Resolution No. 4601 - Laserfiche WebLink

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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. Revenue Bonds Authorized 1. The Council hereby authorizes EWEB to issue the City's revenue bonds in one or more series in an aggregate principal amount not to exceed $36,000,000. Prior to selling the bonds, EWEB shall adopt a bond resolution and provide to the City Manager a copy of such bond resolution. Pursuant to ORS 288.825(4)(a) and ORS 288.520(4), EWEB's Treasurer or designee may determine the maturity dates, principal amounts, redemption provisions, interest rates or the method for determining a variable or adjustable interest rate, denominations and other terms and conditions of the bonds because the same cannot be determined by the Council at this time. However, without the approval of the Council, the effective rate of interest on the bonds shall not exceed 14 percent per annum, the bonds shall mature not later than 30 years from the date of issuance of such bonds, and the discount or premium on the bonds may not exceed 5 percent of the aggregate principal amount thereof. 2. Upon completion of the actions stated in Section 2 below pursuant to ORS 288.815, EWEB's Treasurer or designee is authorized to prepare and distribute a preliminary and final official statement or other disclosure document for the bonds; obtain bond insurance or other credit enhancement, if required; obtain a rating on the bonds from Moody's Investors Service, Inc., Standard & Poor's Ratings Services and/or Fitch IBCA, if required; select a Trustee, Registrar or Paying Agent for the bonds; and determine any other terms, conditions or covenants regarding the bonds, or the Project which are necessary or desirable to effect the sale of the bonds. Section 2. Notice, Procedure 1. No bonds of the $36,000,000 issue may be sold, and no purchase agreement for such amount of bonds may be executed or delivered, for at least 60 days following publication of the Notice of Revenue Bond Authorization, such notice being in substantially the form attached to this Resolution as Exhibit A ("the Notice"). The Notice shall specify the last date on which petitions may be submitted, and the City, acting by and through EWEB, shall cause the Notice to be published in The Register-Guard, Eugene, Oregon, a newspaper of general circulation within the boundaries of the City, in the same manner as are other public notices of the City. 2. If petitions for an election, containing valid signatures of not less than 5 percent of the City's qualified electors, are received within the time indicated in the Notice, the question of issuing such bonds in an amount not to exceed $36,000,000 shall be placed on the ballot at the next legally available election date. If such petitions are received, no such amount of bonds may be sold until the question of whether to issue such Bonds is approved by a majority of the electors living within the boundaries of the City who vote on that question. Any such petitions will be subject to ORS 288.815 and Sections 2.970-2.992 of the Eugene Code, 1971. Resolution - 2