Item 3E: Resolution Authorizing Financing for Local Improvement

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ATTACHMENT A RESOLUTION NO. _____ A RESOLUTION AUTHORIZING INTERIM AND LONG TERM FINANCING FOR LOCAL IMPROVEMENT PROJECTS AND TERMINATING THE AUTHORITY UNDER RESOLUTION NO. 4807. The City Council of the City of Eugene, Oregon (the "City") finds as follows: A. The City is authorized under ORS 287A.180 (the "Act") to obtain lines of credit and issue obligations to provide interim financing for capital projects. The Act permits the City to pledge all or part of the revenues of the public body that may lawfully be used to secure payment of the interim financing to pay obligations issued under the Act. B. The City adopted Resolution No. 4807 on September 13, 2004. It authorized borrowings for interim and long term financing for local improvements projects. Resolution No. 4807 limited the authority to issue interim financing for local improvement projects to not more than Four Million Dollars ($4,000,000) outstanding at any time. C. The City finds it will be advantageous to adopt this resolution, authorizing the City to obtain and maintain interim financing for local improvement projects located inside and outside the City in a maximum outstanding principal amount of not more than Five Million Dollars ($5,000,000), and with a maximum term of five years, as provided herein. D. ORS Chapter 223 authorizes the City to issue bonds to provide permanent financing for local improvement projects. E. The City also finds it will be advantageous to authorize the issuance of bonds under ORS Chapter 223 to provide permanent financing for local improvement projects that receive interim financing under the authority of this Resolution or the City’s previous resolution authorizing interim financing for local improvement projects. 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 and Limitation on Interim Financing. The City is hereby authorized to obtain and maintain one or more interim financings (the “Interim Financings”) pursuant to this Resolution and the Act for the costs of local improvement projects, including street paving, sidewalks and storm sewers (the “Projects”), subject to the following limitations: 1.1. The maximum principal amount of Interim Financings that may be outstanding at any time shall not exceed Five Million Dollars ($5,000,000); 1 Resolution - F:\CMO\2008 Council Agendas\M080414\S0804143E-attA.doc