Resolution No. 05-34 CITY OF TIGARD, OREGON
RESOLUTION NO. 05-
A RESOLUTION APPROVING OF THE ISSUANCE OF TAX-EXEMPT VARIABLE RATE
DEMAND REVENUE BONDS, SERIES 2005A (GEORGE FOX UNIVERSITY) IN AN AMOUNT
NOT EXEEDRKG$28,400,000
WHEREAS, Yanlllill County, Oregon(the"County") has received a request from George Fox University, a
private, nonprofit corporation organized and existing under the laws of the State of Oregon (the
"University") to issue Tax-Exempt Variable Rate Demand Revenue Bonds, Series 2005A (George Fox
University Project) (the "2005 Bonds") in an aggregate principal amount not to exceed $28,400,000 for the
purpose, anlloung other things, of refinancilig the prior acquisition and improvement of real property located
in the City of Tigard, Oregon; and
WHEREAS, the principal of and interest on the 2005 Bonds will not constitute a debt of the City of Tigard
nor shall the 2005 Bonds be payable from a tax of any nature levied upon any property within the City of
Tigard nor any other political subdivision of the State of Oregon. The 2005 Bonds will be payable only
from the revenues and resources provided by the University; and
WI-IEREAS, the Internal Revenue Code of 1986 (the `.`Code") authorizes the issuance of revenue bonds for
a"qualified 501(c)(3) entity,"such as the University; and
WHEREAS, Section 147(f) of the Code requires that qualified 501(c)(3) bonds be approved by the
applicable elected representatives of the governmental unlit issuing such bonds (Yainlull County, Oregon);
such approval will be obtained by the Board of County Commissioners of Yamhill County, Oregon, and (2)
the governmental unit (the City Council of the City of Tigard) having jurisdiction over the area in which a
pol don of the project is located(George Fox University's campus in Tigard); and
WHEREAS, on May 18, 2005 the Board of County Commissioners of Yanihill County, Oregon will hold a
public hearing and consider an Order approving of the issuance of the 2005 Bonds for and on behalf of the
University.
NOW,THE,REFORE, BE IT RESOLVED by the Tigard City Cow-icil that:
SECTION 1: As the applicable elected representatives of the govenunental unit having jurisdiction over
the area in which a portion of the project is located (George Fox University's campus in
Tigard),and having held the public hearing,the City Council approves of the issuance of the
Bonds by Yanilull County, Oregon.
R)1SOLUTION NO. 05 -
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SECTION 2: This resolution is effective inu- ediately upon Massage.
PASSED: This day of 2005.
r
Mayor-City of Tigard
ATTEST:
City Recorder- City of Tigard
RESOLUTION NO. 05 -
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