City Code Section
- A. Upon receipt of a resolution approving the application, Prosper Portland will consider:
- 1. The bond market for the types of bonds proposed for issuance.
- 2. The terms and conditions of the proposed issue.
- 3. Whether the applicant is financially responsible and fully capable and willing to fulfill its obligations under the agreement of lease, or contract, including the obligation to pay rent in the amounts and at the times required, the obligation to operate, repair and maintain at its own expense the project leased, or sold, and to serve the purposes of this Chapter and other responsibilities as may be imposed under the lease or contract. In determining financial responsibility of the applicant consideration will be given to the lessee’s or purchaser’s ratio of current assets to current liabilities, net worth, earning trends, coverage of all fixed charges, the nature of the industry or business involved, its inherent stability, any guarantee of the obligations by some other financially responsible corporation, firm or person, and other factors determinative of the capability of the lessee or purchaser, financially and otherwise, to fulfill its obligations consistently with the purposes of this Chapter and ORS 280.410 to 280.485.
- 4. Other relevant factors as Prosper Portland considers necessary to protect the financial integrity of the City.
- If Prosper Portland determines that a bond issue is financially feasible it will designate the underwriter, trustee and bond counsel and will enter into appropriate agreements with each to carry out the provisions of this Chapter and ORS 280.410 to 280.485 subject to the approval of the Council pursuant to Section 5.30.110 of this Chapter. In reaching its determination, Prosper Portland may appoint a Bond Review Committee to assist it in its deliberations, and may set administrative procedures from time to time as necessary.