HomeMy WebLinkAbout2004-04 Financing HangarRESOLUTION NO. 2004-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASHLAND,
OREGON, AUTHORIZING THE FINANCING OF CAPITAL COSTS
ASSOCIATED WITH CONSTRUCTING A HANGAR AT THE ASHLAND
MUNICIPAL AIRPORT
Recitals:
The City Council finds as follows:
A. The City wishes to finance costs of constructing a fourteen-airplane, nest-
configured T-hangar building at the Ashland Municipal Airport (the "Project").
B. The City is authorized by ORS 271.390 to enter into financing agreements in
order to finance the cost of any real or personal property that the City determines is
needed.
C. The Project is needed to provide services for the City and its citizens.
THE CITY OF ASHLAND RESOLVES AS FOLLOWS:
Section 1. Loan Aqreement Authorized. The City is authorized to enter into a loan
agreement in an aggregate principal amount of not more than $400,000 (the "Loan
Agreement"). Loan proceeds shall be used to finance the Project and related expenses
and pay costs associated with the Loan Agreement. The Finance Director, the City
Administrator or the designee of the Finance Director or the City Administrator (any one
or which is described as the "City Official"), on behalf of the City and without further
action by the City Council, may:
1.1. accept the most desirable bank proposal to fund the Loan Agreement,
negotiate the terms of the Loan Agreement, and execute the Loan Agreement in an
aggregate principal amount of not more than $400,000;
1.2. execute and deliver a note reflecting the City's obligation to make the
payments due under the Loan Agreement:
1.3. provide that interest payable under the Loan Agreement will be includable in
gross under the Internal Revenue Code of 1986, as amended (the "Code");
1.4. execute and deliver any other certificates or documents and take any other
actions which the City Official determines are desirable to finance the Project with the
Loan Agreement in accordance with this resolution.
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 1 lb of Article XI of the Oregon
Constitution, and any and all of the City's legally available funds, to make the payments
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due under the Loan Agreements.
Section 4. Effective Date. This resolution takes effect upon signing by the Mayor.
This resolution was read by title only in accordance with Ashland Municipal Code
§2.04.090 duly PASSED and ADOPTED this 20th day of January, 2004.
Barbara Christensen, City Recorder
SIGNED and APPROVED this 20th day of January, 2004.
Reviewed as to form:
Paul Nolte, City Attorney
Alan W. DeBoer, Mayor
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Public Finance
04/01/2009
1-00L{ A-1r(JlYt Lo~
City of Ashland
Attn: Lee Tuneberg, Finance Director
20 East Main Street
Ashland, OR 97520
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RE: City of Ashland Contract # 1898-00 I
Dear Lee Tuneberg:
This letter is to confIrm the termination of the above referenced contract as of 04/01/2009. All payments
due under the contract have been paid and Wells Fargo Brokerage Services, LLC hereby releases any
applicable security interest in the fmanced property or equipment. Any property or liability insurance
required previously is no longer required. .
The Public Finance Division thanks you for your business. We would appreciate your keeping us in mind
for any future fInancing needs. We can be reached at 1-800-835-2265, extension 7-8242.
Sincerely,
Jack Elkin, Operations Manager
Wells Fargo Brokerage Services, LLC