Res. 2158 - Defeasance and Prepayment of Series 2011 Bonds COUNCIL BILL NO. 3133
RESOLUTION NO. 2158
A RESOLUTION AUTHORIZING DEFEASANCE AND PREPAYMENT OF SERIES 2011
BONDS
WHEREAS, The City previously issued its Wastewater Revenue and
Refunding Bonds, Series 201 1 A (Current Interest Bonds) (the "Series 201 1 A
Bonds") and Wastewater Revenue and Refunding Bonds, Series 2011 B (Deferred
Interest Bonds) (the "Series 2011 B Bonds," and together with the Series 2011 A
Bonds, the "Series 2011 Bonds") pursuant to the City's Master Wastewater System
Revenue Bond Declaration, dated as of December 6, 2011 (the "Master
Declaration"). The Series 2011 Bonds refunded certain of the City's outstanding
borrowings, financed improvements to the wastewater system, funded a reserve
subaccount, and paid costs of issuance of the 2011 Bonds; and
WHEREAS, The City now finds it desirable to authorize the defeasance and
prepayment of all or a portion of the City's outstanding Series 2011 Bonds
pursuant to the Master Declaration; and
WHEREAS, The City's Bond Council and Financial Advisor recommend that
it is in the City's best interest, NOW, THEREFORE,
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. Authorization of Defeasance and Prepayment of Series 2011
Bonds. The City is hereby authorized to defease and prepay all or a portion of
the City's outstanding Series 2011 Bonds pursuant to the Master Declaration.
Section 2. Delegation. The City Administrator or the Finance Director or
designee of the City Administrator or the Finance Director (each a "City
Official") are hereby authorized, on behalf of the City, and without further
action by the City, to:
a) select all or a portion of the outstanding Series 2011 Bonds to be defeased
and called for prepayment;
b) use any legally available funds to accomplish the defeasance and
prepayment;
c) engage the services of an escrow agent, independent certified public
accountant, and any other professionals whose services are desirable to
accomplish the defeasance;
Page 1 - Council Bill No. 3133
Resolution No. 2158
d) enter into one or more escrow deposit agreements and take all other
actions necessary or desirable to accomplish the defeasance and
prepayment; and
e) execute all documents on behalf of the City and take any other action
that may be desirable to carry out this resolution.
Approved as to form: /s/ N. Robert Shields July 13, 2020
City Attorney Date
Approved:
Eric Swenson, Mayor
Passed by the Council ZG>Z�D
Submitted to the Mayor 1�24
Approved by the Mayor
Filed in the Office of the Recorder
ATTEST:
Heather Pierson, City Recorder
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Resolufion No. 2158