Res 2004 - Wastewater System Bonds COUNCIL BILL NO. 2880
RESOLUTION NO. 2004
A RESOLUTION AUTHORIZING THE ISSUANCE OF WASTEWATER
REVENUE AND REFUNDING BONDS AND A MASTER WASTEWATER
SYSTEM BOND DECLARATION.
THE CITY COUNCIL OF THE CITY OF WOODBURN, MARION COUNTY,
OREGON (the "City "), finds:
FINDINGS
(A) The City is authorized by ORS 287A.360 to issue revenue bonds to
refund outstanding revenue bonds; and
(B) The City previously obtained loans from the Oregon Department of
Environmental Quality and the Oregon Economic and Community
Development Department (now, the Oregon Business Development
Department) that were all secured in whole or in part by the net revenues of the
City's wastewater system (collectively, the "Refundable Obligations "); and
(C) The City may be able to achieve debt service savings or a
favorable reorganization of its permanent wastewater system debt structure by
refunding all or any portion of the Refundable Obligations; and
(D) The City desires to finance projects described in the City's
Wastewater Facilities Plan (the "Projects ") and
(E) The City adopts this Resolution to authorize the issuance of its
Wastewater Revenue and Refunding Bonds to achieve debt service savings or
to obtain a favorable reorganization of debt, to finance the Projects, and to
provide the terms under which future parity obligations may be issued.
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
SECTION 1. BONDS AUTHORIZED
The City hereby authorizes the sale and delivery of its Wastewater
Revenue and Refunding Bonds (the "Wastewater Bonds ") in accordance with
this Resolution and the Master Wastewater System Revenue Bond Declaration
authorized by Section 3 of this Resolution (the "Master Declaration ") to refund
the Refundable Obligations and finance the Projects. The aggregate principal
amount of the Wastewater Bonds issued to refund the Refundable Obligations,
finance the Projects, fund a debt service reserve and pay costs of issuing the
Wastewater Bonds shall not exceed $38,750,000.
Page 1 - Council Bill No. 2880
Resolution No. 2004
SECTION 2. SECURITY
The Wastewater Bonds and any obligations issued on a parity with the
Wastewater Bonds shall be special obligations of the City that are payable
solely from the revenues of the City's wastewater system and related amounts
that are pledged as provided in the Master Declaration.
SECTION 3. DESIGNATION OF CITY OFFICIALS
The Board designates the City Administrator or the City Finance Director,
or the designee of the City Administrator or the City Finance Director
(collectively, the "City Official "), to act on behalf of the City and without further
action by the City Council as follows:
a. Provide that the Wastewater Bonds may be issued in one or more
series;
b. Participate in the preparation of, authorize the distribution of and
deem final preliminary and final official statements or other
disclosure documents for each series of the Wastewater Bonds;
c. Appoint and enter into agreements with a paying agent, registrar
and other service providers for each series of the Wastewater
Bonds;
d. Apply for and purchase bond insurance, reserve sureties or other
forms of credit enhancements for each series of the Wastewater
Bonds, and enter into related agreements;
e. Apply for and obtain municipal bond ratings for each series of
Wastewater Bonds;
f. Establish the final principal amount, maturity schedule, interest rates,
sale price, redemption provisions, administrative provisions and
other terms for each series of the Wastewater Bonds, subject to the
limitations of this Resolution;
g. Negotiate the terms of, and execute, a bond purchase agreement
with D.A. Davidson & Company for each series of the Wastewater
Bonds;
h. Enter into an agreement to provide continuing disclosure for each
series of the Wastewater Bonds, as required under federal securities
laws;
Page 2 - Council Bill No. 2880
Resolution No. 2004
Enter into covenants to maintain the excludability of interest on
each series of the Wastewater Bonds from gross income under the
Internal Revenue Code of 1986, as amended (the "Code "), and, if
applicable, designate each series of the Wastewater Bonds as
"qualified tax - exempt obligations" under Section 265(b) of the
Code;
j. Execute and deliver a master declaration which pledges the
revenues of the City's wastewater system, contains covenants
regarding the levels of wastewater system fees and charges that
the City may impose, describes the terms of each series of the
Wastewater Bonds, and the terms under which future obligations
may be issued on parity with the Wastewater Bonds; and
k. Amend any outstanding loans or obligations secured by revenues
of the City's wastewater system in order to subordinate those liens
to the Wastewater Bonds; and
Determine how to apply the proceeds of the Wastewater Bonds;
and
m. Call, defease, and redeem the Refundable Obligations, appoint
escrow agents and verification agents, and take any other actions
and enter into related agreements to defease, call and redeem the
Refundable Obligations; and
n. Issue, sell and deliver each series of the Wastewater Bonds, execute
and deliver any related certificates or documents, and take any
other actions which the City Official determines are reasonably
required to carry out this Resolution.
Approved as to form: �
. / f X 07 /
City Attorney � Date - --
Appro ed: ✓ L
Kathr • ' igley, ay. r 4D
Passed by the Council hyv/
Submitted to the Mayor Jo /2s17,611
Approved by the Mayor /0 /2442,rt
Filed in the Office of the Recorder I DIZT(701r
Page 3 - Council Bill No. 2880
Resolution No. 2004
I r iL _ _ _ r
ATTEST: ��L,
r ristina Shearer. Recorder
Page 4 - Council Bill No. 2880
Resolution No. 2004