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<br />delinquent Assessment, amounts received by the City from the settlement or foreclosure of that <br />Assessment shall be applied first to reimburse the City for such deposits without interest, but <br />only if the foreclosure or settlement is made on commercially reasonable terms and in a manner <br />consistent with the City's practice of foreclosing and settling assessments which secure the City's <br />outstanding bancroft and limited tax improvement bonds. <br /> <br />5.2.2. The City shall deposit into the General Account an amount equal to the <br />unpaid principal and accrued interest on the delinquent Assessment, reduced by the <br />Administrative Increment in proportion to the amount received on settlement or foreclosure and <br />any reimbursement to the City under this section; and <br /> <br />5.2.3. The balance shall be paid to the City to reimburse it for its administrative <br />costs in carrying, settling and foreclosing the Assessments. <br /> <br />Section 6. Pledge. <br /> <br />The City hereby pledges the Assessments and amounts in the Fund to the payment of <br />principal and interest on all Bonds. All Assessments shall be deposited in the Fund promptly, <br />and shall be used only as provided by this Resolution. <br /> <br />Section 7. Covenants. <br /> <br />follows: <br /> <br />The City hereby covenants, represents and agrees with the Owners of the Bonds as <br /> <br />7.1. That, to the extent the Assessments, the other amounts required by this Resolution to <br />be deposited into the Fund, and the Available Sewer Revenues are sufficient, it will promptly <br />cause the principal and interest on the Bonds to be paid as they become due. <br /> <br />7.2. That it will maintain complete books and records relating to the Assessments, the <br />Fund and the Available Sewer Revenues, in accordance with generally accepted accounting <br />principles, and will cause such books and records to be audited annually at the end of each fiscal <br />year, and an audit report prepared and made part of the City's public records. <br /> <br />7.3. That it will not issue bonds or other obligations having a claim superior to or <br />subordinate to the claim of the Bonds upon the Assessments or amounts deposited in the Fund or <br />the Reserve Account under this Resolution. <br /> <br />7.4. That it will promptly deposit into the Fund all sums required to be so deposited by <br />this Resolution. <br /> <br />Page 5 Resolution <br /> <br />J:\HWR\CITIES\EUGENE\GENERAL\SABURES.DOC <br />