HomeMy WebLinkAboutResolution No. 25-25 CITY OF TIGARD, OREGON
TIGARD CITY COUNCIL
RESOLUTION NO. 25-
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A RESOLUTION OF THE CITY OF TIGARD,WASHINGTON COUNTY,OREGON,
AUTHORIZING THE SALE OF WAFER SYS 1'EM REVENUE REFUNDING BONDS AND
RELA LED MA F1'ERS
WHEREAS, the City of Tigard, Oregon (the "City") has issued water revenue bonds under a Master
Water System Revenue Bond Declaration dated as of May 1, 2012 (the"Master Declaration"),as
amended and supplemented by the First Supplement to Master Water System Revenue Bond
Declaration dated as of March 3,2015 (the"First Supplemental Declaration") and the Second
Supplement to Master Water System Revenue Bond Declaration dated as of November 3,2020 (the
"Second Supplemental Declaration"). The Master Declaration, together with the First Supplemental
Declaration and Second Supplemental Declaration,is referred to herein as the "Declaration."
Capitalized terms used but undefined in this Resolution shall have the meaning for such terms in the
Declaration;and
WHEREAS, on March 3,2015,the City issued its $30,810,000 Water System Revenue Bonds, Series
2015 (the"Refundable Bonds") pursuant to Ordinance No. 10-19 and under the Master Declaration
and First Supplemental Declaration;and
WHEREAS, the City may reduce its debt service expense by refunding all or a portion of the
outstanding Refundable Bonds;and
WHEREAS, ORS Section 287A.360 and the other applicable sections of ORS Chapter 287A
authorize the City to issue bonds to refund outstanding City bonds.
NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that:
SECTION 1. Refunding Bonds Authorized. The City hereby authorizes the sale and delivery of
water system revenue refunding bonds in a principal amount sufficient to refund all or
any portion of the City's outstanding Refundable Bonds and to pay estimated costs
related to the refunding. The water system revenue refunding bonds authorized by
this Resolution (the"2025 Bonds") may be issued as Parity Bonds under the
Declaration.
SECTION 2. Security. The 2025 Bonds shall not be general obligations of the City and neither the
authorization nor issuance of the 2025 Bonds shall authorize the City to levy
additional taxes.The 2025 Bonds shall be special obligations of the City that are
payable solely from the Net Revenues of the Water System and related amounts as
provided in the Declaration.
SECTION 3. Delegation. The City Manager, the Finance Director,Assistant Finance Director,or a
designee of the City Manager (each of whom is referred to herein as a "City Official")
are hereby authorized,on behalf of the City and without further action by the City
Council to:
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1) Determine whether the savings produced by the refunding are adequate to justify
the refunding,and select maturities of the Refundable Bonds to be refunded.
2) Issue the 2025 Bonds in one or more series,which may be sold at different times.
3) 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 2025
Bonds.
4) Establish the form, final principal amounts, interest rates, payment dates,and other
terms of each series of the 2025 Bonds.
5) Either publish a notice of sale,receive bids and award the sale of that 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 that series with those underwriters,commercial banks or other
investors.
6) Undertake to provide continuing disclosure for each series of the 2025 Bonds,as
applicable,and to comply with Rule 15c2-12 and any other applicable requirements
of the United States Securities and Exchange Commission.
7) Finalize the terms of,execute and deliver a supplemental bond declaration or similar
document for each series of 2025 Bonds,which memorializes the terms under
which the series is issued and which may contain additional covenants that the City
Official determines are desirable to facilitate the sale of 2025 Bonds or obtain more
favorable terms for the City.
8) Apply for one or more credit ratings for each series of the 2025 Bonds.
9) Determine whether to purchase municipal bond insurance or obtain other forms of
credit enhancements for each series of the 2025 Bonds, enter into agreements with
the providers of credit enhancement,and execute and deliver related documents.
10) Engage the services of verification agents,escrow agents, paying agents and any
other professionals whose services are desirable for the 2025 Bonds and negotiate
the terms of and execute any agreement with such professionals.
11) Make any contributions to or withdrawals from the Bond Reserve Account that the
City Official determines are desirable and determine the Reserve Requirement,if
any, for each series of the 2025 Bonds.
12) Determine whether each series of the 2025 Bonds will bear interest that is
excludable from gross income under the Internal Revenue Code of 1986,as
amended (the"Code"),or is includable in gross income under the Code. If a series
bears interest that is excludable from gross income under the Code, the City Official
may enter into covenants to maintain the excludability of interest on that series of
the 2025 Bonds from gross income.
13) Designate any series of the 2025 Bonds as"qualified tax-exempt obligations" under
Section 265(b)(3) of the Code,if applicable.
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14) Provide for the call, defeasance,and redemption of any Refundable Bonds that are
refunded and enter into related agreements and take related actions.
15) Execute and deliver each series of the 2025 Bonds to their purchaser.
16) Execute and deliver any agreements or certificates and take any other action in
connection with each series of the 2025 Bonds which the City Official finds is
desirable to permit the sale and issuance of that series of the 2025 Bonds in
accordance with this Resolution.
SECTION 4. Effective Date. This Resolution shall take effect on its date of adoption.
PASSED: This 24th day of June,2025.
Mayor-City of Tigard
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City Recorder—City of Tigard
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