HomeMy WebLinkAboutResolution No. 4602
RESOLUTION NO. 4602
A RESOLUTION AUTHORIZING INTERIM FINANCING
FOR IN-CITY LOCAL IMPROVEMENT PROJECTS IN A
MAXIMUM OUTSTANDING PRINCIPAL AMOUNT OF
$4,000,000, AND REPEALING RESOLUTION NO. 4406.
The City Council of the City of Eugene, Oregon (the "City") finds as follows:
A. The City is authorized under ORS 288.165 (the "Act") to borrow money by entering
into credit agreements, or issuing notes, warrants, short term promissory notes, commercial paper
or other obligations to provide interim financing for capital assets, so long as the obligations mature
not later than one year from the estimated completion or acquisition date of the capital assets.
Pursuant to that authority the City previously adopted Resolution No. 4406 on April 11, 1994.
B. The Act also authorizes the City to refinance borrowings made under the Act, so long
as the refinancing obligations mature as soon as the City deems practicable, but not later than
eighteen months after the refinancing is obtained.
C. The Act permits the City to pledge its anticipated taxes, grants, other revenues, the
proceeds of any bonds or other permanent financing, or any combination of the foregoing to pay
obligations issued under the Act.
D. The City finds it will be advantageous to repeal the existing Resolution No. 4406 and
authorize the city to obtain and maintain interim financing for in-city local improvement projects
in a maximum outstanding principal amount of not more than $4,000,000 as provided herein.
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. Repeal. Resolution No. 4406 adopted by the City Council on April 11, 1994,
is hereby repealed.
Section 2. Authorization and Limitation. The City is hereby authorized to obtain and
maintain interim financing pursuant to the Act for the costs of in-city local improvement projects,
including street paving, sidewalks and storm sewers (the "Projects"), subject to the following
limitations:
2.1 The maximum principal amount outstanding at any time under the interim
financing authorized by this Resolution shall not exceed Four Million Dollars ($4,000,000);
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2.2 All borrowings which are made for costs of Projects shall be due not later than
one year after the estimated completion date of those Projects;
2.3 All borrowings to refinance interim financing for Projects shall be due as soon
as the Manager deems practicable, but not later than eighteen months after the refinancing.
Section 3. Security. Interim financing authorized by this Resolution may be secured by a
pledge of:
3.1 The assessment payments for Projects and any amounts the City receives from
foreclosing assessment liens;
3.2 The proceeds of any bonds or other permanent financing for the Projects; and,
the City's full faith and credit and taxing power within the limitations of Article XI, Sections
11 and 11 b of the Oregon Constitution.
Section 4. Delegation. The City Manager or the person designated in writing by the City
Manager to act under this Resolution (the "City Official") may, on behalf of the City and without
further action by the Council:
4.1 Circulate requests for proposals to potential providers of interim financing and
select one or more providers;
4.2 Negotiate all terms of, and execute and deliver one or more series of notes,
loan agreements, credit agreements, or lines of credit, subject only to the limitations in
Section 2, above, and in the Act;
4.3 Pledge the assessment payments for Projects, the proceeds of any bonds or
other permanent financing for the Projects, and the City's full faith and credit and taxing
power to secure interim financing authorized by this Resolution;
4.4 Renew, extend or replace any interim financing obtained under the authority
of this Resolution;
4.5 Finance Projects and refinance interim financing for Projects; and,
4.6 Execute any documents and take any acts which the City Official reasonably
determines are desirable to obtain and maintain interim financing for Projects in accordance
with this Resolution and the Act.
The foregoing Resolution adopted this 13th day of September, 1999.
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City Re{order
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