Resolution No. 4624 - Laserfiche WebLink

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RESOLUTION NO. 4624 A RESOLUTION OF THE CITY OF EUGENE, OREGON AUTHORIZING AIRPORT REVENUE REFUNDING BONDS, SERIES 2000 AND PROVIDING THE TERMS UNDER WHICH FUTURE AIRPORT REVENUE BONDS MAY BE ISSUED. The City Council of the City of Eugene, Oregon, finds as follows: A. The City enacted Ordinance No. 19551 on Apri127, 1988, authorizing the issuance of its $8,170,000 Airport Revenue Bonds, Series 1988 pursuant to Oregon's Uniform Revenue Bond Act (ORS 288.805 to 288.945). B. It is now desirable to refund the Series 1988 Bonds and to deposit sufficient funds with their paying agent at closing to redeem and pay all outstanding Series 1988 Bonds; C. ORS 288.592 authorizes the City to issue refunding bonds, and the City adopts this resolution to provide the terms under which the refunding bonds, and future obligations having a lien on revenues of the Airport, may be issued. 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. Definitions and Rules of Construction. 1.1 Definitions. Capitalized terms used in this Master Resolution shall have the following meanings unless the context clearly requires use of a different meaning: "Airport Debt Service Fund" means the Airport Debt Service Fund in the Municipal Airport Fund described in Section 3.2. "Airport" means all real property owned by the City and used to provide Airport services, now or hereafter acquired. "Annual Debt Service" means the amount required to be paid in a Fiscal Year of principal and interest on any Outstanding Bonds, calculated as follows: (A) Interest which is to be paid from Bond Proceeds shall be subtracted. (B) Bonds which are subject to scheduled, noncontingent redemption or tender shall be deemed to mature on the dates and in the amounts which are subject to mandatory redemption or tender, and only the amount scheduled to be outstanding on the final maturity date shall be treated as maturing on that date. (C) Each Series oflnterim Obligations shall be assumed to bear interest at their stated rate prior to their final maturity date. The principal amount of each Series oflnterim Obligations plus the interest due on that Series oflnterim Obligations at their final maturity date (the "Assumed Principal") shall be assumed to bear interest from the final maturity date of the Interim Obligations at the Interim Obligation Rate. The Assumed Principal shall be assumed to be paid in 40 equal semiannual payments which are sufficient to fully amortize the Assumed Principal, with interest at the Interim Obligation Rate. The first semiannual payment shall be due Page 1 - Resolution March 23, 2000