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HomeMy WebLinkAboutResolution No. 4787 -=~- COUNCIL RESOLUTION NO. 4787 A RESOLUTION OF THE CITY OF EUGENE, OREGON AUTHORIZING THE ISSUANCE AND SALE OF THE CITY'S GENERAL OBLIGATION PARKS AND OPEN SPACES BONDS IN A PRINCIPAL AMOUNT OF NOT MORE THAN $6,305,000 PASSED: 8/0 REJECTED: OPPOSED: ABSENT: CONSIDERED: March 8, 2004 EFFECTIVE: Immediately RESOLUTION NO. 4787 A RESOLUTION OF THE CITY OF EUGENE, OREGON AUTHORIZING THE ISSUANCE AND SALE OF THE CITY'S GENERAL OBLIGATION PARKS AND OPEN SPACES BONDS IN A PRINCIPAL AMOUNT OF NOT MORE THAN $6,305,000. The City Council of the City of Eugene, Oregon, finds as follows: A. The voters of the City of Eugene (the "City") authorized the City to issue $25,305,000 of general obligation bonds (the "Authorization") at the general election held on November 3, 1998, to finance the purchase of parkland, the building of parks and youth sports fields and replacement of Amazon Pool. B. The City has previously issued its General Obligation Bonds, Series 1999 (Parks and Open Spaces) in the principal amount of$19,000,000 on August 17, 1999 under the Authorization. C. It is now desirable to issue $6,305,000 of those bonds for the purposes approved by the voters at the November 3, 1998 election. D. The City has appointed bond counsel pursuant to ORS 288.523. 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 hereby authorizes the issuance, sale and delivery of one or more series of its General Obligation Parks and Open Spaces Bonds (the "Bonds") for the purposes described in the ballot measure submitted to the City's voters at the November 3, 1998 election and to pay costs of issuing the Bonds. The principal amount of the Bonds shall not exceed $6,305,000. Section 2. Delegation. If 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") determines to issue a series of Bonds, the City Official is hereby authorized and directed, on behalf of the City and without further action by the Council, to: (I) 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. (2) Establish the final principal amounts, maturity schedules, interest rates, sale prices and discount, prepayment terms, payment terms and dates, and other terms of each series of Bonds. Page 1 - Resolution (3) Execute and deliver a bond declaration for each series of Bonds, specifying the terms under which each series of Bonds are issued, and making covenants for the benefit of Bondowners, including covenants to protect the tax-exempt status ofthe Bonds. (4) Solicit competitive proposals for the purchase of any series of Bonds and award the sale of that series to the proposer offering the most favorable terms to the City, or select one or more underwriters, negotiate the terms of the sale of any series of Bonds, and sell that series to those underwriters. (5) Undertake to provide continuing disclosure for each series of Bonds in accordance with Rule l5c2-l2 of the United States Securities and Exchange Commission. (6) Apply for ratings for each series of Bonds, determine whether to purchase municipal bond insurance or obtain other forms of credit enhancements for each series of Bonds, enter into agreements with the providers of credit enhancement, and execute and deliver related documents. (7) Appoint a paying agent for the Bonds and negotiate the terms of and execute an agreement with such paying agent. (8) Execute and deliver each series of Bonds to their purchaser. (9) Execute and deliver any agreements or certificates 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. Security for Bonds. The Bonds shall be general obligations of the City. The City hereby pledges its full faith and credit to pay the Bonds, and the City covenants for the benefit of the Bondowners that the City shall levy annually, as provided by law, in addition to its other ad valorem property taxes and outside the limitations of Sections 11 and 11 b of Article IX of the Oregon Constitution, a direct ad valorem tax upon all of the taxable property within the City in sufficient amount, after considering discounts taken and delinquencies that may occur in the payment of such taxes, to pay the Bonds promptly as they mature. Section 4. Tax-Exempt Status. The City covenants to use the proceeds of the Bonds and to otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the "Code"), so that interest paid on the Bonds will not be includable in gross income of the Bondowners. The City Official may enter into additional covenants on behalf of the City to protect the tax-exempt status of the Bonds. Section 5. Form and Execution. Each Bond shall be in substantially the form attached hereto as Exhibit A, with such changes as may be