Ordinance No. 19313 - Laserfiche WebLink

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ORDINANCE No. 19313 AN ORDINANCE CONCERNING THE REFINANCING OF THE EUGENE CONFERENCE CENTER; AUTHORIZING E~ECUTIDN DF DOCUMENTS; AND DECLARING AN EMERGENCY. Pursuant to ordinance No. 18777,adopted by the City Counc~.l of the City of Eugene, Oregon on April 15, 1981, the City of Eugene, Oregon 4the "City"} authorized the execution of an Indenture of Trust, Lease-Purchase Agreement, Intergovernmental Agreement and other documents. relating to the financing of the City of Eugene Conference Center. Thereafter, First Interstate Bank of Dreg~on, N.A., as Trustee under the Indenture of Trust dated as of June 1, 1981, executed Certificates O.f Participation in the Lease Purchase Agreement dated as of June ~., 1981 between the City and the Trustee in the aggregate principal amount of $6,920,000 ~"Series 1981 Certificates"}. The principal amount of $6,765,400 of the Series 1981 Certificates remains outstanding. Oregon Revised Statutes 288.605 to 2$8.690, inclusive, authorize the issuance of advance refunding bonds, without an election, in order to effect a savings to a public body discounted to present value. Significant savings in debt service may be obtained by advance refunding the Series 1981 Certificates. An Advance Refunding Plan for the Series 1981 Certificates has been submitted the Oregon State Treasurer. NOW, THEREFORE, to reduce debt service of the Series 1981 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 Advance Refunding Certificates of Participation in the amount of NOW, THEREFORE, THE PEGPLE OF THE CITY DF EUGENE, OREGON ORDAINS AS FOLLOWS: Section 1. Issuance of Advance Refunding Bonds. The City Council of the City of Eugene, Oregon does hereby approve of the issuance and sale of $ of advance refunding certificates of participation the "Advance Refunding Certificates"}. The Advance Refunding Certificates are to be issued for the purpose of providing for the payment and retirement of the Certificates of Participation, Series 1981, the "Series 1981 Certificates"} and to pay the costs of issuance of the Advance Refunding Certificates. The Advance Refunding Certificates shall be serial negotiable advance refunding certificates of ORDINANCE - PAGE 1.