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<br />RESOLUTION NO. L/4~?;> <br /> <br />A RESOLUTION OF THE CITY OF EUGENE, LANE COUNTY, <br />OREGON, AUTHORIZING THE ISSUANCE AND SALE OF SANTA <br />CLARA BOND ANTICIPATION NOTES, 1996 SERIES S IN AN <br />AMOUNT NOT TO EXCEED $5,500,000 TO PROVIDE INTERIM <br />FINANCING OF THE SANTA CLARA SEWER IMPROVEMENT <br />PROJECT (BASINS S, U and X). <br /> <br />The City of Eugene, Oregon (the "City") finds as follows: <br /> <br />A. There is a need for a flexible method of obtaining financing to provide <br />interim financing for the 1996 Santa Clara Sewer Improvement Project (Basins S, U and X) (the <br />"Project") and that it is in the best interest of the City to obtain such financing pursuant to ORS <br />223.235(7) (the "Act"). <br /> <br />B. It is in the best interest of the City to issue notes in an aggregate principal <br />amount of not to exceed $5,500,000 ("Notes") for the purpose of defraying the cost or part of the <br />costs and expenses incurred by the City. <br /> <br />C. The City should be authorized to negotiate the sale of the notes to achieve <br />the best terms available to the City from the bond market and the Department of Environmental <br />Quality of the State of Oregon (the "DEQ"). <br /> <br />D. The City does not have sufficient funds available to provide interim <br />financing for the construction of the Project. <br /> <br />E. The City may pay costs of the Project prior to issuance of the Notes. <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. Notes Authorized. <br />The City Council authorizes the issuance of Santa Clara Bond Anticipation Notes, <br />1996 Series S (the "Series S Notes"), and such obligation as is satisfactory to DEQ (collectively <br />the "Notes"). The Notes shall be issued in an aggregate principal amount of not more than Five <br />Million Five Hundred Thousand Dollars ($5,500,000) pursuant to the Act, for the purpose of <br />interim funding of a portJon of the costs of construction and improving the local improvements <br />and the costs of issuing the Notes. The Notes shall bear interest at a true interest cost of not more <br />than eight percent per annum. The City Manager, the Finance Director, or the person designated <br />in writing by the City Manager to act under this Resolution (the "City Official") may, on behalf of <br />the City and without further action by the City Council: <br /> <br />Page 1 - Resolution No. _ <br /> <br />J :\HWR \CITIES\EUGENE\BAN96\BAN96RES.DOC4/1 1/96 <br />