HomeMy WebLinkAboutResolution 05-20 04/18/2005
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Resolution No. 05-20
A RESOLUTION AUTHORIZING SEWER SYSTEM
REVENUE REFUNDING BONDS AND A MASTER SEWER
SYSTEM REVENUE BOND DECLARA TION~
WHEREAS, the City is authorized by ORS 288.592 to issue revenue bonds to refund outstanding
revenue bonds; and,
WHEREAS, the City now desires to issue revenue bonds to refund all or any portion of its
outstanding Sewer System Revenue Bonds (South Springfield Interceptor Proj~ct), Series 1995A
(the "Series 1995A Bonds") to reduce interest expense; and,
WHEREAS, no other obligations are outstanding that have a lien on a parity with or senior to
the lien that secures the City's wastewater and stonn water system revenues; and,
WHEREAS, the City adopts this resolution to authorize its Sewer System Revenue Refunding
Bonds, Series 2005 to refund the Series 1995A Bonds, and to provide the terms under which
future parity obligations may be issued;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
SPRINGFIELD, OREGON, AS FOLLOWS:
Section 1.
Bonds Authorized
1.1
The City hereby authorizes the sale and delivery of its Sewer System Revenue Refunding
Bonds, Series 2005 (the "Series 2005 Bonds'~) to refund the Series 1995A Bonds. The
Series 2005 Bonds shall be issued in accordance with this Resolution and either the Trust
Indenture dated June 1, 1995 (the "Trust Indenture") or the Master Declaration
authorized by Section l.3(G) of this Resolution (the "Master Declaration"). The
aggregate principal amount of the Series 2005 Bonds shall not exceed the amount that the
Finance Director or the person designated by the Finance Director to act on behalf of the
City under this resolution (the "City Official") reasonably estimates will be required to
refund the Series 1995A Bonds and to pay costs related to the Series 2005 Bonds.
1.2 The Series 2005 Bonds and any obligations issued on a parity with the Series 2005 Bonds
shall be special obligations of the City that are payable solely from the revenues of the
City's wastewater and storm water system and related amounts that are pledged as
provided in the Master Declaration or the Trust Agreement, as applicable.
1.3 The City Official may, on behalf of the City:
(A) Participate in the preparation of, authorize the distribution of, and deem final the
preliminary and final official statements and any other disclosure documents for the
Series 2005 Bonds.
(B)
Establish the principal and interest payment dates, principal amounts, interest rates, .
denominations and all other terms for the Series 2005 Bonds.
Resolution, Page 1 of 3
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(C) Issue the Series 2005 Bonds in one or more series.
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(D) Negotiate the terms with Seattle-Northwest Securities Corporation under which the Series
2005 Bonds shall be sold; enter into a bond purchase agreements for the sale ofthe Series
2005 Bonds which incorporates those terms; and execute and deliver the bond purchase
agreements.
(E) Undertake to provide continuing disclosure for the Series 2005 Bonds in accordance with
Rule l5c2-12 of the United States Securities and Exchange Commission.
(F) Apply for and purchase municipal bond insurance, reserve sureties or other forms of
. credit enhancements for the Series 2005. Bonds, and enter into related agreements. .
(G) Finalize the terms of, execute and deliver the Master Declaration, which pledges the
revenues of the City's wastewater and storm water system, contains covenants regarding
the levels of wastewater and storm water system fees and charges that the City must
impose, describes the terms of the Series 2005 Bonds, and the terms under which future
obligations may be issued on a parity with the Series 2005 Bonds. The Master
Declaration, if delivered, shall be in substantially the form attached to this Resolution as
Exhibit A, but with such changes as the City Official may approve. Alternatively, the
City Official may also sell and deliver the Series 2005 Bonds under the terms of the Trust
Indenture.
(H)
Appoint and enter into agreements with escrow agents, paying agents, verification agents
and other professionals and service providers.
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(I) Take any action desirable to call, redeem and pay any bonds that are refunded with the
Series 2005 Bonds.
(J) Enter into covenants to maintain the excludability of Series 2005 Bond interest from
gross income under the Internal Revenue Code of 1986, as amended (the "Code").
(K) Designate the Series 2005 Bonds as qualified tax-exempt obligations pursuant to Section
265(b )(3) ofthe Code, if applicable.
(L) Execute any documents and take any other action in connection with the Series 2005
Bonds which the City Official finds will be advantageous to the City.
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Resolution, Page 2 of 3
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Section 2. Effective Date
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This resolution shall take effect immediately.
Adopted by the City Council of the City of Springfield at a regular meeting held on
April 18 , 2005.
Ayes: 5
Nays: 0
Absent: 1
ATTEST
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. City Re~der .
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Resolution, Page 3 of3