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<br />RESOLUTION NO. '1y~ <br /> <br />RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF LIMITED <br />TAX IMPROVEMENT BONDS, SERIES 1996-Q, IN AN AMOUNT NOT TO <br />EXCEED $700,000, FOR THE PURPOSE OF FINANCING LOCAL <br />IMPROVEMENTS AND REFUNDING A LINE OF CREDIT. <br /> <br />THE CITY COUNCIL OF THE CITY OF EUGENE, OREGON (THE "CITY") <br />FINDS AS FOLLOWS: <br /> <br />A. The City is authorized pursuant to the Constitution and laws of the State of <br />Oregon to issue limited tax bonds to finance local improvements pursuant to ORS 223.235 and <br />ORS 288.155. <br /> <br />B. It is desirable to issue limited tax bonds to finance local improvements in the <br />City, to refund a portion of its outstanding line of credit, and to pay costs of issuing the limited <br />tax bonds. <br /> <br />NOW, THEREFORE, BE IT RESOL VED BY THE CITY COUNCIL OF THE <br />CITY OF EUGENE, a municipal corporation of the State of Oregon, as follows: <br /> <br />Section 1. Authorization. <br /> <br />The City shall issue its Limited Tax Improvement Bonds, Series 1996-Q (the "Bonds") to finance <br />local improvements in the City, to refund a portion of its outstanding line of credit, and to pay <br />costs of issuing the Bonds. The Bonds shall be issued in a principal amount of not more than <br />$700,000, and shall be sold at a true interest cost of not more than eight percent per annum. The <br />City Manager, the Finance Director, or the person designated in writing by the City Manager to <br />act under this Resolution (the "City Official") may, on behalf of the City and without further <br />action by the City Council: <br /> <br />1.1. participate in the preparation of, authorize the distribution of, and deem final the <br />preliminary and final official statements and any other disclosure documents for the Bonds; <br /> <br />1.2. establish the final principal amount, maturity schedule, interest rates, redemption terms, <br />payment terms and dates, and other terms of the Bonds, and the terms under which the Bonds <br />are offered for sale; <br /> <br />1.3. establish the terms under which the Bonds will be sold, and prepare and publish notices <br />of sale, or summaries, for the Bonds as required by law; <br /> <br />1.4. issue, sell and deliver the Bonds to the successful bidder without further action by the <br />City Council; <br /> <br />1.5 enter into an agreement to provide continuing financial disclosure for the benefit of the <br />owners of the Bonds in accordance with the applicable rules of the United States Securities <br />and Exchange Commission; <br /> <br />Page 1 - Resolution <br /> <br />J:\HWR\CmES\EUGENE\L TDTAX.96\RES-Aurn.DOC <br />4118/96 <br />