HomeMy WebLinkAbout2909 AFN Bonds om i A ct Oq
AN ORDINANCE OF THE CITY OF ASHLAND, JACKSON COUNTY,
OREGON, AUTHORIZING THE ISSUANCE OF BONDS TO FINANCE
THE ASHLAND FIBER NETWORK.
The people of the City of Ashland do ordain as follows:
Section 1. Findings. The City Council finds:
A. The City is authorized to issue revenue bonds for any public purpose under Oregon's
Uniform Revenue Bond Act (ORS 288.805 to 288.945 or the "Act"). Revenue bonds issued
under the Act may be payable from all or any portion of the "revenues" of the City, :as defined in
the Act. The Act defines "revenues" to include all fees, tolls, taxes, and other income available
to the City.
B. The Act permits the City to authorize revenue bonds by enacting a nonemergency
ordinance. The City may not sell those revenue bonds for thirty days after the nonemergency
ordinance is enacted. If the nonemergency ordinance is referred to a vote during that thirty day
period, the City may not sell the revenue bonds described in that ordinance unless the voters
approve the ordinance.
C. The City enacts this nonemergency ordinance to authorize the issuance of up to
$16,000,000 of bonds to finance the Ashland Fiber Network.
D. The City will cause a plan to be prepared showing that the estimated revenues that are
pledged to pay the bonds will be sufficient to pay those bonds.
Section 2. Revenue Bonds Authorized. The City hereby authorizes the issuance of not more
than Sixteen Million Dollars ($16,000,000) in aggregate principal amount of revenue bonds
under the Act to finance costs of the Ashland Fiber Network, including costs of refinancing
existing bank loans and interfund loans for the Ashland Fiber Network, and costs o:~' issuing the
revenue bonds. The bonds shall be payable from the revenues of the Ashland Fiber Network, and
the City ~y pled~ ............... ,~nues of the City s electhc system, and any other
"revenues (as defined in the Act) to pay thebes authohzed by this ordinance. Prior to selling
the bonds the City Council shall adopt a resolution or ordinance establishing the te~ms and
condition~ of the bonds pursuant to ORS 288.520, or delegating the authority to establish those
te~s and'conditions.
Section 3. No Additional Taxes Authorized; Bonds Payable Solely from Revenues. Neither
the authorization nor the issuance of the bonds described in Section 2 of this ordinance shall
authorize the City to levy any additional taxes.
Section 4. Procedure. The bonds described in Section 2 of this ordinance shall not be sold
until the period of referral of this nonemergency ordinance has expired. If this ordinance is
referred, the City may not sell the bonds described in Section 2 of this ordinance unless the
voters approve this ordinance.
The foregoing ordinance was first READ by title only in accordance with Article X, Section 2(C)
of the City Charter on the 1st day of June, 2004, and duly PASSED and ADOPTED this
/5~ day of June, 2004.
Barbara Christensen, City Recorder
SIGNED and APPROVED this
day of June, 2004.
Alan W. DeBoer, Mayor