1. City of Portland economic development
revenue bonds may be sold at public or private sale, and the bonds may mature
at any time or times within the useful life of the project. For public
sales, special approval may be required.
2. Any bond authorized under this Chapter which is to be sold
by public sale must be rated by either a nationally recognized rating agency
as Investment Grade.
3. Bonds sold through a private sale do not require a
rating. For purposes of this Chapter, “private sale” means a sale of all
of the bonds to persons or entities that qualify as “accredited investors”
under 15 USC Section 77b (15) (I) or 17 CFR Section 230.215. The
purchasers must also certify, in a manner satisfactory to the City, that they
have the financial sophistication, knowledge and experience in financial
matters to evaluate the investment in the bonds and the appropriateness of
that investment for them, and that they have received all the information
required to make an informed judgement about the purchase of the bonds.
Bonds which are sold through a private sale may be resold or transferred only
to persons or entities that qualify as accredited investors and that provide
the certification described in the preceding sentence.
4. The City of
Portland does not guarantee the
bonds and is not subject to any liability for their repayment.
5. The terms and conditions of the issuance and purchase of an
industrial revenue bond issue are to be agreed upon by the applicant and bond
purchaser with the concurrence of the Portland Development Commission (acting
on behalf of the City.)
6. Where residential rental property is assisted under this
Chapter, construction of the project must begin within 9 months from the date
of bond issuance.
7. Applicant will be required to keep the Portland Development
Commission advised of the schedule for document preparation and approval, and
to provide drafts of documents to the Commission upon request of the
1. Bond counsel will be designated by the Portland Development
Commission. Procedures for selecting bond counsel established by Section
5.68.080 of this Code shall not apply to projects initiated pursuant to this
Chapter. The applicant will submit their recommendation of bond
2. Bond counsel will advise the Portland Development
Commission of all federal and state procedural requirements as they apply to
issuance of the bonds.
3. Bond counsel must be an
Oregon law firm or other
mutually acceptable bond counsel recognized in the Bond Buyers Directory of
Municipal Bond Dealers of the United
4. The trustee chosen by the applicant, and approved by the
Commission, must be a bank or trust company doing business in the State of
Oregon with trust powers.
5. All documents to be approved by the Portland Development
Commission must be in final form and received by the Portland Development
Commission l4 days before the Commission meeting at which it will be acted