Authority for Issuance definition
Authority for Issuance. The City Council adopted an authorizing resolution for the financing on May 24, 2022 (the “Resolution”). The Financing Agreement will be authorized by the Resolution and ORS Section 271.390. See Attachment 1 for a copy of the form of authorizing resolution. Rating: The Financing Agreement will be non-rated. The City does not currently carry a rating from any of the major rating agencies. Principal Payments: Semi-annually on each June 1 and December 1, commencing December 1, 2024 through June 1, 2032. Interest Payments: Semi-annually on each June 1 and December 1, commencing December 1, 2022. Interest Rate Basis: 30/360 days Estimated Amortization