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Home My WebLink About2026-08-10 26-251 Order26-251 08/10/2026 foregoing, such establishment, determination and approval to be made in his/her sole discretion, all in such manner as the Finance Director deems appropriate and in the best interest of the City, and to be conclusively evidenced by his/her execution thereof. THAT to the extent not payable from other funds, each year that any of the bonds remain outstanding, the City shall levy a tax in an amount sufficient to pay the annual principal and interest on such bonds. THAT the City Council delegates to the Finance Director the power and authority, in the name of and on behalf of the City, to do or cause to be done all such acts and things necessary and expedient in connection with the financing of the Projects and the issuance the bonds and notes, and the investment of the proceeds thereof, including to select a financial or municipal advisor, underwriter, bond counsel and paying agent/registrar with respects to the bonds and notes, and to execute, deliver and approve all agreements, investment agreements, bond purchase agreements, preliminary and final official statements or other offering documents, escrow agreements, continuing disclosure agreements, tax compliance agreements, or arbitrage certificates, and all other closing certificates and documents (collectively referred to as the "Bond Documents"), which Bond Documents may be in such form and contain such terms, conditions and provisions including, without limitation, the waiving of the City's sovereign or governmental immunity with respect to the enforceability of any of the forgoing, which waiver of sovereign or governmental immunity is hereby authorized, confirmed and approved, as the Finance Director shall establish, determine and approve, such establishment, determination and approval to be conclusively evidenced by his/her execution thereof. THAT the City Council delegates to the Finance Director the power and authority, in the name of and on behalf of the City: • To covenant and agree (A) that no part of the proceeds of the bonds or notes, or the Projects, shall be used directly or indirectly in any manner that would cause the bonds or notes to be "private activity bonds" or "arbitrage bonds" within the meaning of Sections 141 or 148 of the Internal Revenue Code of 1986, as amended (the "Code"), and (B) that the City will take all such action as may be necessary to ensure that interest on the bonds or notes will remain exempt from federal income taxation and that the City will refrain from any action that would cause interest on the bonds or notes to be subject to federal income taxation; • To designate such bonds or notes as qualified tax-exempt obligations for purposes of Section 265(b)(3) of the Code, to the extent such designation is available and permissible under said Section 265(b)(3); and • To covenant, certify, and agree for the benefit of the holders of such bonds or notes, that the City will file any required reports, make any annual financial or material event disclosure, and take any other action that may be necessary to ensure that the disclosure requirements imposed by Rule 15c2- 12 of the Securities and Exchange Commission, if applicable, are met. THAT the term "cost" or "costs" as used herein and applied to the Projects, or any portion thereof, includes, but is not limited to: (1) the purchase price or acquisition cost of all or any portion of the Projects; (2) the cost to design, construct or reconstruct, renovate, improve, repair, furnish and equip the Projects; (3) the cost of land, easements and other real property interests, landscaping and site preparation, all appurtenances and other fixtures, facilities, buildings and structures either on, above, or under the ground which are used or usable in connection with the Projects; (4) the cost of feasibility studies, surveys, environmental studies and assessments, engineering, plans and specifications, legal and other professional services associated with the Projects; (5) the cost of demolition, disposal, site preparation, permitting and environmental remediation in connection with the 26-251 08/10/2026 Projects; (6) issuance costs, including premiums for insurance, capitalized interest and other fees and expenses relating to the financing transaction and issuance of the bonds and notes, and (7) other costs of the Projects ancillary or related to the foregoing costs. THAT the proceeds of the bonds and notes (including premium and investment earnings thereon, if any), are appropriated for the following purposes, to be selected by the Finance Director, in his/her sole discretion: 1. To the cost of the Projects; 2. In accordance with applicable terms and provisions of the Arbitrage and Use of Proceeds Certificate delivered in connection with the sale of the bonds or notes including, to the extent permitted thereunder, to the City's