Ordinance No. 19458 - Laserfiche WebLink

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adversely affect the tax status of the outstanding 1985 Refunding Certificates. Additional requirements far the issuance of Additional Certificates under the Refunding Indenture include ~1} that the City shall not be in default; ~2} all required Rental Payments are current; ~3} the balance in the Debt Service Reserve Fund shall not be less than the Maximum Annual Debt Service requirements, including such debt service amounts required for the Additional Certificates. Pursuant to Section 288.620, Oregon Revised Statutes, the State Treasurer of Qregon has reviewed an advanced refunding plan and preliminarily approved of the advance refunding of the callable portion of the 1985 Refunding Certificates which mature an and after June 1, 1995, and the issuance of advance refunding certificates the "1987 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 February 14, 1987, and a waiver by the Oregon State Treasurer pursuant to ORS 288.6371}tb} has been granted. .~, On ~ 1987 the A enc ado ted a resolution a r vin ~,,- „~ r r g y P PP a g of the i suance of the 1987 Refunding Certificates to advance refund the callable portion of the 1985 Refunding Certificates which mature on and after June 1, 1995. 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 Luse ~~e~~:ent" } , a second amendment to the Intergovernmental Agreement the "Second Intergovernmental Amendment"} and other documents relating to the 1987 Refunding Certificates to permit the issuance of the 1987 Refunding Certificates in order to effectuate a defeasance of the callable portion of the 1985 Refunding Certificates which mature on and after vune 1, 1995. NOW, ~ THEREI'CRE, to reduce debt service of the 1985 Refunding Certificates resulting in cost savings for the benefit of the people of tree City of Eugene, Qregon, 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, Qregon to approve of the issuance and sale of 1987 Advance Refunding Certificates of Participation in the approximate amount of $8,025,00x. NOW, THEREFQRE,~THE CITY OF EUGENE ODES ORDAIN AS FOLLOWS: Section 1. Issuance of Advance Refunding Bonds. The City of the refunding Council of the City of Eugene, Oregan does hereby, ap~arove issuance and sale of approximately $8, 025, 000 of advance ORDINANCE -,Page 2.