HomeMy WebLinkAboutResolution No. 4874
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COUNCIL RESOLUTION NO. 4874
A RESOLUTION AUTHORIZING THE
ISSUANCE AND SALE OF REVENUE BONDS IN
AN AGGREGATE PRINCIPAL AMOUNT NOT
TO EXCEED $20 MILLION FOR THE CASCADE
MANOR PROJECT BY THE HOSPITAL
FACILITIES AUTHORITY OF THE CITY OF
MEDFORD, OREGON
PASSED: 8:0
REJECTED:
OPPOSED:
ABSENT:
RECUSED:
CONSIDERED: May 22, 2006
RESOLUTION NO. 4874
A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF
REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT
TO EXCEED $20 MILLION FOR THE CASCADE MANOR PROJECT BY
THE HOSPITAL FACILITIES AUTHORITY OF THE CITY OF
MEDFORD, OREGON
The City Council of the City of Eugene, Oregon, finds as follows:
A. Cascade Manor, a nonprofit 501(c)(3) corporation that is an affiliate of Pacific
Retirement Services, Inc., owns a continuing care retirement community located at 65 West 30th
Avenue, Eugene, Oregon. In August 2005, Cascade Manor completed construction of 50 garden
apartments to meet the demands of the market and to achieve greater economies of scale. In
2006, Cascade Manor will be undertaking renovations to its health center and will be moving its
residential living units. The entire garden apartments project and a portion of the health center
project will be financed and/or refinanced with the proceeds of the proposed tax-exempt bond
offering.
B. The Hospital Facilities Authority of the City of Medford, Oregon will consider
providing tax-exempt conduit bond issuance authority of up to $20 million for the Cascade
Manor project (the "Bonds"). Under Section 147(f) of the Internal Revenue Code of 1986, as
amended, qualified 501(c)(3) bonds must be approved by the applicable elected representatives
of (1) the governmental unit issuing such bonds (The Hospital Facilities Authority of the City of
Medford, Oregon) and (2) the governmental unit having jurisdiction over the area in which the
Project is located (the City of Eugene, Oregon).
C. The principal and interest on the Bonds will not constitute a debt of the City of
Eugene, Oregon, the City of Medford, Oregon or the Authority, nor shall the Bonds be payable
from a tax of any nature levied upon any property within the City of Eugene nor any other
political subdivision of the State of Oregon. The Bonds will be payable only from the revenues
and resources of Cascade Manor pledged to the payment of the Bonds and any credit
enhancement arranged for by Cascade Manor.
D. On May 1, 2006, a notice of public hearing was published in the Register-Guard,
a newspaper of general circulation within the City of Eugene. A Hearings Officer conducted a
public hearing on Monday, May 15, 2006 at 2:00 p.m. with respect to the proposed issuance by
The Hospital Facilities Authority of the City of Medford, Oregon of the Bonds. The Hearings
Officer produced a Public Hearing Report setting out the results of the public hearing. No
testimony was received at the Public Hearing.
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 Council of the City of Eugene hereby approves the
authorization, execution, sale and delivery by The Hospital Facilities Authority of the City of
Medford, Oregon of bonds the Bonds in an amount not to exceed $20,000,000.
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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") is hereby authorized and directed, on behalf of
the City and without further action by the Council, to enter into an Intergovernmental Agreement
for the purpose of authorizing the Bonds and to execute and deliver any agreements or certifi-
cates and take any other action in connection with each series of Bonds which the City Official
finds is desirable to permit the sale and issuance of that series of Bonds in accordance with this
Resolution.
Section 3. Effective Date. This resolution shall take effect immediately upon adoption.
The foregoing Resolution adopted this 22nd day of May 2006.
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City Recorder
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