Laserfiche WebLink
<br />RESOLUTION NO. ~Lf>1~ <br /> <br />A RESOLUTION OF THE CITY OF EUGENE, LANE COUNTY, OREGON, <br />AUTHORIZING THE ISSUANCE AND SALE OF SPECIAL ASSESSMENT <br />BONDS, 1996 SERIES N, AND EXECUTION OF AN SRF LOAN <br />AGREEMENT WITH THE DEPARTMENT OF ENVIRONMENTAL <br />QUALITY OF THE STATE OF OREGON IN AN AGGREGATE PRINCIPAL <br />AMOUNT OF NOT MORE THAN $5,000,000. <br /> <br />THE CITY COUNCIL OF THE CITY OF EUGENE, OREGON (THE "CITY") <br />FINDS AS FOLLOWS: <br /> <br />A. The City previously issued its Santa Clara Bond Anticipation Notes, 1995 <br />Series N (the "N otes"), and entered into an SRF Loan Agreement with the State of Oregon <br />Department of Environmental Quality (the "Loan Agreement") to provide funds for the interim <br />financing of the River Road Sewer Improvement Project (Basins N, P and R) (the "Project"). <br /> <br />B. The Notes mature on October 1, 1996~ The Loan Agreement matures on <br />April 1, 1997, but may be prepaid on any business day upon 24 hours prior written notice. <br /> <br />C. Resolution No. 4451 adopted by the Council on June 14, 1995, authorized the <br />issuance of the Notes and execution of the SRF Loan Agreement and provided that the Loan <br />Agreement could be substituted for a bond or other obligation provided that the terms related to <br />the bond receive subsequent approval of the City Council. <br /> <br />D. It is now appropriate to authorize the issuance of bonds or obligations to be <br />issued to provide funds with which to refund the Notes and the Loan Agreement through the <br />issuance of special assessment bonds or such other obligations as may be satisfactory to DEQ <br />(the "DEQ Obligations") <br /> <br />NOW, THEREFORE, BE IT RESOL YED 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 />1.1. "1996 Series N Bonds" means the Bonds of that name which are authorized <br />to be issued pursuant to Section 11 of this Resolution. <br /> <br />1.2. "Administrative Increment" means the portion of the interest rate on <br />Assessments which is designed to defray the City's administrative costs, and which is identified in <br />writing as the Administrative Increment prior to issuance of a series of Bonds. <br /> <br />1.3. "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 /> <br />J :\HWR \CITIES\EUGENE\SAB96\SAB96RESDOC <br />