Loading...
Resolution No. 93-09 4 r . t� 3Y z CITY OWN TIGARD,OREGON RESOLUTION NO.93- A RESOLUTION AUTHORIZING SUBMISSION OF AN ADVANCE REFUNDING PLAN TO THE OREGON STATE TREASURER AND PROVIDING FOR RELATED MATTERS. WHEREAS,City of Tigard,Washington County,Oregon(the"City")is authorized pursuant to the Constitution and laws of the State of Oregon to issue advance refunding bonds for its outstanding general obligation bonds(collectively,the"Refundable s Bonds");and ;xrHEREAS,issuing advance refunding bonds to refund the Refundable Bonds will benefit the City and its taxpayers by reducing debt service costs or beneficially =i restructuring permanent debt;and, 3 WHEREAS,the City has directed Public Financial Management,Inc.to prepare advance refunding plans for the City's Refundable Bonds;and WHEREAS,the approval of the State Treasurer is required before such - advance refunding bonds may be issued;and, WHEREAS, the services of experts are required in connection with the submission of an advance refunding plan and the issuance of advance refunding bonds; NOW,THEREFORE,BE IT RESOLVED by the City Council of City of Tigard,Washington County,Oregon,that: Section 1. Plan Submission. The Finance Director is hereby authorized, on behalf of the City,to have Public Financial Management,Inc.submit advance refunding plans for one or more series of the Refundable Bonds to the State Treasurer for review and approval. Section 2. Issuance of Refunding Bonds. If the State Treasurer approves the issuance of advance refunding bonds in accordance with an advance refunding plan the City may,by resolution or ordinance,authorize the issuance of advance refunding bonds in one or more sefies(the"Refunding Bonds")in principal amounts sufficient to pay the costs of refunding the Refundable Bonds and the costs incident to the authorization,sale and issuance of the Refunding Bonds. Section 3. Designations. For the proposed issue of advance refunding bonds,the firm of Preston Thorgrimson Shidler Gates&Ellis is designated as bond / counsel and the firm of Public Financial Management Inc.is designated as Financial M:ASI.DOC Page l --Resolution My Ik l"3 —o -fid Advisor. The Finance Director is hereby authori>ed to appoint underwriters,paying agents and escrow agents for the Refunding Bonds. t Section 4. Other Action. The Finance Director is hereby authorized to engage in preliminary marketing activities for the Refunding Bonds,including authorizing preparation and distribution of preliminary oQcial statements for the Refunding Bonds. The Escrow Agent,the Financial Advisor,an underwriter or bond counsel are hereby authorized,on behalf of the City,to take all necessary action to implement the proposed advance refunding,including but not limited to the following services: I (a) coordinating the drafting of a refunding bond resolution, { escrow deposit agreement,an official statement and any other legal documents necessary to effectuate the refunding plan; (b) identifying and arranging or subscribing for,as agent for the City,the acquisition of government obligations including United States Treasury a Ce:iucaies of indebtedness,Notes and Bonds--State and Local Government i Series to be deposited in escrow in connection with the refunding plan;and (c) making all computations with respect to yields on the Refunding Bonds and the obligations acquired with the proceeds of the Refunding Bonds and arranging for verification and review of these computations by a firm of independent certified public accountants. PASSED This 16th day of Marc 1993. Y Mayor, 'y of rd ATTEST: t r Recorder,City of Tigard Page 2--Resolution Mucha 1987 �t3—a9 3 NINE _ it