Resolution No. 4844 - Laserfiche WebLink

Home Browse Search

the monies in each fund have been invested, the income from such investments and the applica:ion of such income; and (b) A report on Refunding Bond payments describing amounts paid and ~rnounts scheduled to be paid and the source of such payments. If the contents of the reports required by subsections (a) and (b) above are included in the yearly audit report of EWEB, then EWEB may comply with this section 5 by transmitting a copy of its yearly audit report to the City. Section 6. Appointment of Professionals. EWEB is authorized to appoint bond counsel, disclosure counsel, financial advisors, a registrar, paying agent and escrow agent and any other professional assistance that EWEB determines is necessary or convenient to accomplish the issuance and sale of any or all of the Refunding Bonds. Section 7. Official Statement; Sale Documents. EWEB or any party designated by EWEB is authorized to prepare and distribute or direct the preparation and distribution of one or more preliminary official statement(s) or other disclosure document(s) for any of the Refunding Bonds or in connection with a preliminary official statement or other disclosure document for any other bonds, as determined to be necessary by EWEB, to obtain bond insurance or other credit enhancement or commitments therefor, if required, to obtain a rating on any or all of the Refunding Bonds from Moody's Investors Service, Inc., Standard & PooFs and/or Fitch Ratings~ if required, and to issue and publish such notices of sale of the Refunding Bonds as may be necessary or required to accomplish the public competitive sale of the Refunding Bonds in accordance with this Resolution. Section 8. _Approval of Plan of Advance Refunding and Submission to Ore ogg~ State Treasurer for Review and A_12proval. The Council hereby approves the advance refunding plan for the advance refunding or defeasance of all or a portion of the Series 2000 Bonds and/or the Series 2002 Bonds and the issuance of the Refunding Bonds (the "Refunding Plan~') presented to the Council that was prepared by EWEB's independent financial advisor, Seattle Northwest Securities Corp., in compliance with Oregon Administrative Rule 170-062-0000. Pursuant to ORS §288.620, the Council hereby directs that the Refunding Plan be submitted to the State Treasurer for review and approval. In accordance with ORS §288.620~ the Refunding Bonds may not be sold until the State Treasurer has authorized or is deemed to have authorized the sale of such Refunding Bonds. Section 9. Effective Date of Resolution. This Resolution shall become effective immediately upon its adoption. The foregoing Resolution adopted by the City Council this 27th day of June, 2005. City Recorder S485547.7 4