RESOLUTION NO. BE IT RESOLVED by the City Council (the Council ) of the City of Ashland (the City ) that: Section 1. Findings

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1 RESOLUTION NO. A RESOLUTION OF CITY OF ASHLAND, JACKSON COUNTY, OREGON, AUTHORIZING THE ISSUANCE OF WATER REVENUE BONDS FOR A TOTAL OF NOT TO EXCEED $5,975,000, AND PROVIDING FOR PUBLICATION OF NOTICE. BE IT RESOLVED by the City Council (the Council ) of the City of Ashland (the City ) that: The Council finds as follows: Section 1. Findings 1.1 It is financially feasible and in the best interests of the City to authorize the issuance of bonds under ORS 287A.150 to finance improvements, property acquisition and other public purposes related to the water system including reservoir improvements and water rights for the supply system, water plant process and filter improvements in the treatment system, and water lines, water line upsizing, and reservoirs for fire flows in the distribution system, and to pay all cost incidental thereto (the Projects ). 1.2 The City is authorized to issue revenue bonds for any public purpose under ORS 287A.150 (the Act ). Revenue bonds issued under the Act may be payable from all or any portion of the revenues and other funds of the City s water system (the Revenues ). 1.3 It is desirable to obtain $5,975,000 of bonding authority to finance the Projects. 1.4 The City has previously issued water revenue bonds under the City s Master Water Revenue Bond Declaration. Section 2. Bonds Authorized The City hereby authorizes the issuance of not more than Five Million Two Hundred Fifty Thousand Dollars ($5,250,000) in aggregate principal amount of revenue bonds to finance the Projects and pay related costs. The bonds authorized by this resolution (the Bonds ) shall be issued and sold in accordance with the Act, and shall be payable solely from the Revenues which the City pledges to pay the Bonds. Section 3. Notice; Procedure 3.1 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. 3.2 If petitions for an election, containing valid signatures of not less than five percent (5%) of the City's electors, are submitted to the City by the date indicated in the Notice: the question of issuing the Bonds shall be placed on the ballot at the next legally available election date; and, no Page 1 of 4

2 Bonds may be sold under Section 5 of this resolution until the question of issuing those Bonds is approved by a majority of the electors of the City who vote on that question. If sufficient petitions to refer the question of issuing the Bonds to the electors are not submitted to the City within 60 days after the notice is published the City may sell the Bonds pursuant to Section 5 of this resolution. Section 4. Bonds Payable Solely from 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 Revenues which the City pledges to payment of the Bonds. Section 5. Delegation. After the City is authorized to sell the Bonds in accordance with Section 3 of this resolution, the City Administrator, the Finance Director, or the person designated by the City Administrator to act as Finance Director under this resolution (any of whom is referred to in this resolution as a Finance Director ) may, on behalf of the City and without further action by the Council: 5.1 Provide that the Bonds may be issued in one or more series, which may be sold at different times. 5.2 Issue one or more series of Bonds as Parity Obligations under the Master Water Revenue Bond Declaration. 5.3 Issue one or more series of the Bonds to provide interim financing for the Project, secure those Bonds with subordinate liens on the Revenues, enter into lines of credit or similar documents which permit the City to draw Bond proceeds over time, and issue Bonds to refund the Bonds that provide interim financing for the Project. 5.4 Participate in the preparation of, authorize the distribution of, and deem final the preliminary and final official statements and any other disclosure documents for each series of the Bonds. 5.5 Establish the final principal amounts, maturity schedules, interest rates, sale prices, redemption terms, payment terms and dates, record dates and other terms for each series of the Bonds. 5.6 Select one or more commercial banks or underwriters and negotiate the sale of any series with those commercial banks or underwriters, or publish a notice of sale, receive bids and award the sale of each series to the bidder complying with the notice and offering the most favorable terms to the City. 5.7 Undertake to provide continuing disclosure for any series of the Bonds in accordance with Rule 15c2-12 of the United States Securities and Exchange Commission. 5.8 Apply for and purchase municipal bond insurance or other forms of credit enhancement for any series of the Bonds, and enter into related agreements. Page 2 of 4

3 5.9 Amend the Master Water Revenue Bond Declaration to adapt it to current market conditions Finalize the terms of, execute and deliver bond declarations that describe the terms of each series of the Bonds. The bond declarations may also contain covenants for the benefit of the owners and any insurers of the Bonds Appoint and enter into agreements with service providers for the Bonds Determine whether each series of Bonds will bear interest that is excludable from gross income under the Internal Revenue Code of 1986, as amended, or is includable in gross income under that code. If a series bears interest that is excludable from gross income under that code, the Finance Director may enter into covenants to maintain the excludability of interest on that series of the Bonds from gross income Execute any documents and take any other action in connection with the Bonds which the Finance Director finds will be advantageous to the City. This resolution was duly PASSED and ADOPTED this, day of, 2008, and takes effect upon signing by the Mayor., Barbara Christensen, City Recorder SIGNED and APPROVED this day of, Reviewed as to form:, John W. Morrison, Mayor, Richard Appicello, City Attorney Page 3 of 4

