Resolution No. 5017 - Laserfiche WebLink

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NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Eugene, a municipal corporation of the State of Oregon, as follows: Section 1: Authorization The City hereby authorizes the issuance, sale and delivery of no more than $S million in principal amount of economic development project revenue bonds (the "Bonds ") to finance the Project pursuant to the Act. The Bonds shall be issued so that they are eligible for treatment as recovery zone facility bonds under ARRA and the Code. Section 2: Security for Bonds The Bonds shall be special, limited obligations of the City payable solely from the revenues and property provided by the Borrower. The Bonds will not constitute a debt of the City nor shall the Bonds be payable from any funds of the City or any tax levied upon any property within the City nor any other political subdivision of the State of Oregon. Section 3. Limitations The Bonds: 1. Shall not be payable from nor charged upon any funds other than the revenue pledged to the payment thereof, nor shall the City be subj ect to any liability thereon. No holder or holders of such bonds shall ever have the right to compel any exercise of the taxing power of the City to pay any such bonds or the interest thereon. 2. Shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City, except the revenues and property pledged or otherwise committed by the Borrower. 3. Shall recite in substance that the Bonds, including interest thereon, are payable solely from the revenue pledged to the payment thereof, and that no Bond shall constitute a debt of the City or a lending of the credit of the City within the meaning of any constitutional or statutory limitation. Section 5. Delegation The City Manager or the person designated by the City Manager to act on behalf of the City pursuant to this resolution (each of whom is referred to in this resolution as the "City Official") is hereby authorized on behalf of the City and without further action by the City Council, to: 1. Participate in the negotiation of the terms of Bond documents. 2. Execute and deliver an indenture of trust, a loan agreement, a bond purchase agreement, the Bonds and any other Bond documents the City Official determines will facilitate the issuance of the Bonds and the financing of the Pro j ect in accordance with this resolution. 3. Allocate recovery zone facility bond volume cap to the Bonds. 4. Engage the services of and designate pursuant to ORS 254.440(3) paying agents, remarketing agents, trustees, and any other professionals whose services are desirable for the financing.