Item 6: URA - Resolution Authorizing Tax Increment Bonds for LCC Projects

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increment bonds to finance a grant to Lane Community College for the Downtown Campus described in the Plan and to fund debt service reserves and pay costs of issuance of the borrowing. Section 2.Bonds for Broadway Place parking garages authorized. The Agency further authorizes the issuance of tax increment bonds to finance all or any portion of the Broadway Garages described in the Plan by refinancing all or any portion of the outstanding Garage Bonds. The net proceeds of the tax increment bonds described in this section shall not exceed the outstanding principal amount of the Garage Bonds to be refunded, plus any amounts required to fund debt service reserves and pay costs of the refunding. Section 3.Delegation . The Agency Director or the person designated by the Agency Director to act on behalf of the Agency pursuant to this Resolution (the “Agency Official”) may, on behalf of the Agency and without further action by the Agency Board: (1)Issue the tax increment bonds authorized by Section 1 and Section 2 (collectively the “Bonds”) in one or more series. (2)Determine the final principal amount, interest rates, payment dates, prepayment rights and all other terms of the Bonds. (3)Select a commercial bank with which to negotiate the sale of the Bonds and enter into a purchase agreement with such commercial bank. Subject to the limitations of this resolution, the Bonds may be in such form and contain such terms as the Agency Official may approve. (4)Determine whether each series of Bonds will bear interest that is excludable from gross income under the Internal Revenue Code of 1986, as amended (the “Code”), or is includable in gross income under the Code. If a series bears interest that is excludable from gross income under the Code, the Agency Official may enter into covenants to maintain the excludability of interest on that series of the Bonds from gross income. (5)Enter into intergovernmental agreements with Lane County Community College under which: a) the City and the college establish terms as needed to finance the grant, and b) college enters into covenants to maintain the excludability of interest from gross income on any series of the Bonds or portion of a series of Bonds issued on a tax-exempt basis and that financed a grant to Lane Community College. (6)Issue any series of Bonds as taxable bonds that are eligible for federal interest subsidies or tax credits and enter into appropriate covenants. (7)Designate any series of Bonds as “qualified tax-exempt obligations” under Section 265(b)(3) of the Code, if applicable.