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<br />foreclosure of delinquent property owner payments) which are levied or imposed for the Projects, <br />and for which Bonds are issued. <br /> <br />"Available Sewer Revenues" means the revenues of the City's sewer system which <br />are deposited in the Local Operations Subfund and the Capital Operating Subfund of the City's <br />Sewage Operations Fund and which remain after the payment of all operation, maintenance and <br />debt service (other than Debt Service on the Bonds) expenses of the sewer system. <br /> <br />"Bonds" means the "Special Assessment Bonds, 1997 Series U" which may be in the <br />form of an amended loan agreement, a special assessment bond or another obligations which is <br />satisfactory to DEQ, which will substitute for the Loan Agreement, and which are authorized by <br />this Resolution. <br /> <br />Oregon. <br /> <br />"City" means the City of Eugene, Oregon, a municipal corporation of the State of <br /> <br />"Code" means the Internal Revenue Code of 1986, as amended. <br /> <br />"Council" means the governing body of the City. <br /> <br />"Debt Service" means any principal, interest or premium payable on Bonds. <br /> <br />"Default" means any event specified in Section 9.1 of this Resolution. <br /> <br />hereof. <br /> <br />"Fund" means the Special Assessment Bond Fund established pursuant to Section 2 <br /> <br />"Owner" or "Bondowner" means the DEQ. <br /> <br />hereof. <br /> <br />"Reserve Account" means the Reserve Account established pursuant to Section 3 <br /> <br />"Reserve Requirement" means seven and one half percent of the principal amount of <br />all outstanding Bonds; however, if the Code in effect upon delivery of a series of Bonds will not <br />permit sufficient proceeds to be added to the Reserve Account to make the balance in the <br />Reserve Account equal to seven and one-half percent of the principal amount of all outstanding <br />Bonds, then the Reserve Requirement in effect on issuance of the series of Bonds shall be the <br />Reserve Requirement in effect immediately prior to their issuance, plus the lesser of: <br />(a) 10 percent of the proceeds of the series of Bonds (as "proceeds" is defined in <br />Section 148 of the Code); <br />(b) maximum Annual Debt Service on the series of Bonds; or, <br />(c) 125 percent of the average Annual Debt Service on the series of Bonds. <br /> <br />"Resolution" means this Resolution. <br /> <br />Page 2 Resolution <br /> <br />J:\HWR\CITIES\EUGENE\GENERAL\SABURES.DOC <br />