Resolution No. 99-27 RESOLUTION NO.99
A RESOLUTION AUTHORIZING INTERIM FINANCING FOR THE 69TH AVENUE
LOCAL IMPROVEMENT DISTRICT IN A MAXIMUM AMOUNT OF$1,400,000.
WHEREAS,the City has previously authorized formation of the 69th Avenue Local Improvement
District(the"District")to finance focal improvements in the District(the"Improvements");and,
WHEREAS,the City is ready to begin construction of the Improvements,and requires funds to
pay for the costs of the improvements;and,
WHEREAS,ORS 288.165 authorizes the City to obtain interim financing for capital assets such
as the Improvements;
NOW.THEREFORE,THE CITY OFTIGARD RESOLVES AS FOLLOWS:
Section 1. Authorization. The City is hereby authorized to obtain interim financing for the
Improvements through a commercial bank pursuant to ORS 288.165. The financing may be in the form of
® a note or credit facility(the"Series 1999 Obligation). The Series 1999 Obligation shall be in a principal
amount of no more than$1,400,000,shall mature„ot!ator than year after the expected ompietivle
date of the Improvements,and may provide for renewal,extension,or conversion to permanent financing
on terms approved by the City s Finance Director,the acting Finance Director or the person designated by
the Finance Director to act on behalf of the City under this Resolution(the"Director").
Section 2. Security. The Series 1999 Obligation shall be a full faith and credit obligation of
the City which is payable primarily from the assessments to be levied for the Improvements and the
proceeds of any subsequent short or long term financing for the Improvements.The City covenants to use
its best efforts to refinance the Series 1999 Obligation or secure permanent financing which will be
available to permit timely payment of the Series 1999 Obligation,but the City shall not be obligated to
pledge its general fund to any permanent financing. The City hereby pledges to the payment of the Series
1999 Obligation all amounts it receives from the assessments for the Improvements and all proceeds of
any subsequent short or long term financing for the Improvements.
Section 3. Form and Execution of Series 1999 Obligation. The Series 1999 Obligation shall
be in a form approved by the Director.The Series 1999 Obligation shall be executed on behalf of the City
with the manual signature of the Director.
Section 4. Tax-Exempt Status. The City covenants not to take any action or omit any action
if the taking or omission would cause interest paid on the Series-i 999 Obligation to be includable in gross
income of the owners of the Series 1999 Obligation under Section 103(a)of the Internal Revenue Code of
1986,as amended(the"Code").
1 Section 5. Authority of Director;Delegation. The Director may,on behalf of the City and
i without further action by the City Council:
+ A. Select a commercial bank(the"Bank")to purchase the Series 1999 Obligation;
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B. Establish the final principal amount,maturity schedule,interest rate or rates,sale price,
redemption terms,payment terms and other terms of the Series 1999 Obligation;
a C. Negotiate and easier ilio ai,agroomo t'w h the Bank which Specifies the terns under
a which the Bank will purchase the Series 1999 Obligation;
C. Negotiate the terms of and execute the Series 1999 Obligation,and any related
documents,which may contain additional covenants for the protection of the Bank;
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® D. Designate the Series 1999 Obligation as a'qualified tax-exempt obiigation"under Sec"--
265 of the Code;
E. Execute,issue,sell and deliver the Series 1999 Obligation;and,
F. Execute any documents and take any other action in connection with the Series 1999
Obligation or the Improvements which the Director finds is desirable to obtain interim financing for
the Improvements and carry out this Resolution.
Passed by the Council,with a quorum in attendance,this s2dd of April,1999.
Wy6r.City of Tigard
ATT�,ST:
Recce ord City of Tigard
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