Resolution No. 19-34 CITY OF TIGARD, OREGON
TIGARD CITY COUNCIL
RESOLUTION NO. 19-�-y
A RESOLUTION OF THE CITY OF TIGARD, OREGON AUTHORIZING FINANCING AND
REFINANCING OF CAPITAL PROJECTS DESCRIBED IN THE URBAN RENEWAL PLAN FOR
THE CITY CENTER URBAN RENEWAL AREA.
WHEREAS,the City of Tigard,Oregon (the"City")is authorized by Oregon Revised Statutes Section 271.390
to enter into financing agreements to finance or refinance real or personal property which the City Council
determines is needed;and
WHEREAS,the City is also authorized by ORS 287A.360 to refund outstanding borrowings;and
WHEREAS,the City desires to enter into a borrowing to finance projects described in the City Center Urban
Renewal Plan,as it has been and may be amended in accordance with its terms (the"Projects")and to refinance
all or a portion of the City's Financing Agreement with U.S. Bank National Association, dated September 2,
2014 (the "Outstanding Borrowing"),which financed the acquisition of property within the City Center Urban
Renewal Area(the"Refunded Project");and
WHEREAS, the Agency is projected to have sufficient tax increment revenues to pay the amounts due from
the City in connection with the financing of the Projects and refinancing of the Refunded Project,and will enter
into an intergovernmental agreement with the City to use tax increment revenues to pay those amounts;and
WHEREAS, the City or the Agency may incur expenditures (the "Expenditures") to pay costs of the Projects
prior to the issuance of the financing agreement and the City wishes to declare its official intent to reimburse
itself or the Agency for any Expenditures the City or the Agency may make from its own funds on the Projects
from the proceeds of the financing agreement,the interest on which may be excluded from gross income under
Section 103 of the Internal Revenue Code of 1986,as amended(the"Code").
NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that:
SECTION 1: Determination of Need. The City Council hereby determines that the Projects are needed
and that the Refunded Project was needed at the time it was financed and that it remains
needed.
SECTION 2: Financing Agreement Authorized for Refunding Outstanding Borrowing. The City is
hereby authorized to enter into one or more financing agreements (the"Refunding Financing
Agreements' to refinance all or any portion of the Outstanding Borrowing pursuant to ORS
Section 271.390, ORS 287A.360, and other relevant provisions of ORS Chapter 287A. The
Refunding Financing Agreements may be issued in an amount that is sufficient to refund all
or any portion of the Outstanding Borrowing and to pay estimated costs related to issuing the
Refunding Financing Agreements and refunding the Outstanding Borrowing.
SECTION 3: Financing Agreement Authorized for Projects. The City is hereby authorized to enter
into to one or more financing agreements (the "New Money Financing Agreements' in an
aggregate principal amount of not to exceed $5,495,000 to finance the Projects and to pay
costs related to issuing the New Money Financing Agreements. The New Money Financing
RESOLUTION NO. 19-
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Agreements shall be issued pursuant to ORS 271.390 and relevant provisions of ORS
Chapter 287A and as provided in this resolution.
SECTION 4: Delegation. The City Manager or the Finance and Information Services Director, or the
designee of the City Manager or the Finance and Information Services Director (each of
whom is referred to herein as a "City Official") is hereby authorized, on behalf of the City
and without further action by the City Council,to:
(1) Select all or a portion of the Outstanding Borrowing to be refunded;
(2) Negotiate, execute and deliver one or more Refunding Financing Agreements and New
Money Financing Agreements (collectively, the "Financing Agreements"). Subject to the
limitations of this Resolution, the Financing Agreements may be in such form and contain
such terms as the City Official may approve and may contain portions of the new money
authority and refunding authority.
(3) Determine the final principal amount,interest rates,payment dates,prepayment rights and all
other terms of the financings.
(4) Negotiate, execute and deliver one or more notes to evidence amounts due under the
Financing Agreements.
(5) Select one or more commercial banks or lenders with which to negotiate,execute and deliver
the Financing Agreements.
(6) Enter into additional covenants for the benefit of the purchasers of the Financing
Agreements that the City Official determines are desirable to obtain more favorable terms for
the Financing Agreements;
(7) Engage the services of municipal advisors, bond counsel, escrow agents and any other
professionals whose services are desirable for the financings and to achieve the refunding;
(8) Issue the Financing Agreements with interest that is taxable or tax-exempt under the Internal
Revenue Code of 1986,as amended.
(9) Designate any of the Financings Agreements as a "qualified tax-exempt obligation" pursuant
to Section 265(b)(3)of the Code,if applicable;
(10) Execute and deliver any other certificates or documents and take any other actions which the
City Official determines are desirable to carry out this resolution.
SECTION 5: Payments from Tax Increment Revenues. The City Official is authorized to enter into an
intergovernmental agreement(the"2019 IGA' with the Town Center Development Agency,
under which the Agency agrees to provide tax increment revenues in sufficient amounts to
pay all amounts due from the City under the Financing Agreements. The 2019 IGA shall be
in substantially the form attached to this resolution as Exhibit A, but with any changes the
City Official may approve.
SECTION 6: Security. Pursuant to ORS 287A.315, the City Official may pledge the City's full faith and
credit and taxing power within the limitations of Sections 11 and 11b of Article XI of the
Oregon Constitution to pay the amounts due under the Financing Agreements. The City is
not authorized to levy additional taxes to pay the amounts due under the Financing
Agreements. In addition, the City Official may pledge or assign any amounts that the City
receives under the 2019 IGA to pay the amounts due from the City under the Financing
Agreements.
SECTION 7: Reimbursement Declaration. The City hereby declares its official intent to reimburse its or
the Agency's Expenditures with the proceeds of the Financing Agreements pursuant to
United States Treasury Regulation 1.150-2.
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SECTION 8: This resolution is effective immediately upon passage.
PASSED: This day of 2019.
M -City of Tigard
ATTEST:
City Recorder-City of Tigard �—
RESOLUTION NO. 19-2 i/
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