Resolution No. 97-21 .....Rw
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+ r^ CITY OF TIGARD.OREGON
RESOLUTION NO.Q ty t
A RESOLUTION AUTHORIZING INTERIM FINANCING FOR THE DARTMOUTH STREET LOCAL
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IMPROVEMENT DISTRICT IN A MAXIMUM AMOUNT OF 54,625,000.
' WHEREAS,the City has previously authorized formation of the Dartmouth Street Local
Improvement District(the"District")to finance local improvements in the District(the"Improvements'),and
( has issued its Limited Tax General Obligation Bond Anticipation Notes,Series 1995(the"Series 1995
Notes");and, g
WHEREAS,the Series 1995 Notes mature on June 1,1997,final assessments have net been
levied to finance the Improvements,and bonds cannot be issued until the assessments have been levied
and owners of assessed property have applied to pay the assessments in installments;and,
'WHEREAS,it is desirable to refinance the Serres 1995 Notes and obtain interim financing for The
Improvements which will mature after the date by which the City expects to receive applications to pay the x�h f7s
assessments in installments,and, +
WHEREAS,Bank of America National Trust and Savings Association and its affiliates(the
collectively,the"Bank")have proposed to provide the interim financing to the City,and the City's financial '
advisor has reviewed the Bank's proposal and recommended that the City accept that proposal,and the
City Council finds that a negotiated sale of the interim financing to the Bank is desirable;
NOW,THEREFORE,THE CITY OF TIGARD RESOLVES AS FOLLOWS' 3 s
Section 1.Authorization. The City is hereby authorized to obtain interim financing through theA
Bank to refinance the Series 1995 Notes pursuant to ORS 288.165. The refinancing may be in the form of
a note or credit facility(the"Series 1997 Obligations).The Serres 1997 Obligations shall be in an
aggregate principal amount of no more than$4,625,000,shall mature not later than eighteen months after r
they are issued,and may provide for renewal,extension,or conversion to permanent financing on terms r!
approved by the Finance Director or the designee of the Finance Director(the Director) t
Section 2. Security. The Serie
s 1097 Qi,i s be full r creditobligations n
City which are payable primarily from assessment payments for the Improvements and the proceeds of ~i1;r" rvr
bonds or other permanent financing to be sold upon completion of the Improvements.The City covenants
to use itsbest efforts to refinance the Series 1997 O.diyatio—or secure permanent financing which will be 7
available to permit timely payment of the Series 1997 Obligations,but the City shall not be obligated to
pledge its general fund to any permanent financing, in addition,the City pledges to pay the Series 1997 r
Obligations all assessment payments for the Improvements and the proceeds of the bonds or other nsv, T
permanent financing to be sold upon completion of the Improvements (S7v,"sf
Section 3 Form and Execution of Serres 1997 Obligations The Series 1997 Obligations shall be
in a form approved by the Director.The Series 1997 Obligations shall be executed on behalf of the Citya r u
with the manual or facsimile signature of the Director,
Section 4 Tax-Exempt Status The City covenants not to take any action or omit any action if the t t,
taking or omission would cause interest paid on the Series 1997 Obligations to be includable in gross s 1st
income of the owners of the Series 1997 Obligations under Section 103(a)of the Internal Revenue Code r
of 1986,as amended(the"Code").
+saw Section 5.Authority of Director,Delegation The Director,may,on behalf of the City and withouts.;t5'"" ��
further action by the City Council:
Page 1 r E sr e S SINOT11RES DOC
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tom. A Establish the final principal amounts,maturity schedules,interest rates,sale prices, ' "fly
redemption terms,payment terms and dates,and other terms of the Series 1997 Obligations,and `1t,
t negotiate the terms of,and enter Into,agreements with the Bank which specify the terms under ,,,.
.which the Bank will purchase the Series 1997 Obligations.
B. Negotiate the terms of,and execute documents comprising the Series 1997 Obligations,which `x
may contain covenants for the protection of the Owners of the Series 1997 Obligations and shall ^*
describe the City's obligations relating to the Series 1997 Obligations; .r
't C. Designate the Series 1997 Obligations as"qualified tax-exempt obligations"under Section 265
t*, ofthe Code;
sr r D. Execute,issue,sell and deliver the Series 1997 Obligations and execute any documents and
.take any other action in connection with the Series 1997 Obligations or the Improvements which
the Director finds will be advantageous to the City.
Passed by the Council,with a quorum in attendance,this day of May,1997.
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3 p. ATTEST:
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Recorder,City of Tigard
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