HomeMy WebLinkAboutResolution 09-11 04/06/2009
RESOLUTION
NO. 09-11
A RESOLUTION OF THE CITY OF SPRINGFIELD COMMON
COUNCIL APPROVING THE ISSUANCE OF REVENUE BONDS
BY THE METROPOLITAN WASTEWATER MANAGEMENT
COMMISSION; AND PROVIDING AN EFFECTIVE DATE.
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WHEREAS, pursuant to ORS Chapter 190, the Cities of sprin9fiel1 and Eugene and Lane
County (Governing Bodies) entered into an intergovernmental agreement (Agreement) on
February 9, 1977 establishing the Metropolitan Wastewater Comrission (Commission) to
construct, operate, and maintain regional sewerage facilities to service the Eugene-Springfield
Metropolitan area (Metro Area);
WHEREAS, the original regional sewerage facilities were constructed in the early 1980s with a
planned design capacity to serve the Metro Area through 2004;
WHEREAS, the Commission and the Governing Bodies have approved the 2004 MWMC
Facilities Plan and 20-Year Project List, which includes capital projects with an estimated cost of
$144,000,000 (in 2004 dollars) necessary to meet the sewage treatfnent needs of the Metro
Area through the year 2025; i
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WHEREAS, after a public hearing, and based on the recommendatio~s of the Commission and
its financial advisor, the City Council, in 2005, authorized the Commission to issue up to
$100,000,000 of revenue bonds to finance regional sewerage fa~ilities pursuant to ORS
190.080(1)(a) and ORS 288.805 to 288.945 (now ORS Chapter 287A);
WHEREAS, due to various factors, including the escalation of const~uction costs since 2004,
the project cost of the regional sewerage facilities is expected to be at ~east $196,000,000.
WHEREAS, in 2005 the Commission and its financial advisor recbmmended that revenue
bonds were the best available financing tool and that approximately ~100,OOO,OOO in revenue
bonds be issued to fund the capital projects on the Commission's 20-'1ear Project List based on
the original projected cost of $144,000,000; I
WHEREAS, the Commission and its investment advisor continue to b~lieve that revenue bonds
are likely to be the best available financing tool; I
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WHEREAS, the Commission and its financial advisor recommend that approximately
$100,000,000 in additional revenue bonds be issued to fund the projec:;ted increased cost of the
capital projects on the Commission's 20-Year Project List; I
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WHEREAS, pursuant to Ordinance No. 6127 adopted May 2,2005, tHe City Council adopted a
restated and amended Agreement that, in part, created th~ Commission as an
intergovernmental entity pursuant to the provisions of ORS 190.01 0 an~ 190.085;
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~HEREA~, ORS 190.080(1) provides that inte~governmental entities ray issue revenue bonds
If the parties to the agreement approve the Issuance of the revenue bonds after a public
hearing;
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WHEREAS, pursuant to Resolution No. 05-21, the City Council authorized the Commission to
issue up to $100,000,000 of revenue bonds to finance regional sewe:rage facilities pursuant to
ORS 190.080(1 )(a) and ORS 288.805 to 288.945 (now ORS Chapter 287 A);
WHEREAS, the Commission needs authority to issue additional reve~ue bonds to complete the
regional sewerage facilities; I
WHEREAS, the Cities of Springfield and Eugene, Oregon, and Lane County, Oregon, desire to
authorize the Commission to issue such additional revenue bonds und~r ORS Chapter 287 A.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SPRINGFIELD, a Municipal Corporation of the State of Oregon, as~ follows:
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Section 1. Approval of Bonds. A public hearing was held ~efore the City Council on
April 6 , 2009 regarding the issuance by the Metropolitan Wastewater
Management Commission of up to $ 100,000,000 in additional revenue bonds to
finance regional sewerage facilities pursuant to ORS 190.080(1 )(a) and ORS Chapter 287A. By
adoption of this Resolution, the City Council hereby approves o( the issuance of up to
$ 100.000.000 in additional revenue bonds by the Metropolitan Wastewater Management
Commission pursuant to ORS 190.080(1 )(a) and ORS Chapter 287 A. I
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Section 2. Effective Date. This Resolution shall become effettive immediately upon its
adoption by the Common Council of the City and the approval by the Mayor.
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Adopted by the Common Council of the City of Springfield at a Council meeting held the
6th day of April , 2009, with a vote of ~ for and ~ against ~ absent).
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David Ralston, Council President
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Date: 4/6/09 I
ATTEST: ~
Amy Sow City Recorder
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