Resolution No. 93-09 4
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CITY OWN TIGARD,OREGON
RESOLUTION NO.93-
A RESOLUTION AUTHORIZING SUBMISSION OF AN
ADVANCE REFUNDING PLAN TO THE OREGON STATE
TREASURER AND PROVIDING FOR RELATED MATTERS.
WHEREAS,City of Tigard,Washington County,Oregon(the"City")is
authorized pursuant to the Constitution and laws of the State of Oregon to issue advance
refunding bonds for its outstanding general obligation bonds(collectively,the"Refundable
s
Bonds");and
;xrHEREAS,issuing advance refunding bonds to refund the Refundable
Bonds will benefit the City and its taxpayers by reducing debt service costs or beneficially =i
restructuring permanent debt;and,
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WHEREAS,the City has directed Public Financial Management,Inc.to
prepare advance refunding plans for the City's Refundable Bonds;and
WHEREAS,the approval of the State Treasurer is required before such
- advance refunding bonds may be issued;and,
WHEREAS, the services of experts are required in connection with the
submission of an advance refunding plan and the issuance of advance refunding bonds;
NOW,THEREFORE,BE IT RESOLVED by the City Council of City of
Tigard,Washington County,Oregon,that:
Section 1. Plan Submission. The Finance Director is hereby authorized,
on behalf of the City,to have Public Financial Management,Inc.submit advance refunding
plans for one or more series of the Refundable Bonds to the State Treasurer for review
and approval.
Section 2. Issuance of Refunding Bonds. If the State Treasurer
approves the issuance of advance refunding bonds in accordance with an advance
refunding plan the City may,by resolution or ordinance,authorize the issuance of advance
refunding bonds in one or more sefies(the"Refunding Bonds")in principal amounts
sufficient to pay the costs of refunding the Refundable Bonds and the costs incident to the
authorization,sale and issuance of the Refunding Bonds.
Section 3. Designations. For the proposed issue of advance refunding
bonds,the firm of Preston Thorgrimson Shidler Gates&Ellis is designated as bond
/ counsel and the firm of Public Financial Management Inc.is designated as Financial
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Advisor. The Finance Director is hereby authori>ed to appoint underwriters,paying
agents and escrow agents for the Refunding Bonds. t
Section 4. Other Action. The Finance Director is hereby authorized to
engage in preliminary marketing activities for the Refunding Bonds,including authorizing
preparation and distribution of preliminary oQcial statements for the Refunding Bonds.
The Escrow Agent,the Financial Advisor,an underwriter or bond counsel are hereby
authorized,on behalf of the City,to take all necessary action to implement the proposed
advance refunding,including but not limited to the following services:
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(a) coordinating the drafting of a refunding bond resolution, {
escrow deposit agreement,an official statement and any other legal documents
necessary to effectuate the refunding plan;
(b) identifying and arranging or subscribing for,as agent for the
City,the acquisition of government obligations including United States Treasury a
Ce:iucaies of indebtedness,Notes and Bonds--State and Local Government
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Series to be deposited in escrow in connection with the refunding plan;and
(c) making all computations with respect to yields on the
Refunding Bonds and the obligations acquired with the proceeds of the Refunding
Bonds and arranging for verification and review of these computations by a firm of
independent certified public accountants.
PASSED This 16th day of Marc 1993.
Y
Mayor, 'y of rd
ATTEST:
t
r Recorder,City of Tigard
Page 2--Resolution Mucha 1987
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