4 Exhibit A Notice of Revenue Bond Authorization NOTICE IS HEREBY GIVEN that the City Council of the City of Ashland, Oregon (the City ), adopted Resolution No. on November 4, 2008, authorizing the issuance of revenue bonds to finance improvements, property acquisition and other public purposes related to the water system including reservoir improvements and water rights for the supply system, water plant process and filter improvements in the treatment system, and water lines, water line upsizing, and reservoirs for fire flows in the distribution system, and to pay all cost incidental thereto (the Projects ). The revenue bonds described in this notice will not be issued in an aggregate principal amount of more than Five Million Two Hundred Fifty Thousand Dollars ($5,250,000). The bonds shall be payable solely from the portion of the revenues and other funds of the City s water system that the City pledges to the payment of the bonds. The bonds shall not be general obligations of the City, nor a charge upon its tax revenues, but will be payable solely from the revenues which the City pledges to the payment of 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, 2008 (the 61st day after the date of publication of the notice), the question of issuing the bonds shall be placed on the ballot at the next legally available election date The Office of the City Recorder is located at 20 East Main, Ashland, Oregon The resolution authorizing the bonds is available for inspection at the Office of the City Recorder. The bonds will be issued and sold under the Act; this Notice is published pursuant to ORS 287A.150. By order of THE CITY COUNCIL OF CITY OF ASHLAND, Jackson County, Oregon Exhibit A to Resolution Page 4 of 4

5 Council Communication Study Session on Capital Improvement Financing for the Water and Wastewater Funds Meeting Date: October 20, 2008 Primary Staff Contact: Lee Tuneberg Department: Administrative Services Secondary Dept.: Public Works Secondary Contact: Mike Faught Approval: Martha Bennett Estimated Time: 45 minutes Question: Does Council have questions regarding pending financing of capital projects? Staff Recommendation: Staff recommends Council discuss and ask questions about issuing bonded debt to pay for current capital projects and those scheduled for the near future. Staff recommends an item to authorize staff to sell bonds be considered at your November 4 th meeting. Background: The FY budget included over $9 million in external financing that related to capital improvements approved within the Capital Improvement Program (CIP). That amount was intended to do three things: Reimburse the city for money up fronted for projects under way Finance projects starting in , extending into Pay for capital improvements over their useful life with annual debt service This amount was predicated upon approximately $3.8 million in financing being done in FY The end result in financing during last year was issuing only $304,000 in Clean Renewable Energy Bonds (CREBS) rather than the $800,000 that was originally projected. The other $3 million was intended for the Water Fund but could not be done before the end of the fiscal year. A review of capital financing done by the city in the prior five years to the CREBS issue is as follows: 2003 Water Revenue Bonds at $5.625 million for capital projects & refunding bonds AFN refinancing at $15.5 million and Airport Hangar financing at $375, General Obligation Bond refunding the 1997 and the 2000 bonded debt at $2.56 million to reduce payments and save interest costs No activity 2007 No activity In most years the anticipated borrowing is less than what was budgeted due to timing and completion of projects. The amount needed to pay for capital projects is first reduced by restricted monies held for applicable projects such as systems development charges, grants, local improvement funds or other miscellaneous proceeds. Only the net amount is borrowed for the projects scheduled for completion. Page 1 of 3

6 The attachment lists projects by fund, their approximate timing, total cost and amount that would be funded by rates & fees, directly or through debt service. Many smaller projects in the CIP are omitted in that they do not readily qualify for financing but they will still need to be funded annually through rates and fees. Below is a summary of the projects for two years and those that the city still needs reimbursement for to restore operational fund balances. FY Projects Water Supply projects $335,000 Water Plant projects $62,500 Water Distribution projects $1,406,250 Wastewater Treatment Plant projects $300,000 Wastewater Collection projects $283,000 FY Projects beginning this year or in process Water Supply projects $538,000 Water Plant projects $21,250 Water Distribution projects $1,887,250 Wastewater Treatment Plant projects $365,000 Wastewater Collection projects $610,250 TOTAL TO BE FINANCED $5,808,500 FY Project (Completion & Reimbursement in ) Water Treatment Plant Process Improvement $548,000 North main Pump, Neil Creek Flood, & others $566,000 TOTAL TO BE REIMBURSED $1,114,000 ANTICIPATED REVENUE BONDS $6,922,500 The above projects represent a total CIP value of $10 million. The remainder of the project costs are paid primarily by systems development charges. The reimbursement portion is approximately $1.1, which will replace operational cash used for the project(s) while financing was put together. The debt service on the $6.9 million represents approximately $555,000 in annual debt service (principal and interest) between the two funds until As discussed in previous study sessions the total CIP represents rate increases of 1% to 2% each year of the total utility bill until older debt is retired. In these two funds this additional debt service would represent approximately 5% of annual operational cost. It also represents about 7.5% of annual charges for services during the first year and reduces to about 4% in the final year of the bonds. Existing revenue bond annual debt service is approximately $540,000 in 2009 and reduces $170,000 in 2012, another $220,000 in 2015 with the final amount paid in Page 2 of 3

