HomeMy WebLinkAboutResolution 2020-36 10/19/2020
RESOLUTION NO. ____
A RESOLUTION AUTHORIZING THE SALE OF SEWER SYSTEM
REVENUEREFUNDING BONDSANDRELATED MATTERS
WHEREAS, the Cityhasissued sewerrevenue bonds
underaMaster Sewer System Bond Declarationdated as of May 13, 2005(the Master
Declaration), as amended and supplemented by the First Supplemental Sewer System Revenue
Bond Declarationdated as of April 2, 2009(the First Supplemental Declaration),the Second
Supplemental Sewer System Revenue Bond Declarationdated as of October 6, 2010(the
Declarationand the ThirdSupplemental Sewer System Revenue Bond
Declarationdated as of June 27, 2017ThirdSupplementalDeclaration. The Master
Declaration, together with the First Supplemental Declaration,the Second Supplemental
Declarationand the Third Supplemental Declaration,is referred to herein as the Declaration.
Capitalized terms used butundefined in this Resolution shall have the meaning for such terms in
theDeclaration;and
WHEREAS, on October 6, 2010,the City issued its $10,000,000Sewer SystemRevenue
Bonds, Series 2010() pursuant to OrdinanceNo.6259and under the
SecondSupplemental Declaration; and
WHEREAS, theCity may reduce its debt service expense by refundingall or a portion of
theoutstanding Refundable Bonds; and
WHEREAS, ORSSections287A.360through 287A.380authorize the City to issue
bonds to refund outstanding City bonds.
NOW, THEREFORE, BE IT RESOLVEDby the Common Council of the City of
Springfield, Oregon, as follows:
Section 1.Refunding Bonds Authorized.The City hereby authorizes the sale and delivery
ofsewer system revenue refunding bonds in a principal amount sufficient to prepay all or any
portion of the Citys outstanding RefundableBondsand to pay costs related to the refunding.
The sewer system revenue refunding bonds authorized by this Resolution (the 2020 Bonds)
may beissued as ParityBonds under the Declaration.
Section 2.Security.The 2020 Bondsshall not be general obligations of the Cityand neither
the authorization nor issuance of the 2020 Bonds shall authorize the Cityto levy additional taxes.
The 2020 Bondsshall be special obligations of the City that are payable solelyfromtheNet
Revenues of the Sewer System and related amounts as provided in the Declaration.
Section 3.Delegation.TheCity Manageror the City Finance Directoror any person
designated by the City Manageror the City Finance Director to act on behalf of the City pursuant
tothis Resolution (each of whom is referred to inthis Resolution as a City Official) may, on
behalf of the City:
(1)Determine whether the savings produced by therefundingare adequate to justify the
refunding, and select the Refundable Bonds to be refunded.
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(2)Issue the 2020 Bonds in one or more series, which may be sold at different times.
(3)Participate in the preparation of, authorize the distribution of, anddeem final any official
statement or other disclosure documents relating to each series of the 2020 Bonds.
(4)Establish the form, final principal amounts, payment dates, interest rates and other terms
of each series of the 2020 Bonds.
(5)Either publish a notice of sale, receive bids and award the sale of that series 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 that series with
those underwriters, commercial banks or other investors.
(6)Undertake to provide continuing disclosure for each series of the 2020 Bonds, as
applicable,and to comply with Rule 15c2-12 and any other applicable requirements of the
United States Securities and Exchange Commission.
(7)Finalize the terms of, execute and deliver a supplemental bond declaration or similar
document for each series of 2020 Bonds, which memorializes the terms under which the series is
issued and which may contain additional covenants that the City Officialdetermines are
desirable to facilitate the sale of 2020 Bonds or obtain more favorable terms for the City.
(8)Apply for one or more credit ratings for each series of the 2020 Bonds, if necessary.
(9)Determine whether to purchase municipal bond insurance or obtain other forms of credit
enhancements for each series of the 2020 Bonds, enter into agreements with the providers of
credit enhancement(if such enhancement is determined to be beneficial), and execute and deliver
related documents.
(10)Engage the services of verification agents, escrow agents, paying agents and any other
professionals whose services are desirable for the 2020 Bonds and negotiate the terms of and
execute any agreement with such professionals.
(11)Make any contributions to or withdrawals from the Bond Reserve Accountthat the City
Officialdetermines are desirable and determine the Reserve Requirement, if any, for each series
of the 2020 Bonds.
(12)Determine whether each series of the 2020 Bonds will bear interest that is excludable
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 2020 Bonds from gross income.
(13)Designate any series of the 2020 B-
Section 265(b)(3) of the Code, if applicable.
(14)Provide for the call, defeasance, and redemption of any RefundableBonds that are
refunded and enter into related agreements and take related actions.
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(15)Execute and deliver any agreements or certificates and take any other action in
connection with each series of the 2020 Bonds which the City Official finds is desirable to
permit the sale and issuance of that series of the 2020 Bonds in accordance with this Resolution.
Section 5.Effective Date.ThisResolution shall take effect on its date of adoption.
Adopted by the Common Council of the City of Springfield ata regular meeting held on
th
the19day of October, 2020.
Ayes: _______
Nays:________
Absent:______
Attest:
___________________________________
City Recorder
10-19-20
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