Resolution No. 5296 - Laserfiche WebLink

Home Browse Search

(a) Negotiate, execute and deliver one or more Financing Agreements. Subject to the limitations of this Resolution, the Financing Agreements may be in such form and contain such terms as the City Official may approve; (b) Determine the final principal amount, interest rates, payment dates, prepayment rights and all other terms of the financings; (c) Negotiate, execute and deliver one or more notes to evidence amounts due under the Financing Agreements; (d) Select one or more commercial banks or other lenders with which to negotiate, execute and deliver the Financing Agreements; (e) Enter into additional covenants for_ the benefit of the purchasers of the Financing Agreements that the City Official determines are desirable to obtain more favorable terms for the Financing Agreements, including pledging amounts the City receives under the IGA to pay the amounts due from the City under the Financing Agreements; (f) Engage the services of municipal advisors, bond counsel, and any other professionals whose services are desirable for the financings; (g) Issue the Financing Agreements with interest that is taxable or tax-exempt under the Internal Revenue Code of 1986, as amended; and (h) Execute and deliver any other certificates or documents and take any other actions which the City Official determines are desirable to carry out this resolution. Section 4. Security. Pursuant to ORS 287A.315, the City Official may pledge the City's full faith and credit and taxing power within the limitations of Sections 11 and 11b of Article XI of the Oregon Constitution to pay the amounts due under the Financing Agreements. The City is not authorized to levy additional taxes to pay the amounts due under the Financing Agreements. Section 5. Reimbursement Declaration. The City hereby declares its official intent to reimburse its or the Agency's Expenditures with the proceeds of the Financing Agreements pursuant to United States Treasury Regulation 1.150-2. Section 6. Effective Date. This resolution is effective immediately upon adoption. The foregoing Resolution adopted the 26th day of May, 2020. City Recorder —�Fu Resolution - Page 2 of 2