Resolution No. 4997 - Laserfiche WebLink

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NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Eugene, a municipal corporation of the State of Oregon, as follows: Section 1.Notes Authorized. The City Council hereby authorizes the execution and delivery of a revenue bond under Ordinance No. 20376 in the form of one or more Notes (the “2010 Project Notes”) that are required by the HUD Loan Contracts for the 2010 Project. The 2010 Project Notes shall be in a maximum principal amount of $5,189,000, and proceeds of the 2010 Project Notes shall be used to provide financial assistance for the 2010 Project. Section 2.HUD Documents Authorized. The City Council hereby authorizes the execution and delivery of additional HUD Loan Contracts and any other documents that are required by HUD to finance the 2010 Project with the 2010 Project Notes. Section 3.Delegation . The City Official may, on behalf of the City and without further action by the Council: (1)Negotiate the final terms of, execute and deliver the 2010 Project Notes, and perform all of the City’s obligations under the 2010 Project Notes. (2)Negotiate the final terms of, execute and deliver any additional HUD Loan Contracts and other documents that are required by HUD to finance the 2010 Project with the 2010 Project Notes. (3)Pledge to secure the City’s obligations under any HUD Loan Contract and the 2010 Project Notes, and grant HUD a right of assignment in all or any portion of, the following: (a) the allocations or grants which have been made or for which the City may become eligible under Section 106 of title I of the Housing and Community Development Act of 1974, as amended (the “Act”), as well as any grants which are or may become available to the City pursuant to Section 108(q) of the Act; (b) “program income,” as defined at 24 CFR 570.500(a) (or any successor regulation), directly generated from the use of the amounts received by the City under any HUD Loan Contracts and the 2010 Project Notes; (c) payments made by the Agency to the City under an intergovernmental agreement signed on June 30, 2008 that sets out the agreement for payments between the Agency and City for the Projects; (d) proceeds (including insurance and condemnation proceeds) from any of the foregoing; (e) funds or investments in the accounts established under any HUD Loan Contracts; and (f) any other amounts that are required by HUD. (4)Execute and deliver any agreements or certificates and take any other action in connection with the HUD Loan Contracts and the 2010 Project Notes which the City Manager finds is desirable to permit the City to execute and deliver the 2010 Project Notes and obtain funds from HUD for the 2010 Project. Resolution - Page 2