Laserfiche WebLink
<br />revenues and receipts of the City which Oregon law allows to be spent to make payments with <br />respect to the bonds issued hereunder. <br /> <br />"Bonds" means the limited tax bonds authorized by Section 2 of this resolution and issued as <br />either Pension Bonds or Pool Bonds. <br /> <br />"City Official" means the City Manager or the person designated by the City Manager to act on <br />behalf of the City pursuant to this Resolution. <br /> <br />"City" means the City of Eugene, Oregon. <br /> <br />"Pension Bonds" means the Bonds authorized by Section 4 of this resolution. <br /> <br />"Pool Bonds" means the Bonds authorized by Section 3 of this resolution. <br /> <br />Section 2. Bonds Authorized. <br /> <br />The City hereby authorizes the issuance, sale and delivery under the Act of one or more series of <br />the Bonds for the purpose of financing all or any portion of the City's unfunded liability in <br />OPERS, subject to the limitations set forth in this resolution. The Bonds may be issued, from <br />time to time during the effective period of this resolution, provided that: <br /> <br />(1) The aggregate amount of each series of Bonds, together with the outstanding amount of <br />any previously issued series of Bonds, shall not exceed the amount which is required to <br />pay the City's unfunded OPERS liability as shown in the most recent report of OPERS to <br />the City prior to the issuance of each series, plus the costs of issuing the Bonds. <br /> <br />(2) The true interest cost of a series of Bonds may not exceed 7.2%. <br /> <br />(3) Each series of Bonds shall be issued as either Pool Bonds or as Pension Bonds. <br /> <br />Section 3. Pool Bonds Authorized. <br /> <br />(1) The City hereby authorizes the issuance, sale and delivery under the Act of one or more <br />series of its Pool Bonds. The Pool Bonds shall be sold to the trustee selected for the <br />Program (the "Program Trustee"), and used to provide security for payment of a portion <br />of the obligations issued by the Program (the "Program Obligations"). <br /> <br />(2) The issuance of the Pool Bonds and the City's participation in the Program shall not <br />obligate the City to pay any portion of another government's pension bonds or liabilities <br />to OPERS or allow any proceeds of the Pool Bonds or any payment made by the City <br />with respect thereto to be diverted to any purpose other than to satisfy the City's <br />obligation to make payment of principal, interest and premium, if any, due under the Pool <br />Bonds plus the City's proportionate share of the reasonable costs of administration of the <br />Program. <br /> <br />Resolution, Page 2 of 5 <br />