Item 4C: Resolution Authorizing Issuance of Parks, Athletic Fields and Open Space Bonds

Home Browse Search

ATTACHMENT A RESOLUTION NO. A RESOLUTION AUTHORIZING THE SALE OF GENERAL OBLIGATION BONDS FOR PARKS, ATHLETIC FIELDS AND PRESERVATION OF OPEN SPACE. The City Council of the City of Eugene, Oregon, finds as follows: A. The voters of the City of Eugene (the “City”) authorized the City to issue $27,490,000 of general obligation bonds at the general election held on November 7, 2006, to finance parks, athletic fields and preservation of open space as described in the ballot title for the measure. B. It is now desirable to authorize the sale of the bonds that were approved by the voters at the November 7, 2006 election in multiple series. C. The City has appointed bond counsel pursuant to ORS 288.523. 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.Bonds authorized. The City hereby authorizes the issuance of not more than $27,490,000 (Twenty-Seven Million Four Hundred Ninety Thousand Dollars) in aggregate prin- cipal amount of general obligation bonds to finance the projects described in the ballot measure for Parks, Athletic Fields and Preservation of Open Space submitted to the City’s voters at the November 7, 2006 election and to pay costs of issuing the general obligation bonds (the “Pro- ject”). The City also authorizes the issuance of general obligation bonds pursuant to ORS 288.592 or any replacement statute, to refund any general obligation bonds authorized by this resolution. The general obligation bonds authorized by this resolution are herein referred to as the “Bonds.” Section 2.Delegation . The City Manager or the person designated by the City Manager to act on behalf of the City pursuant to this Resolution (the “City Official”) may, on behalf of the City and without further action by the Council: (1)Issue the Bonds in one or more series. (2)Issue Bonds to provide interim financing for the Project, enter into lines of credit or similar documents which permit the City to draw Bond proceeds over time, and issue Bonds to refund the Bonds that provide interim financing for the Project. (3)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. (4)Establish the form, final principal amounts, maturity schedules, interest rates, sale prices and discount, prepayment terms, payment terms and dates, and other terms of each series of Bonds. (5)Execute and deliver a bond declaration for each series of Bonds, specifying the terms under which each series of Bonds are issued, and making covenants for the benefit of Resolution - Page 1