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<br />RESOLUTION NO. 45'1-i= <br /> <br />A RESOLUTION OF THE CITY OF EUGENE, LANE COUNTY, <br />OREGON, AUTHORIZING A WATER POLLUTION CONTROL <br />REVOLVING FUND LOAN AGREEMENT WITH THE <br />DEPARTMENT OF ENVIRONMENTAL QUALITY OF THE <br />STATE OF OREGON IN AN AGGREGATE PRINCIPAL <br />AMOUNT OF NOT MORE THAN $2,000,000. <br /> <br />THE CITY COUNCIL OF THE CITY OF EUGENE, OREGON (THE "CITY") <br />FINDS AS FOLLOWS: <br /> <br />A. The City desires to borrow up to $2,000,000 from the Water Pollution Control <br />Revolving Fund program operated by the State of Oregon Department of Environmental Quality (the <br />"DEQ") under ORS 468.423 to 468.440, to finance rehabilitation of City sewer collectors (the <br />"Project"). <br /> <br />B. The City is authorized by ORS 468.439 to enter into a loan agreement with the DEQ <br />to finance the Project, to pledge its sewer system revenues to pay the loan, to fund reserves for the <br />loan, and to make covenants with the DEQ to secure the loan. <br /> <br />C. The City should adopt this resolution to authorize the borrowing of not more than <br />$2,000,000 from the DEQ pursuant to ORS 468.439 to finance the Project. <br /> <br />NOW, THEREFORE, BE IT RESOL YED by the City Council of the City of Eugene, a <br />municipal corporation of the State of Oregon, as follows: <br /> <br />Section 1. Based on the above findings, which are adopted herein, the City is hereby <br />authorized to enter into a loan agreement with the DEQ to finance the Project in a principal amount <br />of not more than $2,000,000. <br /> <br />Section 2. The loan agreement shall bear interest at a rate that does not exceed five percent <br />per annum, and shall mature over a period of not more than ten years. The City Manager or the <br />person designated in writing by the City Manager to act under this Resolution (the "City Official") <br />may, on behalf of the City and without further action by the City Council: <br /> <br />1. Negotiate the terms of, and enter into a loan agreement with the DEQ, within <br />the limitations established by this resolution; <br /> <br />2. Pledge all or any portion of the revenues of the City's sewer system to secure <br />the amounts due under the loan agreement; <br /> <br />Page 1- Resolution <br /> <br />] :\HWR\CmES\EUGENE\SRF\i&ilnres.docJ <br />