General Fund; 3. To pay debt service on the bonds or notes. THAT if the Finance Director, Chair of the City Council, or Clerk are for any reason unavailable to approve and execute the bonds or notes or any related Bond Document, the person or persons then acting in any such capacity, , whether as an assistant, a deputy, or otherwise, in an interim or acting capacity, is hereby authorized, in the name of and on behalf of the City, to act for such official with the same force and effect as if such official had himself or herself performed such act. THAT if the Finance Director, Chair of the City Council, or Clerk who have signed or sealed the bonds or notes shall cease to be such officers or officials before the bonds or notes so signed and sealed shall have been actually authenticated or delivered by the City, such bonds or notes nevertheless may be authenticated, issued, and delivered with the same force and effect as though the person or persons who signed or sealed such bonds notes had not ceased to be such officer or official; and also any such bonds or notes may be signed and sealed in the name of and on behalf of the City by those persons who, at the actual date of the execution of such bonds or notes, shall be the proper officers and officials of the City, although at the nominal date of such bonds or notes any such person shall not have been such officer or official. THAT if the actual cost of any Project differs from the estimated cost, whether due to completion, delay or abandonment of such Project, or for any other reason, the City Council delegates to the Finance Director the power and authority, in the name of and on behalf of the City, in his/her sole discretion, to reallocate proceeds of the bonds or notes to any other Project or improvement that the City Council has approved or may in the future approve as part of the City's annual capital improvement plan or for which the City Council has authorized the issuance of the City's bonds. THAT while any of the bonds remain outstanding, the City Council delegates to the Finance Director the power and authority, in the name of and on behalf of the City to issue and deliver refunding bonds on either a current or advance refunding basis, to refund some or all of the bonds then outstanding, and to determine, with the approval of the Finance Committee, the date, form, denominations, interest rates, maturities (not to exceed the maximum term authorized by law), provisions for early redemption, and all other details of such refunding bonds, such establishment, determination and approval to be conclusively evidenced by the execution thereof, and to execute and deliver, in the name of and on behalf of the City, such additional Bond Documents as may be reasonable or necessary with respect to such refunding, and each refunding bond issued hereunder shall be signed in the same manner as the bonds. THAT if, following issuance of some but less than all of the bonds authorized hereby, the Finance Director determines, in his/her sole discretion, that the remaining authorized but unissued bonds will not be issued in 26-251 08/10/2026 furtherance of the Projects, then the Finance Director is authorized, in the name of and on behalf of the City, to note on the financial books and records of the City, in the form and manner as he/she shall determine to be appropriate, that such authorized but unissued bonds will not be issued, following which notation the remaining unissued bonds shall not thereafter be issued and the authority established pursuant to this Order to issue such remaining unissued bonds shall be extinguished and of no further force and effect. THAT the City may pay certain costs of the Projects prior to the issuance of the bonds and notes authorized hereby (referred to as "original expenditures"); to that end, the City hereby declares its official intent to reimburse itself for such original expenditures from the proceeds of such bonds and notes, and this Order shall constitute the City's declaration of official intent pursuant to Treasury Regulation §1.150-2. CITY COUNCIL ACTION Council Meeting Date: Item No: Responsible Dept: Requested Action: Summary Committee Action Meeting Date: For: Against: City Manager City Solicitor Finance Director Map/Lot: Introduced for: Order Committee: Action: Previous Council Actions Date: Item No: Assigned to Councilor: IN CITY COUNCIL AUGUST 10, 2026 COrd 26-251 First Reading and Referral to Finance Committee on August 17, 2026 � �„��'w�:.�� ' � ��.,,� „ �«�°�.-.�.��rv��:�„� �. CITY CLERK IN CITY COUNCIL AUGUST 24, 2026 COrd 26-251 Motion made and seconded to Open Public Hearing Public Hearing Opened Motion made and seconded to Close Public Hearing Public Hearing Closed Motion made and seconded for Passage Vote: 9— 0 Councilors Voting Yes: Beck, Carson, Deane, Fish, Faloon, Leonard, Mallar,Walker, Hawes Councilors Voting No: None Passed � �„��µw�:..�� n,� „ ��rv��:�„� �. CITY CLERK