Notice of Revenue Bond Authorization
NOTICE IS HEREBY GIVEN that the City of Ashland, Oregon (the “City”) adopted Resolution 2022-29 on September 20, 2022, authorizing the issuance of revenue bonds in one or more series to finance costs of capital improvements to the City’s water system, including but not limited to water treatment plant improvements, east and west forks transmission line rehabilitation, and dam safety improvements (collectively, the “Water Projects”).
The bonds described in this notice are expected to be paid from water system revenues. The bonds will not be general obligations of the City, and neither the authorization nor issuance of the bonds described in this notice will authorize the City to levy any taxes.
The City hereby authorizes the issuance of not more than Forty-Four Million Dollars ($44,000,000) in aggregate principal amount of revenue bonds. Bond proceeds will be used solely to pay for costs of the Water Projects and costs related to the issuance of the bonds, and may also be used to pay capitalized interest and fund debt service reserves.
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 with the City on or before November 23, 2022, (60 days after the notice publication date), the question of issuing the bonds shall be placed on the ballot at the next legally available election date.
The City’s offices are located at 20 East Main Street, and a copy of the resolution authorizing the bonds is available from the City Manager’s Office at that address. The bonds will be issued and sold under ORS 287A.150 and related statutes; this Notice is published pursuant to ORS 287A.150(4).