HomeMy WebLinkAboutResolution No. 5042COUNCIL RESOLUTION NO, 5042
A RESOLUTION AUTHORIZING THE SALE OF
GENERAL OBLIGATION REFUNDING BONDS.
PASSED: 8:0
REJECTED:
OPPOSED:
ABSENT:
CONSIDERED: September 26, 2011
RESOLUTION NO, 5042
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. Dele a� tion. 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.
(d) Establish the form, 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.
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(e) Execute and deliver a bond declaration for each series of Bonds. The bond
declaration for each series shall specify the terms under which the series is issued,
and may contain covenants for the benefit of Bondowners and any providers of
credit enhancement for the Bonds.
(f� Publish a notice of sale, receive bids and award ,the sale of each series to the
bidder complying with the notice and offering the most favorable terms to the
City, or select one or more underwriters, commercial banks or other investors and
negotiate the sale of any series with those underwriters, commercial banks or
investors.
(g) Undertake to provide continuing disclosure for each series of Bonds in accordance
with Rule 15c2 -12 of the United States Securities and Exchange Commission.
(h) 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.
(i) Appoint paying agents for the Bonds and negotiate the terms of and execute an
agreement with such paying agent.
(j) Determine whether each series of Bonds will bear interest that is excludable from
gross income under the Internal Revenue Code of 1986, as amended, or is
includable in gross income under that code. If a series bears interest that is
excludable from gross income under that code, the City Official may enter into
covenants to maintain the excludability of interest on that series of the Bonds
from gross income.
(k) Execute and deliver each series of Bonds to their purchaser.
(1) Call for redemption, pay, defease and redeem the Refundable Bonds and enter into
related agreements.
(m) 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.
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Section 4 . Duration The authority granted by this resolution shall remain in effect as
long as necessary to permit the sale, delivery, administration and payment of all Bonds
authorized by this resolution.
Section 5. Effective Date. This Resolution is effective immediately upon its passage by
the City Council.
The foregoing Resolution adopted the 26th day of September, 2011.
D eputy�•
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