Resolution No. 4789 - Laserfiche WebLink

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funds to pay for the costs of improvements to Garden Way from Sisters View Avenue to Martin Luther King J. Boulevard, and the north side of Martin Luther King Jr. Boulevard from Marche Chase Drive to 1-5 (the "Project"). The City reasonably expects, and hereby declares its intent, to issue bonds or other obligations (the "Reimbursement Bonds") and to use the proceeds of the Reimbursement Bonds to reimburse the City for the expenditures made from the City's available funds for the Project. The City expects that the principal amount of the Reimbursement Bonds will not exceed $1,019,988.08. Section 7. Improvement warrants, short-term promissory notes and other evidence of indebtedness authorized by Chapter 902, 1991 Oregon Session Laws, issued to finance the construction of the Improvements shall be indebtedness for them. When improvement warrants are issued they may be general obligation warrants or limited general obligation warrants or other similar instrument. Such indebtedness shall bear interest at a rate set by Council resolution authorizing the debt. The interest shall be paid upon redemption. Section 8. Proceeds from unbonded assessments, improvement bonds, foreclosure of liens based on the Improvements and from other budgeted funds including ad valorem taxes, if levied, to pay the debt shall be deposited in the Short Term Debt Fund until the indebtedness issued to finance the Improvements is redeemed. Proceeds so deposited may be used only to pay the indebtedness issued to finance the Improvements. Section 9. The Mayor, City Manager, and Finance Officer may sign the evidence of indebtedness herein authorized by facsimile signature with a check signing machine. The Finance Officer shall cause the seal of the City to be printed on the evidence of indebtedness when required by law or by the purchaser. Resolution - 3