Resolution No. 4704 - Laserfiche WebLink

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(3) For purposes of the Pool Bonds only, "costs of issuing Bonds" includes all costs of issuance, sale and delivery of the Pool Bonds, costs of obtaining bond insurance or other credit enhancement, and the City's proportionate costs of the issuance of the Program Obligations, including the fees of the Program Trustee. Section 4. Pension Bonds Authorized. The City hereby authorizes the issuance, sale and delivery under the Act of one or more series of its Pension Bonds. For the purposes of the Pension Bonds only, "costs of issuing Bonds" includes all costs of issuance, sale and delivery of the Pool Bond, and costs of obtaining bond insurance or other credit enhancement. Section 5. Taxation of Bond Interest. The Bonds shall be "federally taxable bonds" which bear interest that is not excludable from gross income under Section 103(a) of the Internal Revenue Code of 1986, as amended. The City intends that interest on the Bonds will, however, be exempt from Oregon personal income taxation. Section 6. Delegation. If the City Official determines to issue a series of Bonds, the City Official is hereby directed, on behalf of the City and without further action by the Council, to: (1) Determine whether the Bonds shall be issued as Pool Bonds or as Pension Bonds. (2) Participate in the preparation of, authorize the distribution of, and deem final any official statement or other disclosure documents relating to each series of the Bonds or the Program Obligations. (3) Establish the final principal amounts, maturity schedules, interest rates, sale prices and discount, prepayment terms, payment terms and dates, security for the City's payment obligations, and other terms of each series of Bonds. (4) Execute and deliver a bond declaration for each series of Bonds. The bond declaration for each series of Pool Bonds shall be in substantially the form attached to this resolution as Exhibit A, which such changes as may be approved by the City Official. The bond declaration for each series of Pension Bonds shall be in the form approved by the City Official. (5) Negotiate, execute and deliver an intergovernmental agreement ("Program IGA") with other governmental units who have unfunded OPERS liabilities, for the purpose of authorizing the issuance of the Program Obligations and for any other purposes described in Section 25 of the Act. Resolution, Page 3 of 5