br /> <br />D. On May 1, 2006, a notice of public hearing was published in the Register-Guard, <br />a newspaper of general circulation within the City of Eugene. A Hearings Officer conducted a <br />public hearing on Monday, May 15, 2006 at 2:00 p.m. with respect to the proposed issuance by <br />The Hospital Facilities Authority of the City of Medford, Oregon of the Bonds. The Hearings <br />Officer produced a Public Hearing Report setting out the results of the public hearing. No <br />testimony was received at the Public Hearing. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Eugene, a municipal corporation of the State of Oregon, as follows: <br /> <br />Section 1. Bonds authorized. The City Council of the City of Eugene hereby approves the <br />authorization, execution, sale and delivery by The Hospital Facilities Authority of the City of <br />Medford, Oregon of bonds the Bonds in an amount not to exceed $20,000,000. <br /> <br />Reso lution - 1 <br />