HomeMy WebLinkAboutResolution 2016-09 04/18/2016 RESOLUTION NO. 2016-09
A RESOLUTION OF THE CITY OF SPRINGFIELD, LANE
COUNTY, OREGON, AUTHORIZING THE SALE OF
GENERAL OBLIGATION REFUNDING BONDS.
WHEREAS, the City of Springfield (the "City") may be able to reduce its debt service
expense and the property tax levies by refunding its General Obligation Bonds, Series 2005 and
its General Obligation Bonds, Series 2007 (collectively, the "Refundable Bonds"); and
WHEREAS, the City is authorized by ORS Section 287A.360 to 287A.380 to issue bonds
to refund outstanding general obligation bonds; and
WHEREAS, it is now desirable to authorize the sale of bonds to refund the Refundable
Bonds.
NOW, THEREFORE,BE IT RESOLVED by the City Council of the City of
Springfield, Oregon, as follows:
Section 1. Refunding Bonds Authorized. The City hereby authorizes the issuance of general
obligation refunding bonds (the "Refunding Bonds") to refund all or any portion of the
Refundable Bonds and achieve debt service savings. The Refunding Bonds may be issued in an
amount that is sufficient to refund all or any portion of the Refundable Bonds and to pay costs
related to issuing the Refunding Bonds and refunding the Refundable Bonds.
Section 2. Delegation. The City Manager or the City Finance Director or the person designated
by the City Manager or the City Finance Director to act on behalf of the City pursuant to this
Resolution (the "City Official") may, on behalf of the City and without further action by the
Council:
(1) Select the Refundable Bonds to be refunded.
(2) Issue the Refunding Bonds in one or more series, and combine with any series of general
obligation bonds that the Council has previously authorized.
(3) Participate in the preparation of, authorize the distribution of, and deem final any official
statement or other disclosure documents relating to each series of the Refunding Bonds.
(4) Establish the form, final principal amounts, maturity schedules, interest rates, sale prices
and discount, prepayment terms, payment terms and dates, and other terms of each series
of the Refunding Bonds.
(5) Execute and deliver a bond declaration for each series of the Refunding Bonds specifying
the terms under which each series of the Refunding Bonds are issued and making
covenants for the benefit of Bond owners and any providers of credit enhancement for the
Refunding Bonds.
(6) Publish a notice of sale, receive bids and award the sale of each series of the Refunding
Bonds to the bidder complying with the notice and offering the most favorable terms to
the City, or select one or more underwriters, commercial banks or other investors and
negotiate the sale of any series with those underwriters, commercial banks or investors.
Resolution- Page 1
2612387.1 040591 RSIND
(7) Undertake to provide continuing disclosure for each series of the Refunding Bonds and to
comply with Rule 15c2-12 and any other applicable requirements of the United States
Securities and Exchange Commission.
(8) Apply for ratings for each series of the Refunding Bonds, determine whether to purchase
municipal bond insurance or obtain other forms of credit enhancements for each series of
the Refunding Bonds, enter into agreements with the providers of credit enhancement,
and execute and deliver related documents.
(9) Engage the services of verification agents, escrow agents, paying agents and any other
professionals whose services are desirable for the Refunding Bonds and negotiate the
terms of and execute any agreement with such professionals.
(10) Determine whether each series of the Refunding Bonds will bear interest that is
excludable from gross income under the Internal Revenue Code of 1986, as amended (the
"Code"), or is includable in gross income under the Code. If a series bears interest that is
excludable from gross income under the Code, the City Official may enter into covenants
to maintain the excludability of interest on that series of the Refunding Bonds from gross
income.
(11) Designate any series of the Refunding Bonds as "qualified tax-exempt obligations" under
Section 265(b)(3) of the Code, if applicable.
(12) Provide for the call, defeasance, and redemption of any Refundable Bonds that are
refunded and enter into related agreements and take related actions.
(13) Execute and deliver each series of the Refunding Bonds to their purchaser.
(14) Execute and deliver any agreements or certificates and take any other action in
connection with each series of the Refunding Bonds which the City Official finds is
desirable to permit the sale and issuance of that series of the Refunding Bonds in
accordance with this Resolution.
Section 3. Security for Refunding Bonds. The Refunding Bonds shall be general obligations of
the City. The City hereby pledges its full faith and credit to pay the Refunding Bonds, and the
City covenants for the benefit of the Refunding Bond owners that the City shall levy annually, as
provided by law, in addition to its other ad valorem property taxes and outside the limitations of
Sections 11 and 1 lb of Article XI of the Oregon Constitution, a direct ad valorem tax upon all of
the taxable property within the City in sufficient amount, after considering discounts taken and
delinquencies that may occur in the payment of such taxes, to pay the Refunding Bonds promptly
as they mature.
Section 4. Advanced Refunding Plan. The City Official is hereby authorized to file any
required advanced refunding plans related to the Refunding Bonds with the State of Oregon.
Section 5. Effective Date. This resolution shall take effect on its date of adoption.
RESOLUTION NO. 2016-09
Resolution - Page 2
2612387.1040591 RSIND
Adopted by the City Council of the City of Springfield at a regular meeting held
on the 18th day of April, 2016.
Ayes: 6
Nays: 0
Absent: 1
City of Springfield,Lane County, Oregon
Mayor
Attest:
_ g(J 44 A-
City Recorder
Resolution- Page 3 RESOLUTION NO.2016-09
2612387.1040591 RSIND