Ordinance No. 19627 - Laserfiche WebLink

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and the Agency, accompanied by a written approval of a nationally recognized bond counsel that the Additional Certificates do not adversely affect the tax status of the outstanding 1985 Refunding Certificates. Additional requirements far the issuance of Additional Certificates under the Refunding Indenture are contained in such Section 15.01. Pursuant to Section 288.60, Oregon Revised Statutes, the State Treasurer of Oregon has reviewed an advance refunding plan an ~liminar~.ly a proved of the advance refunding of the 1985 Re~u~~zn Certlfa. g ca~es which mature on and after June 1 1990 and the issuance of advance refunding certificates the "1989 Refunding Certificates" } to effectuate that purpose to reduce the debt service on the 1985 Refunding Certificates and the Rental Payments due under the Lease. A hearing pursuant to ORS 288.6372} was held during a special meeting of the Municipal Debt Advisory Commission on June 8, 1989, and a waiver by the Oregon State Treasurer pursuant to ORS 288.63711}fib} has been granted. On July 24, 1989, the Agency adopted a resolution approving of the issuance of the 1989 Refunding Certificates to advance refund the 1985 Refunding Certificates which mature on and after June~l, 1990. The City and the Trustee have determined that it is in the best interest of the City to enter into the First Supplemental Indenture, a second amendment to the Lease--Purchase Agreement the "Second Lease Amendment"}, a second amendment to the Intergovernmental Agreement the "Second Intergovernmental Amendment"} and other documents relating to the 1989 Refunding Certificates to permit th,e issuance of the 1989 Refunding Certificates in order to effectuate a def easance of the 1955 Refunding Certificates which mature on and after June 1, 1990. NOW, THEREFORE, to reduce debt service of the 1985 . Refunding Certificates resulting in cost savings for the benefit of the people of the City of Eugene, Oregon, and subject to the final approval and authorization of the Oregon State Treasurer to the Advance Refunding Plan, it is. necessary and desirable for the City of Eugene, Oregon to approve of the issuance and sale of 1989 Advance Refunding Certificates of Participation in the approximate par amount tissue price} of $7,000,000. NO~V, THEREFORE, THE CITY OF EUGENE DOES ORDAIN AS FOLLOWS Section 1. Issuance of Advance Refunding Certificates. The City Council of t e City o Eugene, Oregon does ereby approve of the issuance and sale of approximately $7,000,000 par amount tissue ORDINANCE - Page 2.