ORDINANCE NO. 2909
AN ORDINANCE OF THE CITY OF ASHLAND, JACKSON COUNTY, OREGON,
AUTHORIZING THE ISSUANCE OF BONDS TO FINANCE THE ASHLAND FIBER NETWORK.
The people of the City of Ashland do ordain as follows:
Section 1. Findings. The City Council finds:
|A.||The City is authorized to issue revenue bonds for any public purpose under Oregon's Uniform Revenue Bond Act (ORS 288.805 to 288.945 or the "Act"). Revenue bonds issued under the Act may be payable from all or any portion of the "revenues" of the City, as defined in the Act. The Act defines "revenues" to include all fees, tolls, taxes, and other income available to the City.|
|B.||The Act permits the City to authorize revenue bonds by enacting a nonemergency ordinance. The City may not sell those revenue bonds for thirty days after the nonemergency ordinance is enacted. If the nonemergency ordinance is referred to a vote during that thirty day period, the City may not sell the revenue bonds described in that ordinance unless the voters approve the ordinance.|
|C.||The City enacts this nonemergency ordinance to authorize the issuance of up to $16,000,000 of bonds to finance the Ashland Fiber Network.|
|D.||The City will cause a plan to be prepared showing that the estimated revenues that are pledged to pay the bonds will be sufficient to pay those bonds.|
Section 2. Revenue Bonds Authorized. The City hereby authorizes the issuance of not more than Sixteen Million Dollars ($16,000,000) in aggregate principal amount of revenue bonds under the Act to finance costs of the Ashland Fiber Network, including costs of refinancing existing bank loans and interfund loans for the Ashland Fiber Network, and costs of issuing the revenue bonds. The bonds shall be payable from the revenues of the Ashland Fiber Network, and the City may pledge those revenues, the revenues of the City's electric system, and any other "revenues" (as defined in the Act) to pay the bonds authorized by this ordinance. Prior to selling the bonds the City Council shall adopt a resolution or ordinance establishing the terms and conditions of the bonds pursuant to ORS 288.520, or delegating the authority to establish those terms and conditions.
Section 3. No Additional Taxes Authorized; Bonds Payable Solely from Revenues. Neither the authorization nor the issuance of the bonds described in Section 2 of this ordinance shall authorize the City to levy any additional taxes.
Section 4. Procedure. The bonds described in Section 2 of this ordinance shall not be sold until the period of referral of this nonemergency ordinance has expired. If this ordinance is referred, the City may not sell the bonds described in Section 2 of this ordinance unless the voters approve this ordinance.
The foregoing ordinance was first read on the 1st day of June, 2004, and
duly PASSED and ADOPTED this 15th day of June, 2004.
Barbara M. Christensen, City Recorder
SIGNED and APPROVED this 16th day of June, 2004.
Alan W. DeBoer, Mayor
Reviewed as to form:
Paul Nolte, City Attorney
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