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Resolution No. 5017
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2010 No. 4996-5020
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Resolution No. 5017
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Last modified
4/2/2012 10:57:30 AM
Creation date
1/21/2011 4:29:24 PM
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Template:
City Recorder
CMO_Document_Type
Resolutions
Document_Date
12/13/2010
Document_Number
5017
CMO_Effective_Date
12/13/2010
Author
Kitty Piercy
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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 />(2) The terms and conditions of the proposed issue. <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 />(4) Such other relevant factors as the governing body considers necessary to protect <br />the financial integrity of the city. <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 />secured solely by the Project and rents and other amounts the Borrower obtains from the Project. <br />The proposed bonds will be purchased and held by a commercial bank or similar institution and <br />can not be sold in the public securities markets without the prior consent of the City. The <br />proposed bonds will have terms that are acceptable to the Borrower and the bond purchaser. <br />City staff and the City's bond counsel have indicated that these terms are typical for economic <br />development project revenue bonds. <br />(3) The bond purchaser will determine whether the Borrower is financially <br />responsible and fully capable and willing to fulfill its obligations under the loan agreement. The <br />City has no obligation to pay the bonds and makes no determination about whether the Borrower <br />is 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 />J. The City has $8 million of recovery zone facility bond volume cap available for <br />this Project. <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 />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 />
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