Resolution No. 20-11 CITY OF TIGARD, OREGON
TIGARD CITY COUNCIL
RESOLUTION NO. 20-It
A RESOLUTION OF THE CITY OF TIGARD, OREGON,AUTHORIZING THE SALE OF
GENERAL OBLIGATION REFUNDING BONDS
WHEREAS,the City of Tigard,Oregon (the"City") may be able to reduce its debt service expense
and/or favorably restructure its debt by refunding all or a portion of its General Obligation Bonds,
Series 2011A and its General Obligation Refunding Bonds, Series 2011B (collectively, the
"Refundable Bonds");and
WHEREAS,the City is authorized by ORS Sections 287A.360 to 287A.380 to issue bonds to refund
outstanding general obligation bonds;and
WHEREAS,it is now desirable to authorize the sale of bonds to refund the Refundable Bonds.
NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that:
SECTION 1. Refunding Bonds Authorized. The City hereby authorizes the issuance of general
obligation refunding bonds (the "Refunding Bonds") to refund all or any portion of the Refundable
Bonds. The Refunding Bonds may be issued in an amount that is sufficient to refund all or any
portion of the Refundable Bonds and to pay costs related to issuing the Refunding Bonds and
refunding the Refundable Bonds.
SECTION 2. Delegation. The City Manager or the City Finance and Information Services
Director or the person designated by either of those individuals to act on behalf of the City pursuant
to this Resolution (the "City Official") may, on behalf of the City and without further action by the
City Council:
(a) Select the Refundable Bonds to be refunded.
(b) Issue the Refunding Bonds in one or more series.
(c) 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 Refunding Bonds.
(d) Establish the form,maturity schedules,interest rates,payment and prepayment terms and all
other terms of each series of the Refunding Bonds.
(e) Execute and deliver a bond declaration or bond purchase agreement for each series of the
Refunding Bonds specifying the terms under which each series of the Refunding Bonds are
issued and making covenants for the benefit of the Refunding Bond owners and any providers
of credit enhancement for the Refunding Bonds.
(� Publish a notice of sale,receive bids and award the sale of each series of the Refunding 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 any
series with those underwriters, commercial banks or other investors.
RESOLUTION NO. 20-
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g) If applicable,undertake to provide continuing disclosure for each series of the Refunding Bonds
and to comply with Rule 15c2-12 and any other applicable requirements of the United States
Securities and Exchange Commission.
(h) Apply for ratings for each series of the Refunding Bonds, determine whether to purchase
municipal bond insurance or obtain other forms of credit enhancement for each series of the
Refunding Bonds,enter into agreements with the providers of credit enhancement,and execute
and deliver related documents.
(i) Engage the services of verification agents, escrow agents,paying agents and any other
professionals whose services are desirable for the Refunding Bonds and negotiate the terms of
and execute any agreement with such professionals.
(j) Determine whether each series of the Refunding 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 Refunding Bonds from gross income.
(k) Designate any series of the Refunding Bonds as "qualified tax-exempt obligations"under
Section 265(b)(3) of the Code,if applicable.
(1) Provide for the call,defeasance, and redemption of any Refundable Bonds that are refunded and
enter into related agreements and take related actions.
(m)File any required advanced refunding plans with the State of Oregon.
(n) Execute and deliver each series of the Refunding Bonds to their purchasers.
(o) Execute and deliver any agreements or certificates and take any other action in connection with
each series of the Refunding Bonds which the City Official finds is desirable to permit the sale
and issuance of that series of the Refunding Bonds in accordance with this Resolution.
SECTION 3. Security for Refunding Bonds. The Refunding Bonds shall be general obligations of
the City. The City hereby pledges its full faith and credit to pay the Refunding Bonds,and the City
covenants for the benefit of the Refunding Bond owners 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 XI 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 Refunding Bonds promptly as
they mature.
SECTION 4. Effective Date. This Resolution is effective immediately upon passage.
PASSED: This Yd day of March,2020.
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Mai —City of Tigard
ATTEST:2�RK0 r
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City Recorder—City o igard
RESOLUTION NO. 20-
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