PUBLIC NOTICE: CITY OF SEASIDE NOTICE OF INTENT TO ISSUE A REVENUE BOND

CITY OF SEASIDE, OREGON

NOTICE OF INTENT TO ISSUE A REVENUE BOND

 

NOTICE IS HEREBY GIVEN that on November 13, 2017 the Council of the City of Seaside, Oregon (the “City”) adopted Resolution No. 3908 authorizing the issuance of a revenue bond (the “Bond”) as authorized by Oregon Revised Statutes 287A.150, in an amount not to exceed $15,000,000 for the purpose of (1) constructing, repairing, expanding and furnishing the City's convention center, (2) funding a reserve account, if any, and (3) paying the costs of issuance of the Bond.

Principal of and interest on the Bond shall be paid solely from the revenues of the City’s transient room tax and shall not be a general obligation of the City nor a charge upon the other tax revenues of the City.

Electors residing within the City may file a petition with the City within sixty (60) days of the publication of this notice asking to have the question of whether to issue the Bond referred to a vote.  If not less than five percent (5%) of the City’s registered electors sign such petition and it is filed with the City within sixty (60) days of the publication of this notice, the question of issuing such Bond shall be placed on the ballot at the next legally available election date.  If sufficient petitions are not filed, the City may proceed to issue the Bond.

Resolution No. 3908 is available for inspection at the office of the City Manager, 989 Broadway, Seaside, Oregon 97138.

 

CITY OF SEASIDE, OREGON