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Item 3: Resolution Authorizing HUD Section 108 Revenue Bonds
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Item 3: Resolution Authorizing HUD Section 108 Revenue Bonds
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7/23/2007
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<br />ATTACHMENT B <br />RESOLUTION NO. <br />A RESOLUTION AUTHORIZING EXECUTION OF A HUD <br />SECTION 108 LOAN CONTRACT IN THE AMOUNT OF <br />$7,895,000 AND NOTES IN THE AMOUNT OF $7,895,000. <br />The City Council of the City of Eugene finds as follows: <br /> <br />A. <br /> The City of Eugene is one of only eleven communities in the United States to be <br />approved for a Brownfields Economic Development Initiative grant from the United States <br />Department of Housing and Urban Development (“HUD”) in Fiscal Year 2005. The grant is in <br />the amount of $2,000,000. <br />B. <br /> The BEDI grant award is conditioned upon, and must be used in conjunction with, <br />a new Section 108-guaranteed loan commitment made by HUD pursuant to section 108 of title I <br />of the Housing and Community Development Act of 1974, as amended and 24 CFR Part 570, <br />Subpart M (the “HUD Loan Guarantee Law and Regulations"). The guaranteed loan is expected <br />to be in the amount of approximately $7,895,000. <br />C. <br /> The City enacted Ordinance No. 20376 on February 26, 2007, authorizing the City <br />to issue up to $7,895,000 of revenue bonds to finance loans and other assistance for economic <br />development, property acquisition, public facilities, large-scale physical development projects and <br />any other projects that are eligible for funding under Section 108 (the “Projects”). More than <br />thirty days have passed since that ordinance was enacted, no citizens have petitioned to have the <br />ordinance authorizing those bonds referred to the voters, and the City is now authorized to issue <br />the revenue bonds described in that ordinance. <br />D. <br /> Ordinance No. 20376 authorized the City to secure any HUD Loan Contracts with <br />federal grant funds, revenues and rights the City obtains in connection with the projects, <br />repayments of loans and other assistance provided by the City pursuant to Section 108, payments <br />from the Urban Renewal Agency of the City of Eugene (the “Agency”), and similar amounts. The <br />City anticipates that the Agency will authorize a resolution on the date of this resolution that will <br />allow the Agency to sell a bond to the City in an amount equal to the amount due to HUD under <br />the 2007 Project Notes. <br />E. <br /> The City adopts this resolution to authorize: (i) execution and delivery of a <br />“Contract For Loan Guarantee Assistance Under Section 108 Of The Housing And Community <br />Development Act of 1974, As Amended, 42 U.S.C. §5308” with HUD (the “HUD Loan <br />Contract”) in the amount of $7,895,000, (ii) the execution and delivery of a revenue bond under <br />Ordinance No. 20376 in the form of one or more Notes that are required by the HUD Loan <br />Contract in the amount of not more than $7,895,000 to finance property acquisition for the West <br />Broadway Redevelopment Project (the “2007 Project”); and (iii) City staff to take other actions to <br />obtain funds from HUD under the HUD Loan Contract for the Project. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Eugene, a municipal corporation of the State of Oregon, as follows: <br /> <br /> <br />
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