ORDINANCE No. 177188

*  Authorize temporary increase in principal amount of line of credit for local improvement projects (Ordinance)

The City of Portland Ordains:

Section 1. The Council finds:

1.  The City Council passed Ordinance No. 175092 on November 22, 2000 authorizing the City to obtain interim financing for the construction of publicly owned and operated local improvements (the “Improvements”) which specially benefit properties.

2.  On January 9, 2001, the City executed its $17,000,000 Local Improvement Projects Revolving Credit Facility (the “Series 2001 Credit Facility”), which is secured by a note, to provide interim financing for the Improvements.

3.  The City wishes to increase the principal amount of the Series 2001 Facility and related note by an additional $8,000,000 until June 30, 2003 to provide interim financing for additional local improvement projects.

NOW, THEREFORE, the Council directs:

A.  Authorization. The City is hereby authorized to increase the principal amount of the Series 2001 Facility and related note by $8,000,000 to a principal amount of $25,000,000 until June 30, 2003. At that time, the outstanding principal amount available under the Series 2001 Facility and related note shall return to $17,000,000.

B.  Delegation. The Debt Manager of the City, the Chief Financial Officer of the Bureau of Financial Services, the Chief Administrative Officer of the Office of Management and Finance, or the person designated by the Chief Administrative Officer of the Office of Management and Finance to act as Debt Manager under this Ordinance (the “Debt Manager”) may, on behalf of the City and without further action by the Council:

(1)  Execute an amendment to the Series 2001 Facility and related note to increase the principal amount as provided in this Ordinance; and

(2)  Execute any documents and take any other action in connection with the Series 2001 Facility and the related note which the Debt Manager finds is desirable to carry out this Ordinance.

Section 2. Declaration of Emergency. The Council declares that an emergency exists because there is an immediate need for interim financing for the projects; therefore, this Ordinance shall be in force and effect from and after its passage by the Council.

BACKING SHEET INFORMATION

AGENDA NO. 30-2003

ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. 177188