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HomeMy WebLinkAboutTCDA Resolution No. 25-02 CITY OF TIGARD, OREGON TOWN CENTER DEVELOPMENT AGENCY RESOLUTION NO. 25- 0 a A RESOLUTION AUTHORIZING INDEBTEDNESS FOR CAPITAL PROJECTS DESCRIBED IN THE TIGARD TRIANGLE URBAN RENEWAL PLAN WHEREAS, the Tigard Town Center Development Agency is authorized to enter into borrowings that are payable from the tax increment revenues of the Tigard Triangle Urban Renewal Area; and WHEREAS, the Agency desires to borrow up to$5,600,000 to finance urban renewal projects in the Tigard Triangle Urban Renewal Plan; and WHEREAS, the City has approved a maximum indebtedness for the Area of$188,000,000 and the Agency has the capacity and is willing to use up to $5,600,000 of that maximum indebtedness to enter into the borrowings described in this Resolution. NOW THEREFORE BE IT RESOLVED, by the Board of Directors of the Town Center Development Agency, an Urban Renewal Agency in the State of Oregon,as follows: SECTION 1: Definitions. Unless the context clearly requires otherwise capitalized terms that are used in this Resolution shall have the following meanings: "Agency" means the Town Center Development Agency. "Agency Official" means the City Manager, the City's Finance Director or the person designated by the City Manager to act on behalf of the Agency under this Resolution. "Area" means the Agency's Tigard Triangle Urban Renewal Area. "Borrowings" means the Area borrowings authorized by Section 2 of this Resolution. "City"means the City of Tigard, Oregon. "Master Declaration"means the Master Borrowing Declaration for the Area dated September 29, 2021,as it may be amended and supplemented pursuant to its terms. "Plan" means the Tigard Triangle Urban Renewal Plan,as it has been and may be amended pursuant to its terms. SECTION 2: The Borrowings. 2.1 Authorization. The Agency hereby authorizes the sale and delivery of the Borrowings in an aggregate principal amount not to exceed five million six hundred thousand dollars ($5,600,000) pursuant to the applicable provisions of ORS Chapters RESOLUTION No. 25- 0 Page 1 of 3 287A and 457. The proceeds of the Borrowings will be used to finance urban renewal projects in the Plan, to fund debt service reserves,if necessary,and to pay costs of issuing the Borrowings. 2.2 Delegation. An Agency Official may,on behalf of the Agency and without further action by the Board of Directors: (A) Issue the Borrowings in one or more series which may be sold from time to time. (B) Solicit competitive bids for the purchase of any series of the Borrowings and award the sale to the bidders offering the most favorable terms to the Agency, select underwriters to purchase any series of the Borrowings and negotiate the terms of the sales of any series of the Borrowings with those underwriters, and place any series of the Borrowings directly with a commercial bank or other lender. (C) Amend, supplement or replace the Master Declaration. (D) Determine whether one or more series of the Borrowings 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 any series of the Borrowings bears interest that is excludable from gross income under the Code,the Agency Official may enter into covenants to maintain the excludability of interest on that series of the Borrowings from gross income. (E) Enter into additional covenants for the benefit of the purchasers of each series of the Borrowings which an Agency Official determines are desirable to sell each series of the Borrowings on favorable terms. (F) Determine the final principal amounts,maturity schedules,interest rates, payment and prepayment rights and dates,and all other terms of each series of the Borrowings. (G) Pledge the tax increment revenues of the Area pursuant to the Master Declaration and the proceeds of the Borrowings to secure any series of the Borrowings. (H) Use proceeds of the Borrowings or other legally available funds to fund a debt service reserve for any series of the Borrowings. (I) Execute and deliver each series of the Borrowings,which may be in such form as the Agency Official approves,including a note or bond. Q) Amend any existing intergovernmental agreements between the City and Agency related to the Area to,if necessary,subordinate the lien on tax increment revenues of the Area that secures that agreement and to facilitate the issuance of the Borrowing on favorable terms. RESOLUTION No. 25 O2 Page 2 of3 (K) If applicable,participate in the preparation of, authorize the distribution of,and deem final the preliminary and final official statements and any other disclosure documents for each series of the Borrowings. (L) If applicable,undertake to provide continuing disclosure for each series of the Borrowings in accordance with Rule 15c2-12 of the United States Securities and Exchange Commission. (M) If applicable, obtain ratings and apply for municipal bond insurance or other forms of credit enhancement for each series of the Borrowings,and enter into related agreements. (N) Execute any documents and take any other action which an Agency Official finds is desirable to carry out this Resolution. SECTION 3: This resolution is effective immediately upon adoption. PASSED: This day of VGC2 2025. CLIP- Chair—City of Tigard Town Center Development Agency A ITJST: City Recorder—City of Tig rd Town Center Development Agency RESOLUTION No. 25-O q Page 3 of 3