HomeMy WebLinkAbout1994-49 Issue Water Rev. BondsRESOLUTZO~ HO. 94-49
A RBBOLUTION OF TIIB CITY COUNCIL OF THE CITY OF ABKT, ANI)
AUTHORIBING IBBUANCB OF WATER R~FBIqUE BONDB UI/I)ER THE
UNIFORM REVENUE BOHDACT.
BE IT RESOLVED by the City Council of the City of Ashland that
Section 1. Findings,
The City Council of the City of Ashland finds:
1.1. The City is authorized to finance capital improvements
to its water system (the "Project") by issuing revenue bonds
pursuant to Oregon's Uniform Revenue Bond Act (ORS 288.805 to
288.945) (the "Act").
1.2. The cost of the Project, including bond issuance costs
and debt service reserves, is estimated to not exceed three
million eight hundred thousand dollars ($3,800,000).
1.3. The City will cause to be prepared a plan showing that
the Clty's estimated net water revenues are sufficient to pay the
estimated debt to be incurred by the City under the revenue bond
issue authorized by this resolution.
Section 2. Revenue Bonds Authorized.
The City hereby authorizes the issuance of not more than
three million eight hundred thousand dollars in aggregate
principal amount of water revenue bonds. Prior to selling the
bonds the City Council shall establish by resolution or
ordinance:
2.1. Whether the bonds shall be sold at public competitive
bid sale or private negotiated sale;
2.2. The maximum discount to be allowed upon sale of the
bonds,
2.3. The schedule for bond principal repayment;
2.4. The terms under which additional bonds may be issued;
2.5. The terms by which bonds may be redeemed prior to
maturity;
2.6. The amount of any reserves to be established for the
bonds and the manner in which the reserves shall be funded;
Resolution, Page I
2.7. The minimum amount of water revenues which the City
shall be required to impose to protect the security of the
bondowners;
2.8. The covenants which the City will make with bondowners
regarding operation of the Project and the imposition and
collection of water revenues;
2.9. The revenues to be pledged to payment of the bonds;
2.10. Whether the pledged revenues shall be held by a
trustee, and if they are so held, the trustee's duties~
2.11. Whether security interests should be granted; and
2.12. Any other terms, conditions or covenants regarding the
bonds, the Project or the revenues which are necessary or
desirable to effect the sale of the bonds.
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 Revenue Bond Authorization, which is
attached to this resolution as Exhibit "A" (the "Notice"). The
Notice shall 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. If petitions for an election, containing valld
signatures of not less than five percent (5%) of the City's
electors, are received within the time indicated in the Notice,
the question of issuing the bonds shall be placed on the ballot
at the next legally available election date. If such petitions
are received, the bonds authorized by this resolution shall not
be sold until the question of issuing the bonds is approved by a
majority of the electors of the city who vote on that question.
3.3. The bonds shall be issued and sold in accordance with
the Act.
Section 4. Bonds Payable Solely from Revenues.
The bonds shall not be general obligations of the City, nor a
charge upon its tax revenues, but shall be payable solely from
the water revenues which the City pledges to payment of the bonds
pursuant to ORS 288,825(1) and section 2.9 of this resolution.
Resolution, Page 2
This resolution was read by title only in accordance with Ashland
Municipal Code S2.04.090 duly PASSED and ADOPTED this ~ k~day of
0~,~, 1994.c R
Nan E. ~r~a~lin, ity ecorder
SIGNED and APPROVED this ~ day of ~~
Catherine M. Golden, Mayor
R~e~as ~o form:
a ~'~
P ul Nolte, City Attorney
, 1994.
Resolution, Page 3
EXHIBIT A
Notice of Revenue Bond Authorization
NOTICE IS HEREBY GIVEN that the City Council of the City of
Ashland, Oregon (the "City"), adopted Resolution No. 94-49 on
August 2, 1994, authorizing the issuance of water revenue bonds.
The bonds will be issued to finance capital improvements to the
City's water system (the "Project").
The City council may establish by subsequent resolution all
terms, conditions and covenants regarding the bonds, the levels
of water revenues which the City will be required to impose and
collect and the use of those revenues, and the use and operation
of the water system and the Project to be financed with the
bonds, which are desirable to facilitate the sale of the bonds.
The City estimates that the bonds will be issued in an
aggregate principal amount of not more than three million eight
hundred thousand dollars. Bond principal and interest will be
paid solely from water revenues. The bonds will not be general
obligations of the City, nor a charge upon its tax revenues, but
will be payable solely from the water revenues which the City
pledges to the payment of the bonds.
If written petitions, 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 October 3, 1994, the questions of issuing
the revenue 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 Street.
The resolution authorizing the bonds is available
for inspection at the office of the City Recorder.
The bonds will be issued and sold under the Uniform
Revenue Bond Act (ORS 288.805 to 288.945); this Notice is
published pursuant to ORS 288.815(6).
Resolution, Page 4