Item 6: Ordinance Authorizing HUD Section 108 Revenue Bonds

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ATTACHMENT A ORDINANCE NO. AN ORDINANCE AUTHORIZING HUD SECTION 108 REVENUE BONDS. The City Council of the City of Eugene, Oregon, finds: A . The City is authorized to issue revenue bonds for any public purpose under Oregon's Uniform Revenue Bond Act (ORS 288.805 to 288.945) (the “Act”). Revenue bonds issued under the Act may be payable from all or any portion of the “revenues” of the City, as defined in the Act. The Act defines “revenues” to include all fees, tolls, taxes, and other income available to the City. B . The City may authorize revenue bonds under the Act by non-emergency ordinance. The City may not sell revenue bonds under the Act until the period for referral of the non-emergency ordinance has expired. If a non-emergency ordinance authorizing revenue bonds is referred, the City may not sell revenue bonds unless the voters approve the revenue bonds. C . The City is eligible to receive a grant of up to $2,000,000 if it issues up to $7,895,000 of revenue bonds in compliance with the requirements of Section 108 of Title I of the Housing and Commun- ity Development Act of 1974, as amended (”Section 108”). The proceeds of those revenues bonds will be used for loans and other assistance for economic development, property acquisition, public facilities, large- scale physical development projects and any other projects that are eligible for funding under Section 108 (the “Projects”). D . Revenue bonds issued by the City in compliance with Section 108 are secured solely by federal grant funds, revenues and rights the City obtains in connection with the Projects, repayments of loans and other assistance provided by the City pursuant to Section 108, payments from the Eugene Urban Renewal Agency, and similar amounts. E . Any revenue bond issuance under this ordinance will only occur after subsequent City Council approval to finance loans and other assistance for the Projects in compliance with Section 108. NOW THEREFORE: THE CITY OF EUGENE DOES ORDAIN AS FOLLOWS: Section 1 . Revenue Bonds Authorized. The City hereby authorizes the issuance of not more than Seven Million Eight Hundred Ninety-five Thousand Dollars ($7,895,000.00) in aggregate principal amount of revenue bonds to finance loans and other assistance for the Projects and related costs. The bonds shall be issued and sold in accordance with ORS 288.805 to 288.945. Section 2 . Bonds Payable Solely from Revenues. The bonds authorized by this ordinance shall be secured solely by federal grant funds, revenues and rights the City obtains in connection with the Projects, repayments of loans and other assistance provided by the City pursuant to Section 108, payments from the Eugene Urban Renewal Agency, and similar amounts. Ordinance No. ____ Page 1 of 2