Resolution No. 4509 - Laserfiche WebLink

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RESOLUTION NO. 4$!2J RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF THE BROADWAY GARAGES LIMITED TAX BONDS, SERIES 1997, IN AN AMOUNT OF NOT MORE THAN $7,700,000. THE CITY COUNCIL OF THE CITY OF EUGENE, OREGON (THE "CITY") FINDS AS FOLLOWS: A. The City is authorized by ORS Chapter 223 to issue general obligation bonds to finance parking improvements without a vote of the people. However, Article XI, Section 11 b of the Oregon Constitution provides that general obligation bonds may not be issued without a vote of the people. ORS 288. 155(2)(a) authorizes the City to issue limited tax bonds without a vote of the people when statutes authorize general obligation bonds to be issued without a vote of the people. The City is therefore authorized to issue limited tax bonds to finance parking improvements. B. The developer will sign a development agreement with the City relating to the Broadway and Charnelton Parking Garages no later than 30 days prior to issuing the bonds, and will meet its requirements under that agreement, including paying the City $300,000. C. It is desirable to issue limited tax bonds to finance the Broadway and Charnelton Parking Garages and to pay costs of issuance of issuing the limited tax bonds. 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 may issue its Broadway Garages Limited Tax Bonds, Series 1997 (the "Bonds") to finance the costs of acquiring, constructing, equipping, furnishing and improving the Broadway and Charnelton Parking Garages and to pay costs of issuing the Bonds. The Bonds shall be issued in a principal amount of not more than $7,700,000, and shall be sold at a true interest cost of not more than ten percent per annum. The City Manager or the person designated in writing by the City Manager to act under this Resolution (the "City Official") may (if the conditions described in Section 2, below, have been satisfied), on behalf of the City and without further action by the City Council: 1.1. participate in the preparation of, authorize the distribution of, and deem final the preliminary and final official statements and any other disclosure documents for the Bonds; 1.2. Determine, on the advice of bond counsel, whether Bond interest will be includable in, or excludable from, gross income under the Internal Revenue Code of 1986, as amended; Page 1 - Resolution J:\HWR\CITIES\EUGENE\L TDT AX.96\L T AXRES.DOC 11/27/96