Ordinance No. 19458 - Laserfiche WebLink

Home Browse Search

ORDINANCE NO . I 1 '~"~ S AN ORDINANCE CONCERNING THE REFINANCING OF THE EUGENE CONFERENCE CENTER; AUTHORIZING EXECUTION OF DOCUMENTS, AND DECLARING AN EMERGENCE'. Pursuant to Ordinance No. 18777,adopted by the City Council of the City of Eugene, Oregon on April 15, 1981, the City of Eugene, Oregon ~ the "City" } authorized the execution of an Indenture of Trust, Lease-Purchase Agreement the "Lease"}, Intergovernmental Agreement and other documents relating to the financing of the City of Eugene Conference Center. Thereafter, First Interstate Bank of Oregon, N.A., as Trustee under the Indenture of Trust dated as of June 1, 1981, executed Certificates of Participation in the Lease- Purchase Agreement dated as of June 1, 1951 between the City and the Trustee in the aggregate principal amount of $6,920,000 the "1981 Certificates"~. Oregon Revised Statutes 288.605 to 288.694, 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. Pursuant to Ordinance No. 19313 adopted by the City Council of the City on February 27, 1985, the City entered into a Refunding Trust Indenture nth e "Refunding Trust Indenture"} and an Amendment to the Lease-Purchase Agreement ~ the "1985 Lease Amendment" } ,~ both being dated as of March 1, 1985, with First Interstate Bank of .~ Oregon, N.A., as firustee the "Trustee"}, and an Amendment to the Intergovernmental Agreement the "1985 Intergovernmental Amendment"} dated as of March 1, 1955 with the Urban Renewal Agency of the City of Eugene, Oregon ~ the "Agency" } , all relating to the advance refunding of the x.981 Certificates. Advance Refunding Certificates of Participation the "1985 Refunding Certificates"} were issued to provide for the payment of principal of and interest on the 1981 Certif i cotes as they become due and to reduce the debt service on the 1951 Certificates and the Rental Payments due under the Lease. The City has found that significant savings in debt service can be obtained by advance refunding the callable portion of the 1985 Refunding Certificates which mature on and after June 1, 1995. Section 15.01 of th Additional Certificates of certificates with the Agency, acconfpanied by a recognized bond caursel e Refunding Indenture provides that may be issued to advance refund any series consent of the Trustee, the City and the written approval of a nationally ..~ that the Additional Certificates do not ORDINANCE -~ Page 1.