Laserfiche WebLink
RESOLUTION NO. 4807 <br /> <br /> A RESOLUTION AUTHORIZING INTERIM AND LONG <br /> TERM FINANCING FOR LOCAL IMPROVEMENT <br /> PROJECTS AND TERMINATING THE AUTHORITY <br /> UNDER RESOLUTION NO, 4602. <br /> <br /> The City Council of the City of Eugene, Oregon (the *'City") finds as follows: <br /> <br /> A. The City is authorized under ORS 288.165 (the "Act") to obtain lines of credit and <br />issue obligations to provide interim financing for capital assets. The Act permits the City to <br />pledge its anticipated taxes, grants, other revenues, the proceeds of any bonds or other permanent <br />financing, or any combination of the foregoing to pay obligations issued under the Act. <br /> <br /> B. The City adopted Resolution No. 4602 on September 13, 1999. It authorized <br />borrowings for in-City local improvement projects under the Act as it existed in 1999. In 1999 <br />the Act limited obligations and refundings to a term of one year. In 2003 the Act was amended <br />to allow obligations to have a term of up to five years. <br /> <br /> C. The City finds it will be advantageous to adopt this resolution, authorizing the city <br />to obtain and maintain interim financing for local improvement projects located inside and <br />outside the City in a maximum outstanding principal amount of not more than $4,000,000, and <br />with a maximum term of five years, as provided herein. <br /> <br /> D. ORS Chapter 223 authorizes the City to issue bonds to provide permanent <br />financing for local improvement projects. <br /> <br /> E. The City also finds it will be advantageous to authorize the issuance of bonds <br />under ORS Chapter 223 to provide permanent financing for local improvement projects that <br />receive interim financing under the authority of this Resolution or Resolution No. 4602. <br /> <br /> NOW, THEREFORE, <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a <br />Municipal Corporation of the State of Oregon, as follows: <br /> <br /> Section 1. Authorization and Limitation on Interim Financing. The City is hereby <br />attthorized to obtain and maintair~ one or more interim financings (the "Interim Financings") <br />pursuant to this Resolution and the Act for the costs of local improvement projects, including <br />street paving, sidewalks and storm sewers (the "Projects"), subject to the following limitations: <br /> <br /> 1.1. The maximum principal amount of Interim Financings that may be <br /> outstanding at any time shall not exceed Four Million Dollars ($4,000,000); <br /> <br /> 1.2. Each Interim Financing shall have a term of not more than five <br /> years, and shall comply with the limitations of the Act. <br /> <br />Resolution- 1 <br /> <br /> <br />