Laserfiche WebLink
<br />RESOLUTION NO. 4602 <br /> <br />A RESOLUTION AUTHORIZING INTERIM FINANCING <br />FOR IN-CITY LOCAL IMPROVEMENT PROJECTS IN A <br />MAXIMUM OUTSTANDING PRINCIPAL AMOUNT OF <br />$4,000,000, AND REPEALING RESOLUTION NO. 4406. <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 borrow money by entering <br />into credit agreements, or issuing notes, warrants, short term promissory notes, commercial paper <br />or other obligations to provide interim financing for capital assets, so long as the obligations mature <br />not later than one year from the estimated completion or acquisition date of the capital assets. <br />Pursuant to that authority the City previously adopted Resolution No. 4406 on April 11, 1994. <br /> <br />B. The Act also authorizes the City to refinance borrowings made under the Act, so long <br />as the refinancing obligations mature as soon as the City deems practicable, but not later than <br />eighteen months after the refinancing is obtained. <br /> <br />C. The Act permits the City to pledge its anticipated taxes, grants, other revenues, the <br />proceeds of any bonds or other permanent financing, or any combination of the foregoing to pay <br />obligations issued under the Act. <br /> <br />D. The City finds it will be advantageous to repeal the existing Resolution No. 4406 and <br />authorize the city to obtain and maintain interim financing for in-city local improvement projects <br />in a maximum outstanding principal amount of not more than $4,000,000 as provided herein. <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. Repeal. Resolution No. 4406 adopted by the City Council on April 11, 1994, <br />is hereby repealed. <br /> <br />Section 2. Authorization and Limitation. The City is hereby authorized to obtain and <br />maintain interim financing pursuant to the Act for the costs of in-city local improvement projects, <br />including street paving, sidewalks and storm sewers (the "Projects"), subject to the following <br />limitations: <br />2.1 The maximum principal amount outstanding at any time under the interim <br />financing authorized by this Resolution shall not exceed Four Million Dollars ($4,000,000); <br /> <br />Resolution - 1 <br />