Resolution No. 4561 - Laserfiche WebLink

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RESOLUTION NO. 4561 A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF LIMITED TAX IMPROVEMENT BONDS, SERIES 1998-R, IN AN AMOUNT NOT TO EXCEED $1,100,000, FOR THE PURPOSE OF FINANCING LOCAL IMPROVEMENTS AND REPAYING LINE OF CREDIT. THE CITY COUNCIL OF THE CITY OF EUGENE, OREGON (THE "CITY") FINDS AS FOLLOWS: A. The City is authorized pursuant to the Constitution and laws of the State of Oregon to issue limited tax bonds to finance local improvements pursuant to ORS 223.235 and ORS 288.155. B. It is desirable to issue limited tax bonds to finance local improvements in the City, to refund a portion of its outstanding line of credit, 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 shall issue its Limited Tax Improvement Bonds, Series 1998-R (the "Bonds") to finance local improvements in the City, to refund a portion of its outstanding line of credit and to pay costs of issuing the Bonds. The Bonds shall be issued in a principal amount of not more than $1,100,000, and shall be sold at a true interest cost of not more than eight percent per annum. The City Manager or the person designated in writing by the City Manager to act under this Resolution (the ACity Official@) may, 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. establish the final principal amount, maturity schedule, interest rates, redemption terms, payment terms and dates, and other terms of the Bonds, and the terms under which the Bonds are offered for sale; 1.3. establish the terms under which the Bonds will be sold, and prepare and publish notices of sale, or summaries, for the Bonds as required by law; 1.4. issue, sell and deliver the Bonds to the successful bidder without further action by the City Council; 1.5 enter into an agreement to provide continuing financial disclosure for the benefit of the owners of the Bonds in accordance with the applicable rules of the United States Securities and Exchange Commission; 1.6 prepare, execute and deliver any other documents and take any action, including the appointment of a paying agent, which is reasonably required to issue, sell and deliver the Bonds in accordance with this Resolution.