HomeMy WebLinkAboutCouncil Resolution 1033RESOLUTION NO. 1033
A RESOLUTION OF THE CITY OF CENTRAL POINT, OREGON,
AUTHORIZING THE FINANCING OF CITY HALL EXPANSION.
The City Council of the City of Central Point, Oregon, fiords as follows:
A. The City of Central Point (the "City") is authorized by Oregon Revised Statutes
("ORS") Section 271.390 to enter into financing agreements to finance real or persona] property
which the City Council determines is needed, and to authorize certificates of participation in the
right to receive the payments due from the City under those financing agreements.
B. The City is undertaking a project to construct, furnish and equip a new City
Council Chambers, and new City Hall offices (the "Project").
C. The City Council has determined that the Project is needed and that it is desirable
to obtain financing for the Project pursuant to ORS 271.390 in a principal amount of not more
than $2,700,000.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Central Point, a municipal corporation of the State of Oregon, as follows:
Section 1. Financing Agreement Authorized.
The City is hereby authorized to enter into financing agreements (the "Financing Agreements")
in an aggregate principal amount of not more than Two Million Seven Hundred Thousand
Dollars ($2,700,000.00). Financing Agreement proceeds shall be used to finance the Project and
related expenses and pay costs associated with the Financing Agreements. If the City
Administrator or the person designated by the City Administrator to act on behalf of the City
pursuant to this Resolution (the "City Official") determines to enter into the Financing
Agreements, the City Official is hereby authorized, on behalf of the City and without further
action by the Council, to:
(1) Negotiate, execute and deliver the Financing Agreements in an aggregate principal
amount of not more than Two Million Seven Hundred Thousand Dollars ($2,700,000.00).
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.
(2) Negotiate, execute and deliver one or more escrow agreements or similar documents (the
"Escrow Agreements") that provide for the issuance of one or more series of "certificates of
participation" or "full faith and credit obligations" (the "Obligations") that represent ownership
interests in the loan payments due from the City under the Financing Agreements. Subject to the
limitations of this Resolution, the Escrow Agreements and each series of Obligations may be in
such form and contain such terms as the City Official may approve.
PAGE 1. RESOLOTION
(3) Covenant for the benefit of the owners oftax-exempt Obligatiais to comply with all
provisions of the Internal Revenue Code of 1986 (the "Code"), as amended, which are required
for the interest component of loan payments payable under the related Financing Agreements to
be excluded from gross income for federal income tax purposes, and provide that some
Financing Agreements and their related Obligations may bear taxable interest that is includable
in gross income under the Code.
(4) Deem final and authorize the distribution of a preliminary official statement for each
series of Obligations, and authorize the preparation and distribution of a final official statement
or other disclosure document for each series of Obligations.
(5) Undertake to provide continuing disclosure for each series of Obligations in accordance
with Rule 15c2-12 of the United States Securities and Exchange Commission.
(6) Apply for ratings for each series of Obligations, determine whether to purchase municipal
bond insurance or obtain other forms of credit enhancements for each series of the Obligations,
enter into agreements with the providers of credit enhancement, and execute and deliver related
documents.
(7) Engage the services of escrow agents or trustees and any other professionals whose
services are desirable for the financing.
(8) Determine the final principal amount of each Financing Agreement, the interest rate or
rates which each series of loan payments shall bear, the City's prepayment rights and other terms
of each Financing Agreement and each series of Obligations.
(9) Solicit competitive bids for the purchase of each series of the Obligations and award their
sale to the bidder offering the most favorable terms to the City, or select one or more
underwriters, negotiate the terms of the sale of each series of Obligations, and sell that series to
those underwriters, or select one or more commercial banks and negotiate, execute and deliver
the Obligations to those banks.
(10) Execute and deliver any other certificates or documents, apply the proceeds of the
Obligations to pay costs of the Project and costs of issuing the Obligations, and take any other
actions which the City Official determines are desirable to finance the Project with the Financing
Agreements and the Obligations in accordance with this Resolution.
(11) The City hereby designates all Obligations that are issued in calendar year 2004 as
"qualified tax-exempt obligations" pursuant to Section 265 of the Code.
Section 2. Security.
The City Official may pledge the City's full faith and credit and taxing power within the
limitations of Sections 11 and l lb of Article XI of the Oregon Constitution, and any and all of
the City's legally available funds, to make the payments due under the Financing Agreements.
PAGE 2. RESOLUTION
Section 3. Effective Date.
This Resolution shall take effect immediately.
Passed by the Council and signed by me in authentication of its passage this d y of
'~, 2004.
City of Central Point
Jackson County, Oregon
~~ °~
Mayor Hank Williams
ATTEST:
City Recorder
Approved by me this ; `~' / ~ ~ day of i~~A~>%~ , 2004.
,~
Mayor Hank Williams
Resolution No. J(~; ~
PAGE 3. RESOLUTION