Resolution No. 4561 - Laserfiche WebLink

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Section 2. Security. The City has assessed benefited properties for the costs of local improvements, and has received applications to pay assessments in installments. The Bonds shall be issued in an amount not greater than the unpaid balance of all such applications, plus costs of issuing the Bonds. Each assessment is exempt from the limitation provided in Section 11 b, Article XI of the Oregon Constitution, because each assessment constitutes an assessment for a "local improvement" within the meaning of Section 11 b(2)( d), Article XI of the Oregon Constitution. All installment assessment payments, delinquent payments and foreclosure proceeds shall be placed in the Series 1998- R Account of the Bancroft Bond Redemption Fund and applied to the payment of principal and interest on the Bonds. In addition, the full faith and credit of the City are pledged to the successive owners of each of the Bonds for the punctual payment of such obligations, when due. The Bonds shall be limited tax bonds of the City, and, to the extent that the assessment funds (and any available general funds the City may elect to provide) are not sufficient to pay the Bonds, the City shall, if and to the extent permitted by Section 11, Article XI of the Oregon Constitution (as it exists on the date of this resolution), levy a tax on all taxable property within its boundaries as authorized by ORS 223.235(4). Section 3. Bond Book-Entry Only Form. The Bonds shall be initially issued in book-entry only form, with no physical Bonds being made available to Bondowners, in accordance with the Blanket Letter of Representations between the City and The Depository Trust Company, New York, New York ("DTC") for the Bonds, in form and substance satisfactory to DTC. Section 4. Notice of Redemption of Bonds. 4.1. Notice of Redemption (DTC). So long as the Bonds are in book-entry only form, the Paying Agent shall notify DTC of any early redemption not less than 30 days prior to the date fixed for redemption, and shall provide such information in connection therewith as required by a letter of representations submitted to DTC in connection with the issuance of the Bonds. 4.2. Notice of Redemption (No DTC). During any period in which the Bonds are not in book-entry only form, unless waived by any Owner of the Bonds to be redeemed, official notice of any redemption of Bonds shall be given by the Paying Agent on behalf of the City by mailing a copy of an official redemption notice by first class mail postage prepaid at least 30 days and not more than 60 days prior to the date fixed for redemption to the Owner of the Bond or Bonds to be redeemed at the address shown on the bond register or at such other address as is furnished in writing by such owner to the Paying Agent. The City shall notify the Paying Agent of any intended redemption not less than 45 days prior to the redemption date. Section 5. Form of Registered Bond. The Bond shall be in substantially the form attached hereto as Exhibit A, with such changes as the City Official may approve. Section 6. Maintenance of Tax-Exempt Status. The City covenants for the benefit of the owners of the Bonds to comply with all provisions of the Internal Revenue Code of 1986, as amended (the "Code") which are