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Item 2: Adoption of Resolution 5017Authorizing Economic Development Project Revenue Bonds as Recovery Zone Facility Bonds to Finance Improvements and att A
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Item 2: Adoption of Resolution 5017Authorizing Economic Development Project Revenue Bonds as Recovery Zone Facility Bonds to Finance Improvements and att A
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11/22/2010
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<br /> <br /> <br /> <br />H. ORS 280.445 requires the City Council to consider the following factors before <br />approving issuance of economic development project revenue bonds under the Act: <br /> (1) The bond market for the types of bonds proposed for issuance. <br /> <br /> (2) The terms and conditions of the proposed issue. <br /> <br /> (3) Whether the borrower, lessee or purchaser is financially responsible and fully <br />capable and willing to fulfill all its obligations under the loan agreement. <br /> <br /> (4) Such other relevant factors as the governing body considers necessary to protect <br />the financial integrity of the city. <br /> <br /> <br />I. In compliance with ORS 280.455, the City Council has considered the following: <br />(1) The bond market for economic development project revenue bonds that are issued <br />as recovery zone facility bonds. City staff has indicated that conditions in the bond market for <br />these bonds are generally favorable. However, the City will not pay the bonds, so the <br />determination of market conditions is most appropriately made by the Borrower. The Borrower <br />has requested that the City issue the bonds. <br />(2) The terms and conditions of the proposed bonds. The proposed bonds will be <br />issued as multi-modal bonds and are expected to bear interest during their first ten years at <br />variable interest rates. The bonds will be purchased by Wells Fargo Bank, National Association <br />(the “Bank”). City staff and the City’s bond counsel have indicated that these terms are typical <br />for economic development project revenue bonds. <br /> (3) The Bank will determine whether the Borrower is financially responsible and <br />fully capable and willing to fulfill its obligations under the loan agreement. The City has no <br />obligation to pay the bonds and makes no determination about whether the Borrower is <br />financially responsible and fully capable and willing to fulfill all its obligations under the loan <br />agreement. <br /> (4) Development of the Project will improve downtown Eugene. Recovery zone <br />facility bonds will help reduce the cost of the Project. <br /> <br /> J. The City has $8 million of recovery zone facility bond volume cap available for <br />this Project. <br /> <br /> K. Pursuant to the City ordinance establishing procedures for approving economic <br />development project revenue bonds under the Act, the City Council has considered the benefit to <br />the community of the project, the availability of recovery zone facility bond volume cap for the <br />project, and the likelihood that applicant will be successful in having the recovery zone facility <br />bonds issued by December 31, 2010. <br /> <br />L. The City adopts this resolution to authorize the issuance of economic <br />development project revenue bonds as recovery zone facility bonds to finance the Project. <br /> <br /> <br />
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