Resolution No. 12-24 CITY OF TIGARD, OREGON
TIGARD CITY COUNCIL
RESOLUTION NO. 12-Q4f
A RESOLUTION AUTHORIZING THE ISSUANCE OF REVENUE REFUNDING BONDS, SERIES
2012A (GEORGE FOX UNIVERSITY PROJECT) (TAX-EXEMPT) BY YAMHILL COUNTY,
OREGON
WHEREAS, Yamhill County, Oregon (the "County") has received a request from George Fox University, a
nonprofit corporation organized and existing under the laws of the State of Oregon (the "University") to issue
Revenue Refunding Bonds,Series 2012A (George Fox University Project) (Tax-Exempt) (the"2012 Bonds") in
an aggregate principal amount not to exceed $25,000,000 for the purpose, among other things, of refinancing
the prior acquisition and improvement of real property located in the City of Tigard,Oregon(the"City");and
WHEREAS, the principal of and interest on the 2012 Bonds will not constitute a debt of the City nor shall the
2012 Bonds be payable from a tax of any nature levied upon any property within the City nor any other political
subdivision of the State of Oregon. The 2012 Bonds will be payable only from the revenues and resources
provided by the University;and
WHEREAS, 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 1470 of the Code requires that qualified 501(c)(3) bonds be approved by the applicable
elected representatives of the governmental unit issuing such bonds (Yamhill County, Oregon), (1) such
approval will be obtained by the Board of County Commissioners of the County,and (2) the governmental unit
(the City Council of the City of Tigard, Oregon) having jurisdiction over the area in which a portion of the
project is located(the University's campus in Tigard).
WHEREAS, on July 21, 2012 the Board of County Commissioners of the County will hold a public hearing
and consider an Order approving of the issuance of the 2012 Bonds for and on behalf of the University.
NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that:
SECTION 1: Approval of Bonds. As the applicable elected representatives of the governmental unit
having jurisdiction over the area in which a portion of the project is located (the University's
campus in Tigard), and having held the public hearing, the City Council approves of the
issuance of the 2012 Bonds by Ya.mhill County,Oregon.
SECTION 2: This resolution is effective immediately upon passage.
PASSED: This 26th day of June 2012.
o -City of Tigard
A ST:
City Recorder-City of Tigard
RESOLUTION NO. 12- a