approved by the City Official. The Bonds shall be executed on behalf of the City with the facsimile or manual signatures of the City Official. Section 6. Reimbursement. The regulations issued under Section 150 of the Code require that an issuer of tax-exempt obligations declare its intention to use proceeds of tax-exempt obligations to reimburse expenditures. The City Council hereby declares its intention to use Page 2 - Resolution Bond proceeds (or the proceeds of any interim financing) to reimburse the City for costs of the Parks and Open Spaces which are eligible for financing with the Bonds. The City Council hereby delegates to the City Official the authority to make future reimbursement declarations under Section 150 of the Code and any successor provision. Section 7. Effective Date. This resolution shall take effect immediately upon adoption. The foregoing Resolution adopted this 8th day of March, 2004. V\J\Ct ~ 1JfL~ City Recorder Page 3 - Resolution ,.. '" Exhibit A Form of Bond No. R-<<BondNumber>> $ <<PrincipalAmtNumber>> UNITED STATES OF AMERICA STATE OF OREGON COUNTY OF LANE CITY OF EUGENE GENERAL OBUGA TION PARKS AND OPEN SPACES BOND SERIES 200 Dated Date: Interest Rate Per Annum: <<CouponRate>>% Maturity Date: _, <<MaturityYear>> CUSIP Number: <<CUSIPNumbr>> Registered Owner: -----Cede & Co.----- Principal Amount: -----<<PrincipalAmtSpelled>> Dollars----- The City of Eugene, Oregon (the "City"), for value received, acknowledges itself indebted and hereby promises to pay to the Registered Owner hereof, or registered assigns, the Principal Amount indicated above on the Maturity Date indicated above together with interest thereon from the date hereof at the Interest Rate Per Annum indicated above, computed on the basis of a 360-day year of twelve 30-day months. Interest is payable semiannually on the fIrst day of _ and the fIrst day of _ in each year until maturity or prior redemption, commencing _' Payment of each installment of interest shall be made on the payment date to the Registered Owner hereof whose name appears on the registration books of the City maintained by the City's paying agent and registrar, which is currently _ (the "Registrar"), as the Registered Owners appear on the registration books as of the close of business on the fIfteenth (15th) day of the calendar month immediately preceding the applicable interest payment date. For so long as this Bond is subject to a book-entry-only system, principal and interest payments shall be paid on each payment date to the nominee of the securities depository for the Bonds. On the date of issuance of this Bond, the securities depository for the Bonds is The Depository Trust Company, New York, New York, and Cede & Co. is the nominee of The Depository Trust Company. Such payments shall be made payable to the order of "Cede & Co." This bond is one of a duly authorized series of bonds aggregating $ in principal amount designated as General Obligation Parks and Open Spaces Bonds, Series 200_ (the "Bonds"). The Bonds are issued for the purpose of fInancing and related costs. The Bonds are issued under and pursuant to Resolution No. of the City adopted on _ and a Bond Declaration executed pursuant to that resolution (the "Declaration"). The Bonds are issued in full and strict accordance and compliance with all of the provisions of the Constitution and Statutes of the State of Oregon and the Charter of the City. The Bonds constitute valid and legally binding obligations of the City. The full faith and credit of the City are pledged for the punctual payment of the principal of and interest on the Bonds. The City has pledged and is obligated by law to provide for the levy and collection annually of ad valorem taxes without limitation as to rate or amount on all taxable property within the boundaries of the City to pay the principal of and interest on the Bonds. The Bonds do not constitute a debt or indebtedness of Lane County, the State of Oregon, or any political subdivision thereof other than the City. The rights and obligations of the City and the Registered Owners with respect to the Bonds are subject to the terms of the Declaration dated _,2004. Page 1 - (Exhibit A to Resolution) IlL "j "III The Bonds are initially issued as a book-entry-only security issue with no certificates provided to the beneficial owners. Records of ownership of beneficial interests in the Bonds will be maintained by The Depository Trust Company and its participants. Should the book-entry only security system be discontinued, the Bonds shall be issued in the form of registered Bonds without coupons in denominations of$5,000 or any integral multiple thereof. Such Bonds may be exchanged for Bonds of