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<br />RESOLUTION NO. 4560 <br /> <br />A RESOLUTION AUTHORIZING THE FINANCING OF THE <br />ATRIUM FULL FAITH AND CREDIT OBLIGATIONS, SERIES <br />1998 PURSUANT TO ORS 271.390. <br /> <br />The City Council of the City of Eugene, Oregon (the "City") finds as follows: <br /> <br />A. The City is authorized by ORS 271.390 to enter into financing agreements <br />to finance any real or personal property that the City Council determines is needed; and <br /> <br />B. The City has an option to purchase the Atrium Building, related fixtures <br />and equipment, and the land on which the Atrium Building is located (collectively the <br />AAtrium Property@ ). <br /> <br />C. Purchase of the Atrium Property will benefit the City, and the purchase <br />and financing of the Atrium Property is needed. <br /> <br />D. The City adopts this resolution to authorize a financing agreement for the <br />Atrium Property, an escrow agreement which will provide for the issuance of certificates <br />of participation in the payment obligations of the City under the financing agreement, and <br />related documents. <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. Authorization. <br /> <br />The City is hereby authorized to obtain financing for the Atrium Property <br />under ORS 271.390. The principal amount of the financing shall not exceed Two Million <br />Four Hundred Thousand Dollars ($2,400,000). Proceeds of the financing shall be used <br />only to pay costs of the Atrium Property, to pay costs of financing the Atrium Property, <br />and to fund reserves for the Atrium Property. <br /> <br />Section 2. Delegation <br /> <br />The City Manager or the person designated in writing by the City Manager to <br />act under this Resolution (the ACity Official@) may, on behalf of the City and without <br />further action by the City Council: <br /> <br />1.1 Negotiate one or more loan agreements or other financing agreements (the <br />AFinancing Agreements@) for the Atrium Property in an aggregate principal amount of <br />not more than $2,400,000; <br /> <br />1.2 Pledge the City=s full faith and credit and all or any portion of the City=s legally <br />available revenues, taxes and other funds to pay amounts due under the Financing <br />Agreements; <br /> <br />1.3 Covenant to budget and appropriate in each fiscal year, in accordance with law, <br />sums sufficient to pay when due the amounts owing under the Financing Agreements; <br /> <br />1.4 Covenant to use all taxing power available to the City under the law which is <br />