HomeMy WebLinkAboutResolution 08-40 07/21/2008
RESOLUTION NO. 08-40
A RESOLUTION OF CITY OF SPRINGFIELD, LANE
COUNTY, OREGON, AUTHORIZING THE ISSUANCE OF
WASTEWATER SYSTEM REVENUE BONDS FOR A
TOTAL NOT MORE THAN $24,000,000, AND PROVIDING
FOR PUBLICATION OF NOTICE.
WHEREAS, it is financially feasible and in the best interests of the City of
Springfield (the "City") to authorize the issuance of bonds to finance improvements to the City's
wastewater system (the "Wastewater System"), including 1) rehabilitation of approximately 40,000
linear feet of existing piping and accompanying design and engineering costs; and 2) the extension
of approximately 23,000 feet of wastewater piping for the Jasper-Natron region and other local
development projects included design and engineering costs; ( "Projects"); and
WHEREAS, the City is authorized to issue revenue bonds for a public purpose
under Oregon Revised Statutes ("ORS") Section 287 A.ISO (the "Statute"); and,
WHEREAS, revenue bonds issued under the Statute may be payable from all or
any portion of the revenues of the City's Wastewater System (the "Wastewater System
Revenues"); and
WHEREAS, it is desirable to obtain $24,000,000 of bonding authority to finance
the Projects.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Springfield, Oregon as follows:
Section 1. Authorizing Revenue Bonds. The City hereby authorizes the issuance of not more
than Twenty Four Million Dol~ars ($24,000,000) in aggregate principal amount of revenue bonds
to finance the Projects and pay related costs. The bonds shall be issued and sold in accordance
with the Statute and other provisions of ORS Chapter 287 A, and shall be payable solely from the
Wastewater System Revenues which the City pledges to pay the bonds. Prior to selling the bonds,
the City Council shall establish by resolution or delegate the authority to establish the terms and
conditions of the bonds.
Section 2. Notice Requirement. 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.
Electors residing within the City may file a petition with the City asking the City to refer the
question of whether to issue the bonds to a vote. If within 60 days after the publication of the
Notice, electors file petitions with the City containing valid signatures of at least five percent of
the City's electors, the City shall place the question of issuing the revenue bonds on the ballot at
the next lawfully available election date. No bonds may be sold under this resolution unless a
Attachment B Page 1 of 3
majority of the electors voting on the question of issuing the bonds approve.
Section 3. Bonds Payable Solely from Wastewater System 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 Wastewater System Revenues which the City pledges to payment of the bonds.
Adopted by the City Council of the City of Springfield at a regular meeting held on the
21 st day of July, 2008.
Ayes: 5
Nays: 0
City of Springfield, Lane County, Oregon
, ( ,
Attest:
CitYReC~~
Attachment B Page 2 of 3
RESOLUTION NO. 08-40
NOTICE IS HEREBY GIVEN that the City Council of the City of Springfield,
Oregon (the "City"), adopted Resolution No.08-40 on July 21,2008, authorizing the issuance of
revenue bonds (the "Bonds") to finance improvements to the City's wastewater system (the
"Wastewater System"), including 1) rehabilitation of approximately 40,000 linear feet of existing
piping and accompanying design and engineering costs; and 2) the extension of approximately
23,000 feet of wastewater piping for the Jasper-Natron region and other local development
projects included design and engineering costs; (the "Projects").
The City Council may establish by subsequent resolution or delegate authority to
establish all terms, conditions and covenants relating to the Bonds and the Wastewater System
revenues that will be pledged to the Bonds.
The Bonds described in this notice will not be issued in an aggregate principal
amount of more than Twenty Four Million Dollars ($24,000,000). The Bonds shall be payable
solely from the Wastewater System revenues which the City pledges to the payment of the
. Bonds. The Bonds shall not be general obligations ofthe City, nor a charge upon its tax
revenues, butwill be payable solely from the Wastewater System revenues whichthe City
pledges to pay 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 September 25, 2008 the question of issuing the Bonds shall be placed on the ballot
at the next legally available election date.
The resolution authorizing the Bonds is available for inspection at the Office of
the City Recorder. The Office of the City Recorder is located at 225 5th Street Springfield,
Oregon.
The Bonds will be issued and sold under ORS Chapter 287A; this Notice is
published pursuant to ORS 287 A.150.
By order of
THE CITY COUNCIL OF CITY OF
SPRINGFIELD, Lane County, Oregon