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ATTACHMENT A <br /> <br />RESOLUTION NO. __________ <br />A RESOLUTION AUTHORIZING A CONTINGENT LOAN <br />AGREEMENT TO SECURE A BORROWING BY LCOG. <br />The City Council of the City of Eugene, Oregon, finds as follows: <br /> <br />A. The Lane Council of Governments (“LCOG”) provides significant benefits to the <br />residents of the City of Eugene (the “City”) and Lane County, Oregon. <br />B. LCOG desires to borrow $550,000, and has requested that the City assist LCOG in <br />securing a loan by entering into a contingent loan agreement that commits the City to pay the <br />amounts due under LCOG’s borrowing if LCOG does not pay those amounts. <br />C. The contingent loan agreement is to be secured by the City’s full faith and credit. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Eugene, a municipal corporation of the State of Oregon, as follows: <br /> <br />Section 1.Agreement authorized. <br />The City hereby authorizes the execution of a contingent <br />loan agreement that obligates the City to provide funds to replenish a reserve account that LCOG <br />will establish to secure its loan. The City shall not be obligated to provide an amount that exceeds <br />$550,000 (the total principal amount of LCOG’s borrowing), plus interest that will be due from <br />LCOG under that borrowing. <br /> <br />Section 2.Delegation <br />. The City Manager or the person designated by the City Manager to act <br />on behalf of the City pursuant to this Resolution (the “City Official”) may, on behalf of the City <br />and without further action by the Council: <br /> <br />(1)Negotiate the terms of and execute the contingent loan agreement. <br /> <br />(2)Pledge the City’s full faith and credit to secure the City’s obligations under the contingent <br />loan agreement. <br /> <br />(3)Take any other action in connection with contingent loan agreement which the City <br />Official finds is desirable to assist LCOG in securing a loan. <br /> <br />Section 3.Effective Date. <br />This resolution shall take effect immediately upon adoption. <br />The foregoing Resolution adopted by the City Council on the 20th day of May, 2009. <br /> <br /> <br />______________________________________ <br />City Recorder <br /> <br />Z:\CMO\2009 Council Agendas\M090520\S090520A-attA.docN:\1-Sue\Bonds\LCOG Loan\City-LCOG <br />Resolution - Page 1 <br /> <br />Resolution 05 11 09.doc <br /> <br />