the same principal amount, interest rate and maturity date, but different authorized denominations, as provided in the Declaration. The Bonds shall mature and be subject to redemption as described in the Declaration and the Final Official Statement for the Bonds which is dated , 2004. Unless the book-entry-only system is discontinued, notice of any call for redemption shall be given as required by the Blanket Issuer Letter of Representations to The Depository Trust Company, as referenced in the Declaration. Interest on any Bond or Bonds so called for redemption shall cease on the redemption date designated in the notice. The Registrar will notify The Depository Trust Company promptly of any Bonds called for redemption not less than 30 days prior to the date fixed for redemption. If the book-entry-only system is discontinued, notice of redemption shall be given by first-class mail, postage prepaid, not less than thirty days nor more than sixty days prior to the date fixed for redemption to the registered owner of each Bond to be redeemed at the address shown on the bond register; however, any failure to give notice shall not invalidate the redemption of the Bonds. All Bonds called for redemption shall cease to bear interest from the date designated in the notice. Any exchange or transfer of this Bond must be registered, as provided in the Declaration, upon the bond register kept for that purpose by the Registrar. The exchange or transfer of this Bond may be registered only by surrendering it, together with a written instrument of exchange or transfer which is satisfactory to the Registrar and which is executed by the registered owner or duly authorized attorney. Upon registration, a new registered Bond or Bonds, of the same series and maturity and in the same principal amount, shall be issued to the transferee as provided in the Declaration. The City and the Registrar may treat the person in whose name this Bond is registered on the bond register as its absolute owner for all purposes, as provided in the Declaration. IT IS HEREBY CERTIFIED, RECITED, AND DECLARED that all conditions, acts, and things required to exist, to happen, and to be performed precedent to and in the issuance of this Bond have existed, have happened, and have been performed in due time, form, and manner as required by the Constitution and Statutes of the State of Oregon and the Charter of the City; and that the issue of which this Bond is a part, and all other obligations of the City, are within every debt limitation and other limit prescribed by such Constitution and Statutes and City Charter; and that the City has covenanted to levy a tax upon all taxable property within the City in an amount sufficient, with other available funds, to pay when due the interest on and the principal of the Bonds. IN WITNESS WHEREOF, the Council of the City of Eugene, Oregon, has authorized this Bond to be signed by facsimile signature of its City Official as of the _ day of_. City of Eugene, Oregon City Official Page 2 - (Exhibit A to Resolution) .. ,tl ,. "'l THIS BOND SHALL NOT BE VALID UNLESS PROPERLY AUTHENTICATED BY THE REGISTRAR IN THE SPACE INDICATED BELOW. This Bond is one of a series of $ principal amount of City of Eugene, Oregon General Obligation Parks and Open Spaces Bonds, Series 200_, issued pursuant to the Declaration described herein. Date of authentication: _, 2004. , as Registrar Authorized Officer ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto (Please insert social security or other identifying number of assignee) this Bond and does hereby irrevocably constitute and appoint attorney to transfer this Bond on the books kept for registration thereof with the full power of substitution in the premises. Dated: as NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of this Bond in every particular, without alteration or enlargement or any change whatever. NOTICE: Signature(s) must be guaranteed by a member of the New York Stock Exchange or a commercial bank or trust company Signature Guaranteed (Bank, Trust Company or Brokerage Firm) Authorized Officer The following abbreviations, when used in the inscription on the face of this Bond, shall be construed as though they were written out in full according to applicable laws or regulations. TEN COM -- tenants in common TEN ENT -- as tenants by the entireties JT TEN -- as joint tenants with right of survivorship and not as tenants in common OREGON CUSTODIANS use the following CUST UL OREG MIN as custodian for (name of minor) OR UNIF TRANS MIN ACT under the Oregon Uniform Transfer to Minors Act Additional abbreviations may also be used though not in the list above, Page 3 - (Exhibit A to Resolution) ... ~