RESOLUTION NO. 2009-05
A RESOLUTION OF THE CITY OF HOOD RIVER, HOOD RIVER COUNTY, OREGON, AUTHORIZING THE SALE OF GENERAL OBLIGATION BONDS FOR EXPANSION AND RENOVATION OF THE FIRE STATION AND ACQUISITION OF FIRE AND EMERGENCY APPARATUS, IN ONE OR MORE SERIES, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $6,000,000
WHEREAS, the voters of the City of Hood River, Hood River County (the “City”) approved Measure 14-34 at the November 4, 2008 general election, authorizing the City to issue $6,000,000 of general obligation bonds to finance capital construction and capital improvements for expansion and renovation of the fire station and acquisition of fire and emergency apparatus, as described in the ballot title for Measure 14-34; and
WHEREAS, it is desirable to authorize the sale of the bonds that were approved by the voters at the November 4, 2008 election in one or multiple series;
NOW, THEREFORE, the City Council of the City of Hood River, Hood River County, Oregon, resolves as follows:
Section 1. Bonds authorized. The City hereby authorizes the issuance of not more than $6,000,000 (Six Million Dollars) in aggregate principal amount of general obligation bonds to finance the projects described in Measure 14-34, including paying costs of issuing the general obligation bonds (the “Projects”). The general obligation bonds authorized by this resolution are herein referred to as the “Bonds.”
Section 2. Delegation. The City Manager, City Finance Director, or a person designated by the City Manager or City Finance Director to act on behalf of the City pursuant to this resolution (each of whom is referred to in this resolution as the “City Official”) may, on behalf of the City and without further action by the Council:
(1) Issue the Bonds in one or more series.
(2) Participate in the preparation of, authorize the distribution of, and deem final any official statement or other disclosure documents relating to each series of the Bonds.
(3) Establish the form, final principal amounts, maturity schedules, interest rates, sale prices and discount, prepayment terms, administrative provisions, and other terms of each series of Bonds.
(4) Execute and deliver a bond declaration for each series of Bonds, specifying the terms under which each series of Bonds are issued, and making covenants for the benefit of bondowners. The bond declarations may also contain covenants for the benefit of any insurers of the Bonds.
(5) Sell the bonds in the public marketplace through a negotiated sale with an underwriter, or sell the bonds through a private placement to one or more banks or accredited investors, and negotiate the sale of any series with those underwriters, banks or investors.
(6) Undertake to provide continuing disclosure for each series of Bonds in accordance with Rule 15c2-12 of the United States Securities and Exchange Commission.
(7) Apply for ratings for each series of Bonds, determine whether to purchase municipal bond insurance or obtain other forms of credit enhancements for each series of Bonds, enter into agreements with the providers of credit enhancement, and execute and deliver related documents.
(8) Appoint paying agents for the Bonds and negotiate the terms of and execute an agreement with such paying agents.
(9) Determine whether each series of Bonds will bear interest that is excludable from gross income under the Internal Revenue Code of 1986, as amended (the “Code”), or is includable in gross income under the Code. If a series bears interest that is excludable from gross income under the Code, the City Official may enter into covenants to maintain the excludability of interest on that series of the Bonds from gross income.
(10) Designate each series of Bonds as “qualified tax-exempt obligations” under Section 265(b)(3) of the Code, if applicable.
(11) Execute and deliver each series of Bonds to its purchaser.
(12) Execute and deliver any agreements or certificates and take any other action in connection with each series of Bonds which the City Official finds is desirable to permit the sale and issuance of that series of Bonds in accordance with this resolution.
Section 3. Security for Bonds. The Bonds shall be general obligations of the City. The City hereby pledges its full faith and credit to pay the Bonds, and the City covenants for the benefit of the Bondowners that the City shall levy annually, as provided by law, in addition to its other ad valorem property taxes, and outside the limitations of Sections 11 and 11b of Article IX of the Oregon Constitution, a direct ad valorem tax upon all of the taxable property within the City in sufficient amount, after considering discounts taken and delinquencies that may occur in the payment of such taxes, to pay the Bonds promptly as they mature.
Section 4. . Appointment of Professionals. The law firm of K&L Gates LLP, is hereby appointed to serve as bond counsel, and Seattle-Northwest Securities Corporation, is hereby appointed to serve as underwriter or placement agent, with respect to the Bonds. The City will pay the fees and expenses of these professionals from Bond proceeds.
Section 5. Effective Date. This resolution is effective upon its adoption.
ADOPTED by the City Council of the City of Hood River, Hood River County, Oregon this 26th day of January, 2009.
CITY OF HOOD RIVER
HOOD RIVER COUNTY, OREGON
Arthur Babitz, Mayor
Jennifer McKenzie, City Recorder