URA Resolution No. 1044 - Laserfiche WebLink

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"Subordinate Bonds" means the obligations that are authorized by Section 2 of this resolution. "Tax Increment Revenues" means all of the following which may legally be pledged to pay the Subordinate Bonds: (i) the taxes which are divided based on the increase in value of property in the District and which are payable to the Agency under the provisions of Article XI, Section lc of the Oregon Constitution and ORS Chapter 457, plus (ii) any city-wide property tax levy for the District which is authorized by Article XI, Section 11(16) of the Oregon Constitution and ORS 457.435(2)(c). Section 2. The Subordinate Bonds. 2.1 Authorization. The Agency hereby authorizes the delivery of the Subordinate Bonds to the City in accordance with this Resolution to repay HUD Loans made to the City to finance urban renewal proj ects in the District. The aggregate principal amount of the Subordinate Bonds issued under this Resolution shall not exceed $7,895,000 and Subordinate Bonds shall not be issued in an amount that would exceed the maximum indebtedness limit in the Plan at the time the Subordinate Bonds are issued. 2.2 Delegation. The Agency Official may, on behalf of the Agency: (A) Establish the final principal amounts, maturity schedules, interest rates, sale prices, redemption terms, payment terms and dates of each Subordinate Bond. (B) Issue, sell and deliver one or more Subordinate Bonds, subject to the limitations in the last sentence of Section 2.1 of this Resolution. (C) Determine which HUD Loans and urban renewal projects will be financed with each Subordinate Bond. (D) Determine that the Subordinate Bonds will bear interest that is includable in gross income under the Code. (E) Execute any documents and take any other actions which the Agency Official finds are desirable to allow the City to obtain financing under the Act for urban renewal projects in the District or to carry out this Resolution. 2.3 Form. Each Subordinate Bond shall be in substantially the form that is attached to this Resolution as Exhibit A, but with such changes as the Agency Official may approve. Each Subordinate Bond shall be executed on behalf of the Agency with the signature of the Agency Official. Section 3. Security for the Bonds. 3.1 The Subordinate Bonds shall be special obligations of the Agency that are payable solely from the Tax Increment Revenues.