Resolution No. 02-53 CITY OF TIGARD, OREGON
RESOLUTION NO. 02-_5 5
A RESOLUTION OF THE CITY OF TIGARD AUTHORIZING THE ISSUANCE AND SALE OF ITS
GENERAL OBLIGATION BOND AND GENERAL OBLIGATION REFUNDING BOND TO THE
OREGON ECONOMIC AND COMMUNITY DEVELOPMENT DEPARTMENT
-the City of Tigard finds:
WHEREAS, the City Council of the City of Tigard submitted to the legal voters of the City the question
of contracting a general obligation bonded indebtedness in the sum of an amount not to exceed
$13,000,000 to finance capital construction and improvements related to a library and to pay all costs
incidental thereto; and
WHEREAS, the election was duly and legally held on. May 21, 2002, and the City Council has
canvassed the result thereof and has declared that at least 50 percent of all qualified voters of the City
voted and that issuance of bonds has been approved by a majority of the qualified voters of the City
voting at the election; and
WHEREAS, the City of Tigard is a "municipality" within the meaning of Oregon Revised Statues
285B.410(4), and
WHEREAS, Oregon Revised Statutes 28513.410 through 28513.479 (the "Act") authorize any municipality
to file an application with the Oregon Economic and Community Development Department (the
"Department") to obtain financial assistance from the Special Public Works Fund in the form of a loan,
grant or purchase of a bond of a municipality, and
WHEREAS, the City of Tigard has filed an application with the Department to obtain financial assistance
for a"community facilities project"within the meaning of the Act, and
WHEREAS, the Department has approved the City of Tigard's application for financial assistance from the
Special Public Works Fund pursuant to the Act, and
WHEREAS, the Department is not able to provide long-term, permanent financial assistance prior to the
date the City needs funds to begin construction of the project, as determined below, but is able to provide
interim financing for the City's commencement of construction, and
WHEREAS, the City will issue its general obligation bond to the Department and enter into a credit facility
to obtain interim financing and will issue a general obligation refunding bond to the Department to retund
the general obligation bond when the Department is able to provide long-term financing, and
WHEREAS, the City of Tigard is required, as a prerequisite to the receipt of financial assistance from the
Department, to enter into a Financial Assistance Award Contract and a Credit Facility or Bond Purchase
Agreement with the Department, and
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WHEREAS, the prvjcct to be funded by these Bonds includes the acquisition of t4.7 acres of land on Hall
Blvd. in Tigard, the design and construction of a 47,500 library, and related site and street improvements
and is a "community facilities project" within the meaning of the Act which is needed by and is in the
public interest of the City of Tigard,and
WHEREAS, notice relating to the City of Tigard's consideration of the adoption of this Resolution was
published at least once in a newspaper of general circulation within the City of Tigard. Such notice was
published at least 14 days in advance of the adoption of this Resolution.
NOW, THEREFORE,BE IT RESOLVED BY THE TIGARD CITY COUNCIL THAT:
SECTION 1: Bonds Authorized. The City Council authorizes the Director of Finance or his designee (the
"Director of Finance") to execute applicable Financial Assistance Award Contracts, Credit
Facility, Bond Purchase Agreement, the General Obligation Bond (the `Bond") and the
General Obligation Refunding Bond(the"Refunding Bond,"collectively with the Bond, the
"Bonds") and such other documents as may be required for the City to issue the Bonds to
the Department, on the condition that the principal amount of each of the Bonds is not in
excess of $13,000,000 and the interest rate is a percent deemed reasonable by the Director
of Finance and in the best interest of the City of Tigard. The proceeds of the Bond shall be
applied solely to the "Costs of the Project" as such term is defined in the Bond Purchase
Agreement. The proceeds of the Refunding Bond shall be applied to refund the Bond.
SECTION 2: Security. The Bonds are voter-approved general obligation bonds of the City of Tigard.
The City of Tigard hereby pledges its full faith and credit to the payment of the Bonds.
The Bonds shall be payable from ad valorem taxes which may be levied without
limitation as to rate or amount on all taxable property within the boundaries of the City of
Tigard. The City hereby covenants for the benefit of the Department to levy a direct ad
valorem tax upon all of the taxable property within the City which is sufficient, after
taking into consideration discounts taken and delinquencies that may occur in the
payment of such taxes, to pay all principal and interest on the Bonds when due.
SECTION 3: Additional Documents. The Director of Finance is hereby authorized to enter into any
agreements and to execute any documents or certificates which may be required to issue the
Bonds to the Department to finance the Project pursuant to the related.Financial Assistance
Award Contract and the Bond Purchase Agreement.
SECTION 4: Tax-Exempt Status. The City of Tigard covenants not to take any action or omit to take any
action if the taking or omission would cause interest paid by the City of Tigard on the Bonds
not to qualify for the exclusion from gross income provided by Section 103(a) of the
Internal Revenue Code of 1986, as amended. The Director of Finance of the City of Tigard
may enter into covenants on behalf of the City of Tigard to protect the tax-exempt status of
the interest paid by the City of Tigard on the Bonds and may execute any Tax Certificate,
Internal Revenue Service forms or other documents as shall be required by the Department
or its bond counsel to protect the tax-exempt status of such interest.
SECTION 5: Reimbursement Bonds. The City of Tigard may reimburse expenditures for the Project with
amounts received from the Department pursuant to the Bonds and City of Tigard Resolution
01-25. Additionally, the City of Tigard understands that the Department may fund or
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reimburse itself for the funding of afuounls paid to the City of Tigard pursuant to the Bonds
with the proceeds of bonds issued by the State of Oregon pursuant to the Act. This
Resolution shall constitute "official intent" within the meaning of Section 1.150-2 of the
Income Tax Regulations promulgated by the United States Department of the Treasury with
respect to the funding or the reimbursement for the funding of the costs of the Project with
the proceeds of the City of Tigard's Bonds and with the proceeds of any bonds issued by the
State of Oregon pursuant to the Act.
SECTION 6: This Resolution shall be in force and effect from and after passage by the City Council.
PASSED: This l�t
� __ day of
M yor City f r
ATTEST:
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City Recorder- City of Tigard
RESOLUTION NO. 02 -
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