NOTICE OF FULL FAITH AND CREDIT BOND AUTHORIZATION

NOTICE OF FULL FAITH AND CREDIT BOND AUTHORIZATION NOTICE IS HEREBY GIVEN that the City Council of the City of Madras, Oregon (the City), adopted Resolution No. 13-2021 (the Resolution) on June 22, 2021, authorizing the issuance of full faith and credit refunding bonds (the Bonds). The Bonds will be issued in one or more series, together or separately, from time to time to (i) finance projects authorized by the Urban Renewal Action Plan adopted by the Madras Redevelopment Commission on February 3, 2016; (ii) refund all or a portion of certain outstanding obligations of the City and (iii) pay costs of issuance of the Bonds, as more fully described in the Resolution. The City Council has delegated to the Mayor, the City Administrator or the Finance Director or their respective designees the authority to establish the terms, conditions and covenants regarding the Bonds and the revenues which are necessary or desirable to effect the sale of the Bonds. The City estimates that the Bonds will be issued in a principal amount not to exceed $15,250,000. Bond principal and interest are payable from the City’s general non-restricted revenues and other funds that are lawfully available for that purpose, including the proceeds of the Bonds and revenues from an ad valorem tax authorized to be levied under the City’s permanent rate limit under sections 11 and 11b, Article XI of the Oregon Constitution, and revenues derived from other taxes and fees, if any, levied by the City in accordance with and subject to limitations imposed under applicable law or contract, that are not dedicated or restricted or obligated by law or contract to an inconsistent expenditure or use. The City pledges its full faith and credit and taxing powers as contemplated by ORS 287A.315. The owners of the Bonds will not have a lien or security interest in the Project financed with the proceeds of the Bonds. If written petitions, signed by not less than five percent (5%) of the City’s qualified electors, are filed at the Office of the City Recorder on or before Monday, August 30, 2021 (the 61st day after the date of publication of the notice), the question of issuing the Bonds in an estimated principal amount of not to exceed $15,250,000 shall be placed on the ballot at the next legally available election date. Any such petition shall be subject to ORS 287A.150. The Office of the City Recorder is located at 125 SW E Street, Madras, Oregon 97741. Information on procedures for filing petitions may also be obtained at such address or by telephone at (541) 475-2344. The Resolution is available for inspection at the Office of the City Recorder. The Bonds will be issued and sold pursuant to Oregon Revised Statutes 287A.150 and ORS 287A.300; this Notice is published pursuant to ORS 287A.150. BY ORDER OF THE CITY COUNCIL: June 22, 2021. Publish: June 30, 2021. MP207532

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