Resolution No. 00-35 i
CITY OF TIGARD,OREGON
RESOLUTION NO.00- -AX
A RESOLUTION AUTHORIZING REFINANCING AND ADDITIONAL INTERIM
FINANCING FOR THE 69TH AVENUE LOCAL rWROVEMEr"1'DISTRICT
WHEREAS, the City has previously authorized formation of the 69th Avenue Local
Improvement District(the"District')to finance local improvements in the District(the
"Improvements");and,
WHEREAS,the City was authorized to obtain interim financing to pay for the costs of
the Improvements in a principal amount of no more than $1,400,000 pursuant to
Resolution No.99-27,adopted by the City Council on April 27, 1999;and
WHEREAS, the City issued its Full Faith and Credit Local Improvement Bond
Anticipation Note(the"Note")in a principal amount of$1,245,000,which matures on
October 1,2000;and
WHEREAS,the City wishes to refinance the Note and obtain additional funds to pay
for the costs of the Improvements;
NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that:
SECTION 1: Authorization. The City is hereby authorized to refinance the$1,245,000
City of Tigard Full Faith and Credit Local Improvement Bond
Anticipation Note and obtain additional interim financing for the
Improvements through a commercial bank pursuant to ORS
288.165. The refinancing of the Note and the additional interim
financing may be combined in the form of a note or credit facility
(the"Series 2000 Obligation"). The Series 2000 Obligation shall be
in a principal amount of no more than $1,750,000, which shall
include the refinancing of the $1,245,000 Note authorized under
Resolution No.99-27. The Series 2000 Obligation shall mature not
later than one year after the expected completion 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").
RESOLUTION NO.00- �55
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SECTION 2: Security. The Series 2000 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
:000 Obligation or secure permanent financing which will be
available to permit timely payment of the Series 2000 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 2000 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 2000 Obligation. The Series 2000
Obligation shall be in a form approved by the Director. The Series
2000 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 arty action if the taking or omission would cause interest paid
on the Series 2000 Obligation to be includable in gross income of
the owners of the Series 2000 Obligation under Section 103(a) of
the Internal Revenue Code of 1986,as amended(the"Code").
Section 5. Authority of Director; Delegation. The Director may,on behalf of
the City and without further action by the City Council:
A. Select a commercial bank (the"Bank")to purchase the Series 2000
Obligation;
B. Establish the final principal amount,maturity schedule,interest rate
or rates, sale price, redemption terms, payment terms and other
11-ms of the Series 2000 Obligation;
C. Negotiate and enter into an agreement with the Bank which
specifies the terms under which the Bank will purchase the Series
2000 Obligation;
D. Negotiate the terms of and execute the Series 2000 Obligation and
any related documents,which may contain additional covenants for
the protection of the Bank;
y
7 E. Designate the Series 2000 Obligation as a "qualified tax-exempt
obligation'under Section 265 of the Code;
RESOLUTION NO.00-
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F. Execute,issue,sell and deliver the Series 2000 Obligation;
G. Renew, extend or convert to permanent financing the Series 2000
Obligation;and,
H. Execute any documents and take any other action in connection with
the Series 2000 Obligation or the Improvements which the Director
finds is desirable to obtain interim financing for the Improvements
and carry out this Resolution.
PASSED: This day of 2000.
ma,-eit3;5 _
Brian J. Moore, Council President
%TTEST:
� ( 7YW,5
City Reeer-der G
Greer A.Gaston,Deputy City Recorder
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RESOLUTION NO.00-
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