Item 3E: Resolution Authorizing Financing for Local Improvement

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1.2. Each Interim Financing shall have a term of not more than five years, and shall comply with the limitations of the Act. Section 2. Security for Interim Financings. Interim Financings may be secured by a pledge of: 2.1. All or any portion of the assessment payments for Projects, and any amounts the City receives from foreclosing assessment liens; 2.2. The proceeds of any Bonds or other permanent financing for the Projects; and, 2.3. The City’s full faith and credit and taxing power within the limitations of Article XI, Sections 11 and 11b of the Oregon Constitution. Section 3. Authorization and Limitation on Bonds. The City is hereby authorized to issue one or more series of bonds pursuant to this Resolution and ORS Chapter 223 (the “Bonds”) to provide permanent financing for Projects, subject to the following limitations: 3.1. The principal amount of each series of Bonds shall not exceed the unpaid balance of all final assessments for the Projects that are refinanced by the series, plus the amount of any debt service reserves for the series, plus the costs of issuing the series; and 3.2. Each series of Bonds shall mature no later than one year after the final scheduled assessment payment for the Projects that are refinanced by the series, and shall comply with the limitations of ORS Chapter 223. Section 4. Security for Bonds. Bondsmay be secured by a pledge of: 4.1. All or any portion of the assessment payments for the refinanced Projects and any amounts the City receives from foreclosing assessment liens for the refinanced Projects; and, 4.2. The City’s full faith and credit and taxing power within the limitations of Article XI, Sections 11 and 11b of the Oregon Constitution. Section 5. Delegation. The City Manager or the person designated in writing by the City Manager to act under this Resolution (the "City Official") may, on behalf of the City and without further action by the Council: 5.1. Circulate requests for proposals, obtain competitive bids, or select banks or underwriters for each series of Interim Financings and Bonds, and enter into agreements to sell Interim Financings or Bonds; 5.2. Establish the principal amounts, interest rates, security and all other terms of, and execute and deliver, one or more series of Interim Financings and Bonds, subject only to the limitations in this Resolution; 5.3. Renew, extend or replace any Interim Financings obtained under the authority of this Resolution, and issue Bonds to refund any Bonds issued under this Resolution; 5.4. Obtain bond insurance or other credit enhancements for Interim Financings or Bonds, and enter into agreements with credit enhancers; 2 Resolution - F:\CMO\2008 Council Agendas\M080414\S0804143E-attA.doc