HomeMy WebLinkAbout1994-61 Issue Water Rev. Bonds RESOLUTION NO. 94-61
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASHLAND AUTHORIZING
ISSUANCE OF WATER REVENUE BONDS UNDER THE UNIFORM REVENUE BOND
ACT.
BE IT RESOLVED by the City Council of the City of Ashland that
1. Findings
The City Council finds as follows:
1.1 Prior Authorization. The City has previously enacted Resolution No. 94-49, authorizing the
issuance of not more than Three Million Eight Hundred Thousand Dollars in aggregate principal
amount of water revenue bonds pursuant to Oregon's Uniform Revenue Bond Act (ORS 288805
to 288.945).
1.2 Notice. Notice that the City authorized issuance of revenue bonds was published as provided
in the Uniform Revenue Bond Act.
1.3 Sale Permitted. When at least sixty (60) days have passed since the notice was published, if
the City has not received petitions from enough people to require that question of issuing the
bonds be placed on the ballot at the next legally available election date, the City will be authorized
to sell the bonds described in Resolution No. 94-49. The City adopts this resolution to provide
the terms under which those bonds, and future obligations having a lien on revenues of the Water
System, may be sold and issued.
2. The Series 1994 Bonds
2.1 Sale Authorized. Pursuant to Oregon's Uniform Revenue Bond Act (ORS 288.805
to 288.945) the City Council hereby authorizes the sale and delivery of the City of Ashland,
Oregon Water Revenue Bonds, Series 1994 (the "Series 1994 Bonds"). The Series 1994 Bonds
may be sold only when the sale is permitted in accordance with Section 1.3, above. The
aggregate principal amount of the Series 1994 Bonds shall not exceed Three Million Eight
Hundred Thousand Dollars ($3,800,000). The Series 1994 Bonds shall be issued under the terms
of a Trust Indenture, in substantially the form attached to this Resolution as Appendix A, with
such changes as are permitted by this resolution.
2.2 Limitation on Payment. The Series 1994 Bonds shall be special obligations of the City, and
shall be payable solely from the Net Revenues and amounts required to be deposited in the
Revenue Bond Account and Revenue Bond Reserve Account as required and as provided by the
Trust Indenture. In the Trust Indenture, the City will covenant with the owners of the Series
1994 Bonds regarding the rates which the City must charge in connection with its water system,
and the manner in which the City must operate its water system.
2.3 Delegation. The City Administrator or the Director of Finance may, on behalf of the City and
without further action by the Council:
2.3.1 Participate in the preparation of and authorize the distribution of the final official
statement for the Series 1994 Bonds;
2.3.2 Prepare and publish a notice of sale for the Series 1994 Bonds and award the sale of the
Series 1994 Bonds to the bidder offering the most favorable terms to City;
2.3.3 Make any revisions to the Trust Indenture and the covenants of the City contained in the
Trust Indenture which the City Administrator or the Director of Finance determine are
reasonable and are desirable to facilitate the sale of the Bonds, and execute and deliver the
Trust Indenture on behalf of the City;
2.3.4 Issue, sell and deliver the Series 1994 Bonds, and execute and deliver any related
certificates or documents which are reasonably required to carry out the purposes of this
resolution.
Considered and enacted by the City Council of the City of Ashland at a regular
meeting held on the 20th day of September, 1994.
Attest:
Mayor
(Acting)