Loading...
HomeMy WebLinkAbout2008-37 Water Revenue Bonds RESOLUTION NO. Ji 008' ' 31 A RESOLUTION OF CITY OF ASHLAND, JACKSON COUNTY, OREGON, AUTHORIZING THE ISSUANCE OF WATER REVENUE BONDS FOR A TOTAL OF NOT TO EXCEED $5,975,000, 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 improvements, property acquisition and other public purposes related to the water system including reservoir improvements and water rights for the supply system, water plant process and filter improvements in the treatment system, and water lines, water line upsizing, and reservoirs for fire flows in the distribution system, and to pay all cost incidental thereto (the "Projects"). 1.2 The City is authorized to issue revenue bonds for any public purpose under ORS 287 A.150 (the "Act"). Revenue bonds issued under the Act may be payable from all or any portion of the revenues and other funds of the City's water system (the "Revenues"). 1.3 It is desirable to obtain $5,975,000 of bonding authority to finance the Projects. 1.4 The City has previously issued water revenue bonds under the City's Master Water Revenue Bond Declaration. Section 2. Bonds Authorized The City hereby authorizes the issuance of not more than Five Million Nine Hundred Seventy-five Thousand Dollars ($5,975,000) in aggregate principal amount of revenue bonds 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 solely from the Revenues which the City pledges to pay 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 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 Page 1 of 4 Bonds may be sold under Section 5 of this resolution 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. Section 4. Bonds Payable Solely from Revenues The Bonds shall not be general obligations of the City, and neither the authorization nor issuance of the Bonds shall authorize the City to levy any additional taxes. The Bonds shall be payable solely from the portion of the Revenues which the City pledges to payment of the Bonds. Section 5. Delegation. After the City is authorized to sell the Bonds in accordance with Section 3 of this resolution, the City Administrator, the Finance Director, or the person designated by the City Administrator to act as Finance Director under this resolution (any of whom is referred to in this resolution as a "Finance Director") may, on behalf of the City and without further action by the Council: 5.1 Provide that the Bonds may be issued in one or more series, which may be sold at different times. 5.2 Issue one or more series of Bonds as "Parity Obligations" under the Master Water Revenue Bond Declaration. 5.3 Issue one or more series of the Bonds to provide interim financing for the Project, secure those Bonds with subordinate liens on the Revenues, enter into lines of credit or similar documents which permit the City to draw Bond proceeds over time, and issue Bonds to refund the Bonds that provide interim financing for the Project. 5.4 Participate in the preparation of, authorize the distribution of, and deem final the preliminary and final official statements and any other disclosure documents for each series of the Bonds. 5.5 Establish the final principal amounts, maturity schedules, interest rates, sale prices, redemption terms, payment terms and dates, record dates and other terms for each series of the Bonds. 5.6 Select one or more commercial banks or underwriters and negotiate the sale of any series with those commercial banks or underwriters, or publish a notice of sale, receive bids and award the sale of each series to the bidder complying with the notice and offering the most favorable terms to the City. 5.7 Undertake to provide continuing disclosure for any series of the Bonds in accordance with Rule 15c2-12 of the United States Securities and Exchange Commission. 5.8 Apply for and purchase municipal bond insurance or other forms of credit enhancement for any series of the Bonds, and enter into related agreements. Page 2 of 4 5.9 Amend the Master Water Revenue Bond Declaration to adapt it to current market conditions. 5.10 Finalize the terms of, execute and deliver bond declarations that describe the terms of each series of the Bonds. The bond declarations may also contain covenants for the benefit of the owners and any insurers of the Bonds. 5.11 Appoint and enter into agreements with service providers for the Bonds. 5.12 Determine whether each series of Bonds will bear interest that is excludable from gross income under the Internal Revenue Code of 1986, as amended, or is includable in gross income under that code. If a series bears interest that is excludable from gross income under that code, the Finance Director may enter into covenants to maintain the excludability of interest on that series of the Bonds from gross income. 5.13 Execute any documents and take any other action in connection with the Bonds which the Finance Director finds will be advantageous to the City. This resolution was duly PASSED and ADOPTED this L day of Jld7J~ 2~effect upon .signing by the Mayor. .~ Barbara Christensen, City Recorder SIGNED and APPROVED this.5 day ofJ)~2008. Reviewed as to form: Page 3 of 4 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.ZOoS.. ~7 on November 4,2008, authorizing the issuance of revenue bonds to finance improvements, property acquisition and other public purposes related to the water system including reservoir improvements and water rights for the supply system, water plant process and filter improvements in the treatment system, and water lines, water line upsizing, and reservoirs for fire flows in the distribution system, and to pay all cost incidental thereto (the "Projects"). The revenue bonds described in this notice will not be issued in an aggregate principal amount of more than Five Million Nine Hundred Seventy-five Thousand Dollars ($5,975,000). The bonds shall be payable solely from the portion of the revenues and other funds of the City's water system that the City pledges to the payment of the bonds. The bonds shall not be general obligations of the City, nor a charge upon its tax revenues, but will be payable solely from the revenues which the City pledges to the payment of 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..w.~ 1 ,20lf(tJte 61st day after the date of publication of the notice), the question of issuing t e bonds shmrbe 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 under the Act; this Notice is published pursuant to ORS 287 A.150. By order of THE CITY COUNCIL OF CITY OF ASHLAND, Jackson County, Oregon Page 4 of 4 Exhibit A to Resolution