Resolution No. 4760 - Laserfiche WebLink

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RESOLUTION NO. 4760 A RESOLUTION OF THE CITY OF EUGENE, OREGON AUTHORIZING THE SALE OF THE CITY'S GENERAL OBLIGATION REFUNDING BONDS. The City Council of the City of Eugene, Oregon, finds as follows: A. The City of Eugene (the "City") has previously issued its General Obligation Public Safety Facilities Bonds Series 1996 dated May 30, 1996 and its General Obligation Bonds, Series 1999 (Parks and Open Spaces) dated August 17, 1999 (collectively, the "Refundable Bonds"). B. The Refundable Bonds bear interest at rates that are higher than current market rates and the City may be able to reduce debt service costs by issuing its general obligation refunding bonds to refund and replace the Refundable Bonds. C. ORS 288.592 authorizes the City to issue general obligation bonds to refund outstanding general obligation bonds under ORS 288.60S to 288.695 if the refunding is approved by the Oregon State Treasury. D. The City wishes to reduce the cost of debt service to the City's taxpayers by issuing general obligation bonds to refund Refundable Bonds. 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. Refunding Plan. The City is hereby authorized to submit an advance refunding plan for all or any portion of the Refundable Bonds. Section 2. Bonds Authorized. The City is hereby authorized to refund all or any portion of the Refundable Bonds, and to issue, sell and deliver one or more series of its General Obligation Refunding Bonds (the "Refunding Bonds") in a principal amount which does not exceed the principal amount necessary to refund the Refundable Bonds and pay costs of issuing the Refunding Bonds. However, the City shall not issue the Refunding Bonds unless the Refunding Bonds reduce debt service and the refunding is approved by the Oregon State Treasury. Section 3. Delegation. If 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") determines to issue the Refunding Bonds, the City Official is hereby directed, on behalf of the City and without further action by the Council, to: (1) 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 Refunding Bonds. (2) Establish the final principal amounts, maturity schedules, interest rates, sale prices and discount, prepayment terms, payment terms and dates, and other terms of each series of Refunding Bonds.