7 Issuing revenue bonds for these capital improvements is the normal approach to paying for infrastructure, especially since the debt service is paid over the life of the bonds by those who are getting the benefit of the asset. If financing is not approved the city would need to stop capital improvements in these two funds until other viable CIP funding solutions were identified. Related City Policies: City of Ashland Financial Management Policies, Budget Document Appendix Council Options: Council can provide guidance to staff on what additional information is needed for approval to proceed with a bond issue. Potential Motions: This is a study session so no action can be taken. Attachments: Preliminary CIP listing (for financing) 10/10/08 Page 3 of 3

8 10/31/20089:48 AM Capital Improvements Plan (PRELIMINARY 10/10/08) FY 09 (JUL 2008 to JUN 2009) Construction Project Project Amount to Project Amount to Description COST Finance COST Finance WATER FY FY Water Supply Reeder Res / Improvements (Solar Bees) & Silt Removal E/W Forks $250,000 $250,000 $70,000 $70,000 Ashland Creek West Fork Bridge Construction $25,000 $25,000 $75,000 $48,000 Additional Water Rights (TID/BOR system, etc) $60,000 $60,000 $420,000 $420,000 Subtotal Supply $335,000 $335,000 $565,000 $538,000 Water Plant Plant Process Improv (chem feed, soda ash, instrumentation, flocculator) $250,000 $62,500 $0 Water Treatment Plant - Construct New Filters 7 & 8 $0 $0 $85,000 $21,250 Subtotal Plant $250,000 $62,500 $85,000 $21,250 Water Distribution Granite Street Waterline Replacement - Nutley to Strawberry to Pioneer $300,000 $195,000 $0 Loop Road Reservoir (Proj 12) $200,000 $150,000 $0 $0 New "Crowson II" Reservoir (Proj 12) $600,000 $420,000 $1,800,000 $1,260,000 Waterline Replacement - Ditch RD; Strawberry PS to Grandview Dr $75,000 $71,250 $75,000 $71,250 Waterline Replacement - B Street $250,000 $225,000 $0 S. Mountain & Park Estates PS Improvements (Proj 7/8) $300,000 $300,000 $0 Waterline Upsizing - Hospital Zone: Maple Street main line (Proj 1B) $60,000 $45,000 $200,000 $150,000 Terrace Street Waterline Replacement - Iowa to TID Ditch $0 $0 $350,000 $315,000 Waterline Upsizing - AHS Iowa Street; S. Mt to Wightman (Proj 2B) $0 $0 $140,000 $91,000 Subtotal Distribution $1,785,000 $1,406,250 $2,565,000 $1,887,250 TOTAL WATER $2,370,000 $1,803,750 $3,215,000 $2,446,500 WASTEWATER FY FY Wastewater Treatment Plant Wastewater Treatment Plant Membrane Sections Replacement Planning $300,000 $300,000 $300,000 $300,000 Wastewater Treatment Plant Process Improvements $0 $0 $100,000 $65,000 Subtotal Plant $300,000 $300,000 $400,000 $365,000 Wastewater Collection System Wastewater Line Replacement; Oak Street - Lithia Way to B Street $30,000 $21,000 $120,000 $84,000 Wastewater Line Replacement; Ashland Creek Main Line $50,000 $37,500 $200,000 $150,000 Wastewater Line Replacement; Miscellaneous In-House $110,000 $96,500 $125,000 $106,250 Grandview Pump Station Replacement $150,000 $128,000 $200,000 $170,000 Wastewater Line Realignment; N. Mountain Ave - Hersey to Bear Creek Trunk $0 $0 $200,000 $100,000 Subtotal Collection $340,000 $283,000 $845,000 $610,250 TOTAL WASTEWATER $640,000 $583,000 $1,245,000 $975,250 TOTAL WATER & WASTEWATER $3,010,000 $2,386,750 $4,460,000 $3,421,750 G:\recorder\City Council Packets\Packet Files\ \ \ Water Bonds.atch3

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