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<br />Section 3. Security. <br /> <br />3.1. The City hereby pledges its full faith and credit to pay the Bonds. The City shall pay the <br />Bonds when due from any legally available source of funds. <br /> <br />3.2 Pursuant to ORS 288.155(4), and if permitted by the laws in effect on the date the Bonds are <br />issued, the City shall, subject only to the limitations of Section 11 b(1), Article XI of the Oregon <br />Constitution, calculate, assess, levy and collect each fiscal year a direct ad valorem tax on all <br />taxable property within the City boundaries. The amount of the tax shall be sufficient, with other <br />available funds, to pay all principal of and interest on the Bonds which are due and payable in that <br />year. <br /> <br />3.3. If the City Official pledges any revenues to secure the Bonds pursuant to Section 1.3 of this <br />resolution, those revenues shall be applied to pay the Bonds in the manner stated in the closing <br />documents for the Bonds. <br /> <br />Section 4. Bond Form. <br /> <br />The Bonds shall be in registered form substantially as shown in Exhibit A to this resolution, with <br />such changes as the City Official may approve, and may be in book entry form. <br /> <br />Section 5. Defeasance. <br /> <br />The City may defease the Bonds by setting aside, with a duly appointed escrow agent, in a special <br />escrow account irrevocably pledged to the payment of the Bonds to be defeased, cash or direct <br />obligations of the United States in an amount which, in the opinion of a certified public accountant <br />satisfactory to the escrow agent, without reinvestment, is at least equal to the principal amount of <br />the Bonds to be defeased, plus interest which will accrue thereon until maturity or any earlier date <br />for which the issuer has given irrevocable instructions for redemption. Such Bonds shall be paid <br />hereunder, and shall cease to be entitled to any lien, benefit or security under this Bond Resolution <br />except the right to receive payment from such special escrow account; such Bonds shall not for <br />any purpose of this Bond Resolution be deemed outstanding. <br /> <br />The foregoing Resolution adopted thi~ ~ay O~~996. <br /> <br />City of Eugene <br /> <br />l ~or~r ;;7 <br /> <br />Page 3 - Resolution <br /> <br />J:\HWR\CITIES\EUGENE\L TDT AX. 96\L T AXRES.DOC <br />11/27/96 <br />