Item 2B: Resolution Authorizing Refunding Bonds

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ATTACHMENT A RESOLUTION NO. _____ A RESOLUTION AUTHORIZING THE SALE OF GENERAL OBLIGATION REFUNDING BONDS. The City Council of the City of Eugene, Oregon, finds as follows: A. The City of Eugene (the “City”) has issued the following series of general obligation bonds (the “Refundable Bonds”): its General Obligation Fire Projects Bond, Series 2002; its General Obligation Parks & Open Spaces Bond, Series 2004; and its Parks, Athletic Fields & Open Space General Obligation Bond, Series 2008. B. Interest rates have declined since the Refundable Bonds were issued. C. The Refundable Bonds are paid from property taxes, and the City may be able to reduce its debt service costs and property tax levies for the Refundable Bonds by issuing general obligation refunding bonds to refund the Refundable Bonds. 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. Bonds authorized.The City hereby authorizes the issuance of general obligation refunding bonds (the “Bonds”) to refund the Refundable Bonds and achieve debt service savings. The Bonds may be issued in an amount that is sufficient to refund all or any portion of the refundable bonds and to pay costs related to issuing the Bonds and refunding the Refundable Bonds. Section 2. Delegation. The City Manager or the person designated by the City Manager to act on behalf of the City pursuant to this Resolution (the “City Official”) may, on behalf of the City and without further action by the Council: (a) Select the Refundable Bonds to be refunded. (b) Issue the Bonds in one or more series, and combine any series of Bonds with other series of general obligation bonds that the council has previously authorized. (c) Participate in the preparation of, authorize the distribution of, and deem final any official statement or other disclosure documents relating to each series of the Bonds. Resolution - Page 1 of 3