URA Resolution No. 1044 - Laserfiche WebLink

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RESOLUTION NO. 1044 A RESOLUTION AUTHORIZING THE ISSUANCE OF URBAN RENEWAL BONDS FOR PROJECTS RECEIVING FUNDING FROM HUD SECTION 108 LOAN PROCEEDS. The Urban Renewal Agency of the City of Eugene finds as follows: A. The United States Department of Housing and Urban Development has issued a commitment to guarantee a loan to the City of Eugene (the "HUD Loans") under Section 1 08 of Title I of the Housing and Community Development Act of 1974, as amended (the "Act") to finance urban renewal projects that are located in the City of Eugene's Urban Renewal Plan for the Central Eugene Project ("District") and that are described in the urban renewal plan for the District. B. The Urban Renewal Agency of the City of Eugene ("Agency") is willing to issue tax increment bonds to the City in which the Agency agrees to pay to the City amounts equal to the principal and interest due on the City's HUD Loans for urban renewal projects in the District. C. The Agency adopts this resolution to authorize delivery of up to $7,895,000 of subordinate lien tax increment bonds to the City in connection with HUD Loans. NOW, THEREFORE, BE IT RESOLVED by the Urban Renewal Agency of the City of Eugene, as follows: Section 1. Definitions. Unless the context clearly requires otherwise the following terms shall have the following meanings: "Agency Official" means the Agency Director, or a person designated by the Agency Director to act as Agency Official under this Resolution. "Agency" means the Urban Renewal Agency of the City of Eugene. "City" means the City of Eugene, Oregon. "Code" means the United States Internal Revenue Code of 1986, as amended. "District" means the urban renewal district that is described in the Plan. "Plan" means the Agency's Urban Renewal Plan for the District which was originally approved by the Eugene Urban Renewal Agency by Resolution No. 257 on July 3, 1968, and by Resolution No. 1609 of the Eugene Common Council on December 19,1968, as it has been amended and may be amended in the future. "Resolution" means this resolution.