Resolution No. 5077 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. 5077 A RESOLUTION AUTHORIZING THE SALE OF GENERAL OBLIGATION BONDS TO FIX STREETS AND FUND BICYCLE AND PEDESTRIAN PROJECTS. The City Council of the City of Eugene, Oregon, finds as follows: A. At the general election held on November 6, 2012, the voters of the City of Eugene (the "City ") approved a measure authorizing the City to issue $43,000,000 of general obligation bonds to fix approximately 74 lane miles of roads and fund bicycle and pedestrian projects (the "Measure "). B. It is now desirable to authorize the sale of the bonds that are described in the Measure. C. The City has appointed bond counsel pursuant to ORS 287A.300. 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. Bonds authorized. The City hereby authorizes the sale and issuance of not more than $43,000,000 (Forty -three Million Dollars) in aggregate principal amount of general obligation bonds to finance the streets and bicycle and pedestrian projects described in the Measure and to finance costs of issuing the general obligation bonds. The City also authorizes the issuance of general obligation bonds pursuant to ORS 287A.360 and ORS 287A.365, or any replacement statutes, to refund any general obligation bonds authorized by this resolution. The general obligation bonds authorized by this resolution are referred to in this resolution as the "Bonds." Section 2. Delegation. The City Manager or the person designated by the City Manager to act on behalf of the City pursuant to this Resolution (the "City Official ") may, on behalf of the City and without further action by the Council: (1) Issue the Bonds in one or more series. (2) Issue Bonds to provide interim financing for the streets and bicycle and pedestrian projects described in the Measure, enter into lines of credit or similar documents which permit the City to draw Bond proceeds over time, and issue Bonds to refund the Bonds that provide interim financing. (3) Participate in the preparation of, authorize the distribution of, and deem final any official statement or other disclosure documents relating to each series of the Bonds. (4) Establish the form, final principal amounts, maturity schedules, interest rates, sale prices and discount, prepayment terms, payment terms and dates, and other terms of each series of Bonds. (5) Execute and deliver a bond declaration for each series of Bonds, specifying the terms under which each series of Bonds are issued, and making covenants for the benefit of Bondowners. The bond declarations may also contain covenants for the benefit of any insurers of the Bonds. (6) Publish a notice of sale, receive bids and award the sale of each series to the bidder complying with the notice and offering the most favorable terms to the City, or select one