Resolution No. 4539 - Laserfiche WebLink

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participants. BIDDING CONSTRAINTS: The maximum interest rate shall not exceed a true interest cost of seven percent (7%) per annum. Interest is payable semiannually on January 1 and July 1 of each year until maturity or prior redemption, commencing January 1, 1998. Bidders must specify the interest rate or rates which the Bonds hereby offered for sale shall bear. The bids shall comply with the following conditions: (1) each interest rate specified in any bid must be a multiple of one one-thousandth of one percent (0.001 %); (2) no Bond shall bear more than one rate of interest; (3) each Bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid; (4) all Bonds maturing at anyone time shall bear the same rate of interest; and, (5) no rate of interest may exceed seven percent (7%). OPTIONAL REDEMPTION: The City reserves the right to redeem all or any portion of the Bonds maturing after January 1, 2003, by lot on January 1, 2003 and on any business day thereafter, at par plus accrued interest to the date fixed for redemption. Amounts paid to redeem Bonds by optional redemption will be applied to reduce the amount of Bonds subject to mandatory redemption in order of scheduled mandatory redemption. PAYMENT: Principal and interest are payable, either at maturity or upon earlier redemption, by check or draft through the principal corporate trust office of the registrar and paying agent of the City, which is currently BNY Western Trust Company in Seattle, Washington. As book-entry bonds, principal of and interest on the Bonds will be payable by the paying agent through The Depository Trust Company. Interest will be payable by ~heck or draft which will be mailed on the interest payment date (or the next business day if the interest payment date is not a business day) to the registered owners at their addresses appearing in the Bond Register as of the fifteenth day of the month preceding an interest payment date. PURPOSE: The Bonds are being issued to finance, in part, refunding of outstanding bonds, and to pay all costs incidental thereto. SECURITY: The Bonds are general obligations of the City. The City has covenanted to levy an ad valorem tax annually without limitation as to rate or amount which, with other available funds, will be sufficient to pay Bond principal and interest as they come due. LEGAL OPINION: The approving opinion of Preston Gates & Ellis LLP, Bond Counsel, of Portland, Oregon, will be provided at no cost to the purchaser, and will be printed on the Bonds at the expense of the City. TAX-EXEMPT STATUS: In the opinion of Bond Counsel, under existing law and conditioned on the City complYing with certain covenants relating to the tax-exempt status of the Bonds, interest on the Bonds is excluded from gross income for federal income tax purposes Page 3 - Exhibit A( 1) J:\RDR\EUGENE.Cfl\ADV-REF.97\RES.DOC