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<br />RESOLUTION NO. 4958 <br /> <br />A RESOLUTION AUTHORIZING THE SALE OF GENERAL <br />OBLIGATION BONDS TO FIX STREETS AND OFF-STREET <br />PATHS. <br /> <br />The City Council of the City of Eugene, Oregon, finds as follows: <br /> <br />A. The voters of the City of Eugene (the "City") authorized the City to issue $35,900,000 <br />of general obligation bonds at the general election held on November 4, 2008, to fix <br />approximately 70 lane miles of streets and 3 miles of off-street bike and pedestrian paths as <br />described in the ballot title for the measure. <br /> <br />B. It is now desirable to authorize the sale of the bonds that were approved by the voters <br />at the November 4, 2008 election in multiple series. <br /> <br />C. The City has appointed bond counsel pursuant to ORS 287 A.300. <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. Bonds authorized. The City hereby authorizes the issuance of not more than <br />$35,900,000 (Thirty-Five Million Nine Hundred Thousand Dollars) in aggregate principal <br />amount of general obligation bonds to finance the projects described in the "Bonds to Fix <br />Streets" ballot measure that was submitted to the City's voters at the November 4, 2008 election, <br />including paying costs of issuing the general obligation bonds (the "Project"). The City also <br />authorizes the issuance of general obligation bonds pursuant to ORS 287 A.360 and ORS <br />287 A.365 or any replacement statutes, to refund any general obligation bonds authorized by this <br />resolution. The general obligation bonds authorized by this resolution are herein referred to as <br />the "Bonds." <br /> <br />Section 2. Delegation. The City Manager or the person designated by the City Manager to act <br />on behalf of the City pursuant to this Resolution (the "City Official") may, on behalf of the City <br />and without further action by the Council: <br /> <br />(l) Issue the Bonds in one or more series. <br /> <br />(2) Issue Bonds to provide interim financing for the Project, enter into lines of credit or <br />similar documents which permit the City to draw Bond proceeds over time, and issue <br />Bonds to refund the Bonds that provide interim financing for the Proj ect. <br /> <br />(3) Participate in the preparation of, authorize the distribution of, and deem final any official <br />statement or other disclosure documents relating to each series of the Bonds. <br /> <br />(4) Establish the form, final principal amounts, maturity schedules, interest rates, sale prices <br />and discount, prepayment terms, payment terms and dates, and other terms of each series <br />of Bonds. <br /> <br />(5) Execute and deliver a bond declaration for each series of Bonds, specifying the terms <br />under which each series of Bonds are issued, and making covenants for the benefit of <br />Bondowners. The bond declarations may also contain covenants for the benefit of any <br />insurers of the Bonds. <br />