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HomeMy WebLinkAbout2008-40 Wastewater Improvement Bonds RESOLUTION NO. ,ZtJl)g- ~ A RESOLUTION OF CITY OF ASHLAND, JACKSON COUNTY, OREGON, AUTHORIZING THE ISSUANCE OF BONDS TO FINANCE WASTEWATER SYSTEM IMPROVEMENTS IN A PRINCIPAL AMOUNT OF NOT TO EXCEED $2,500,000, AND PROVIDING FOR PUBLICATION OF NOTICE BE IT RESOLVED by the City Council (the "Council") of the City of Ashland (the "City") that: Section 1. Findings The Council finds as follows: 1.1 It is financially feasible and in the best interests of the City to authorize the issuance of bonds under ORS 287 A.150 to finance wastewater plant improvements, pump stations and wastewater line improvements and realignments in cooperation with other projects (the "Projects") and to pay related costs. 1.2 The City is authorized to issue bonds for any public purpose under ORS 287 A.150. ORS 287 A.150 requires the City to publish a notice describing the bonds and the revenues that will secure the bonds. 1.3. ORS 287 A.150 allows the City to secure bonds issued under the act with any revenues of the City (as defined in ORS 287A.00l(16)) that are described in the notice that the City publishes pursuant to ORS 287A.150. ORS 287A.00l(16) defines "revenues" as "all or any portion of the fees, tolls, excise taxes, assessments, property taxes and other taxes, rates, charges, rentals and other income or receipts derived by the City or to which the City is entitled. 1.3 It is desirable to obtain $2,500,000 of bonding authority to finance the Projects pursuant to ORS 287 A.150, and to allow the City to secure those bonds with all or any portion of the City's revenues, as defined in ORS 287A.00l(16). Section 2. Bonds Authorized The City hereby authorizes the issuance of not more than Two Million Five Hundred Thousand Dollars ($2,500,000) in aggregate principal amount of bonds pursuant to ORS 287A.150 to finance the Projects and pay related costs. The bonds authorized by this resolution (the "Bonds") shall be issued and sold in accordance with the Act, and shall be payable from the revenues of the City which the City pledges to pay the Bonds. The City may provide that the Bonds will be secured by all legally available revenues of the City. The City may pledge its full faith and credit to pay the Bonds, and may pledge its taxing power within the limitations of Article XI, Sections 11 and 11 b of the Oregon Constitution. Section 3. Notice; Procedure 3.1 No Bonds may be sold, and no purchase agreement for the Bonds may be executed, until at least sixty (60) days after publication of the Notice of Bond Authorization which is attached to this resolution as Exhibit "A" (the "Notice"). The Notice shaH specify the last date on which petitions may be submitted, and shall be published in at least one newspaper of general circulation in the City in the same manner as are other public notices of the City. 3.2 Ifpetitions for an election, containing valid signatures of not less than five percent (5%) of the City's electors, are submitted to the City by the date indicated in the Notice: the question of issuing the Bonds shall be placed on the ballot at the next legally available election date; and, no Bonds may be sold until the question of issuing those Bonds is approved by a majority of the electors of the City who vote on that question. If sufficient petitions to refer the question of issuing the Bonds to the electors are not submitted to the City within 60 days after the notice is published the City may sell the Bonds pursuant to Section 5 of this resolution. This resolution was duly PASSED and ADOPTED this /R day of II()(/~~ , 27;:ffeC~;:;Mayor. Barbara Christensen, City Recorder SIGNED and APPROVED this If' day of ;(;OfI.ttu.Jerioos. ~ ----~- -~-------~--ITrT Exhibit A Notice of Bond Authorization NOTICE IS HEREBY GIVEN that the City Council of the City of Ashland, Oregon (the "City"), adopted Resolution No. on November 18, 2008, authorizing the issuance of bonds to finance wastewater plant improvements, pump stations and wastewater line improvements and realignments in cooperation of other projects and to pay related costs. The bonds described in this notice will not be issued in an aggregate principal amount of more than Two Million Five Hundred Thousand Dollars ($2,500,000). The City may provide that the bonds will be secured by all or any portion of the City's legally available tax and other revenues, and the City may pledge its full faith and credit and its taxing power within the limitations of Article XI, Sections 11 and 11 b of the Oregon Constitution to pay the bonds. However, the bonds will not be general obligations of the City and the City will not be entitled to levy taxes outside the limitations of Article XI, Sections 11 and 11 b of the Oregon Constitutipn to pay the Bonds. If written petitions requesting an election on the issuance of the bonds, signed by not less than five percent (5%) of the City's electors, are filed at the Office of the City Recorder on or before ,2009 (the 61st day after the date of publication of the notice), the question of issuing the bonds shall be placed on the ballot at the next legally available election date. ~ The Office of the City Recorder is located at 20 East Main, Ashland, Oregon 97520. The resolution authorizing the bonds is available for inspection at the Office of the City Recorder. The bonds will be issued and sold and this Notice is published pursuant to ORS 287A.150. By order of THE CITY COUNCIL OF CITY OF ASHLAND, Jackson County, Oregon