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<br />RESOLUTION NO. :is2:1 <br /> <br />A RESOLUTION OF THE CITY OF EUGENE, LANE COUNTY, OREGON, <br />AUTHORIZING AN AMENDED STATE REVOLVING FUND LOAN <br />AGREEMENT WITH THE DEPARTMENT OF ENVIRONMENTAL <br />QUALITY OF THE STATE OF OREGON AND A SPECIAL ASSESSMENT <br />BOND IN AN AGGREGATE PRINCIPAL AMOUNT OF NOT MORE THAN <br />$3,000,000, AND AUTHORIZING A REDUCTION IN RESERVES FOR <br />CERTAIN OUTSTANDING BONDS. <br /> <br />THE CITY OF EUGENE, OREGON (THE "CITY") FINDS AS FOLLOWS: <br /> <br />A. The City previously entered into a State Revolving Fund Loan Agreement <br />with the State of Oregon Department of Environmental Quality (the "DEQ") dated November 22, <br />1995 and amended March 17, 1997 (the "Loan Agreement") to provide funds in the amount of <br />$3,710,508 for the interim financing of the River Road/Santa Clara Sewer Improvement Project <br />(Basins S, U and X) (the "Projects"). <br /> <br />B. Resolution No. 4483 adopted by the Council on April 29, 1996, authorized the <br />execution of the State Revolving Fund Loan Agreement and provided that the Loan Agreement <br />could be substituted for a bond or other obligation provided that the terms related to the bond <br />receive subsequent approval of the City Council. <br /> <br />C. The DEQ has agreed to allow the City to reduce reserves on certain <br />outstanding bonds held by the DEQ, and the reduction will benefit the City. <br /> <br />D. It is now appropriate to authorize the amended loan agreement and special <br />assessment bonds which will substitute for the existing Loan Agreement, and to authorize the <br />reduction of reserves for outstanding bonds held by the DEQ. <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. Definitions. <br /> <br />As used in this Resolution, the following words shall have the following meanings: <br /> <br />"Administrative Increment" means the portion of the interest rate on Assessments <br />which is designed to defray the City's administrative costs, and which is identified in writing as the <br />Administrative Increment prior to issuance of a series of Bonds. <br /> <br />"Assessments" means all paYments received by the City in connection with <br />assessments, charges in lieu of assessments and connection charges (including property owner <br />installment payments, property owner prepayments, and amounts received from collection or <br /> <br />Page 1 Resolution <br />