Resolution No. 4595 - Laserfiche WebLink

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1.5 enter into an agreement to provide continuing financial disclosure for the benefit of the owners of the Bonds in accordance with the applicable rules of the United States Securities and Exchange Commission; 1.6 prepare, execute and deliver any other documents and take any action, including the appointment of a paying agent (the "Paying Agent"), which is reasonably required to issue, sell and deliver the Bonds in accordance with this Resolution. Section 2. Security. The City hereby pledges its full faith and credit to pay the Bonds. In addition, the City hereby covenants with the owners of the Bonds to levy a direct ad valorem tax upon all of the taxable property within the City which is sufficient, after taking into consideration discounts taken and delinquencies that may occur in the payment of such taxes, to pay Bond principal and interest when due. The City covenants to levy this tax each year until the Bonds are paid. This tax shall be in addition to all other taxes of the City, and this tax shall not be limited in rate, amount or otherwise, by Sections 11 or 11 b of Article XI of the Oregon Constitution. Section 3. Bond Book-Entry Only Form. The Bonds shall be initially issued in book-entry only form, with no physical Bonds being made available to Bondowners, in accordance with the Blanket Letter of Representations between the City and The Depository Trust Company, New York, New York ("DTC") for the Bonds, in form and substance satisfactory to DTC. Section 4. Notice of Redemption of Bonds. 4.1. Notice of Redemption (DTC). So long as the Bonds are in book-entry only form, the Paying Agent shall notify DTC of any early redemption not less than 30 days prior to the date fixed for redemption, and shall provide such information in connection therewith as required by a letter of representations submitted to DTC in connection with the issuance of the Bonds. 4.2. Notice of Redemption (No DTC). During any period in which the Bonds are not in book-entry only form, unless waived by any Owner of the Bonds to be redeemed, official notice of any redemption of Bonds shall be given by the Paying Agent on behalf of the City by mailing a copy of an official redemption notice by first class mail postage prepaid at least 30 days and not more than 60 days prior to the date fixed for redemption to the Owner of the Bond or Bonds to be redeemed at the address shown on the bond register or at such other address as is furnished in writing by such owner to the Paying Agent. The City shall notify the Paying Agent of any intended redemption not less than 45 days prior to the redemption date. Section 5. Form of Registered Bond. The Bond shall be in substantially the form attached hereto as Exhibit A, with such changes as the City Official may approve. Page 2 - Resolution