Resolution No. 4619 - Laserfiche WebLink

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RESOLUTION NO. 4619 A RESOLUTION OF THE CITY OF EUGENE, OREGON AUTHORIZING THE FINANCING OF THE MAIN LIBRARY IN A PRINCIP AL AMOUNT OF NOT MORE THAN $25,000,000. The City Council of the City of Eugene, Oregon, finds as follows: A. The City is authorized by Oregon Revised Statutes Section 271.390 to enter into loan agreements to finance real or personal property and to authorize certificates of participation in the right to receive the payments due from the City under those loan agreements. B. The City desires to fmance the costs of the acquisition and construction of a new main library, including but not limited to the costs of land, structures, equipment and furnishings (the "Project") in a principal amount of not more than $25,000,000.00 pursuant to ORS 271.390. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Eugene, a municipal corporation of the State of Oregon, as follows: 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") is hereby authorized, on behalf of the City and without further action by the City Council, to: (a) Negotiate, execute and deliver one or more loan agreements (the "Loan Agreements") in an aggregate principal amount of not more than Twenty-five Million Dollars ($25,000,000.00). The obligation of the City to make loan payments under the Loan Agreements shall be unconditional, and the City Official may pledge the City's full faith and credit and taxing power within the limitations of Sections 11 and 11 b of Article XI of the Oregon Constitution, and any and all of the City's legally available funds, to make the payments due under the Loan Agreements. Subject to the limitations of this Resolution, the Loan Agreements may be in such form and contain such terms as the City Official may approve. (b) Negotiate, execute and deliver one or more escrow agreements or similar documents (the "Escrow Agreements") which provide for the issuance of one or more series of "certificates of participation" or "full faith and credit obligations" (the "Obligations") which represent ownership interests in the loan payments due from the City under the Loan Agreements. Subject to the limitations ofthis Resolution, the Escrow Agreements and each series of Obligations may be in such form and contain such terms as the City Official may approve.