Resolution No. 10-75 CITY OF TIGARD, OREGON
TIGARD CITY COUNCIL
RESOLUTION NO. 10-
A RESOLUTION OF THE CITY OF TIGARD, WASHINGTON COUNTY, OREGON,
AUTHORIZING THE SALE OF GENERAL OBLIGATION BONDS IN ONI OR MORE
SERIES TO ACQUIRE, PRESERVE AND PROTECT OPEN SPACES, WATER QUALITY,
HABITAT,AND PARKS AND TO REFUND OUTSTANDING BONDS.
WHEREAS, the voters of the City of Tigard,Washington County (the "City") approved Measure 34-181 at
the November 2, 2010 general election, authorizing the City to issue $17,000,000 of general obligation
bonds to acquire,preserve and protect open spaces,water quality, habitat and parks,as described in the
ballot title for Measure 34-181; and
WHEREAS, the City may be able to reduce its debt service expense and the property tax levies by refunding
its general obligation borrowing that was sold to the Oregon Business Development Department, formerly
Oregon Economic and Community Development Department,in Community Facilities Loan Number
K03001 (the "Refundable Bond"); and
WHERE AS, the City is authorized by ORS Section 287A.360 to issue bonds to refund outstanding general
obligation bonds; and
WIEREAS,it is now desirable to authorize the sale of the bonds that were approved by the voters at the
November 2, 2010 election and bonds to refund the Refundable Bond;
NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that:
Section 1: Parks Bonds Authorized. The City hereby authorizes the issuance of not more than $17,000,000
(Seventeen Million Dollars) in aggregate principal amount of general obligation bonds to finance
the projects described in Measure 34-181,including paying costs of issuing the general obligation
bonds.
Section 2: Refunding Bonds Authorized. The City further authorizes the issuance of refunding general
obligation bonds to refinance all or any portion of the outstanding Refundable Bond. However,
the City shall not refinance the Refundable Bond unless the refinancing produces adequate
savings, as determined by the City Official pursuant to Section 3(1), below. The net proceeds of
the refunding general obligation bonds shall not exceed the outstanding principal amount of the
Refundable Bond to be refunded, plus any amounts required to pay costs of the refunding,
rounded upward to allow principal to mature in multiples of$5,000.
Section 3: Delegation. The Finance and Information Services Director, City Manager or the Assistant City
Manager (each of whom is referred to herein as a "City Official') may, on behalf of the City and
without further action by the Council:
(1) Determine whether the refunding of the outstanding Refundable Bond produces
adequate savings.
(2) Issue the general obligation park bonds authorized by Section 1,and issue the
general obligation refunding bonds authorized by Section 2 if the City Official
determines that the refunding produces adequate savings.
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(3) Issue the general obligation park bonds authorized by Section 1 and the general
obligation refunding bonds authorized by Section 2 (collectively the "Bonds") in one
or more series.
(4) Participate in the preparation of, authorize the distribution of, and deem final any
official statement or other disclosure documents relating to each series of the Bonds.
(5) Establish the form, final principal amounts, maturity schedules,interest rates, sale
prices and discount, prepayment terms,administrative provisions, and other terms of
each series of Bonds.
(6) Execute and deliver a bond declaration for each series of Bonds specifying the terms
under which each series of Bonds are issued and making covenants for the benefit of
bondowners. The bond declarations may also contain covenants for the benefit of
any insurers of the Bonds.
(7) For each series, publish a notice of sale, receive bids and award the sale of that series
of Bonds to the bidder complying with the notice and offering the most favorable
terms to the City, or select one or more underwriters, commercial banks or other
investors and negotiate the sale of the Bonds with those underwriters, commercial
banks or investors.
(8) Undertake to provide continuing disclosure for each series of Bonds in accordance
with Rule 15c2-12 of the United States Securities and Exchange Commission.
(9) Apply for ratings for each series of Bonds, determine whether to purchase municipal
bond insurance or obtain other forms of credit enhancements for each series of
Bonds, enter into agreements with the providers of credit enhancement, and execute
and deliver related documents.
(10) Determine whether each series of Bonds will bear interest that is excludable from
gross income under the Internal Revenue Code of 1986, as amended (the"Code"),
or is includable in gross income under the Code. If a series bears interest that is
excludable from gross income under the Code, the City Official may enter into
covenants to maintain the excludability of interest on that series of the Bonds from
gross income.
(11) Issue any series of Bonds as taxable bonds that are eligible for federal interest
subsidies or tax credits and enter into appropriate covenants.
(12) Designate any series of Bonds as "qualified tax-exempt obligations" under Section
265(b)(3) of the Code.
(13) Engage the services of verification agents, escrow agents,paying agents and any
other professionals whose services are desirable for the financings.
(14) Enter into one or more escrow deposit agreements,if necessary, for the refunding
and take actions to prepay the Refundable Bond.
(15) Execute and deliver any agreements or certificates and take any other action in
connection with each series of Bonds which the City Official finds is desirable to
permit the sale and issuance of that series of Bonds in accordance with this
resolution.
RESOLUTION NO. 10
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Section 4: Security for Bonds. The Bonds shall be general obligations of the City. The City
hereby pledges its full faith and credit to pay the Bonds, and the City covenants for
the benefit of the Bondowners that the City shall levy annually, as provided by law,
in addition to its other ad valorem property taxes, and outside the limitations of
Sections 11 and 11b of Article Iii of the Oregon Constitution, a direct ad valorem
tax upon all of the taxable property within the City in sufficient amount, after
considering discounts taken and delinquencies that may occur in the payment of
such taxes, to pay the Bonds promptly as they mature.
Section 5: This resolution is effective immediately upon passage.
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PASSED: This Qo day of aCeNyvLQX2010.
Mayor-City of Tigard
ATTEST:
City Recorder-City of Tigard
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RESOLUTION NO. 10 - ?Ej�
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