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<br />Section 1. Authorization of Refunding Bonds. Based on the above findings, <br />which"are adopted herein, there are hereby authorized to be issued not to exceed Eight <br />Million Dollars ($8,000,000) aggregate principal amount of Water Utility System Revenue <br />Refunding Bonds, Series 1997 for the purpose of refunding in advance of maturity the <br />Refunded Bonds. The terms and conditions of the Bonds and the sale thereof shall be in <br />accordance with the provisions of the initial Ordinance( s), the Master Bond Resolution, <br />and ORS 288.592. The Bonds shall be subject to redemption not later than ten years from <br />their date of issue. The Refunded Bonds shall be redeemed no later than August 1, 1998. <br /> <br />The foregoing Resolution adopted the 8th day of September, 1997. <br /> <br />%~~ / 7:,.L-/' <br />L?~7 City Recorder <br /> <br />Resolution - 2 <br />