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Council adopts three resolutions: water refunding bonds, TCDA borrowing for Regal Cinema site, and council ground rules
Summary
Council and the Town Center Development Agency adopted three resolutions: a water system revenue refunding bond authorization, a $5.6 million TCDA indebtedness resolution for the Tigard Triangle acquisition, and updated council ground rules. All measures passed by unanimous voice vote as recorded in the meeting transcript.
Tigard elected bodies approved three formal resolutions during the meeting: a water revenue refunding bond, an indebtedness authorization by the Town Center Development Agency to support acquisition in the Tigard Triangle, and updated council ground rules.
Water refunding bonds: Assistant Finance Director Keith McClung presented a staff report recommending that the city seek refunding of water system revenue bonds originally issued in 2015 where a 10-year call option now permits refinancing. McClung said an illustrative market rate at the time of presentation was about 4.62 percent if issued that day. Council moved and seconded consideration of Resolution 25-25, titled "A resolution of the city of Tigard, Washington County, Oregon authorizing the sale of water system revenue refunding bonds and related matters," and the resolution was adopted by unanimous voice vote as read by the city recorder.
Town Center Development Agency indebtedness: Finance Director Eric King and Community Development Director Sam (Sambo) Kirkman presented a TCDA proposal to issue new debt of $5,600,000 to acquire the former Regal Cinema site. King said the increased borrowing amount (from a previously discussed $5,000,000 to $5,600,000) covers acquisition costs, borrowing costs and a small contingency. A motion to approve TCDA Resolution 25-02, "A resolution authorizing indebtedness for capital projects described in the Tiger Triangle Urban Renewal Plan," was moved, seconded and adopted by unanimous vote of the TCDA board.
Council ground rules: City Attorney and city staff returned an updated ground-rules resolution that included edits the council had requested. Councilor Gaudisi moved the ground-rules resolution (listed in the transcript as resolution 205-26 with grammatical corrections); the motion was seconded and adopted by unanimous vote. The adopted changes included a correction from "generally acceptable policies" to "generally applicable policies" and minor grammatical edits discussed on the record.
The meeting record shows all three measures passed by unanimous voice vote as read into the record. The transcript does not list roll-call tallies or individual recorded votes for these items; the minutes record each measure as adopted unanimously.
