Resolution No. 4775 - Laserfiche WebLink

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RESOLUTION NO. 4775 A RESOLUTION OF THE CITY OF EUGENE, OREGON, AUTHORIZING THE FINANCING OF FIRE STATION #11. The City Council of the City of Eugene, Oregon, finds as follows: A. The City of Eugene (the "City") is authorized by Oregon Revised Statutes ("ORS") Section 271.390 to enter into financing agreements to finance real or personal property which the City Council determines is needed, and to authorize certificates of participation in the right to receive the payments due from the City under those financing agreements. B. The City is undertaking a project to construct and furnish Fire Station #11, a permanent fire station in the Santa Clara area (the "Project"). C. The City Council has determined that the Project is needed and that it is desirable to obtain financing for the Project pursuant to ORS 271.390 in a principal amount of not more than $2,090,000. 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. Financing Agreement Authorized. The City is hereby authorized to enter into financing agreements in an aggregate principal amount of not more than Two Million Ninety Thousand Dollars ($2,090,000.00) (the "Financing Agreements"). Financing Agreement proceeds shall be used to finance the Project and related expenses and pay costs associated with the Financing Agreements. 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 enter into the Financing Agreements, the City Official is hereby directed, on behalf of the City and without further action by the Council, to: (1) Negotiate, execute and deliver the Financing Agreements in an aggregate principal amount of not more than Two Million Ninety Thousand Dollars ($2,090,000.00). 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. (2) Negotiate, execute and deliver one or more escrow agreements or similar documents (the "Escrow Agreements") that provide for the issuance of one or more series of "certificates of participation" or "full faith and credit obligations" (the "Obligations") that represent ownership interests in the loan payments due from the City under the Financing Agreements. Subject to the limitations of this Resolution, the Escrow Agreements and each series of Obligations may be in such form and contain such terms as the City Official may approve. (3) Covenant for the benefit of the owners of tax-exempt Obligations to comply with all provisions of the Internal Revenue Code of 1986 (the "Code"), as amended, which are required for the interest component of loan payments payable under the related Financing Agreements to be excluded from gross income for federal income tax purposes.